Sri Lanka Gets Closer To IMF Funds After China Support

This October,International Monetary Fund(IMF)staff and the Sri Lankan authorities reached a stafflevel agreement on economic policies to conclude the first review of the 48-month Extended Fund Facility(EFF)-supported programme.Sri Lanka will have access to Special Drawing Right(SDR)254 million(about US$330 million)in financing once the review is approved by IMF Management and IMF Executive Board.

General laws of funding for scientific citations:how citations change in funded and unfunded research between basic and applied sciences

Purpose:The goal of this study is to analyze the relationship between funded and unfunded papers and their citations in both basic and applied sciences.Design/methodology/approach:A power law model analyzes the relationship between research funding and citations of papers using 831,337 documents recorded in the Web of Science database.Findings:The original results reveal general characteristics of the diffusion of science in research fields:a)Funded articles receive higher citations compared to unfunded papers in journals;b)Funded articles exhibit a super-linear growth in citations,surpassing the increase seen in unfunded articles.This finding reveals a higher diffusion of scientific knowledge in funded articles.Moreover,c)funded articles in both basic and applied sciences demonstrate a similar expected change in citations,equivalent to about 1.23%,when the number of funded papers increases by 1%in journals.This result suggests,for the first time,that funding effect of scientific research is an invariant driver,irrespective of the nature of the basic or applied sciences.Originality/value:This evidence suggests empirical laws of funding for scientific citations that explain the importance of robust funding mechanisms for achieving impactful research outcomes in science and society.These findings here also highlight that funding for scientific research is a critical driving force in supporting citations and the dissemination of scientific knowledge in recorded documents in both basic and applied sciences.Practical implications:This comprehensive result provides a holistic view of the relationship between funding and citation performance in science to guide policymakers and R&D managers with science policies by directing funding to research in promoting the scientific development and higher diffusion of results for the progress of human society.

Unequal Distribution of Innovation Efforts for Neglected Tropical Diseases: The Role of Funding Evaluation Criteria

Background: International research and innovation efforts for neglected tropical diseases have increased in recent decades due to disparities in overall health research funding in relation to global burden of disease. However, within the field of neglected tropical diseases some seem far more neglected than others. In this research the aim is to investigate the distribution of resources and efforts, as well as the mechanisms that underpin funding allocation for neglected tropical diseases. Methodology: A systematic literature review was conducted to establish a comprehensive overview of known indicators for innovation efforts related to a wide range of neglected tropical diseases. Articles were selected based on a subjective evaluation of their relevance, the presence of original data, and the breadth of their scope. This was followed by thirteen in-depth open-ended interviews with representatives of private, public and philanthropic funding organizations, concerning evaluation criteria for funding research proposals. Results: The findings reveal a large difference in the extent to which the individual diseases are neglected with notable differences between absolute and relative efforts. Criteria used in the evaluation of research proposals relate to potential impact, the probability of success and strategic fit. Private organizations prioritize strategic fit and economic impact;philanthropic organizations prioritize short-term societal impact;and public generally prioritize the probability of success by accounting for follow-up funding and involvement of industry. Funding decisions of different types of organizations are highly interrelated. Conclusions: This study shows that the evaluation of funding proposals introduces and retains unequal funding distribution, reinforcing the relative neglect of diseases. Societal impact is the primary rationale for funding but application of it as a funding criterion is associated with significant challenges. Furthermore, current application of evaluation criteria leads to a primary focus on short-term impact. Through current practice, the relatively most neglected diseases will remain so, and a long-term strategy is needed to resolve this.

Analysis of standardization of community security fund management-Taking practice of community security fund management in Wuhou district of Chengdu as an example

The Chengdu community security funds refer to the special security funds for urban and rural community development and governance in Chengdu.At present,there are some problems in the use of community security funds,such as low participation of residents,and low efficiency of fund use.Taking the exploration of standardization of community security fund management in Wuhou district,Chengdu city,as an example,this paper suggests further strengthening the use and management of community security funds by means of standardization,ensuring the democratic,open,and transparent use of funds,and effectively enhancing the supporting role of community security funds in community governance.

Research funding and citations in papers of Nobel Laureates in Physics, Chemistry and Medicine, 2019-2020

