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In many financial markets across the globe, full historical position disclosure is not required of mutual funds, or it is subject to prolonged delays, often due to regulatory restrictions. This makes measuring fund manager performance based upon the stock-picking and market-timing skills from past literatures impossible. This study introduces a new methodology utilizing sector weight analysis to estimate the stock-picking and market timing skills of 198 Chinese equity mutual fund managers. Within-sample predictions confirm that the new measures are robust and reliably identify fund managers who outperform their peers, suggesting that this method may be useful in other institutional settings where the full historical position of funds is unavailable. Fund managers with lower stock picking or market timing skills are more likely to improve their skills in the following period, which suggests that manager skills develop and change over time. Finally, our analysis reveals that fund managers with higher stock picking skills are significantly less likely to be replaced, thereby enjoying greater job security. [ABSTRACT FROM AUTHOR]

This study presents empirical findings highlighting the role of pollution control measures in shaping the trajectory of local tourism market development. Analysis of provincial-level panel data underscores the pronounced impact of water pollution compared to air pollution. While water pollution tends to manifest as a localized issue, air pollution transcends provincial boundaries, posing challenges that extend across multiple regions simultaneously. The results demonstrate how imperative it is for northern China's heavily polluted provinces to redouble efforts aimed at ameliorating their negative image within the tourism market. In contrast to their southern counterparts, these regions currently face hurdles in attracting tourists, underscoring the disparity in tourism acceptance between northern and southern provinces. Drawing insights from the successful implementation of tourism initiatives centered on the small-town economy in southern China, this research advocates for a paradigm shift in policy formulation for northern provinces. By leveraging lessons learned from southern counterparts, policymakers can chart a course toward sustainable tourism development tailored to the unique characteristics of each region. In delineating the differential impacts of air and water pollution on the Chinese tourism market, this study contributes to a nuanced understanding of tourism dynamics across provinces. The findings serve as a foundational framework for guiding future tourism market development strategies tailored to the heterogeneous landscape of Chinese provinces. [ABSTRACT FROM AUTHOR]

This study investigates the relationship between herding behaviors and the abilities of Chinese mutual fund managers. Adapting existing methodologies to suit the low information disclosure environment of the Chinese market, we measure herding behaviors and managers' abilities. Our analysis goes beyond traditional approaches by examining the contribution of herding outcomes to picking and timing abilities linked with mutual fund flows. Moreover, we extend this investigation to incorporate manager replacements and different market conditions. Our findings reveal that moderate herding is associated with enhanced picking abilities, particularly in bull markets. However, this effect is partly counteracted by positive mutual fund flows, suggesting that managers adjust their strategies in response to fund inflows. Excessive herding in bull markets is linked to reduced timing abilities, although this negative impact is mitigated by high turnover. Conversely, managers with anti-herding skills exhibit lower picking abilities. We observe that managerial replacements are driven by poor performance rather than considerations of current abilities. Nonetheless, under a new manager, herding behavior reflects improved picking abilities, indicating a potential shift in managerial strategies. Overall, our study provides valuable insights into the relationship between herding behaviors and managerial competencies in the Chinese mutual fund industry, highlighting the nuances of decision making in different market contexts. [ABSTRACT FROM AUTHOR]

Modified silver nanoparticles with a self‐assembled disulfide functionalized 2,2'‐bipyridine (L1 and L2) monolayer, and the corresponding rhenium complex [Re(L2)(CO)3Br] are shown to provide a method to position the nanoparticles at a water/dichloromethane interface forming a lustrous metal‐like‐liquid film (MeLLF) with a unique SERS response. The film formed using L2 showed divergent behaviour in the presence of a range of metal ions whilst bound to the surface. [Re(L)(CO)3Br] (where L=2,2'‐bipyridine, L1 and L2) in solution demonstrates a selective interaction with Hg2+, observed by UV‐vis, emission and 1H NMR spectroscopy, attributed to abstraction of the bromide. This interaction was demonstrated by subtle changes in the characteristic Raman Re‐CO stretch at 510 cm−1 both with the MeLLF, and when the film is immobilized in a PVA surface‐exposed‐nano‐sheet (SENS). The work provides proof of concept that the organometallic complexes can be employed as "labels" to generate SERS‐active nanoparticle films that possess detection capabilities. [ABSTRACT FROM AUTHOR]

It has been claimed that there are universal goals of child-rearing, such as survival of the child or the promotion of their capacity to contribute to economic and social reproduction. Yet in certain circumstances parents appear to pursue child-rearing practices that actively harm children, threaten their survival and inhibit their ability to grow up to be effective adult members of their communities. This article will discuss these issues in the case of one group of child prostitutes in Thailand and their families at a particular point in time. Although the work they did was physically dangerous and difficult, both parents and children claimed that their families were loving and functional and that selling sex was a way to keep the family together. Morality was seen in terms of reciprocity rather than sexual transgression and this article will explore the morality of child-rearing in this context and the relationships between family members.

Conducting anthropological fieldwork on the emotive issue of child prostitution raises difficult issues for anthropologists and other researchers. This article examines the ethical dilemmas of working with these extremely vulnerable children, focusing on the difference between the researcher's own interpretations and those given by the children themselves and the implications this has for child-centred anthropology and the implementation of children's rights. (Contains 2 notes.)