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We have recently initiated the first spectroscopic dust reverberation programme on active galactic nuclei in the near-infrared. Spectroscopy enables measurement of dust properties, such as flux, temperature, and covering factor, with higher precision than photometry. In particular, it enables measurement of both luminosity-based dust radii and dust response times. Here we report results from a 1 yr campaign on NGC 5548. The hot dust responds to changes in the irradiating flux with a lag time of ∼70 light-days, similar to what was previously found in photometric reverberation campaigns. The mean and rms spectra are similar, implying that the same dust component dominates both the emission and the variations. The dust lag time is consistent with the luminosity-based dust radius only if we assume a wavelength-independent dust emissivity law, i.e. a blackbody, which is appropriate for grains of large sizes (of a few μm). For such grains the dust temperature is ∼1450 K. Therefore, silicate grains have most likely evaporated and carbon is the main chemical component. But the hot dust is not close to its sublimation temperature, contrary to popular belief. This is further supported by our observation of temperature variations largely consistent with a heating/cooling process. Therefore, the inner dust-free region is enlarged and the dusty torus rather a 'dusty wall', whose inner radius is expected to be luminosity-invariant. The dust-destruction mechanism that enlarges the dust-free region seems to also partly affect the dusty region. We observe a cyclical decrease in dust mass with implied dust reformation times of ∼5-6 months.

This article examines the performance of real estate investment trusts (REITs) vis-à-vis various benchmark indexes spanning from January 2010 to August 2022. It reveals that the monthly returns of REITs are explicable through systematic factor exposures, primarily linked to equity markets. This indicates a potential limitation in the diversification benefits typically sought by equity investors within the real estate market. Additionally, the article highlights the influence of changes in the slope of yield curve on REIT performance. During periods of COVID-19 induced lockdown and before the start of vaccinations, REITs exhibited a pronounced correlation with benchmarks, posing challenges to diversification strategies. Notably, diversified and industrial REITs displayed positive alphas, albeit not statistically significant, reflecting the impact of the COVID-19 pandemic. Conversely, healthcare REITs demonstrated a negative alpha during this period. Subsequent to the vaccination phase, most REIT categories demonstrated positive alphas, except healthcare and office REITs, according to the six-factor model. This transition signifies nuanced shifts in the performance dynamics of REITs in response to evolving market conditions. [ABSTRACT FROM AUTHOR]

This article presents a comparative study on forecasting the credit outlook of banking and nonbanking finance companies using five distinct machine learning models: Logistics regression, k-nearest neighbor (kNN), decision tree classifier, support vector machines (SVM), and naïve Bayes classifier. The research evaluates the efficacy of these models in categorizing financial companies based on their credit outlook (negative, neutral, and positive). Our findings reveal that the kNN model with a k value of 7 demonstrated superior performance in terms of test accuracy compared to the other models. Although models such as the kernelized SVM and logistic regression exhibited commendable performance, none could match the high-test accuracy achieved by the kNN model. [ABSTRACT FROM AUTHOR]

Using monthly returns from January 2000 to November 2022, this article compares the performance of mutual funds available for retirement plans with US and global equities. The author found that historically, mutual funds generally outperformed both US and global equities in terms of absolute performance and return per unit of risk. However, the extent of this outperformance varied depending on the specific investment objectives of the mutual funds. Notably, mutual funds with more focused objectives, such as those centered on specialty investments, were able to generate significantly higher absolute returns. On the other hand, funds with an income investment objective achieved the highest risk-adjusted monthly returns. The author also discovered that mutual funds generated a negative and statistically insignificant alpha. The author's analysis also considered different market conditions. The results showed that alphas did not consistently have positive or statistically significant values across all periods and fund categories. While on average, mutual funds outperformed benchmark indexes and displayed exposure to systematic factors, the examination of alpha suggested that mutual fund managers had limited ability to consistently generate excess returns beyond what the benchmark offered. [ABSTRACT FROM AUTHOR]