Purpose:The goal of this study is a comparative analysis of the relation between funding(a main driver for scientific research)and citations in papers of Nobel Laureates in physics,chemistry and medicine over 2019-2020 and the same relation in these research fields as a whole.Design/methodology/approach:This study utilizes a power law model to explore the relationship between research funding and citations of related papers.The study here analyzes 3,539 recorded documents by Nobel Laureates in physics,chemistry and medicine and a broader dataset of 183,016 documents related to the fields of physics,medicine,and chemistry recorded in the Web of Science database.Findings:Results reveal that in chemistry and medicine,funded researches published in papers of Nobel Laureates have higher citations than unfunded studies published in articles;vice versa high citations of Nobel Laureates in physics are for unfunded studies published in papers.Instead,when overall data of publications and citations in physics,chemistry and medicine are analyzed,all papers based on funded researches show higher citations than unfunded ones.Originality/value:Results clarify the driving role of research funding for science diffusion that are systematized in general properties:a)articles concerning funded researches receive more citations than(un)funded studies published in papers of physics,chemistry and medicine sciences,generating a high Matthew effect(a higher growth of citations with the increase in the number of papers);b)research funding increases the citations of articles in fields oriented to applied research(e.g.,chemistry and medicine)more than fields oriented towards basic research(e.g.,physics).Practical implications:The results here explain some characteristics of scientific development and diffusion,highlighting the critical role of research funding in fostering citations and the expansion of scientific knowledge.This finding can support decision-making of policymakers and R&D managers to improve the effectiveness in allocating financial resources in science policies to generate a higher positive scientific and societal impact.

The relation between funding by the National Institutes of Health and the burden of disease

Background:The Institute of Medicine has proposed that the amount of disease-specific research funding provided by the National Institutes of Health(NIH)be systematically and consistently compared with the burden of disease for society.Methods:We performed a cross-sectional study comparing estimates of disease-specific funding in 1996 with data on six measures of the burden of disease.

The relation between funding by the National Institutes of Health and the burden of disease

Background:The Institute of Medicine has proposed that the amount of disease-specific research funding provided by the National Institutes of Health(NIH)be systematically and consistently compared with the burden of disease for society.Methods:We performed a cross-sectional study comparing estimates of disease-specific funding in 1996 with data on six measures of the burden of disease.The measures were total mortality,years of life lost,and number of hospital days in 1994 and incidence,prevalence,and disability-adjusted life-years(one disability-adjusted life-year is defined as the loss of one year of healthy life to disease)in 1990.With the use of these measures as explanatory variables in a regression analysis,predicted funding was calculated and compared with actual funding.

Strategies for Cultivating Public Funded Targeted Normal Students Based on Goal Management Theory : A Case Study of East, West and North Guangdong

Public funded targeted normal students are an important component of China's teacher team construction.Since its implementation in 2007,a large number of outstanding rural teachers who have been striving on the front line of education have been trained.Based on the theory of goal management,this paper explores the problems and countermeasures in the training of public funded targeted normal students.It strives to solve the problems of low willingness to teach and high default rates among public funded normal students,and hopes that the suggestions proposed in this paper can further promote the effective implementation of policies for public funded normal students.

Realizing profits immediately:disposition effect of open-end fund investors in China

This paper explores the disposition effect, the tendency of investors to hold losing investments too long and sell winning investments too soon, by analyzing a unique data set that consists of the buying and selling positions of open-end fund investors in China. Results show that investors' buying and selling behaviors are significantly affected by fund performance. The reasons that lie behind such results are mainly related to the non-persistence of fund performance. When fund performance is non-persistent, investors are not clear about the future returns on funds. So, investors, especially individual investors, would have to realize the profits on hand immediately. Meanwhile, fund investors are highly sensitive to fund age and loading fees, but not sensitive to management fees charged by funds when they buy or sell fund shares.

Research on spending policy for university endowment funds

University endowment funds are important capitals in many universities in China today. A lot of universities target their endowment spending at a fixed spending ratio. Because of volatile inflation, it is not optimal. In this paper, the author analyzes the importance of spending policy of university endowment funds, and suggests two models in accordance with inflation-adjusted value.

Aortic Dissection Research in China:Analysis of Studies Funded by the National Natural Science Foundation of China

Objective The National Natural Science Foundation of China(NSFC)has made great progress in promoting the development of aortic dissection research in recent years.This study aimed to examine the development and research status of aortic dissection research in China so as to provide references for future research.Methods The NSFC projects data from 2008 to 2019 were collected from the Internet-based Science Information System and other websites utilized as search engines.The publications and citations were retrieved by Google Scholar,and the impact factors were checked by the InCite Journal Citation Reports database.The investigator’s degree and department were identified from the institutional faculty profiles.Results A total of 250 grant funds totaling 124.3 million Yuan and resulting in 747 publications were analyzed.The funds in economically developed and densely populated areas were more than those in underdeveloped and sparsely populated areas.There was no significant difference in the amount of funding per grant between different departments’investigators.However,the funding output ratios of the grants for cardiologists were higher than those for basic science investigators.The amount of funding for clinical researchers and basic scientific researchers in aortic dissection was also similar.Clinical researchers were better in terms of the funding output ratio.Conclusion These results suggest that the medical and scientific research level of aortic dissection in China has been greatly improved.However,there are still some problems that urgently need to be solved,such as the unreasonable regional allocation of medical and scientific research resources,and the slow transition from basic science to clinical practice.

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.

