Number Of Holdings Research Articles

Managerial Tenure And Mutual Fund Performance: Evidence From Index Funds

We analyze the impact of managerial tenure on the performance of mutual funds. We examine different aspects of the mutual funds and relate them to managerial tenure. We control for risk, asset allocation (North America and Emerging Markets), size, turnover and number of holdings. Based on a sample of index mutual funds, we find that managerial tenure has significant impact of the funds return. The strength of this relation diminishes as performance is measured on longer term basis. There is no significant direct impact of managerial tenure on expense ratio and rating.

SOURCES OF INCOME AS AN INDICATOR OF CHANGES IN THE FARM FUNCTIONS

The report discusses the changes in the functions of agricultural holdings and how this impacts rural development. The functions of agricultural holdings have been identified on the basis of identifying the main sources of income. As a result of the transformation of Polish economy and integration with the EU, the functions of agricultural holdings have to a large extent changed. Households and production holdings are now treated as two separate entities. At the same time polarization has been noted with two distinct categories of holdings that have emerged: (1) agricultural holdings and commercial farms; (2) subsistence farms, social holdings and recreational holdings. The number of holdings with mixed sources of income has also increased. A farmer family no longer specializes in one domain only and is now multi-professional. In addition, agricultural holdings and rural areas evolved from single-functional to multi- functional in nature.

Changes of Income Situation Farm Household and its Functions

The functions of agricultural holdings have been identified on the basis of identifying the main sources of income. As a result of the transformation of Polish economy and integration with the EU, the functions of agricultural holdings have to a large extent changed. Households and production holdings are now treated as two separate entities. At the same time polarization of farm households have emerged into agricultural holdings and subsistence farms. The number of holdings with mixed sources of income has also increased. Agricultural holdings and rural areas evolved from single-functional to multi-functional in nature.

Security Concentration and Active Fund Management: Do Focused Funds Offer Superior Performance?

AbstractWe examine gross fund returns based on the number of securities held and find no evidence that focused funds outperform diversified funds. After deducting expenses, focused funds significantly underperform. Controlling for various fund characteristics, fund performance is positively related to the fund's number of holdings both before and after expenses. We find evidence linking focused fund underperformance to agency and liquidity problems. Finally, the attrition rate of focused funds is higher than that of diversified funds. These results do not support the view that managers holding focused portfolios have superior stock‐picking skills or that focused funds provide value to investors.

Diversification and Persistence in Hedge Funds

We examine the current fund of hedge funds universe, and find that funds of hedge funds report holding between 1 and 200 underlying funds, and generally hold 10-30, with close to 20 on average. We regress the performance of this universe on the number of holdings and find that return is practically orthogonal to the number of underlying hedge funds held. However, when we regress risk-adjusted return measured by the ex post Sharpe ratios of funds-of-hedge funds, we do find a statistically significant positive relation over 5-year periods; this seems consistent with our findings that diversification reduces volatility. We also examine the diversification effect on total risk reduction in a variety of hedge fund strategies, and we report the total risk as a function of the number of underlying hedge funds for four strategies: Equity Long/Short, Arbitrage, Event-Driven and Distressed, and Global Macro. We find that the asymptotic level of total intra-strategy systematic risk varies across the strategies, from about 3% to about 10% annualized standard deviation, while diversification across funds within each strategy reduces total portfolio annualized standard deviation by about 40% - 50%, at 15 to 25 holdings. Finally, we examine whether there is persistence in the risks and returns of hedge funds, and find persistence in returns at up to 2-year horizons and strong persistence in total risk at up to 4 year horizons.

Tradable Proxy Portfolios for an MBS Index

To some investors, the mortgage-backed securities market may seem intimidating. The authors show how investors with limited MBS experience can construct two proxy portfolios of liquid MBS securities that replicate the mortgage portion of the Lehman Brothers Global Aggregate Index. The first replication strategy holds only TBA contracts in the proxy portfolio. From January 1994 through May 2001 this TBA-only strategy exhibited a realized tracking error of 21 basis points per year. Better tracking is achieved by a second strategy, which buys large pools of current mortgage production and allows them to season over time. As the number of holdings in this large pool-only proxy rises, and the portfolio seasons, tracking error steadily declines to 5 basis points per year over the last two years. A variant that restricts the number of holdings to 12 produces a realized tracking error of 15 basis points per year. The chief merit of both strategies is an easy and effective replication of the MBS index without pool-level knowledge of the mortgage market.