This article analyzes the performance of healthcare exchange-traded funds (HETFs) based on monthly returns observed from January 2000 to August 2022. Our research uncovers a robust positive correlation between average monthly returns of HETFs, the Dow Jones Healthcare sector, and the S&P 500 Index, indicating their synchronized movements with these benchmarks. Consequently, US investors with significant equity holdings in domestic markets may find limited diversification advantages in HETFs. Furthermore, our analysis demonstrates that HETFs have the potential to deliver superior risk-adjusted returns compared to the broader US equities market, although they may not consistently outperform specific healthcare indexes. Importantly, the excess returns (alpha) observed in HETFs cannot be attributed to portfolio manager skill or information advantages. Statistically, these alphas remained insignificant across most of the study period, suggesting the influence of external factors like luck or market conditions on these excess returns. The article also finds that monthly excess returns of HETFs maintain significant exposure to the stock market. While diversification can aid in risk reduction, it also implies that these funds cannot entirely evade the volatility associated with the stock market. [ABSTRACT FROM AUTHOR]

This article analyzes the performance of diversified emerging market exchange-traded funds (DEMETFs) from December 2002 to August 2022. The findings indicate that US investors benefited from the diversification provided by DEMETFs. In comparison to global equities, an equally weighted portfolio of DEMETFs showed superior performance in both absolute and risk-adjusted terms. However, US equities slightly outperformed DEMETFs. During the 2007–2008 economic crisis, an equally weighted portfolio of DEMETFs demonstrated greater resilience and outperformed both US and global equities. The study also reveals that portfolio managers exhibited superior security selection skills, as an equally weighted portfolio of DEMETFs generated a statistically significant positive alpha. This suggests that the monthly returns of these funds were influenced by systematic factor exposures rather than random variation, indicating the consistent presence of underlying market factors. Furthermore, DEMETFs displayed responsiveness to various factors such as the overall stock market, credit risk, and slope of the US Treasury yield curve. [ABSTRACT FROM AUTHOR]

This article evaluates the performance of four types of allocation funds (aggressive, cautious, flexible, and moderate) and compares them to that of US stocks. The findings indicate that none of the allocation strategies outperformed US stocks on average. Both aggressive and flexible allocation methods generated negative alpha and portfolio managers failed to meet the required return for the portfolio. The analysis also revealed that portfolio managers lacked superior security selection skills across all allocation methods and that none of the allocation strategies demonstrated any notable market timing abilities. Overall, the study suggests that allocation strategies may not be effective in generating higher returns than investing in US stocks alone. [ABSTRACT FROM AUTHOR]

The sportswear industry has experienced substantial development as a result of the increasing demand for products that are both performance-oriented and lifestyle-oriented. This study examines the influence of economies of scale on the development and profitability of this dynamic sector. Despite the fact that industry leaders exhibit robust production efficiencies that are indicative of economies of scale, they face difficulties in managing the escalating operating and SG&A expenses. The study emphasizes the importance of stringent cost control measures and continuous innovation in order to maintain a competitive advantage and profitability in the sportswear industry amidst the changing market conditions. [ABSTRACT FROM AUTHOR]

Lymph node stromal cells (LNSCs) closely regulate immunity and self-tolerance, yet key aspects of their biology remain poorly elucidated. Here, comparative transcriptomic analyses of mouse LNSC subsets demonstrated the expression of important immune mediat

The COVID-19 pandemic has become an undeniable reality and has forced the world to seek out a "new normal" as we move forward into a post-pandemic era. In the face of this crisis, businesses are now confronted with the difficult task of adapting their business models to fit this new reality, which has been directly influenced by the pandemic. These challenges are the direct result of the pandemic, and this research aims to explore the key obstacles that businesses must overcome as they navigate the post-COVID- 9 environment. Additionally, we will discuss several fundamental transformative methods that firms can adopt to not only survive, but thrive in this "new normal" and beyond. We will also examine the importance of technology and the digital transformation that companies must undergo in order to remain competitive in today's technology-driven world. [ABSTRACT FROM AUTHOR]

This article evaluates the performance of alternative mutual funds (AMFs) from January 2000 to June 2022. The author discovered that monthly returns of alternative mutual funds have a high correlation with global and US stocks, and may not provide investors with diversification options. Correlation among average monthly returns of AMFs and US and global equities increased after the 2008 economic crisis and peaked during the COVID-19 induced lockdowns until the first vaccinations. For the period beginning in January 2000 and ending in July 2007, before the onset of the economic crisis, absolute performance, as measured by average monthly returns, showed that alternative mutual funds outperformed both US and worldwide stocks. Before July 2007, AMFs also outperformed US and worldwide equities in terms of risk-adjusted performance. After July 2007, AMFs lagged US stocks. During the COVID-19 induced lockdowns until the start of the first vaccinations, AMFs did not outperform US equities but they did outperform global equities in terms of risk-adjusted performance. [ABSTRACT FROM AUTHOR]

