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.

Manager’s Characteristics, Debt Financing and Firm Value

Based on the behavioral finance theory and the upper echelons theory, this paper employs the data of China's A-share listed companies from 2008 to 2013 as research samples, and empirically tests the effects of managers with different characteristics on debt financing and firm value for enterprises of different ownership nature. Results of this study indicate that the debt financing of the listed companies in China can reduce the agency cost with a positive governance effect that promotes firm value. Male, better educated, short-tenured, and financially experienced managers are more likely to be overconfident and prefer debt financing. Specifically, the manager's age, level of education, and work experience can significantly promote the effect of debt financing on firm value. Compared with SOEs, private enterprises can improve their firm value more significantly through debt financing;the education and work experience of the managers of private enterprises are more positively correlated with debt financing and can more significantly improve firm value through debt financing. This paper's findings suggest that the manager's characteristics and firm ownership nature must be taken into account to reach valid conclusions on the governance effects of debt financing on firm value. Meanwhile, these conclusions help unravel the mechanism and economic implications of debt financing, and contribute to the improvement of the capital structure decisions and human resources management practices of China's listed companies. This study not only enriches the literature and empirical evidence on the correlation between managers' characteristics and firm financing, but indicate that managers' characteristics and firm ownership are important considerations for investigating the governance effects of debt financing on firm value and have a vital impact on the formulation and implementation of firm financing decisions.

Solid Waste Management:A MADM Approach Using Fuzzy Parameterized Possibility Single-Valued Neutrosophic Hypersoft Expert Settings

The dramatic rise in the number of people living in cities has made many environmental and social problems worse.The search for a productive method for disposing of solid waste is the most notable of these problems.Many scholars have referred to it as a fuzzy multi-attribute or multi-criteria decision-making problem using various fuzzy set-like approaches because of the inclusion of criteria and anticipated ambiguity.The goal of the current study is to use an innovative methodology to address the expected uncertainties in the problem of solid waste site selection.The characteristics(or sub-attributes)that decision-makers select and the degree of approximation they accept for various options can both be indicators of these uncertainties.To tackle these problems,a novel mathematical structure known as the fuzzy parameterized possibility single valued neutrosophic hypersoft expert set(ρˆ-set),which is initially described,is integrated with a modified version of Sanchez’s method.Following this,an intelligent algorithm is suggested.The steps of the suggested algorithm are explained with an example that explains itself.The compatibility of solid waste management sites and systems is discussed,and rankings are established along with detailed justifications for their viability.This study’s strengths lie in its application of fuzzy parameterization and possibility grading to effectively handle the uncertainties embodied in the parameters’nature and alternative approximations,respectively.It uses specific mathematical formulations to compute the fuzzy parameterized degrees and possibility grades that are missing from the prior literature.It is simpler for the decisionmakers to look at each option separately because the decision is uncertain.Comparing the computed results,it is discovered that they are consistent and dependable because of their preferred properties.

Do Land Characteristics Affect Farmers' Soil Fertility Management?

Soil fertility management （SFM） has important implications for sustaining agricultural development and food self-sufifciency. Better understanding the determinants of farmers’ SFM can be a great help to the adoption of effective SFM practices. Based on a dataset of 315 plots collected from a typical rice growing area of South China, this study applied statistical method and econometric models to examine the impacts of land characteristics on farmers’ SFM practices at plot scale. Main results showed that in general land characteristics affected SFM behaviors. Securer land tenure arrangements facilitated effective practices of SFM through more diversiifed and more soil-friendly cropping pattern choices. Plot size signiifcantly reduced the intensities of phosphorus and potassium fertilizer application. Given other factors, 1 ha increase in plot size might reduce 3.0 kg ha-1 P2O5 and 1.8 kg ha-1 K2O. Plots far from the homestead were paid less attention in terms of both chemical fertilizers and manure applications. Besides, plots with better quality were put more efforts on management by applying more nitrogen and manure, and by planting green manure crops. Signiifcant differences existed in SFM practices between the surveyed villages with different socio-economic conditions. The ifndings are expected to provide important references to the policy-making incentive for improving soil quality and crop productivity.

