Performance-based Research Funding in Denmark: The Adoption and Translation of the Norwegian Model

Purpose: The main goal of this study is to outline and analyze the Danish adoption and translation of the Norwegian Publication Indicator. Design/methodology/approach: The study takes the form of a policy analysis mainly drawing on document analysis of policy papers, previously published studies and grey literature. Findings: The study highlights a number of crucial factors that relate both to the Danish process and to the final Danish result underscoring that the Danish BFI model is indeed a quite different system than its Norwegian counterpart. One consequence of these process-and design differences is the fact that the broader legitimacy of the Danish BFI today appears to be quite poor. Reasons for this include: unclear and shifting objectives throughout the process; limited willingness to take ownership of the model among stakeholders; lack of communication throughout the implementation process and an apparent underestimation of the challenges associated with the use of bibliometric indicators. Research limitation: The conclusions of the study are based on the authors’ interpretation of a long drawn and complex process with many different stakeholders involved. The format of this article does not allow for a detailed documentation of all elements, but further details can be provided upon request. Practical implications: The analysis may feed into current policy discussions on the future of the Danish BFI. Originality/value: Some elements of the present analysis have previously been published in Danish outlets, but this article represents the first publication on this issue targeting a broader international audience.

Evaluation of the robusticity of mutual fund performance in Ghana using Enhanced Resilient Backpropagation Neural Network(ERBPNN)and Fast Adaptive Neural Network Classifier(FANNC)

Mutual fund investment continues to play a very important role in the world financial markets especially in developing economies where the capital market is not very matured and tolerant of small scale investors.The total mutual fund asset globally as at the end of 2016 was in excess of$40.4 trillion.Despite its success there are uncertainties as to whether mutual funds in Ghana obtain optimal performance relative to their counterparts in United States,Luxembourg,Ireland,France,Australia,United Kingdom,Japan,China and Brazil.We contribute to the extant literature on mutual fund performance evaluation using a collection of more sophisticated econometric models.We selected six continuous historical years that is 2010-2011,2012-2013 and 2014-2015 to construct a mutual fund performance evaluation model utilizing the fast adaptive neural network classifier(FANNC),and to compare our results with those from an enhanced resilient back propagation neural networks(ERBPNN)model.Our FANNC model outperformed the existing models in terms of processing time and error rate.This makes it ideal for financial application that involves large volume of data and routine updates.

The Flemish Performance-based Research Funding System: A Unique Variant of the Norwegian Model

The BOF-key is the performance-based research funding system that is used in Flanders, Belgium. In this paper we describe the historical background of the system, its current design and organization, as well as its effects on the Flemish higher education landscape. The BOFkey in its current form relies on three bibliometric parameters: publications in Web of Science, citations in Web of Science, and publications in a comprehensive regional database for SSH publications. Taken together, the BOF-key forms a unique variant of the Norwegian model: while the system to a large extent relies on a commercial database, it avoids the problem of inadequate coverage of the SSH. Because the bibliometric parameters of the BOF-key are reused in other funding allocation schemes, their overall importance to the Flemish universities is substantial.

Redesigning the Model of Book Evaluation in the Polish Performance-based Research Funding System

Purpose: This study aims to present the key systemic changes in the Polish book evaluation model to focus on the publisher list, as inspired by the Norwegian Model. Design/methodology/approach: In this study we reconstruct the framework of the 2010 and 2018 models of book evaluation in Poland within the performance-based research funding system. Findings: For almost 20 years the book evaluation system in Poland has been based on the verification of various technical criteria(e.g. length of the book). The new 2018 model is based on the principle of prestige inheritance(a book is worth as much as its publisher is) and is inspired by the publisher list used in the Norwegian Model. In this paper, we argue that this solution may be a more balanced policy instrument than the previous 2010 model in which neither the quality of the publisher nor the quality of the book played any role in the evaluation.Research limitations: We work from the framework of the 2018 model of book evaluation specified in the law on higher education and science from 20 July 2018, as implementation acts are not available yet. Practical implications: This study may provide a valuable point of reference on how structural reforms in the research evaluation model were implemented on a country level. The results of this study may be interesting to policy makers, stakeholders and researchers focused on science policy. Originality/value: This is the very first study that presents the new framework of the Polish research evaluation model and policy instruments for scholarly book evaluation. We describe what motivated policy makers to change the book evaluation model, and what arguments were explicitly raised to argue for the new solution.

