Actively-managed funds have recently come under fire as it has been determined that they consistently underperform passive funds. Benchmarking, and the constraints placed on actively-managed funds, are standard practices within the industry, but research suggests that these constraints negatively affect fund performance. This research paper explores the effectiveness of actively-managed funds in relation to their benchmark indices, in terms of tracking errors and weighting constraints. This is done by qualifying the effect of these constraints on the performance of hypothetically constructed portfolios in relation to the FTSE / JSE Top 40 Index. The results are presented graphically and show that tracking error limits did, as expected, limit the possible upside returns of these funds. It was found however, that the tracking error constraints had a much greater effect on limiting downside risk than they had on limiting upside effects. Weighting limitations did not have a single universal effect on the simulated portfolios’ performance but affect performance in conjunction with tracking error limits. It was concluded that for the hypothetically constructed portfolios for the period studied, constraints did not affect the possible upside return to such a magnitude that the constraints themselves could account for the underperformance of actively managed funds and they had an overall positive effect on performance. / Mini Dissertation (MBA)--University of Pretoria, 2018. / Gordon Institute of Business Science (GIBS) / MBA / Unrestricted

In theory, as a greater share of capital is invested passively rather than actively managed, stock prices will be freer to diverge from fair value, resulting in marginally less efficient equity markets. The effect should be an amplification of managerial skill, which manifests itself in the tails of α distributions. I find evidence that mutual fund α distributions differ increasingly as a function of the share of assets invested in passive vehicles. However, I find no evidence that the “tailedness” of the distributions increases as a function of the share of assets invested passively. This may be a result of the limited sample size, or it may be that higher levels of passive share are required for this effect to materialize.

Bakalauro darbe buvo tiriami nesportuojančių ir aktyviai sportuojančių studentų mitybos ypatumai. Suformuluota hipotezė, kad aktyviai sportuojantys studentai labiau rūpinasi sveikos mitybos įpročiais nei nesportuojantys studentai. Tyrimo tikslas buvo ištirti nesportuojančių ir aktyviai sportuojančių studentų mitybos ypatumus. Suformuluoti uždaviniai: išsiaiškinti studentų savo sveikatos ir fizinio pasiruošimo vertinimą, nustatyti aktyviai sportuojančių studentų sportavimo pobūdį, o taip pat nustatyti nesportuojančių ir aktyviai sportuojančių studentų mitybos ypatumus bei juos palyginti. / The Bachelor Thesis researched eating habits of students actively involved in sports and students who do not participate in sports. The hypothesis that students actively involved in sports are more concerned about healthy eating habits than students who do not participate in sports has been brought forward. The aim of the survey was to investigate eating habits of students actively involved in sports and students who do not participate in sports. The following tasks have been formulated: to find out students’ own assessment of their health and fitness, to identify the nature of sports in which students are actively involved, as well as to determine and compare eating habits between students actively involved in sports and students who do not participate in sports.

The thesis ?Activating methods and techniques of teaching in the subject of Czech language and literature at elementary school? is based on actively methods and their influence over increasing effectiveness education and creativity of pupils. Aim work is evidence effectiveness suitable techniques of teaching activating methods in education subject Czech language and literature. Endeavour was to raise activity pupils, suitable lead lesson side mull over subject matter and get higher creativity by laboratory group of pupil at the end research.

This work reports the experimental and numerical study of the thermal management of Li-ion battery packs under the context of electric vehicle (EV) or hybrid EV (HEV) applications. Li-ion batteries have been extensively demonstrated as an important power source for EVs or HEVs. However, thermal management is a critical challenge for their widespread deployment, due to their highly dynamic operation and the wide range of environments under which they operate. To address these challenges, this work developed several experimental platforms to study adaptive thermal management strategies. Parallel to the experimental effort, multi-disciplinary models integrating heat transfer, fluid mechanics, and electro-thermal dynamics have been developed and validated, including detailed CFD models and lumped parameter models. The major contributions are twofold. First, this work developed actively controlled strategies and experimentally demonstrated their effectiveness on a practical sized battery pack and dynamic thermal loads. The results show that these strategies effectively reduced both the parasitic energy consumption and the temperature non-uniformity while maintaining the maximum temperature rise in the pack. Second, this work established a new two dimensional lumped parameter thermal model to overcome the limitations of existing thermal models and extend their applicable range. This new model provides accurate surface and core temperatures simulations comparable to detailed CFD models with a fraction of the computational cost. / Ph. D.

