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certain level of market inefficiency might also enable fund managers to successfully apply security selection and therefore beat the market. This paper presents an overview of the Polish mutual fund industry and investigates mutual fund performance using a survivorship bias controlled sample of 140 funds. The latter is done using the Carhart (1997) 4-factor asset-pricing model. In ad..

    certain level of market inefficiency might also enable fund managers to successfully apply security selection and therefore beat the market. This paper presents an overview of the Polish mutual fund industry and investigates mutual fund performance using a survivorship bias controlled sample of 140 funds. The latter is done using the Carhart (1997) 4-factor asset-pricing model. In addition, we investigate whether Polish fund managers exhibit “hot hands”, persistence in performance. Finally the influence of fund characteristics on risk-adjusted performance is considered. Our overall results suggest that Polish mutual funds on average are not able to add value, as indicated by their negative net alphas. Interestingly, domestic funds outperform internationally investing funds, which points at informational advantages of local over foreign investors. Finally, we detect strong persistence in mean returns up to 1 year. It is striking that “winning” funds are able to significantly beat the market, based on their significantly positive alpha's. These results deviate from studies on developed markets that conclude that even past winners are not able to significantly beat the market.

    Article Outline

    1. Introduction

    2. Characteristics of the Polish mutual fund industry

    3. Data

    4. Methodology

    5. Results

    5.1. Risk-adjusted performance

    5.2. Management fees

    5.3. Persistence

    5.4. The influence of fund characteristics on risk-adjusted performance 6. Conclusions

    Acknowledgements

    References

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178

     Effect of protein structural integrity on cross-linking by tyrosinase evidenced by multidimensional heteronuclear magnetic resonance spectroscopy Original Research Article

    Journal of Biotechnology, Volume 151, Issue 1, 10 January 2011, Pages 143-150 Maarit Hellman, Maija-Liisa Mattinen, Biao Fu, Johanna Buchert, Perttu Permi

     Close preview | PDF (756 K) | Related articles | Related reference work articles AbstractAbstract | Figures/TablesFigures/Tables |

    ReferencesReferencesAbstract

    Enzymatic cross-linking of proteins can be catalyzed either by transferase-type enzymes, e.g., transglutaminases, or by oxidoreductases, e.g., tyrosinases or laccases. Three-dimensional structure of protein substrate plays a key role in these

    reactions, that is, the reactivity and end product are strongly modulated by the accessibility of target amino acid residues to the cross-linking enzyme. Typically structural integrity of protein can be distorted by heat, pH, or mechanical action, as well as by varying ionic concentration of the solution. In this study we used partially unfolded protein (wild-type DrkN SH3) and its structurally stabilized mutant (T22G) to investigate the impact of folded/unfolded conformations on cross-linking by Trichoderma reesei tyrosinase. Our results clearly showed formation of intermolecular cross-links solely between unfolded conformations, making them superior substrates to folded proteins when using tyrosinase as a cross-linking enzyme. Multidimensional heteronuclear magnetic resonance experiments in solution state were employed to investigate cross-linked end-products. The results presented in this study form basis for application development in food, medical, cosmetic, textile, packing and other sectors. In addition, the outcome of this study has a high value for the basic understanding of reaction mechanism of tyrosinases on proteins. Article Outline

    1. Introduction

    2. Materials and methods

    2.1. DrkN SH3 expression

    2.2. DrkN SH3 purification

    2.3. Preparation of tyrosinase from Trichoderma reesei

    2.4. Protein cross-linking

    2.5. MALDI-TOF mass spectroscopy

    2.6. NMR spectroscopy

    3. Results and discussion

    3.1. Selection of the model protein

    3.2. Partially unstructured wild-type DrkN SH3 is cross-linked by tyrosinase, while globular mutant T22G remains intact

    3.3. Fractionation of tyrosinase treated WT DrkN SH3 reveals different forms of cross-linked products

    3.3.1. The structure of the fast migrating monomeric, tyrosinase-treated DrkN SH3 product is locked into unfolded conformation via formation of intramolecular cross-links

    3.3.2. Dimeric and trimeric DrkN SH3 oligomers are in their unfolded conformations 3.3.3. Slowly migrating reaction product was stabilized into structural conformation 3.4. Colors of the reaction end-products

    4. Conclusions

    Acknowledgements

    References

179

     Non-parametric frontier estimates of mutual fund performance using C- and L-moments: Some specification tests Original Research Article

    Journal of Banking & Finance, Volume 35, Issue 5, May 2011, Pages 1190-1201 Kristiaan Kerstens, Amine Mounir, Ignace Van de Woestyne

     Close preview | Related articles | Related reference work articles AbstractAbstract | Figures/TablesFigures/Tables | ReferencesReferencesAbstract There is a burgeoning literature using non-parametric frontier methods to measure mutual fund performance. These articles measure the relationship between the various characteristics (mainly return information and some costs of ownership) of these specialized financial products to establish a ranking using some efficiency measure. We argue in favor of the use of the shortage function, which is compatible with general investor preferences, and question some of the often maintained hypotheses in this line of research. The empirical part employs a large database of US and European mutual funds to offer extensive tests of the underlying modeling assumptions using various frontier estimators.