The rise of digital technologies in the 21st century has brought about a profound transformation in the way people live their lives, and this shift is having a significant impact on the global economy. As a result, businesses in all sectors are being forced to reevaluate their operations and decision-making processes, including the financial sector. This study investigates the different factors that are compelling financial institutions to rethink their approaches to doing business. The study also presents the emerging data-centric and analytics-driven business model of the finance sector, which is necessary to adapt, survive, and compete in today's dynamic and highly digitized global market. [ABSTRACT FROM AUTHOR]

Background: Gulf War Illness (GWI) is a chronic, multi‐symptom disorder affecting 25%–32% of Gulf War veterans. Veterans with GWI disproportionately suffer from gastrointestinal (GI) disorders. Given the increasing evidence supporting a gut‐brain axis, we explore the relationship between post‐traumatic stress disorder (PTSD), GWI, and self‐reported GI disorders among GW veterans. Methods: Veterans from the Gulf War Era Cohort and Biorepository responded to a mail‐based survey (N = 1058). They were stratified by GWI (Centers for Disease Control definition) and PTSD status. This yielded three groups: GWI−, GWI+/PTSD−, and GWI+/PTSD+. Multivariable logistic regression adjusting for demographic and military characteristics examined associations between GWI/PTSD groups and GI disorders. Results were expressed as adjusted odds ratios (aOR) with 95% confidence intervals (95% CI). Key Results: The most frequently reported GI disorders were irritable bowel syndrome (IBS), gastroesophageal reflux disease (GERD), and colon polyps (CP). The GWI+/PTSD+ group had a higher odds of these disorders than the GWI+/PTSD− group (aORIBS = 3.12, 95% CI: 1.93–5.05; aORGERD = 2.04, 95% CI: 1.44–2.90; aORCP = 1.85, 95% CI: 1.23–2.80), which had a higher odds of these disorders than the GWI− group (aORIBS = 4.38, 95% CI: 1.55–12.36; aORGERD = 2.51 95% CI: 1.63–3.87; aORCP = 2.57, 95% CI: 1.53–4.32). Conclusions & Inferences: GW veterans with GWI and PTSD have significantly higher odds of specific self‐reported GI disorders than the other groups. Given the known bidirectional influences of the gut and brain, these veterans may benefit from a holistic healthcare approach that considers biopsychosocial contributors to the assessment and management of disease. [ABSTRACT FROM AUTHOR]

This study utilized a data envelopment analysis model to study the performance persistence of 16 asset management institutions. When we evaluate performance based on capital efficiency (or productivity) ratio, earnings before interest, taxes, depreciation, and amortization (EBITDA) margin, and return on investment (ROI), we find that only one asset management bank has consistently outperformed its peers every year from 2014 to 2019. When we add tax efficiency, as measured by calculated tax rate, in addition to EBITDA, ROI, and capital efficiency ratio, we find that only 3 banks have consistently outperformed their peers in the industry every year for the period ranging from 2014 to 2019. These consistent findings indicate that, indeed, the skill of asset managers does play a role in asset management, at least in the short run. [ABSTRACT FROM AUTHOR]

This study compares the risk-adjusted performance of technology mutual funds and exchange-traded funds with several benchmark indexes from January 2010 to July 2021. It is discovered that the average monthly returns on technology mutual funds and exchangetraded funds were highly correlated with the DJIA US Technology, NASDAQ 100 Tech, NYSE Arca Tech 100 Index, and S&P 500 Information Technology benchmark indexes. Furthermore, technology mutual funds outperformed exchange-traded funds and benchmark indexes in absolute and risk-adjusted performance. In addition, it is discovered that institutional technology funds’ risk-adjusted performance was marginally greater than noninstitutional funds’ risk-adjusted performance, and index technology mutual funds outperformed nonindex funds in risk-adjusted performance. Unconditional models indicated that technology mutual fund managers may have some market timing ability but no security selection skill. Conditional performance evaluation models indicated that fund managers do not have superior security selection techniques or the ability to time the market. [ABSTRACT FROM AUTHOR]

In this research, the cosmetics industry’s economies of scale between 2018 and 2022 were explored by examining the cost efficiencies of 20 cosmetics companies through a translog cost function model. The companies’ size was evaluated based on their total revenue and total assets. The study also analyzed the origin of cost efficiencies by considering various cost components such as cost of goods sold, operating costs, selling and general expenses, as well as administrative expenses concerning the total assets of the company. The findings revealed that, on average, larger companies had lower cost of goods sold and operating expenses. However, the cost efficiencies were not distributed equally as some companies showed considerable cost efficiencies, while others exhibited small economies of scale as their size increased [ABSTRACT FROM AUTHOR]