Submitted by Diogo Bahia (dbahia@gmail.com) on 2012-08-27T20:08:37Z No. of bitstreams: 1 Diogo Bahia - Sorte vs Habilidade.pdf: 758043 bytes, checksum: 6bd1adc62ad396207bcb4032522be0f9 (MD5) / Approved for entry into archive by Gisele Gammaro (gisele.gammaro@fgv.br) on 2012-08-27T20:16:27Z (GMT) No. of bitstreams: 1 Diogo Bahia - Sorte vs Habilidade.pdf: 758043 bytes, checksum: 6bd1adc62ad396207bcb4032522be0f9 (MD5) / Made available in DSpace on 2012-08-30T12:57:04Z (GMT). No. of bitstreams: 1 Diogo Bahia - Sorte vs Habilidade.pdf: 758043 bytes, checksum: 6bd1adc62ad396207bcb4032522be0f9 (MD5) Previous issue date: 2012-05-28 / Initially, we test the hypothesis that actively managed funds presents alphas (excess return) when compared to the Brazilian equity indexes used by passive funds. Then bootstrap simulations check if theses alphas can be attributed just to luck. Using this methodology we find that the aggregate portfolio of actively managed Brazilian equity funds has not presented excess of return from the two most important equity indexes in Brazil (true alpha), returns considered after cost and expenses. Bootstrap simulations suggests that a greater number of funds produces better returns adjusted to benchmark than we would expect just because of randomness in the returns. / Neste trabalho testa-se inicialmente se fundos com gestão ativa apresentam alfa (excesso de retorno) em relação aos índices de referência de fundos passivos. Simulações via bootstrap visam indicar se o excesso de retorno apresentado pode ser atribuído apenas à sorte. Com esta metodologia concluiu-se que a carteira agregada de fundos de investimentos de ação com gestão ativa no Brasil não apresenta excesso de retorno em relação aos principais índices da bolsa brasileira, quando líquidos de taxas e despesas. As simulações de bootstrap sugerem que uma quantidade maior de fundos apresenta retornos ajustados ao benchmark do que o esperado pelo efeito da aleatoriedade nos resultados.

