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  • Marcin Kacperczyk, Clemens Sialm, +10 authors Francine Lafontaine
  • 2004
The value of active fund management recently has become a central debate among researchers and practitioners. Mutual fund managers can deviate from the passive market portfolio by concentrating their holdings in specific industries. We investigate whether mutual fund managers are motivated to hold concentrated portfolios because they have investment skills(More)
We examine the relationships between credit default swap (CDS) premiums and bond yield spreads for nine emerging market sovereign borrowers. We find that these two measures of credit risk deviate considerably in the short run, due to factors such as liquidity and contract specifications, but we estimate a stable long-term equilibrium relationship for most(More)
Non-binary low-density parity-check (NB-LDPC) codes can achieve better error-correcting performance than binary LDPC codes when the code length is moderate. For the first time, this paper proposes a partial-parallel decoder architecture based on the Min-max algorithm for quasi-cyclic NB-LDPC codes. A novel boundary tracking based scheme and corresponding(More)
With increasing parameter variations in nanometer technologies, on-chip cache in processor is becoming highly vulnerable to runtime failures induced by “soft error,” voltage, or thermal noise and aging effects. Nondeterministic and unreliable memory operation due to these runtime failures can be addressed by: 1) designing the memory for worst-case scenarios(More)
As population aging becomes more pronounced in the developing world, the uneven implementation of social safety nets raises important questions as to howwell traditional family-basedmechanisms insure elderly incomes when pension systems fail. Using a unique dataset from a recent household survey conducted in urban China, we find evidence that private(More)