    Article Outline

    1. Introduction

    2. Non-parametric frontier models: methodology

    2.1. Shortage function: definition

    2.2. Non-parametric frontier models: key specification issues

    2.2.1. Returns to scale issue

    2.2.2. Higher-order moments and cost components issues

    2.2.3. Convexity issue

    2.2.4. Conclusions

    3. Empirical testing

    3.1. Data description and outlier analysis

    3.2. Specification issues

    3.2.1. Variable versus constant returns to scale

    3.2.2. Higher-order moments and cost components

    3.2.3. Convexity or not

    4. Conclusions

    Acknowledgements

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180

     Oxytocin response in a trust game and habituation of arousal Original Research Article

    Physiology & Behavior, Volume 102, Issue 2, 1 February 2011, Pages 221-224 Szabolcs Kéri, Imre Kiss

     Close preview | Related articles | Related reference work articles AbstractAbstract | Figures/TablesFigures/Tables | ReferencesReferencesAbstract Oxytocin may be implicated in various sophisticated human processes, including attachment, trust, social perception, memory, and fear regulation. In this study, we explored the relationship between plasma oxytocin level measured after a task requiring intimate trust (secret sharing) and habituation of autonomic arousal (skin

    conductance response) in sixty healthy volunteers. Results revealed that oxytocin was elevated in the trust-related condition relative to a neutral baseline. In a cognitive stress condition (mental arithmetic task), there was no significant oxytocin elevation relative to the neutral condition. After controlling for age, gender, education, state anxiety and depression, we found a significant positive relationship between trust-related oxytocin level and habituation of autonomic arousal. This relationship was absent in the case of neutral (trust-unrelated) oxytocin level. These results suggest that the habituation of autonomic arousal is closely related to oxytocin released during trust-related social interactions. Article Outline

    1. Introduction

    2. Methods

    2.1. Participants and procedure

    2.2. Orienting response and habituation of arousal

    2.3. Oxytocin measurements

    2.4. Data analysis

    3. Results

    4. Discussion

    Acknowledgements

    References Purchase

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Research Highlights

    ? Plasma oxytocin is elevated in trust-related conditions. ? Trust-related oxytocin levels are related to habituation of autonomic arousal. ? Autonomic reactivity may predict oxytocin release in trust-related social situations.

    181

     Does social trust at school affect students’ smoking and drinking behavior in Japan? Original Research Article

    Social Science & Medicine, Volume 72, Issue 2, January 2011, Pages 299-306 Minoru Takakura

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    ReferencesReferencesAbstract

    This study examined the individual and contextual effects of cognitive social capital at school on cigarette smoking and alcohol drinking in Japanese high school students. Self-administered questionnaires were distributed to 3248 students in grades 1012

    (aged 1518 years) at 29 public high schools across Okinawa, Japan in 2008. The individual-level cognitive social capital studied was generalized trust. Using multi-level logistic regression models, the effects of individual- and contextual-level cognitive social capital on smoking and drinking were analyzed. Contextual-level cognitive social capital was measured on the basis of aggregated individual responses to the trust question at school level. After adjustment for the

    covariates, individual-level trust was negatively associated with smoking and drinking among boys and girls. Similarly, after adjustment for the covariates, school-level trust showed an inverse association with smoking for girls. A similar but not statistically significant association was observed for boys. On the other hand, school-level trust was not associated with drinking among boys or girls. After adjustment for individual-level trust and the covariates, these findings were in the same direction, but the school-level trust for girls no longer had a significant contextual effect on smoking. The findings suggest evidence of the individual effect of cognitive social capital on adolescents’ smoking and drinking, and that the contextual effect of social capital on smoking was inconclusive. In addition, no association of contextual-level social capital with drinking was observed. Article Outline

    Introduction

    Social capital and health

    Social capital and health-related behaviors among young people

    Social capital among students at school

    Methods

    Data

    Measures

    Dependent variables

    Independent variables

    Covariates

    Data analysis

    Results

    Discussion

    Acknowledgements

    References

Research highlights

    ? This study examined the individual and contextual effects of cognitive social capital at school on cigarette smoking and alcohol drinking in Japanese high school students. ? The individual-level social trust was negatively associated with smoking and drinking among boys and girls. ? This study suggests a contextual effect of social trust at Japanese school level on levels of smoking, but the association is inconclusive because it did not reach statistical significance. ? There was also no association between contextual-level social trust and alcohol drinking. ? This study expands the research on social capital and health in neighborhoods to Japanese schools, and provides important implications for school health promotion strategies. 182