The Relation between Performance and Flows of Mutual Funds: Case of the Croatian Fund Market

With pre 2008 euphoria and present depression, inflows to open investment funds and outflows from it shaped general market conditions on the Croatian fund market. This article studies the relationship between performance of open ended investment funds and inflows (outflows) to them on Croatian funds data in an environment without long fund data history, with small number of funds and relatively illiquid underlying equity market. The results suggest that the driving forces behind funds’ flows encompass the combined influence of present month fund’s performance and persistency of past performances. At the end of our analysis we test the significance of the introduced explanatory variables on the data sets that include data for each particular fund. The significance of the introduced explanatory variables varies among different funds, although a general level of the explanatory power is maintained on average.

PERFORMANCE EVALUATION OF CHINESE NEW FUNDS

The performance of Chinese investment funds was empirically analyzed using the following models, i.e. Jensen model, Treynor Mazuy (T M) model amd Merton Henriksson model. The results show that T M model is fitted to Chinese investment funds best among these three. But none of them can perfectly interpret the new funds’ performance. So, the idea suggested by Jagannathan, Korajczyk (J K) to extend the test was adopted in this paper, and the results show that J K model augmented from the M H can explain the source of excess return of fund Anxin.

Investigating the Islamic and Conventional Mutual Fund Performance: Evidence From Malaysia Equity Market

The phenomena of financial crisis (2007-2008) shows a significant breakdown of US$16 trillion in conventional financial industry. This provides an opportunity for Islamic capital market to drive the global asset growth investments to investors. Previous studies signal mixture results on Islamic mutual fund (IMF) and conventional mutual fund (CMF) performance. This study aims to analyze the performance of 200 IMFs and CMFs from 2007 to 2015. The sub-sample period of 2007 to 2015 will be compared to the era of financial crisis from 2007-2008. Findings show all types of mutual funds are performed throughout 2007 until 2015. The results provide information that would benefit the investors and market players in asset funds selection.

Mutual Funds Performance(A Case of Pakistan Open Ended Mutual Funds)

Mutual Funds through its professional managers enable small investors to enjoy benefits of capital market with small amount.This study with special focus on Performance-Chasing Behavior and Mutual Funds in an Emerging Economy like Pakistan.The data of 100 open-end Mutual Funds,for the period 2013 to 2018 was collected from Mutual Fund Association of Pakistan;while the risk free rates data was collected from State Bank of Pakistan and Stock data from Pakistan Stock Exchange for predicting the results,Ratio and models were used to understand its suitability.The study has certain implications for the investors in knowing which funds perform better and which kind of funds are ideal for investment.

Evaluating the Performance of Investment Funds in Turkey

It is important to determine the most appropriate levels of risk and return for small investors. For that purpose, the investment funds are very important tools to create a portfolio for small investors, to deploy the potential risks in optimal proportions, and to direct investors. In this study, the performance of 83 pieces of investment funds will be evaluated which are treated in Turkey dates from January 1, 2010 to December 31, 2012 with performance evaluation methods such as Sharpe, Modigliani （M2） that is based on the standard deviation, and Treynor, T2, Jensen that is based on systematic risk （beta）, and the highest and lowest performance investment funds will be presented. The aim of the study is to examine the success of the investment fund managers whether they could estimate the course of the market well or not regarding time period. The empirical results show that the investors who invest on the funds that have negative risk premium by investing in the investment funds getting under the risk cannot get more excess return than getting the return from the risk-free interest rate as treasury bills. The result implies that it could be said that the systematic and total risks of all investment funds are low and they are not sensitive to the developments in the market, and thus, regarding funds could be called as conservative funds.

