Do foreign investors have an edge? : a study of Norwegian equity mutual funds

This paper examines the performance and investor behavior of Norwegian equity mutual funds in the time periods 1990-2012 and 2006-2012, respectively. The behavioral part try to reveal differences between local (Norwegian) and foreign (non-Norwegian) investors in light of home bias. We find that 94 per cent of the mutual funds are not expected to generate a significant positive alpha, excluding transaction costs. After deducting returns from capital assets, illustrations find that foreigners have more volatile cash flows than locals. We test if these differences are due to irrational biases, different risk profiles or information advantages. We provide significant evidence that three month average historic returns can predict larger changes in foreign capital assets than in local, which indicates that foreigners chase performance more than locals. Furthermore, we find that changes in foreign capital assets predict three- and six month average return better than locals, hence we can exclude the irrational bias story. Finally, after controlling for risk, we find significant positive alpha for foreigners and no significant results for locals, which exclude the different risk profile story. Overall, this suggests that foreign investors generate positive return because they have an information advantage

Regular endurance training reduces the exercise induced HIF-1α and HIF-2α mRNA expression in human skeletal muscle in normoxic conditions

Regular exercise induces a variety of adaptive responses that enhance the oxidative and metabolic capacity of human skeletal muscle. Although the physiological adjustments of regular exercise have been known for decades, the underlying mechanisms are still unclear. The hypoxia inducible factors 1 and 2 (HIFs) are clearly related heterodimeric transcription factors that consist of an oxygen-depended α-subunit and a constitutive β-subunit. With hypoxic exposure, HIF-1α and HIF-2α protein are stabilized. Upon heterodimerization, HIFs induce the transcription of a variety of genes including erythropoietin (EPO), transferrin and its receptor, as well as vascular endothelial growth factor (VEGF) and its receptor. Considering that several of these genes are also induced with exercise, we tested the hypothesis that the mRNA level of HIF-1α and HIF-2α subunits increases with a single exercise bout, and that this response is blunted with training. We obtained muscle biopsies from a trained (5days/week during 4weeks) and untrained leg from the same human subject before, immediately after, and during the recovery from a 3h two-legged knee extensor exercise bout, where the two legs exercised at the same absolute workload. In the untrained leg, the exercise bout induced an increase (P<0.05) in HIF-1α fold and HIF-2α fold mRNA at 6h of recovery. In contrast, HIF-1α and HIF-2α mRNA levels were not altered at any time point in the trained leg. Obviously, HIF-1α and HIF-2α mRNA levels are transiently increased in untrained human skeletal muscle in response to an acute exercise bout, but this response is blunted after exercise training. We propose that HIFs expression is upregulated with exercise and that it may be an important transcription factor that regulates adaptive gene responses to exercis

Spaces of Global Security: Beyond Methodological Nationalism

The changing political and social meanings of space under conditions of advanced globalization point to the need to analyze security – or the deployment and management of violence -- as a socio-spatial practice. This article draws attention to the “methodological nationalist” bias that has traditionally characterized mainstream security studies, and discusses its effect on how security issues are studied and conceptualized. Building on insights from political geography and sociology, the article makes the case for a “spatial turn” in the field. It discusses how a socio-spatial approach can help make sense of evolving state security practices, and presents examples of non-national spaces of security -- including cities, cyberspace and the global polity. Such spaces are increasingly objects of security practices, but the implications of this remain largely under-theorized in security studies

Screening for recombinant human erythropoietin using [Hb], reticulocytes, the OFFhrscore, OFF z score and Hb z score: status of the Blood Passport

Haemoglobin concentration ([Hb]), reticulocyte percentage (retic%) and OFFhrscore are well-implemented screening tools to determine potential recombinant human erythropoietin (rHuEpo) abuse in athletes. Recently, the International Cycling Union implemented the OFFzscore and the Hbzscore in their anti-doping testing programme. The aim of this study is to evaluate the sensitivity of these indirect screening methods. Twenty-four human subjects divided into three groups with eight subjects each (G1; G2 and G3) were injected with rHuEpo. G1 and G2 received rHuEpo for a 4-week period with 2weeks of "boosting” followed by 2weeks of "maintenance” and a wash-out period of 3weeks. G3 received rHuEpo for a 10-week period (boost=3weeks; maintenance=7weeks; wash out=1week). Three, seven and eight of the 24 volunteers exceeded the cut-off limits for OFFhrscore, [Hb] and retic%, respectively. One subject from G1, nobody from G2, and seven subjects from G3 exceeded the cut-off limit for Hbzscore. In total, ten subjects exceeded the cut-off limit for the OFFzscore; two subjects from G1, two subjects from G2 and six subjects from G3. In total, indirect screening methods were able to indicate rHuEpo injections in 58% of subjects. However, 42% of our rHuEpo-injected subjects were not detected. It should be emphasised that the test frequency in real world anti-doping is far less than the present study, and hence the detection rate will be lowe

Haemoglobin mass and running time trial performance after recombinant human erythropoietin administration in trained men