     A meta-analysis of the impact of trust on technology acceptance model: Investigation of moderating influence of subject and context type Original Research Article International Journal of Information Management, In Press, Corrected Proof, Available online 17 May 2011

    Kewen Wu, Yuxiang Zhao, Qinghua Zhu, Xiaojie Tan, Hua Zheng

     Close preview | Related articles | Related reference work articles AbstractAbstract | Figures/TablesFigures/Tables | ReferencesReferencesAbstract The technology acceptance model (TAM) has proven to be one of the most powerful theories to explain user's technology adoption. Among many external variables incorporated into TAM, trust is considered to be an important factor that influences the user's online behavior, especially in the e-commerce context. This study conducts a meta-analysis based on the previous TAM studies in an attempt to make well-grounded statements on the role of trust. Furthermore, the paper examines those TAM studies by considering moderating effects of subject type (students or non-students) and context type (commercial or non-commercial). Results indicate a significant influence of trust on TAM constructs. Moderating effects are found for most pair-wise relationships. The findings yield implications for both researchers and service providers.

    Article Outline

    1. Introduction

    2. Related studies and research questions

    3. Research methodology

    3.1. Literature search

    3.2. Coding moderating variables

    3.3. Meta-analytic methods

    4. Data analysis

    4.1. Descriptive statistics

    4.2. Analysis of direct effect

    4.3. Analysis of moderating effect

    5. Discussion and implication

    6. Conclusion, limitation and future work

    Role of the funding source

    Appendix A. Studies used in meta-analysis.c

    Appendix B. Detailed information on context type

    Appendix C. Formulas used in meta-analysis

    References

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Highlights

    ? Direct effect analysis suggests trust is an important variable influences IT adoption. ? Effect sizes of relationships are high when studies conduct in commercial setting. ? Effect sizes of relationships are high when studies conduct in student setting. ? Suggestions are given to both researchers and service providers. 183

     Treatment of two-phase flow in cathode gas channel for an improved one-dimensional proton exchange membrane fuel cell model Original Research Article International Journal of Hydrogen Energy, Volume 36, Issue 6, March 2011, Pages

3941-3955

    K.H. Wong, K.H. Loo, Y.M. Lai, Siew-Chong Tan, Chi K. Tse

     Close preview | Related articles | Related reference work articles AbstractAbstract | Figures/TablesFigures/Tables | ReferencesReferencesAbstract It has been reported recently that water flooding in the cathode gas channel has significant effects on the characteristics of a proton exchange membrane fuel cell. A better understanding of this phenomenon with the aid of an accurate model is necessary for improving the water management and performance of fuel cell. However, this phenomenon is often not considered in the previous one-dimensional models where zero or a constant liquid water saturation level is assumed at the interface between gas diffusion layer and gas channel. In view of this, a one-dimensional fuel cell model that includes the effects of two-phase flow in the gas channel is proposed. The liquid water saturation along the cathode gas channel is estimated by adopting Darcy’s law to describe the convective flow of liquid water under various inlet conditions, i.e. air pressure, relative humidity and air stoichiometry. The averaged capillary pressure of gas channel calculated from the liquid water saturation is used as the boundary value at the interface to couple the cathode gas channel model to the membrane electrode assembly model. Through the coupling of the two modeling domains, the water distribution inside the membrane electrode assembly is associated with the inlet conditions. The simulation results, which are verified against experimental data and simulation results from a published computational fluid dynamics model, indicate that the effects of relative humidity and stoichiometry of inlet air are crucial to the overall fuel cell performance. The proposed model gives a more accurate treatment of the water transport in the cathode region, which enables an improved water management through an understanding of the effects of inlet conditions on the fuel cell performance.

    Article Outline

    1. Introduction

    2. Model descriptions

    3. Governing equations and boundary conditions

    3.1. Governing equations for gas channel

    3.1.1. Momentum equations: Darcy’s law

    3.1.2. Transport equations

    3.1.3. Analytical solution for steady state: single-phase region

    3.1.4. Analytical solution for steady state: two-phase region

    3.2. Boundary conditions for GDL-GC interfaces

    3.3. Governing equations for MEA

    4. Results and discussion

    4.1. Verification of two-phase model

    4.2. Comparisons between two-phase and single-phase gas channel model 4.2.1. Liquid water saturation

    4.2.2. Voltage-current characteristics

    5. Conclusions

Acknowledgements

    Glossary

    Appendix. Governing equations for MEA

    Momentum terms

    Sources terms

    Boundary conditions for MEA

    References Purchase

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184

     Trust in the fisheries scientific community Original Research Article Marine Policy, In Press, Corrected Proof, Available online 15 April 2011 Helen Glenn, Diana Tingley, Sonia Sánchez Maro?o, Dennis Holm, Laurence Kell, Gurpreet Padda, Ingi Runar Edvardsson, Johann Asmundsson, Alexis Conides, Kostas Kapiris, Mintewab Bezabih, Premachandra Wattage, Sakari Kuikka