Multiple Hierarchy Decision Analysis of Science Funds Management System

This article discusses a multiple hierarchy decision analysis in which the Analytic Hierarchy Process and Delphi method were combined with practice of funds management so as to obtain a scientific management system. The design procedures and a practical example have been given to verify the feasibility. The work was supported by China National Natural Science Foundation (NNSF), and the introduced procedures have been used in some departments of the NNSF.

Influence of Outflow of Rural Funds on Financial Support for Agriculture

Since the reform and opening-up,rural finance has made enormous contribution to rural economic development.However,with commercialization reform of financial institutions,the conflict between outflow of large funds and shortage of funds for rural economic development becomes prominent,leading to serious degradation of agricultural support function of rural finance.From the perspective of outflow of rural funds,this paper analyzes the problem of"deviation from agriculture"of rural financial business,and derives the conclusion that it is necessary and urgent to restore agricultural support function of rural finance.Then,it discusses restoration path for agricultural support function of rural finance.Finally,it comes up with some effective paths in accordance with existing problems in agricultural support function of rural finance.

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.

‘Smart’copycat mutual funds:on the performance of partial imitation strategies

Using a novel measure of stock-level trade imitation,we uncover‘smart’copycats:fund managers that use their own information when beneficial,and otherwise imitate other managers’better trades.Contrary to previous research,we find that these partial imitation strategies lead to outperformance.Our‘Copycat Score’combines the propensity to imitate and to lead trades.Funds at the high and low ends of the score outperform all others.The Copycat Score is persistent in time,related to other measures of skill,and a good predictor of fund performance.We conclude that smart copycatting is another skill of successful fund managers.

Risk Measurement and Performance Evaluation of Equity Funds Based on ARMA-GARCH Family Model

There are few comprehensive studies on risk measurement and performance evaluation of stock funds in China. This paper uses the ARMA-GARCH family model to analyze the volatility characteristics of equity funds under the t-distribution and Generalized error distribution (GED), and combines CVaR, PM (Second revised sharp ratio) and CVaR-RAROC (Revised RAROC) to comprehensively evaluate equity funds risk and performance. The empirical analysis of five equity funds in China from October 28, 2010 to May 17, 2019 shows that: Comprehensive evaluation of the risk and performance of equity funds can comprehensively and effectively examine the risks and returns of equity funds, helping investors, financial institutions and regulatory agencies to more fully understand the risks and performance of equity funds.

Market efficiency of gold exchange-traded funds in India

Background:Gold exchange-traded funds,since introduction,are primarily aimed at tracking the price of physical gold in the financial market.This,a category of exchange-traded funds,whose units represent physical gold,is traded on exchanges like any other financial instrument.In the Indian financial market,gold exchange traded funds were introduced a decade ago to facilitate ordinary households'participation in the bullion market.They were also designed to assist in the price discovery mechanism of the bullion market.Presentation of the hypothesis:In this paper,it is attempted to check if one of the constituents of price discovery mechanism,informational efficiency,has been achieved in gold exchange-traded funds’market.Information efficiency becomes evident only when all available information is reflected in the market price of the instrument.Testing the hypothesis:Therefore,in order to assess the weak-form efficiency of the gold exchange-traded funds market,the daily returns of five gold exchangetraded funds traded on the Indian Stock Exchange over the period March 22,2010,to August 28,2015,were used.The non-parametric runs test,the parametric serial correlation test,and the augmented Dickey-Fuller unit root test are employed.Implications of the hypothesis:The test results provide evidence that the efficient market hypothesis does not hold for the gold exchange-traded funds’market in India.Further,the test results address several underlying issues with respect to price discovery in the market under study and suggest that the Indian market for this derivative is not weak-form efficient.Hence,the factors affecting gold exchange traded-funds’market warrant the attention of the country’s regulatory bodies,as appropriate legislation in support of market efficiency is needed.

Case Study of the Ways Private Equity Funds Apply to Dodge Capital-flow Control

In this article,several cases are cited to demonstrate how foreign private equity firms circumvent Chinese government restrictions on capital flows and investing in strategic and sensitive sectors. Speci cally,private equities investing in Chinese companies to be listed abroad can use the Red-chip,Sheng Da or overseas option models. Private equities investing in domestically-listed Chinese companies can resort to foreign-funded banks,underground banking,stock-holder borrowing,stocks held by the third party,equity bonds or local investment company purchases.

The Sustainable Development of Social Security Funds

The social security funds is to establish social security system and the solid foundation on which to run, the safety of the social security fund sustainability for play a crucial role in the development of social security system. In the current aging serious today, the social security fund is particularly important. In this paper, through the introduction of the necessity of sustainable development of the social security fund, the comprehensive analysis of the problems existing in the process of sustainable development of the social security fund, tries to put forward countermeasures and Suggestions for the sustainable development of social security fund in our country.