The Communication Analysis Among Stakeholders in Management of Children Education by the Poor Scholarship as Human Capital to Grow Quality Characteristics of Educational Basics

The economic crisis in 1997-1998 increased poverty to 49.5 million,but in 2005 decreased to 35.10 million,then in 2006 increased 39.05 million.The worst communities were workers,dependent families,small farmers and fishermen,informal sector workers,low-level civil servants,and people affected by natural disasters.The research design was cross sectional;the research was in Pangkal Pinang City in January 2016.The data were summarized by interview,observation,documentation,and Focus Group Discussion.Data analyses were flow model,product moment,and Likert scale.The result of the research shows the correlation between how to obtain the poor scholarship and the criteria of obtaining the poor scholarship that is very tight which is 0.453.The relation between the criteria of obtaining the poor scholarship and the determination of the poor scholarship is quite close which is 0.218.The relationship between the determination of the scholarship for poor students and obtaining the poor scholarship is 0.395.The correlation between how to get the poor scholarship and the poor scholarship receiver is quite close that is 0.190.The relationship between the determination of the poor scholarship and the impact of the poor scholarship is quite close that is 0.171.The relationship between using of the poor scholarship and the poor scholarship receiver is very close that is 0.297.The relation between the poor receiver and the impact of poor the scholarship is 0.270.

From social management to social governance: Evolution, characteristics and innovation

The Third Plenary Session of the 18th Central Committee of the CPC firstly required innovative social governance in 2013. This is the CPC's focus on safeguarding the fundamental interests of the majority of the people, to maximize social harmony, and to enhance the vitality of social development. The differences between governance and management are embodied in such as the governance system, legality, resource management, and comprehensive measures, etc. Compared with the way of social management, in which the government was used to controlling and ordering all social affairs, social governance pays more attention to the process of co-operations among different parties, to more emphasis on parties' co-operations and co-governance, with a continuous and interactive process of coordinated negotiations among multiple stakeholders. Social governance pays more emphasis on respect to social and political rights of members in the society, trying to stimulate the potential of social members, so that members of the community, in the process of social governance, have rights to speak, to choose and to influence; it pays more emphasis not only on maximizing autonomy of the social organizations and community, but also emphasizes the comprehensive use of a variety of means. The constructions of social governance system should mainly consist of four aspects: first, it is to improve the quality of social grassroots governance; second, it is to stimulate the vitality of social organizations; third, it tries to become an innovative and effective system to prevent and resolve social conflicts; fourth, it is to improve the public security system. To innovate the social management system, it is not only to achieve the transformation of the idea from control to service, but also to change the governance way from inflexible to flexible, thus, to finally form the social governance structure of Party leadership, government responsibility, social coordination,and public

Characteristics of management of reproductive endocrine problems in female patients

In 1956, my former Head and Professor of the Department of Obstetrics and Gynecology KT LIM, asked me to take the initiative to establish a reproductive endocrinology unit. As China is a developing country, we were then short of diagnostic facilities and therapeutic agents. We can learn basic knowledge and clinical experiences from the literature, but hormonal preparations were expensive and generally most of our patients were poor. We needed to find simpler, inexpensive and yet effective ways to treat our patients. In a word, we had to develop our own way.……

Intersection capacity based on driver's visual characteristics

In order to reflect the influence of the drivers＇ characteristic differences on intersection capacity under a mixed traffic flow, a driver correction coefficient for the intersection capacity calculation according to the driver＇s visual characteristics is proposed. First, the parameters of the driver＇s visual characteristics at some real roads, including gaze fixation distribution, mean fixation duration, visual angle distribution and some other parameters at intersections, are collected. Then, the relationship between the traffic flow rate at intersections and the parameters of driver eye movements are established. The analytical results indicate that when the traffic flow is unsaturated, the parameters of driver eye movements change relatively little; however, when the traffic flow is saturated, the parameters of driver eye movements change drastically. Finally, the saturation-flow-rate model is modified according to the parameters of driver eye movements; thus, a capacity model of intersections considering the driver＇s visual characteristics is obtained.

