Is Money Smart? A Study of Mutual Fund Investors' Fund Selection Ability
A previous study finds evidence to support selection ability among active fund investors for equity funds listed in 1982. Using a large sample of equity funds, I find evidence that funds that receive more money subsequently perform significantly better than those that lose money. This effect is short-lived and is largely but not completely explained by a strategy of betting on winners. In the aggregate, there is no significant evidence that funds that receive more money subsequently beat the market. However, it is possible to earn positive abnormal returns by using the cash flow information for small funds. Copyright The American Finance Association 1999.
The Gaps between Theory and Practice in Selecting Nature Reserves
Over the last three decades a great deal of research, money, and effort have been put into the development of theory and techniques designed to make conservation more efficient. Much of the recent emphasis has been on methods to identify areas of high conservation interest and to design efficient networks of nature reserves. Reserve selection algorithms, gap analysis, and other computerized approaches have much potential to transform conservation planning, yet these methods are used only infrequently by those charged with managing landscapes. We briefly describe different approaches to identifying potentially valuable areas and methods for reserve selection and then discuss the reasons they remain largely unused by conservationists and land‐use planners. Our informal discussions with ecologists, conservationists, and land managers from Europe and the United States suggested that the main reason for the low level of adoption of these sophisticated tools is simply that land managers have been unaware of them. Where this has not been the case, low levels of funding, lack of understanding about the purpose of these tools, and general antipathy toward what is seen as a prescriptive approach to conservation all play a part. We recognize there is no simple solution but call for a closer dialogue between theoreticians and practitioners in conservation biology. The two communities might be brought into closer contact in numerous ways, including carefully targeted publication of research and Internet communication. However it is done, we feel that the needs of land managers need to be catered to by those engaged in conservation research and that managers need to be more aware of what science can contribute to practical conservation.
time series decision making reinforcement learning mathematical model decision support system embedded system magnetic resonance magnetic resonance imaging united kingdom breast cancer developing country resonance imaging motion planning confidence interval humanoid robot social science experimental design linear algebra nash equilibrium data assimilation standard deviation black box autoregressive model functional magnetic resonance interest rate exchange rate design of experiments process capability prostate cancer fuzzy environment functional magnetic triangular fuzzy number rate model citizen science scientific publication open-source software choice behavior econometric model programming paradigm ordinary least square business cycle prefrontal cortex tumor cell process capability indice evaluation procedure capability indice risk aversion breast cancer patient hearing impairment mental disorder digital object identifier humanoid robotic demand function federal reserve trade credit aggregate datum sample variance major depressive disorder monetary policy entropy maximization major depressive circulating tumor cell circulating tumor mobile money cross-sectional datum marginal model rejection sampling policy rule cell nucleu financial cost mood disorder interpretation proces real interest rate trust game institutional investor nucleus accumben learning disorder money demand metastatic breast accidental fall positive theory genetic heterogeneity review [publication type] word list by frequency neuritis, autoimmune, experimental projections and prediction occur (action) departure - action job stream value (ethics) exhibits as topic reuse (action) contain (action) cellular targeting null value advance directive - proxy benchmark (computing) collections (publication) coping behavior deny (action) hearing loss, high-frequency revision procedure rem sleep behavior disorder codependency (psychology) pervasive informatic amygdaloid structure sensorineural hearing loss (disorder) norm (social) contingency (philosophy) behaviorial habit choose (action) persistence (computer science) eighty nine neoplasm metastasi columbia (supercomputer) expectation–maximization algorithm relocation of home or business manufactured supply mediator brand of benfluorex hydrochloride public-private sector partnership academia (organization) document completion status - documented entity–relationship model sex characteristic uc browser mike lesser the australian nat friedman lars bak (computer programmer) research support as topic lars gene substance-related disorder expected utility hypothesi fama im economic complexity index metastatic carcinoma conflict (psychology) rule (guideline) kind of quantity - equilibrium john d. wiley baseline (configuration management) transaction counts and value totals - contract contract agreement standards characteristic file spanning ephrin type-b receptor 1, human published comment copy (object) arabic numeral 0 united state