&lt;p&gt;Recombinant human erythropoietin (rHuEpo) increases haemoglobin mass (Hbmass) and maximal oxygen uptake (v˙ O2 max).&lt;/p&gt; &lt;p&gt;Purpose: This study defined the time course of changes in Hbmass, v˙ O2 max as well as running time trial performance following 4 weeks of rHuEpo administration to determine whether the laboratory observations would translate into actual improvements in running performance in the field.&lt;/p&gt; &lt;p&gt;Methods: 19 trained men received rHuEpo injections of 50 IUNkg21 body mass every two days for 4 weeks. Hbmass was determined weekly using the optimized carbon monoxide rebreathing method until 4 weeks after administration. v˙ O2 max and 3,000 m time trial performance were measured pre, post administration and at the end of the study.&lt;/p&gt; &lt;p&gt;Results: Relative to baseline, running performance significantly improved by ,6% after administration (10:3061:07 min:sec vs. 11:0861:15 min:sec, p,0.001) and remained significantly enhanced by ,3% 4 weeks after administration (10:4661:13 min:sec, p,0.001), while v˙ O2 max was also significantly increased post administration (60.765.8 mLNmin21Nkg21 vs. 56.066.2 mLNmin21Nkg21, p,0.001) and remained significantly increased 4 weeks after rHuEpo (58.065.6 mLNmin21Nkg21, p = 0.021). Hbmass was significantly increased at the end of administration compared to baseline (15.261.5 gNkg21 vs. 12.761.2 gNkg21, p,0.001). The rate of decrease in Hbmass toward baseline values post rHuEpo was similar to that of the increase during administration (20.53 gNkg21Nwk21, 95% confidence interval (CI) (20.68, 20.38) vs. 0.54 gNkg21Nwk21, CI (0.46, 0.63)) but Hbmass was still significantly elevated 4 weeks after administration compared to baseline (13.761.1 gNkg21, p&#60;0.001).&lt;/p&gt; &lt;p&gt;Conclusion: Running performance was improved following 4 weeks of rHuEpo and remained elevated 4 weeks after administration compared to baseline. These field performance effects coincided with rHuEpo-induced elevated v˙ O2 max and Hbmass.&lt;/p&gt

Fast-Twitch Glycolytic Skeletal Muscle Is Predisposed to Age-Induced Impairments in Mitochondrial Function

The etiology of mammalian senescence is suggested to involve the progressive impairment of mitochondrial function; however, direct observations of age-induced alterations in actual respiratory chain function are lacking. Accordingly, we assessed mitochondrial function via high-resolution respirometry and mitochondrial protein expression in soleus, quadricep, and lateral gastrocnemius skeletal muscles, which represent type 1 slow-twitch oxidative muscle (soleus) and type 2 fast-twitch glycolytic muscle (quadricep and gastrocnemius), respectively, in young (10-12 weeks) and mature (74-76 weeks) mice. Electron transport through mitochondrial complexes I and III increases with age in quadricep and gastrocnemius, which is not observed in soleus. Mitochondrial coupling efficiency during respiration through complex I also deteriorates with age in gastrocnemius and shows a tendency (p = .085) to worsen in quadricep. These data demonstrate actual alterations in electron transport function that occurs with age and are dependent on skeletal muscle typ

The Diagnostic Potential of Fe Lines Applied to Protostellar Jets

We investigate the diagnostic capabilities of iron lines for tracing the physical conditions of shock-excited gas in jets driven by pre-main sequence stars. We have analyzed the 3000-25000 \uc5, X-shooter spectra of two jets driven by the pre-main sequence stars ESO-H\u3b1 574 and Par-Lup 3-4. Both spectra are very rich in [Fe II] lines over the whole spectral range; in addition, lines from [Fe III] are detected in the ESO-H\u3b1 574 spectrum. Non-local thermal equilibrium codes solving the equations of the statistical equilibrium along with codes for the ionization equilibrium are used to derive the gas excitation conditions of electron temperature and density and fractional ionization. An estimate of the iron gas-phase abundance is provided by comparing the iron lines emissivity with that of neutral oxygen at 6300 \uc5. The [Fe II] line analysis indicates that the jet driven by ESO-H\u3b1 574 is, on average, colder (T e 3c 9000 K), less dense (n e 3c 2 7 104 cm-3), and more ionized (x e 3c 0.7) than the Par-Lup 3-4 jet (T e 3c 13,000 K, n e 3c 6 7 104 cm-3, x e < 0.4), even if the existence of a higher density component (n e 3c 2 7 105 cm-3) is probed by the [Fe III] and [Fe II] ultra-violet lines. The physical conditions derived from the iron lines are compared with shock models suggesting that the shock at work in ESO-H\u3b1 574 is faster and likely more energetic than the Par-Lup 3-4 shock. This latter feature is confirmed by the high percentage of gas-phase iron measured in ESO-H\u3b1 574 (50%-60% of its solar abundance in comparison with less than 30% in Par-Lup 3-4), which testifies that the ESO-H\u3b1 574 shock is powerful enough to partially destroy the dust present inside the jet. This work demonstrates that a multiline Fe analysis can be effectively used to probe the excitation and ionization conditions of the gas in a jet without any assumption on ionic abundances. The main limitation on the diagnostics resides in the large uncertainties of the atomic data, which, however, can be overcome through a statistical approach involving many line

Interpreting the Media Logic behind Editorial Decisions

This article enters into debates about media logic in political coverage by way of a case study of the 2015 U.K. General Election. We quantitatively and qualitatively examine two dominant themes of coverage—news about campaign rallies and horse-race reporting—as both are widely seen in political communication scholarship as symptomatic of a media logic. We draw on a content analysis of BBC, ITV, Sky News, Channel 4, and Channel 5 U.K. national television newscasts and semi-structured interviews with their heads of news and/or senior editors to help interpret how far a media logic was the editorial driving force behind coverage. At face value, our content analysis appears to support the media logic thesis, with all broadcasters—in particular commercial television newscasts—covering more process than policy issues. But our case study questions the antecedents of media logic and shines a light on a political logic that may have remained in the dark in large-scale content analysis studies. In following a political logic, we argue that this promoted the horse-race narrative, and naturalized the parties’ highly stage-managed rallies and walkabout