Following a well-documented rise in the popularity of concrete shell application in the 20th century, thin concrete shells have experienced a global decline despite their potential as efficient structures with an economy of material use with aesthetics benefits. This phenomenon is subject to geographically determined socio-economic conditions and competition from other building solutions as a result of technological advancement in alternative construction systems. Importantly, their decline was attributed to limitations inherent to concrete shell formwork and construction methods. Being able to produce efficient shaping did not ensure that this method of construction is most cost efficient as it still remains difficult to construct double curved surfaces. The thesis addresses the limitations associated with past and present concrete shell building by proposing the use of actively-bent gridshells as re-configurable and reusable formwork for concrete shells to be designed and built. The hypothesis uses deployable scissor-jointed actively-bent gridshells as re-configurable and reusable formwork for concrete shell construction. This was developed from a series of Flash research (Benjamin, 2012) as student construction workshops to investigate the design and creation of actively-bent gridshells held between December 2008 and March 2011 in Sheffield. In this study, to understand this new system, scaled models of actively-bent gridshells were used as preliminary design aid. Deployed into three dimensional forms from a flexible flat grid mat, the structures were rigidized by bracing through triangulation restraints. The temporary rigid structure was subsequently enveloped with fabric onto which concrete was applied to create the concrete shell, thus acting as formwork. This formwork was then removed following the curing of the concrete cast to be reused repeatedly, or reconfigured into another concrete shell form. Hence, the thesis draws on the concepts, principles and ideas pertaining to three key architectural technologies: 1. concrete shell, 2. actively-bent gridshells and 3.fabric formwork. The thesis then presents a series of four prototype concrete shells constructed from different materials spanning between 1.3 meters and 2.45 meters in the workshops at the University of Edinburgh built between August 2014 and September 2015. For each experimental construction, the process of gridshell construction, fabric formwork preparation, concrete casting, gridshell formwork decentring and different design elements of openings, edges and anchorage abutments were analysed and discussed under the themes of construction, architectural tectonics and structure. The tectonic of process and material is understood and discussed based on the idea of stereogeneity (Manelius, 2012). Specifically, the relationship between gridshell as formwork and the concreting process was studied, analysed and assimilated in concrete shells built with progressive sophistication and elegance, culminating in a doubly-curved concrete shell that demonstrated both synclastic and anticlastic geometries, with further abutment simplification, edge leaning and physical openings incorporation. The study concludes with a physical concrete shell model formed by applying concrete onto fabric formwork to cover the Weald and Downland Jerwood gridshell. In the 1:20 scaled model, the proposed method is speculatively applied onto fabric stretched between pre-determined curvatures of the as-built gridshell. This formwork was subsequently removed for reuse, re-deployed and reconfigured. Using finite element analysis, the structural behaviour of the gridshell made of glass-fibre reinforced tubes and structural characteristics of the resultant concrete shell was checked. The interaction between the three technologies are discussed architectonically and structurally to inform guidelines for potential life-scale application. The thesis evidences the feasibility of the proposed system. It re-purposes a scaled model of a deployable gridshell as a physical modelling tool to facilitate concrete shell design, for both pure compression shells and "improper" shells, demonstrating its adaptability. It also promotes and reinvigorates concrete shells as possible architectural systems serving to instigate future research to revive concrete shell construction as an intelligent and intuitive way of creating structures with material economy, structural efficiency and visual elegance.

This thesis aims to investigate fund managers salaries in relation to their contributions. The study is conducted on the Swedish fund market under a period over five years, 2014-2018, and include 332 funds. The result observed shows a positive relation between salaries and risk-adjusted performance. The result proves that fund managers are able to outperform the market on average, which should not be possible to do systematically over time according to the efficient market hypothesis. It also turns out that salary has a positive relationship with assets under management. This indicates that fund managers are employed and compensated for more reasons than to generate a high return, namely to contribute to more significant inflows of cash to the fund company. Interpretations of fund managers’ salaries are primarily linked to agency theory and economics of superstars. The agency problem alter in the fund industry since the setting is two-folded. Agency problem could be mitigated by implementing a performance-based compensation structure, to aligning investors, management and fund managers’ ambitions. The result shows signs that a performance-based salary is present in the fund industry. A fund managers’ salary assumes to be based on his/her skillfulness, but could also be due to an individual’s stardom. To conclude, the thesis state that fund managers’ deserve their salary, which in relative terms are fairly high, since they procure additional benefits to the fund company.