An Empirical Analysis of the Impact of Fund Manager's Personal Characteristics on Fund Performance

A great deal of research found that fund performance is related to a series of personal characteristics of fund managers,but how these personal characteristics affect fund performance is still unknown.China is the most important emerging country and the second largest economy in the world.The development of China's capital market is different from that of most developed countries.Therefore,empirical evidence on the performance of funds in developed countries often cannot be extended to the Chinese market.In addition,there is evidence that many successful fund managers in developed countries may not achieve good performance in China.Therefore,it is particularly meaningful to examine the determinants of fund performance in the Chinese market.This paper establishes a three-level framework model to study this connection.Considering return and risk,the two basic factors that affect fund performance,this paper chooses nine proxy variables:Sharpe ratio,Jensen index,Treynor index,abnormal return(α),total risk(β),non-systemic risk,standard deviation of return,stock choosing ability and time picking ability as the criteria to measure the comprehensive performance.This paper investigates China's open-end funds to fill the gap in literature on the relationship between fund managers'personal characteristics and fund performance in emerging capital markets.The results of this paper found that age,gender,fund manager years,number of funds under management,master's or doctor’s degree,MBA degree,business background and fund managers have better stock choosing ability,higher abnormal return and better overall performance has a significant positive relationship.The results of further decomposition indicate that the abnormal return is the main influencing factor of the fund's comprehensive performance;the abnormal return is also affected by the fund manager's ability of stock choosing and time picking.In addition,stock choosing ability is the main factor affecting abnormal return.Therefore,the education background of the fund manager’s personal characteristics will affect the abnormal return and ultimately affect the comprehensive performance of the fund.This paper also finds that gender and majors affect fund managers'risk control behavior.The research results in this paper have great practical significance.Firstly,it introduces a framework that can explain how the individual characteristics of fund managers affect the performance mechanism of funds.Secondly,the findings in China's stock market supplement the empirical evidence in the mature markets of developed countries.Since China is already the largest emerging economy in the world,the results of this study are of great significance not only to Chinese researchers,but also to international scholars who want to study China's capital market.Thirdly,the empirical study is of great practical significance to test the ability of fund managers to divide abnormal earnings into stock choosing ability and time picking ability.

An Empirical Analysis of the Determinants of the Performance of the Global Private Equity Funds Markets

Over the last decade, the private equity （PE） industry, primarily venture capital and leveraged buyout investments, has matured massively. Consequently, public interest towards that particular asset class has increased rapidly. This study seeks to empirically assess the determinants of private equity funds＇ （PEFs） performance around the world. The study comprises a panel data of 103 publicly traded PEFs globally for the period of 2007-2013. Generalized least squares （GLS） technique is employed to regress the explanatory variables. The objective is accentuated on the major contributing factors that make a PEF successful. The analysis, in this paper, examines the effect of fund size, investment size, geographical focus, and industrial specialization on return. The empirical results provide evidence that： （1） Fund size and industrial specialization were observed to have an insignificant influence on the funds＇ returns in our panels; （2） Investment size is positively related to fund performance, indicating that larger deal sizes exhibited superior performance level; and （3） Geographical focus exhibited a negative association with fund performance, leading to the conclusion that limited geographical deployment of funds or absence of market diversification resulted in a fall in funds＇ returns. Consequently, to proxy for return of funds, stock prices of listed PEFs under LPEQ listings were employed.

Research on the performance management of the special funds in provincial colleges and universities

This paper is a comprehensive data collection and analysis of the special performance of the managed fund in provincial universities, which has very important academic value and theoretical and practical significance for the effective and rational improvement of the utilization ratio of the special funds, the specification of the management the university capitals and the ceaseless development of the education reform. It also has very important academic value and theoretical practical significance for the improvement of the financial management levels, the introduction of the evaluation results of the special funds into the budget appropriation mechanism, the refinement of the budget planning of the special funds, the improvement of the scientificalness and accuracy of the budget planning oft he special fimds, and the further strengthening of the management of the expenditure and balance of the special funds of universities, and the formulation of the scientific and effective performance evaluation methods, and the formation of the theoretical platform of the performance management evaluation.

High Performance 70nm CMOS Devices

A high performance 70nm CMOS device has been demonstrated for the first time in the continent, China. Some innovations in techniques are applied to restrain the short channel effect and improve the driving ability, such as 3nm nitrided oxide, dual poly Si gate electrode, novel super steep retrograde channel doping by heavy ion implantation, ultra shallow S/D extension formed by Ge PAI(Pre Amorphism Implantation) plus LEI(Low Energy Implantation), thin and low resistance Ti SALICIDE by Ge PAI and special cleaning, etc. The shortest channel length of the CMOS device is 70nm. The threshold voltages, G m and off current are 0 28V,490mS·mm -1 and 0 08nA/μm for NMOS and -0 3V,340mS·mm -1 and 0 2nA/μm for PMOS, respectively. Delays of 23 5ps/stage at 1 5V, 17 5ps/stage at 2 0V and 12 5ps/stage at 3V are achieved in the 57 stage unloaded 100nm CMOS ring oscillator circuits.