Asserts that the new knowledge economy demands changes in the models of global business education. Describes how faculty are changing not only the way they teach, but also what they teach, as well as altering the way universities do business. (EV)

We investigated the relationship between real estate mutual fund expense ratios, advisory fee, and total assets managed by real estate mutual funds. We also evaluated if cost efficiencies in management (dollar operating cost as well as advisory fee) were associated with scale in real estate investment trusts (REITs), our results showed that dollar cost increases in real estate mutual funds were less than proportionate to increases in assets, suggesting economies of scale for real estate mutual funds. Average cost elasticity for funds varied depending upon fund size, index versus non-index fund, institutional versus retail funds, global versus US real estate funds, and share class of funds. Cash flows were negatively related to the cost of managing a fund. We also found cost efficiencies in the advisory fee charged by real estate mutual funds contributed to economies of scale in the overall cost of fund management. [ABSTRACT FROM AUTHOR]

Healthcare specialty real estate investment trusts (REITs) enable an investor to focus on a certain industry's high total return, income, and diversity. COVID-19 has a number of distinct, and at times contradictory, implications for the healthcare business. Although extensive study has been done on the success of REITs and other specialty mutual funds, there has been less research on the relative performance of healthcare REITs and how COVID 19 influences their performance in contrast to past years. This research looks at the performance of healthcare REITs from 2016 through 2020. In addition, we evaluate a REIT's performance against those of its competitors, as well as its own previous performance. Based on earnings before interest, taxes, depreciation, and amortization (EBITDA), return on investment, interest coverage ratio, cash flow per share, and efficiency in utilization of its capital, only three out of twelve healthcare REITs have consistently performed better relative to their peers throughout the sample period of 2016 to 2020. [ABSTRACT FROM AUTHOR]

This study benchmarks 14 major Asian airlines against one another using linear programming technique of data envelopment analysis (DEA). We evaluate the operating efficiencies of 14 Asian airlines for the period 2015 to 2019. The study finds that only three airlines have been consistently efficient relative to their peers in terms of their operating efficiency throughout the sample period. The DEA model uses 'wellperforming airlines (efficiency of 1 or 100%) that are closest to the under-performing airline on the efficiency frontier as a "role model" (peer units) for the under-petforming airline. [ABSTRACT FROM AUTHOR]

This study investigates economies of scale in the textile, apparel, and accessories industry from 2015 to 2019, using a translog cost function model to evaluate the cost efficiencies of 35 textile, apparel, and accessories companies. Company size was measured by total assets managed. We also analyzed the source of cost efficiencies with cost measured by cost of goods sold, other operating costs, and selling, as well as general and administrative expenses concerning the company's total assets. On average, larger companies had lower cost of goods sold and operating expenses. Also, cost efficiencies were not equally distributed; some companies showed substantial cost efficiencies while others exhibited none or even diseconomies of scale as size increased. [ABSTRACT FROM AUTHOR]

This study empirically analyzes the relationship between price earnings ratios and stock prices in the Indian stock market. Evidence from ordinary least square regression shows that there is a positive relationship between price earnings ratios and stock prices in the Indian stock market because stock prices increase with higher price earnings ratios. However the subsequent yields decline and the relationship between P/E ratios and subsequent yields is negative and weakly statistically significant. When adjustments were made for autocorrelation, heteroscedasticity, unit roots, and non-stationarity, we found that higher P/E ratios drove subsequent stock prices. [ABSTRACT FROM AUTHOR]

Over the last decade, the U.S. airline industry has transformed itself through mergers, restructurings, bankruptcies, and dissolutions. Also during this time, the airline industry focused on a business model that was driven by an emphasis on asset utilization. This was driven by increasing the load factor to increase cost efficiencies through economies of scale so that the return on invested capital could be improved by reducing the operating costs. This study evaluates economies of scale and resultant cost efficiencies in the U.S. passenger airline industry for the period 2013 to 2018. The research finds that the airline industry is experiencing cost efficiencies with every increase in the size of the airline, but cost efficiencies are not evenly distributed. The paper also finds that the main source of cost efficiency appears to be aircraft maintenance expenses. [ABSTRACT FROM AUTHOR]