Influences of Family Ranches Management Mode on Plant Community Characteristic in Hulunber Meadow Steppe

[Objective] The aim was to explore the management mode on optimal re-sources al ocation of family ranch in meadow steppe. [Method] Three double repre-sentative family ranches were selected in meadow steppe of Hulunber Old Barag Banner, and the study was carried out with the baseline survey. Three family ranches were selected as the demonstrative households for the corporation study, while other three family ranches with the similar conditions were looked as the non-demonstrative households for the comparison. Demonstrative households of the fami-ly ranches reduced the stocking rate, optimized the flock structure and took a winter feeding and other means to explore the different management models on plant com-munity characteristic of family ranch. [Result] The seasonal dynamic of community characteristic in family ranches showed the single-peaks curves. The seasonal dy-namics of community coverage, height and biomass in the demonstrative households showed higher compared with the non-demonstrative households, and community density in the experiment households was lower than that of the control experiment households. Community coverage, height and biomass of degraded grassland in family ranch have a great improve after optimization of management. Community coverage, height , density and biomass were increasing in fencing plot, but decreas-ing in free grazing area. Enclosure improved grassland coverage, vegetation height, density and forage yield. Leymus chinensis played an important role in plant com-munity. The important values of Leymus chinensis, Stipa baicalensis, Cleistogenes squarrosa, and Carex duriuscula were high. Leymus chinensis important value in the demonstrative households of optimal management was higher than that in the non-demonstrative households, and Carex duriuscula important value of the non-demon-strative households was significantly higher than that of the demonstrative house-holds. The indexes of Margalef richnes,Shannon-Wiener diversity, Simpson diversity and Pielou uniformity showed that the demonstrative households were higher than the non-demonstrative households. [Conclusion] The research provides theoretical ref-erences for sustainable development of pastures dominated by family ranch.

International Comparison,Regional Characteristics and Regulatory Management of Structural Rise in the Prices of Chinese Industrial and Agricultural Products

China's price fluctuations increasingly exhibit significant structural characteristics,and since 2003,there have been several rounds of significant structural price rise.The degree of structural rise in the prices of industrial and agricultural products in China is not only higher than in the general developed countries and developing countries,but also more prominent than in other transition economies.And the structural rise in the prices of Chinese industrial and agricultural products exhibits significant economic zone differences:the structural fluctuations are the greatest in the central and western regions,significantly higher than in the eastern regions as well as the national average.From the perspective of causes of structural rise in the prices of Chinese industrial and agricultural products,the government must aim to coordinate the industrial and agricultural investments and bridge the gap in the industrial and agricultural technologies and supply capacity.

Isolation and algae-lysing characteristics of the algicidal bacterium B5

Water blooms have become a worldwide environmental problem. Recently, algicidal bacteria have attracted wide attention as possible agents for inhibiting algal water blooms. In this study, one strain of algicidal bacterium B5 was isolated from activated sludge. On the basis of analysis of its physiological characteristics and 16S rDNA gene sequence, it was identified as Bacillusfusiformis. Its algaelysing characteristics on Microcystis aeruginosa, Chlorella and Scenedesmus were tested. The results showed that： （1） the algicidal bacterium B5 is a Gram-negative bacterium. The 16S rDNA nucleotide sequence homology of strain B5 with 2 strains of B. fusiformis reached 99.86%, so B5 was identified as B. fusiformis; （2） the algal-lysing effects of the algicidal bacterium B5 on M. aeruginosa, Chlorella and Scenedesrnus were pronounced. The initial bacterial and algal cell densities strongly influence the removal rates of chlorophyll-a. The greater the initial bacterial cell density, the faster the degradation of chlorophyll-a. The greater the initial algal cell density, the slower the degradation of chlorophyll-a. When the bacterial cell density was 3.6 × 10^7 cells/ml, nearly 90% of chlorophyll-a was removed. When the chlorophyll-a concentration was less than 550 μg/L, about 70% was removed; （3） the strain B5 lysed algae by secreting metabolites and these metabolites could bear heat treatment.