Performance Evaluation of Public Bus Transportation by Using DEA Models and Shannon’s Entropy:An Example From a Company in a Large City of China

The purpose of this paper is to assess the operational efficiency of a public bus transportation via a case study from a company in a large city of China by using data envelopment analysis(DEA)model and Shannon’s entropy.This company operates 37 main routes on the backbone roads.Thus,it plays a significant role in public transportation in the city.According to bus industry norms,an efficiency evaluation index system is constructed from the perspective of both company operations and passenger demands.For passenger satisfaction,passenger waiting time and passenger-crowding degree are considered,and they are undesirable indicators.To describe such indicators,a superefficient DEA model is constructed.With this model,by using actual data,efficiency is evaluated for each bus route.Results show that the DEA model with Shannon’s entropy being combined achieves more reasonable results.Also,sensitivity analysis is presented.Therefore,the results are meaningful for the company to improve its operations and management.

Partial improvement in performance of patients with severe Alzheimer's disease at an early stage of fornix deep brain stimulation

Deep brain stimulation is a therapy for Alzheimer＇s disease（AD） that has previously been used for mainly mild to moderate cases. This study provides the first evidence of early alterations in performance induced by stimulation targeted at the fornix in severe AD patients. The performance of the five cases enrolled in this study was scored with specialized assessments including the Mini-Mental State Examination and Clinical Dementia Rating, both before and at an early stage after deep brain stimulation. The burden of caregivers was also evaluated using the Zarit Caregiver Burden Interview. As a whole, the cognitive performance of patients remained stable or improved to varying degrees, and caregiver burden was decreased. Individually, an improved mental state or social performance was observed in three patients, and one of these three patients showed remarkable improvement in long-term memory. The conditions of another patient deteriorated because of inappropriate antipsychotic medications that were administered by his caregivers. Taken together, deep brain stimulation was capable of improving some cognitive aspects in patients with severe AD, and of ameliorating their emotional and social performance, at least at an early stage. However, long-term effects induced by deep brain stimulation in patients with severe AD need to be further validated. More research should focus on clarifying the mechanism of deep brain stimulation. This study was registered with ClinicalTrials.gov（NCT03115814） on April 14, 2017.

Experimental study on the shear performance of quasi-NPR steel bolted rock joints

Quasi-NPR(negative Poisson’s ratio)steel is a new type of super bolt material with high strength,high ductility,and a micro-negative Poisson’s effect.This material overcomes the contrasting characteristics of the high strength and high ductility of steel and it has significant energy-absorbing characteristics,which is of high value in deep rock and soil support engineering.However,research on the shear resistance of quasi-NPR steel has not been carried out.To study the shear performance of quasi-NPR steel bolted rock joints,indoor shear tests of bolted rock joints under different normal stress conditions were carried out.Q235 steel and#45 steel,two representative ordinary bolt steels,were set up as a control group for comparative tests to compare and analyze the shear strength,deformation and instability mode,shear energy absorption characteristics,and bolting contribution of different types of bolts.The results show that the jointed rock masses without bolt reinforcement undergo brittle failure under shear load,while the bolted jointed rock masses show obvious ductile failure characteristics.The shear deformation ca-pacity of quasi-NPR steel is more than 3.5 times that of Q235 steel and#45 steel.No fracture occurs in the quasi-NPR steel during large shear deformation and it can provide stable shear resistance.However,the other two types of control bolts become fractured under the same conditions.Quasi-NPR steel has significant energy-absorbing characteristics under shear load and has obvious advantages in terms of absorbing the energy released by shear deformation of jointed rock masses as compared with ordinary steel.In particular,the shear force plays a major role in resisting the shear deformation of Q235 steel and#45 steel,therefore,fracture failure occurs under small bolt deformation.However,the axial force of quasi-NPR steel can be fully exerted when resisting joint shear deformation;the steel itself does not break when large shear deformation occurs,and the supporting effect of the jointed rock mass is effectively guaranteed.