     Close preview | Related articles | Related reference work articles AbstractAbstract | Figures/TablesFigures/Tables | ReferencesReferencesAbstract This paper explores the issue of “trust” in the fisheries science community, a key corollary of effective risk communication. It presents the findings of a survey undertaken in Iceland, Greece, Spain, United Kingdom and Faroe Islands during 2008. The findings reveal differing levels of trust and mistrust in the fisheries science community between countries and between stakeholder groups, demonstrating areas for future attention in the interests of improving fisheries science and management. As this paper explores, unfortunately the “trust” necessary for effective stakeholder cooperation and participation within current fisheries science is currently somewhat lacking. The cited reasons behind this lack of trust include: a lack of soundness, credibility, responsiveness, flexibility and stakeholder involvement, flawed data and weak science, poor communications and political and lobby group interference. Notable from the results is a lack of consensus on the existence of a common language and vision. It is evident, however, that certain aspects of fisheries science are strong contributors to trust and that there are opportunities for improvement. Article Outline

    1. Introduction

    2. Review of trust

    2.1. Components of trust

    2.2. Development of trust

    2.3. Measurement of trust

    3. Methods

    3.1. Survey delivery

    4. Analysis

    4.1. Likert scale analysis

    4.2. Correlations

    4.3. Issues analysis and incident matrices

5. Results

    5.1. Level of trust

    5.2. Trust related issues

    5.3. Correlation results

    6. Discussion and conclusions

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185

     The local front reconstruction method for direct simulation of two- and three-dimensional multiphase flows Original Research Article

    Journal of Computational Physics, In Press, Accepted Manuscript, Available online 7 May 2011

    Seungwon Shin, Ikroh Yoon, Damir Juric

     Close preview | Related articles | Related reference work articles AbstractAbstractAbstract

    We present a new interface reconstruction technique, the Local Front Reconstruction Method (LFRM), for incompressible multiphase flows. This new method falls in the category of Front Tracking methods but it shares automatic topology handling characteristics of the previously proposed Level Contour Reconstruction Method (LCRM). The LFRM tracks the phase interface explicitly as in Front Tracking but there is no logical connectivity between interface elements thus greatly easing the algorithmic complexity. Topological changes such as interfacial merging or pinch off are dealt with automatically and naturally as in the Level Contour Reconstruction method. Here the method is described for both two- and three-dimensional flow geometries. The interfacial reconstruction technique in the LFRM differs from that in the LCRM formulation by foregoing using an Eulerian distance field function. Instead, the LFRM uses information from the original interface elements directly to generate the new interface in a mass conservative way thus showing significantly improved local mass conservation. Because the reconstruction procedure is independently carried out in each individual reconstruction cell after an initial localization process, an adaptive reconstruction procedure can be easily implemented to increase the accuracy while at the same time significantly decreasing the computational time required to perform the reconstruction. Several benchmarking tests are performed to validate the improved accuracy and computational efficiency as compared to the LCRM. The results demonstrate superior performance of the LFRM in maintaining detailed interfacial shapes and good local mass conservation especially when using low-resolution Eulerian grids. Purchase

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186

     The representation of cultures in international and cross cultural management: Hybridizations of management cultures in Thailand and Israel Original Research

Article

    Journal of International Management, Volume 17, Issue 1, March 2011, Pages 30-41 Baruch Shimoni

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187

     Inter-segment foot kinematics during cross-slope running Original Research Article

    Gait & Posture, Volume 33, Issue 4, April 2011, Pages 640-644 Philippe C. Dixon, Magali Tisseyre, Mohsen Damavandi, David J. Pearsall

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188

     Do the Commons Help Augment Mutual Insurance Among the Poor? Original Research Article

    World Development, Volume 39, Issue 3, March 2011, Pages 429-438 Yoshito Takasaki

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189

     Do small shareholders count? Original Research Article

    Journal of Financial Economics, In Press, Corrected Proof, Available online 30 March 2011

    Eugene Kandel, Massimo Massa, Andrei Simonov

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190

     Exploring cultural misfit: Causes and consequences Original Research Article International Business Review, Volume 20, Issue 1, February 2011, Pages 15-26 Kendall Roth, Tatiana Kostova, Mourad Dakhli

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