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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]

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 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]

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 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]

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]

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]

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)

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]

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]