Design of Eco-friendly Ultra-high Performance Concrete with Supplementary Cementitious Materials and Coarse Aggregate

Aiming to investigate the mix design of eco-friendly UHPC with supplementary cementitious materials and coarser aggregates, we comprehensively studied the workability, microstructure, porosity, compressive strength, flexural strength, and Young’s modulus of UHPC. Relationship between compressive strength and Young’s modulus was obtained eventually. It is found that the compressive strength, flexural strength, and Young’s modulus of UHPC increase by 19.01%, 10.81%, and 5.99%, respectively, when 40 wt% cement is replaced with supplementary cementitious materials. The relationship between compressive strength and Young’s modulus of UHPC is an exponential form.

Effect of H_2S Flow Rate and Concentration on Performance of H_2S/Air Solid Oxide Fuel Cell

A solid state H2S/air electrochemical cell having the configuration of H2S, (MoS2+NiS+Ag)/YSZ/Pt, air has been examined with different H2S flow rates and concentrations at atmospheric pressure and 750-850 ℃. Performance of the fuel cell was dependent on anode compartment H2S flow rate and concentration. The cell open-circuit voltage increased with increasing H2S flow rate. It was found that increasing both H2S flow rate and H2S concentration improved current-voltage and power density performance. This is resulted from improved gas diffusion in anode and increased concentration of anodic electroactive species. Operation at elevated H2S concentration improved the cell performance at a given gas flow rate. However, as low as 5% H2S in gas mixture can also be utilized as fuel feed to cells. Highest current and power densities, 17500mA·cm-2 and 200mW·cm-2, are obtained with pure H2S flow rate of 50ml·min-1 and air flow rate of 100ml·min-1 at 850℃.

A novel apidaecin Api-PR19 synergizes with the gut microbial community to maintain intestinal health and promote growth performance of broilers

Background: Antibiotic growth promoters(AGPs) have been used as growth promoters to maintain animal intestinal health and improve feed efficiency in broilers by inhibiting pathogen proliferation. In view of the growing emergence of antibiotic-resistant pathogen strains and drug residue issues, novel treatments are increasingly required. This study aimed to compare two antimicrobial approaches for managing pathogen infection and maintaining animal intestinal health in broilers by supplying Apidaecin Api-PR19 and AGPs over 42 d of a feeding trial.Results: Compared with the broilers that were only fed a corn-soybean basal diet(CON group), supplementation with Api-PR19 and AGP(respectively named the ABP and AGP groups) both increased the feed conversion efficiency. When compared with the AGP group, Api-PR19 supplementation could significantly increase the organ index of the bursa of fabricius and subtype H9 antibody level in broiler chickens. Moreover, when compared with the CON group, the intestinal villus height, intestinal nutrient transport, and intestinal s Ig A content were all increased in the Api-PR19 group, while AGP supplementation was harmful to the intestinal villus height and intestinal nutrient transport. By assessing the antibacterial effect of Api-PR19 and antibiotics in vitro and in vivo, we found that Api-PR19 and antibiotics both inhibited the growth of pathogens, including Escherichia coli and Campylobacter jejuni. Furthermore, by using 16 S r RNA gene sequencing, the beneficial bacteria and microbiota in broilers were not disturbed but improved by apidaecin Api-PR19, including the genera of Eubacterium and Christensenella and the species of uncultured_Eubacterium_sp, Clostridium_asparagiforme, and uncultured_Christensenella_sp, which were positively related to improved intestinal development, absorption, and immune function.Conclusion: Apidaecin Api-PR19 treatment could combat pathogen infection and had little negative impact on beneficial bacteria in the gut compared to antibiotic treatment, subsequently improving intestinal development,absorption, and immune function.

Effect of Air Gap under Fabric on Thermal Protective Performance Using an Improved Apparatus

The bench top test is one of the most important and effective methods to evaluate the total thermal protective performance(TPP) of firefighters' protective clothing,which is greatly influenced by the air gaps entrapped.In this paper,to investigate the effect of air gap width on TPP,a new improved apparatus with two height changeable buttons to hold the thermal sensor was developed to get a series of air gap sizes from 0 mm to 40 mm.The TPP of two types of flame-resistant outer fabrics was measured with TPP test apparatus respectively.Analysis of temperature rise with each air gap width was made to determine the effects of different air gaps on protective performance.It was indicated that air gap size had great effect on TPP of fabrics in the bench top test.An air gap width above 8 mm was suggested for the thermal protective clothing design.