Kinematic and Dynamic Characteristics Analysis of Bennett's Linkage

Bennett's linkage is a spatial fourlink linkage,and has an extensive application prospect in the deployable linkages.Its kinematic and dynamic characteristics analysis has a great significance in its synthesis and application. According to the geometrical conditions of Bennett 's linkage,the motion equations are established,and the expressions of angular displacement,angular velocity and angular acceleration of the followers and the displacement,velocity and acceleration of mass center of link are shown. Based on Lagrange's equation,the multi-rigid-body dynamic model of Bennett's linkage is established. In order to solve the reaction forces and moments of joint,screw theory and reciprocal screw method are combined to establish the computing method.The number of equations and unknown reaction forces and moments of joint are equal through adding link deformation equations. The influence of the included angle of adjacent axes on Bennett 's linkage 's kinematic characteristics,the dynamic characteristics and the reaction forces and moments of joint are analyzed.Results show that the included angle of adjacent axes has a great effect on velocity,acceleration,the reaction forces and moments of Bennett's linkage. The change of reaction forces and moments of joint are apparent near the singularity configuration.

A MULTICAST KEY MANAGEMENT SCHEME BASED ON CHARACTERISTIC VALUES OF MEMBERS

A new collusion attack on Pour-like schemes is proposed in this paper. Then, we present a collusion-free centralized multicast key management scheme based on characteristic values of members. The re-keying method that other group members calculate new keys when a member is joining or leaving is also designed. It achieves forward secrecy and backward secrecy. Compared with typical existing centralized schemes, the storage of Group Key Controller (GKC) in our scheme halves the storage overhead of others, and communication overhead of GKC is 2 in case of joining re-keying. Especially, the leaving re-keying overhead is and the overall performance is excellent.

Similar clinical characteristics of familial and sporadic inflammatory bowel disease in South Korea

AIM: To investigate differences of clinical characteristics and disease courses between familial and sporadic inflammatory bowel disease (IBD) patients.

Effects of Drought Stress Simulated by Polyethylene Glycol on Seed Germination, Root and Seedling Growth, and Seedling Antioxidant Characteristics in Job’s Tears

Two Job’s tears cultivars, yy18-1 (high resistance to drought stress) and yy12-7 (susceptible to drought stress) were used to investigate the responses of seed germination, root and seedling growth, and seedling antioxidant characteristics to drought stress simulated by polyethylene glycol (PEG) 6000 solutions with 0, -0.05, -0.1, -0.15, and -0.2 MPa osmotic potentials. The results showed that the germination energy, germination rate, germination index, root and seedling lengths, root and seedling diameters, root and seedling fresh masses, root and seedling dry masses, and seedling relative water content (RWC) decreased with the decrease of the osmotic potential of PEG 6000 solution. The contents of hydrogen peroxide (H2O2), malondialdehyde (MDA), and proline in seedling increased with the decrease of the osmotic potential of PEG 6000 solution. The activities of peroxidase (POD), catalase (CAT), ascorbate peroxidase (APX), and glutathione reductase (GR) in seedling increased and then decreased with the decrease of osmotic potential of PEG 6000 solution. -0.1 MPa was the optimal osmotic potential of PEG 6000 solution simulated drought stress at germination stage for Job’s tears. The proline content and activities of POD and CAT were important mechanisms for the maintenance of drought resistance in Job’s tears seedling.