Capitalist development, peasant differentiation and the state: Survey findings from West Bengal

The analysis which follows examines the structure of investment and production taking place in West Bengal, the reference point being the debate between Marxism and populism about peasant differentiation. The process of socio‐economic differentiation has not stopped, but in methodological terms farm size alone fails to register its extent. The main claim advanced by populism — Chayanov's argument concerning demographic differentiation, that rising consumer/worker ratios are accompanied by higher family labour input — was found to be inapplicable. Of particular interest is the role during the last quarter century of the Left Front government in the process of agrarian transformation, and the extent to which its pro‐poor policy interventions have stabilized smallholding peasant production. Among the effects of state intervention in the agrarian sector have been declines in (a) the number of holdings above ten acres (b) in the extent of sharecropping contracts, and (c) in the incidence of absolute landlessness. Although producers under 2.5 acres have been the main beneficiaries of institutional credit provision by the state, distress sales (in the form of marketed surplus) by poorer farmers are still evident.

Custom Holdings Per Chance?

In custom holdings documentation, OCLC provides little guidance with regard to holdings path size and performance with bibliographic records in the database. This article, by use of the binomial distribution theorem, shows the reader how to predict the performance of any size custom holdings path with any bibliographic record in the database. Included are charts of approximated probabilities based on the number of three-character OCLC symbols in custom holdings paths and the number of holdings attached to OCLC bibliographic records. In addition, in conjunction with binomial distribution, a strategy to enhance the performance of any custom holding path is presented.

A practice-based survey of the frequency of Johne's disease in south west England.

The frequency of Johne's disease in cattle in south west England was estimated from data collected by telephone interviews with veterinarians and farmers. The response rate was 81.6 per cent. The disease frequency was expressed as the proportion of farms with clinical disease and the cumulative incidence in the infected herds. The proportion of farms affected was 1.0 per cent and the cumulative incidence on those farms was 1.9 per cent per year. Similar values were obtained when diagnosis by faecal examination, post mortem examination and histology was taken into consideration; 0.9 per cent of farms were affected and the cumulative incidence in the infected herds was 2.0 per cent per year. The survey was validated against three external reference points. There was good agreement between the use of vaccine and MAFF records, and the total number of holdings and census data. When the responses of the veterinarians were compared with those of farmers there was also good agreement on the use of vaccine (kappa = 77.8 per cent), the number of cases reported in the last year of diagnosis (r = 0.78) and the total number of cattle in the herds (r = 0.75). However, the results suggested that the total number of cattle holdings was overestimated and consequently the proportion of farms affected may have been underestimated.

The Development of Open Fields in the Central Vale of York: A Reconsideration

Despite the structural complexity of open field layouts in the central Vale of York in the sixteenth century, there is evidence to suggest that tenurial units were laid out in a very ordered fashion. In this respect, they closely resembled arrange- ments found further east, on the Yorkshire Wolds. A relation- ship is observed between the number of holdings in the fields in the sixteenth century, and the Domesday fiscal assessment. The implications of this relationship for the origin of the open fields is discussed. three possible explanations are examined, and the paper argues in favour of a pre-Conquest origin for the open fields of the Vale. For a number of years, the Vale of York had had a particular significance for students of the English open field system. In many other parts of the country, open fields were already present in some form by the time the earliest detailed docu- ments become available in the late Anglo-Saxon period, so that questions concerning their origin can usually only be a matter for conjecture. Be- cause of circumstances peculiar to the Vale, how- ever, open fields there are believed to have emerg- ed largely in the twelfth and thirteenth centuries, when the process can be examined using charter and other documentary evidence. By the time they were fully developed, these fields closely resembled arrangements in other parts of midland England, so it would seem quite possible that the factors causing their development could also have been responsible for the creation of open fields elsewhere, at an earlier date.

Open Field Structure and Landholding Arrangements in Eastern Yorkshire

This paper examines a number of aspects of the open field system of agriculture in eastern Yorkshire. In particular, attention is focused upon the relationship between field layout and the traditional units of landholding. The evidence suggests that in both the Yorkshire Wolds and in the Vale of York, holdings were regularly laid out, and that numbers of holdings remained stable for long periods. There is a strong possibility that the fields were planned, and consideration is given to the likely circum- stances in which this might have occurred. The evidence suggests that a pre-conquest origin cannot be ruled out. In a number of recent publications, R. A. Dodgshon has argued that the most fundamental characteristic of the English open field system, the fragmentation and intermixture of holdings, cannot be explained satisfactorily by any single interpretation.' Instead, he has proposed a compound explanation in which the two processes of piecemeal colonization and shareholding acted in association to encompass all the different circumstances and forms of sub-divided fields. In his view, the open fields must be seen not as the product of pre-existing communities, but as influences themselves in the shaping of such communities in the context of feudalism. It is suggested that sub-divided fields, and with them the formation of farming communities, developed out of piecemeal colonization, and that their subsequent physical reorganization helped to formalize the growing scatter of holdings into a share tenure. A further factor of significance was the land unit framework within which the open fields developed. Townships in the early Middle Ages were made up of standardized tenemental units such as virgates and bovates, which formed the basis for both the calibration of labour services within the feudal system, and for land assessment. These units normally consisted of a number of parcels or strips, scattered throughout the arable land, together with a share in the meadow. They also had rights of grazing in the common pasture. Although the size of the tenements varied considerably from place to place, in any one township they were often of roughly equal extent.2