Under de senaste åren har investeringsintresset ökat kraftigt, och i synnerhet intresset för att investera i fonder. Detta medför en problematik då valet att investera i aktivt eller passivt förvaltade fonder inte är självklart. Tidigare studier pekar åt olika håll när det kommer till detta dilemma. Syftet med denna studie är att undersöka vilken förvaltningsstrategi som har gett mest avkastning i förhållande till den tagna risken och avgiften. Då marknaden under de senaste åren har varit volatil ger detta mer relevans till studiens syfte. Studiens valda tidsperiod sträcker sig mellan 2017-04-21 och 2022-04-21. För att vidare undersöka om det lönar sig att investera i aktivt förvaltade fonder med högre avgift, formuleras två hypoteser. Studien undersöker ett urval på totalt 110 aktivt och passivt förvaltade svenska aktiefonder som enbart är exponerade mot svenska bolag.           Studiens resultat av de två förvaltningsstrategiernas genomsnittliga prestations- och riskmått skiljer sig inte avsevärt gentemot varandra. Studiens resultat pekar på att indexfonderna har presterat marginellt bättre än de aktivt förvaltade fonderna och i genomsnitt har dessa gett högst avkastning till lägst tagen risk. Studiens båda hypoteser förkastades då samtliga korrelationskoefficienter påvisade svaga icke-samband samt att de inte var signifikanta på en 5% signifikansnivå. Sammanfattningsvis medför en högre avgift nödvändigtvis inte en högre avkastning eller riskjusterad avkastning. / In the recent years, the interest in investing on the stock market has increased sharply, and in particular the interest to invest in funds. This entails a problem as the choice to invest in actively or passively managed funds is not self-evident. Previous studies point in different directions when it comes to this dilemma. The purpose of this study is to examine which management strategy has given the most return in relation to the risk and the fee. As the market in recent years has been volatile, this gives the purpose of why this study is relevant. This study's investigates the market from 2017-04-21 and 2022-04-21. To further investigate whether it is profitable to invest in actively managed funds with a higher fee compared to index funds, two hypotheses are formulated. The study investigates a sample of 110 actively and passive managed Swedish equity funds that are only exposed to Swedish companies.  The conclusion of the performance and risk measures of the two management strategies do not differ significantly from each other. Marginally the result of this study indicates that the index funds have an average higher return at the lowest risk. Both hypotheses of this study were rejected when all correlation coefficients showed weak non-correlations and that they were not significant at a 5% significance level. In summary, a higher fee does not necessarily lead to a higher return or a higher risk-adjusted return.

When students use an online eTextbook with content and interactive graded exercises, they often display aspects of two types of behavior: credit-seeking, and knowledge-seeking. Any given student might behave to some degree in either way in a given assignment. In this work, we look at multiple aspects of detecting the degree to which either behavior is taking place, and investigate relationships to student performance. In particular, we focus on an eTextbook used for teaching Formal Languages, an advanced computer science course. This eTextbook is using Programmed Instruction (PI) framesets to deliver the material. We take two approaches to analyze session interactions in order to detect credit-seeking incidents. We first start with a coarse-grained approach by presenting an unsupervised model that clusters the behavior in the work sessions based on the sequence of different interactions that happens during them. Then we perform a fine-grained analysis where we consider the type of each question in the frameset, which can be a multi-choice, single-choice, or T/F question. We show that credit-seeking behavior is negatively affecting the learning outcome of the students. We also find that the type of the PI frame is a key factor in drawing students more into the credit-seeking behavior to finish the PI framesets quickly. We implement three machine learning models that predict students' midterm and overall semester grades based on their amount of credit-seeking behavior on the PI framesets. Finally, we provide a semisupervised learning model to aid in the work session labeling process. / Master of Science / Students frequently exhibit features of two types of behavior when using an online eTextbook with content and interactive graded exercises: credit-seeking and knowledge-seeking. When solving homework or studying a material, students can behave in either manner to some extent. In this research, we study links between student performance and different elements of recognizing the degree to which either behavior is occurring. We concentrate on an eTextbook used to teach an advanced computer science course, Formal Languages and Automata, using a teaching paradigm called Programmed Instruction (PI). In order to detect credit-seeking instances, we use two ways to study students' behavior in the Programmed Instruction sessions. We begin with a coarse-grained approach by building a model that can categorize work sessions into two groups based on the interactions that occur throughout them. Then we do a fine-grained analysis in which we analyze the question types in the framesets and their effect on the students' behavior. We show that credit-seeking behavior has a negative effect on students' learning outcomes. We discovered that the PI frame type is an important factor in enticing students to engage in credit-seeking behavior in an attempt to finish PI framesets fast. Finally, we present three predictive models that can forecast the students' midterm and total semester grades based on their credit-seeking behavior on the Programmed Instruction framesets.