Ibrutinib and atrial fibrillation:An in-depth review of clinical implications and management strategies

Ibrutinib,a targeted therapy for B-cell malignancies,has shown remarkable efficacy in treating various hematologic cancers.However,its clinical use has raised concerns regarding cardiovascular complications,notably atrial fibrillation(AF).This comprehensive review critically evaluates the association between ibrutinib and AF by examining incidence,risk factors,mechanistic links,and management strategies.Through an extensive analysis of original research articles,this review elucidates the complex interplay between ibrutinib’s therapeutic benefits and cardiovascular risks.Moreover,it highlights the need for personalized treatment approaches,vigilant monitoring,and interdisciplinary collaboration to optimize patient outcomes and safety in the context of ibrutinib therapy.The review provides a valuable resource for healthcare professionals aiming to navigate the intricacies of ibrutinib’s therapeutic landscape while prioritizing patient well-being.

Comparison of the Quality Characteristics of 4 Albinos Tea

The made tea quality and chemical characteristics of 4 albinos cultivars were investigated. It shows that constitutes of micro-elements, contents of polyphenols and total amino acids in 4 samples are much different due to the biological diversity. The DPPH free radicals scavenging ability of the 4 albinos tea is also different. The free radicals scavenging rate has a significant positive correlation to the content of total polyphenols, total catechins, as well as C, CG, GCG, EGCG, but there is no positive relationship to the content of Zn, Se.

Geochemical characteristics and growth suitability assessment of Scutellaria baicalensis Georgi in the Earth's critical zone of North China

Geochemical differentiation of soils has a series of consequences on plant and places pressure on the ecological environment.The quantitative evaluation of element migration in the Earth’s critical zone is a challenging task.In this study,two demonstration study areas of Scutellaria baicalensis Georgi were selected,and multiple chemical weathering indexes,chemical loss fraction,mass migration coefficients and biological enrichment coefficient method were used to assess the ecological and geochemical suitability.The results show that for the element of Fe,Zn,Se,Cu,Co,Ni,Mo and Ge,the degree of weathering and soil maturation,were greater in the rhyolitic tuff area than in the Plagioclase gneiss area.In both research sites,the heavy metal level of samples in Scutellaria baicalensis Georgi did not exceed the standard limits.The plagioclase gneiss region’s surface soil environment was more alkaline,and the content of soil organic matter was lower,resulting in a higher bioenrichment intensity of Ge,Co,Cu,and Se elements in Scutellaria baicalensis Georgi than in the rhyolite-tuff area.The elements of Cd,Nb,Mo,Pb and As are considerably enriched in the soil of the plagioclase gneiss area but lost by leaching in the soil of the rhyolite tuff area,which is connected to the interplay of elemental abundance and human impact in the parent materials.This study provides a good example of how to assess growth suitability of Chinese medicinal materials in the Earth’s critical zone.

On Characteristics and Cultures of the Hakka's Enclosed Houses in South Jiangxi Province

General situation and distribution of round houses of the Hakka in south Jiangxi were introduced, such architectural styles as enclosed house with a square yard (kouzi wei, in the shape of 口), enclosed house with a yard of three transverse and one longitudinal constructions (guozi wei, in the shape of 国), and enclosed house with a round house in its yard (tao wei) were taken to analyze features of the Hakka's enclosed houses. It was highlighted that the Hakka's enclosed houses in south Jiangxi has diversified architectural styles and outstanding defensive and living functions. Construction art and religious culture shown by the enclosed houses were interpreted, and the branch of Han people with unique dialects, cultures, folk customs and emotional attitudes was proposed as a miniature of the culture in south Jiangxi. Moreover, it was stressed that more attention of the public and more efforts for the protection should be given to the Hakka's cultures in south Jiangxi, carriers of the locals' history over the past thousands of years.