Refine
Document Type
- Article (10)
- Conference Proceeding (3)
- Part of Periodical (2)
Has Fulltext
- yes (15)
Is part of the Bibliography
- no (15)
Keywords
- Household Finance (2)
- Investor Protection (2)
- Private Investment (2)
- Atomic and Molecular Physics (1)
- Collembola (1)
- Consumer financial protection (1)
- Diplura (1)
- ESTs (1)
- Ellipura (1)
- Entognatha (1)
Institute
THIS STUDY INVESTIGATES WHAT HAPPENS WHEN RETAIL CUSTOMERS ARE OFFERED FREE AND UNBIASED ADVICE. USING A LARGE FIELD EXPERIMENT IT SHOWS THAT THOSE WHO ACCEPT THE OFFER (5%) ARE MORE LIKELY TO BE MALE, OLDER, WEALTHIER, MORE EXPERIENCED AND MORE FINANCIALLY SOPHISTICATED. HOWEVER, EVEN THOUGH THE ADVICE WOULD HAVE HELPED, IT ACTUALLY LARGELY FAILED TO HELP BECAUSE THE CUSTOMERS DID NOT LISTEN TO IT. OVERALL, OUR RESULTS SUGGEST THAT THE MERE AVAILABILITY OF UNBIASED FINANCIAL ADVICE IS A NECESSARY BUT NOT SUFFICIENT CONDITION FOR BENEFITING RETAIL CUSTOMERS.
We explore the phase diagram of two flavour QCD at vanishing chemical potential using dynamical O(a)-improved Wilson quarks. In the approach to the chiral limit we use lattices with a temporal extent of Nt = 16 and spatial extent L = 32;48 and 64 to enable the extrapolation to the thermodynamic limit with small discretisation effects. In addition to an update on the scans at constant k, reported earlier, we present first results from scans along lines of constant physics at a pion mass of 290 MeV.We probe the transition using the Polyakov loop and the chiral condensate, as well as spectroscopic observables such as screening masses.
Phylogenetic relationships of the primarily wingless insects are still considered unresolved. Even the most comprehensive phylogenomic studies that addressed this question did not yield congruent results. In order to get a grip on these problems, we here analyzed the sources of incongruence in these phylogenomic studies using an extended transcriptome dataset.Our analyses showed that unevenly distributed missing data can be severely misleading by inflating node support despite the absence of phylogenetic signal. In consequence, only decisive datasets should be used which exclusively comprise data blocks containing all taxa whose relationships are addressed. Additionally, we employed Four-cluster Likelihood-Mapping (FcLM) to measure the degree of congruence among genes of a dataset, as a measure of support alternative to bootstrap. FcLM showed incongruent signal among genes, which in our case is correlated with neither functional class assignment of these genes, nor with model misspecification due to unpartitioned analyses. The herein analyzed dataset is the currently largest dataset covering primarily wingless insects, but failed to elucidate their interordinal phylogenetic relationships. While this is unsatisfying from a phylogenetic perspective, we try to show that the analyses of structure and signal within phylogenomic data can protect us from biased phylogenetic inferences due to analytical artefacts.
RECENTLY, PASSIVE ETFS AND INDEX FUNDS HAVE BECOME POPULAR AMONG INDIVIDUAL INVESTORS. IN OUR STUDY, WE INVESTIGATE WHETHER INDIVIDUAL INVESTORS BENEFIT FROM USING THEM. WITH DATA FROM ONE OF THE LARGEST BROKERAGES IN GERMANY, WE FIND THAT INDIVIDUAL INVESTORS WORSEN THEIR PORTFOLIO PERFORMANCE AFTER USING THESE PRODUCTS IN COMPARISON TO NON-USERS. SINCE THESE SECURITIES MAKE MARKET TIMING EASIER, FURTHER ANALYSIS REVEALS THAT THE DECREASE IN USERS’ PORTFOLIO PERFORMANCE IS PRIMARILY DUE TO BAD MARKET TIMING.
WE DECOMPOSE INDIVIDUAL INVESTORS’ PORTFOLIO RETURNS INTO PASSIVE BENCHMARK RETURNS, ACTIVE SECURITY SELECTION RETURNS, AND ACTIVE MARKET TIMING RETURNS. FOR THE AVERAGE INVESTOR IN OUR SAMPLE, PASSIVE BENCHMARK RETURNS EXPLAIN SOME 40% OF VARIATION IN LONGITUDINAL PORTFOLIO RETURNS, SECURITY SELECTION EXPLAINS AN ADDITIONAL 50%, AND MARKET TIMING PLAYS ONLY A MINOR ROLE. THIS STANDS IN STARK CONTRAST TO EARLIER RESULTS ON INSTITUTIONAL INVESTORS WHERE PASSIVE BENCHMARK RETURNS (REFLECTING DIFFERENT ASSET ALLOCATION STRATEGIES) EXPLAIN OVER 90%. THE PREDOMINANCE OF SECURITY SELECTION COMES AT A COST FOR INDIVIDUAL INVESTORS: INVESTORS FROM THE HIGHEST QUINTILE IN TERMS OF SECURITY SELECTION ACTIVITY UNDERPERFORM THEIR PEERS FROM THE LOWEST QUINTILE BY MORE THAN 10 PERCENTAGE POINTS PER YEAR. TRANSACTION COSTS EXPLAIN ONLY PART OF THIS UNDERPERFORMANCE. THE LESS INVESTORS DIVERSIFY, THE WORSE THEY DO.
We estimate the production rate of photons by the quark-gluon plasma in lattice QCD. We propose a new correlation function which provides better control over the systematic uncertainty in estimating the photon production rate at photon momenta in the range πT/2 to 2πT. The relevant Euclidean vector current correlation functions are computed with Nf = 2 Wilson clover fermions in the chirally-symmetric phase. In order to estimate the photon rate, an ill-posed problem for the vector-channel spectral function must be regularized. We use both a direct model for the spectral function and a modelindependent estimate from the Backus-Gilbert method to give an estimate for the photon rate.
We extend our previous studies [PhysRevD.90.054509, PhysRevD.92.094510] of the pion quasiparticle in the low-temperature phase of two-flavor QCD with support from chiral effective theory. This includes the analysis performed on a finite temperature ensemble of size 20 × 643 at T ≈ 151MeV and a lighter zero-temperature pion mass mπ ≈ 185 MeV. Furthermore, we investigate the Gell-Mann–Oakes-Renner relation at finite temperature and the Dey-Eletsky-Ioffe mixing theorem at finite quark mass.