I. Comparison with census data

Abstract A national survey of farms with pigs was carried out in April 1977 to investigate herd sizes, numbers of gilts and boars per 100 sows, and statistics on breeds, breeding, and source of stock. There was a 14% response to the questionnaire in terms of pig holdings, taking numbers of holdings from the 1974 national census data. These holdings carried 55% of all sows reported in the census. Herd size in survey herds were considerably larger than the national average, but 41% of sows in survey herds where still carried in herds of 50 sows of less. (As an approximate comparison, 65% so sows in the national census were in herds of less than 500 pigs, i.e., of less than about 60 soes.) Overall, in survey herds there were 33 sows per responding farms, 20 mated gilts per 100 sows, and 6 boars used per 100 sows. The number of gilts per 100 sows in survey herds was larger than in the census data, i.e., higher replacement rate. The number of breeding boars per 100 sows was considerably smaller than in the cen...

Maanosituslainsäädäntö Suomen maatalouden pienviljelyvaltaistumiseen vaikuttavana tekijänä: Vuoden 1895 maanositusasetuksen synty ja vaikutus

The partition of holdings in Finland was severely restricted from the Middle Ages to the end of the 19th century. The restrictions in partition were finally abolished in 1895. The present study aims at explaining the first stages of the 1895 Law and its effect in practice between the years 1896 and 1916. The new law brought about a division of holdings into smaller units, and this procedure took place rapidly. After the 1895 Law had come into force, the number of holdings in Finland doubled in two decades.

Planned and unplanned changes in the marginal lands of South Australia

Summary A major scheme for restructuring the rural landscape was implemented in the drought and erosion prone margins of wheat cultivation in South Australia between 1939 and 1961. It was a planned abandonment of farms by halving the number of holdings and doubling the size of the remainder. The origins and working of the Marginal Lands Scheme are examined and an appraisal made of its geographical impact on the Murray Mallee region of South Australia. Since 1961 farm enlargement by voluntary unplanned aggregation of holdings and scattered blocks has accelerated. Further enlargement is needed to satisfy new concepts of an adequate ‘home maintenance area’. The inertia of rural planning is underlined by these changes.

The Colonization of Waste Land in Ireland, 1780-1845

I Ti s not enough to say', a French traveller wrote in the I 830's, 'that land is desired in Ireland; it is envied and coveted, it is torn to pieces and the fragments are fiercely contested: when it cannot be occupied by fair means, it is seized by crime.'2 With the land almost the only resource for a population that probably doubled in the sixty years between the I780's and the Famine, symptoms of land-hunger were starkly evident. The peasant's idling, in spite of his critics, hardly proved that he was innately indolent. It showed, of course, how an elastic rent deadened the incentive to labour, but it pointed also to the practical difficulty of being industrious when holdings were tiny and families large. A second sign of the disproportion between labour and land was the increasing attention paid to tillage in a country that was better suited to pasture farming. By I8I5 more land was tilled than ever before. Yet in the post-war years there was no widespread swing back to pasture: it is probable, in fact, that tillage remained the expanding element in Irish farming right up to the Famine.3 In the third place, the extreme fragmentation of the land pointed unequivocally to land-hunger: leaving out of account the not inconsiderable number of holdings of under one acre, 45 % of all holdings recorded in the Census of I84I were under five acres; in I846 54 % of all holdings were valued at under $5. The remarkable thing is that in spite of intensive farming and of surplus labour, in spite of the acute parcellation of the land, there remained idle at the time of the Famine nearly four million acres which agriculturists and engineers were convinced were capable of economic improvement.5 There are two possible explanations of this neglect of more than a fifth of the cultivable area of the country at a time of wretched living standards and

British Food Journal Volume 35 Issue 5 1933

British Food Journal Volume 35 Issue 5 1933