Although the number of businesses filing for bankruptcy has declined in recent years, academic and practitioner interest in bankruptcy continues to dominate the literature. This study uses a multiple discriminant analysis model to analyze the factors that can help explain and predict financial distress for non-financial firms. This study finds that liquidity ratio, capital productivity, return on assets, interest coverage ratio, cash generation ratio, and capital adequacy ratios can help predict financial distress of a firm. To cross-validate the results, use was made of three additional mutually exclusive samples of the data. [ABSTRACT FROM AUTHOR]

The insurance industry plays a vital role in the US economy. In 2015, the U.S. life and health insurance industry generated total revenue of $848.2 billion The economic crisis of 2007-2009 had a major negative impact on many financial institutions, including the life and health insurance industry. The industry continues to face growth challenges even eight years after the crisis. Many firms in the life and health insurance industry have responded to this challenge by restructuring through mergers and acquisitions, while some have filed for bankruptcy. In addition, firms have ventured into emerging markets to boost their revenue stream or diversify their product offerings. Whether such growth has led to cost efficiencies is an important empirical questions with implications that extend beyond the firm and the consumer. This study examines evidence on cost efficiencies through economies of scale for a sample of firms in the life and health insurance industry using firm level data for the years 2012 to 2015. Results suggest that growth strategies have led to significant cost efficiencies due to economies of scale. [ABSTRACT FROM AUTHOR]

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This study investigates economies of scale in the investment management services industry. Translog cost function has been utilized to evaluate the economies of scale in investment and asset management companies with size being measured for each of the five years for the period 2010 to 2014 in two different ways: total assets under management of the firm and total revenue being generated by the firm. The study also evaluates cost elasticity of total expenses, total distribution expenses, and general administrative and selling expenses with respect to total revenue being generated by the firm. The results of this study found that cost elasticity for total expenses, total distribution expenses, general administrative and selling expenses are less than one with respect to total assets of the firm. With an increase in the size of the firm in terms of assets under management, total expenses, total distribution expenses, general administrative and selling expenses did not increase in the same proportion. It was also found that the cost elasticity for total distribution expenses, general administrative and selling expenses were less than one and statistically significant, but the size of the economies of scale is more with respect to total assets relative to total revenue. Finally, cost elasticity of total expenses equals one with respect to total revenue. [ABSTRACT FROM AUTHOR]

Corporate governance in general and audit quality in particular became the focus of regulators since the Enron and WorldCom debacle. The resultant legislation in the form of Sarbanes-Oxley Act (SOX) of 2002 provides specific guidelines for the audit committee to ensure effective corporate governance. The financial failure on Wall Street in 2008 further initiated the passing of the Dodd-Frank bill in 2010 and as a result, companies have taken measures to improve corporate governance by creating transparency. The role of audit committee and auditor is central in ensuring good governance so that management acts in the best interest of shareholders to create value for them. This study empirically examines the relationship between audit fees and a firm's performance over a period of 2001 to 2011. The study finds a negative relation between audit fee and firm performance as measured by return on assets and return on equity. The study is restricted to thirty companies that are part of the Dow Jones Industrial Average (DJIA). [ABSTRACT FROM AUTHOR]

This study analyzes economies of scale 34 regional U.S. banks over the period of ten years (2004-2013). A translog cost function is used to evaluate the cost efficiencies in the regional U.S. banking industry. Economies of scale are estimated with translog cost function for total cost, non-interest expenses, interest expenses, and employee cost with respect to the total output and the total output is defined in three different ways--total assets, total deposits, and total loans of regional U. S. banks. Estimates of cost elasticity show the extent cost efficiencies in the regional U.S. banking industry with respect to total assets, total deposits, and total loans, because with every dollar increase in assets or deposits or loans, cost is rising less than proportionately. [ABSTRACT FROM AUTHOR]

This study evaluates cost efficiencies of the U.S. thrift and mortgage finance companies for the period 2007 to 2011. This study shows that total cost, total interest cost, and total non-interest cost increases less than proportionately to increases in assets, which points to economies of scale with reference to assets. The study also finds that total cost, total interest cost, and total non-interest cost is negatively related to size as measured by total deposits and there are cost efficiencies with regard to size as measured by total deposits of thrifts and mortgage finance companies. Furthermore, there are economies of scale with respect to total loans made by thrifts and mortgage finance companies, because the larger the amount of loans on the balance sheet, the lower is total cost, total interest cost, and total non-interest cost. [ABSTRACT FROM AUTHOR]