Maria Vargas

As far as we are aware, this study presents the first comparative analysis of the stock picking and market timing abilities of managers of conventional and socially responsible (SR) pension funds, and of their use of superior information. For the United Kingdom, the results obtained show a slight stock picking ability on the part of SR pension fund managers (although it disappears if multifactorial models are considered), and a negative market timing ability on the part of both SR and conventional pension fund managers (these results hold for multifactorial models controlled by home bias). In relation to the management styles, both conventional and SR pension funds usually invest in small cap and growth values, although it is the SR pension funds that are the most exposed to these styles. We also observed that, while conventional pension fund managers make certain use of superior information to follow stock picking strategies, managers of SR pension funds use superior information to follow market timing strategies

In this study, we analyze the financial performance and the managerial abilities of religious mutual fund managers, implementing a comparative analysis with conventional mutual funds. We use a broad sample, free of survivorship bias, of religious equity mutual funds from the US market, for the period from January 1994 to September 2010. We build a matched-pair conventional sample in order to compare the results obtained for both kinds of mutual fund managers. We analyze stock-picking and market timing abilities, topics widely neglected for the specific case of religious mutual fund managers. We also study style timing abilities. As far as we are aware, this aspect has not been studied previously for religious mutual fund managers. Our results indicate that religious mutual fund managers underperform both the market and their conventional counterparts. This result is driven by negative stock-picking ability which could be generated by excluding “Sin” stocks from their portfolios. Moreover, they are not able to time the market or any of the following styles: size, book-to-market, and momentum

The global pesticide complex has transformed over the past two decades, but social science research has not kept pace. The rise of an enormous generics sector, shifts in geographies of pesticide production, and dynamics of agrarian change have led to more pesticide use, expanding to farm systems that hitherto used few such inputs. Declining effectiveness due to pesticide resistance and anemic institutional support for non-chemical alternatives also have driven intensification in conventional systems. As an inter-disciplinary network of pesticide scholars, we seek to renew the social science research agenda on pesticides to better understand this suite of contemporary changes. To identify research priorities, challenges, and opportunities, we develop the pesticide complex as a heuristic device to highlight the reciprocal and iterative interactions among agricultural practice, the agrochemical industry, civil society-shaped regulatory actions, and contested knowledge of toxicity. Ultimately, collaborations among social scientists and across the social and biophysical sciences can illuminate recent transformations and their uneven socioecological effects. A reinvigorated critical scholarship that embraces the multifaceted nature of pesticides can identify the social and ecological constraints that drive pesticide use and support alternatives to chemically driven industrial agriculture.

This article analyzes the financial performance and managerial abilities of a sample of US and European socially responsible (SR) mutual funds. The period analyzed commences from January 1994 and concludes in January 2013 and yields 18 US and 89 European green funds. The results obtained for green fund managers are compared with those achieved for conventional and other forms of SR mutual fund managers. We control for the mutual fund investment objective (distinguishing between domestic and global portfolios) and for the effect of crisis market periods. For US SR funds, partitioning the data into crisis and normal periods reveals that SR funds obtain statistically insignificant performance in crisis periods but underperform relative to the market in normal periods. Furthermore, the findings indicate that green funds do not perform worse than other forms of SR mutual funds. For European SR funds partitioning the data into crisis and normal periods reveals that SR funds obtain statistically insignificant performance irrespective of market conditions. Similar to the US findings, green Europe SR funds do not perform worse than other forms of SR mutual funds. Managerial abilities are not evident in the findings though unsuccessful timing of the market is revealed for both Europe and US global green funds. When analyzing managerial abilities in crisis and non-crisis market periods, US green fund managers achieve better results in crisis market periods and the opposite occurs for green fund managers in European market.

El propósito del artículo es explicar el genocidio de la Unión Patriótica en clave de la economía nacional y su ubicación estratégica a partir de una aproximación teórica desde algunos elementos propuestos por Antonio Negri y Michael Hardt. Como conclusión se destaca que el genocidio de la up fue consecuencia de su poderío local, que ponía en riesgo la continuidad de las clases políticas dominantes en razón de sus propuestas como colectivo político. Así mismo, este hecho produjo que a raíz de su origen se construyera sobre ellos un relato negativo de enemigos de la sociedad civil. Por último, las propuestas de memoria que se identificaron son consecuencia de la conquista y de la lucha social por parte de las víctimas.

In this research, we analyse the impact of the inclusion of ethical expressions in the prospectuses of socially responsible (SR) mutual funds on money flows. We contribute to the existing literature by proposing a text-based measure that integrates three attributes that are relevant to whether clients are attracted: exclusiveness, intensity and lexical diversity. We analyse a sample formed of 266 SR US equity mutual funds in the period 1999–2019. Our findings show that both the proposed indicator and other alternative partial proxies based on textual data have a positive impact on the money flows of the SR funds. This effect is more relevant in the case of SR mutual funds belonging to smaller families. Besides, persistence in money flows is more intense for SR mutual funds that are more attractive because of their ethical expressions. Another finding shows that return-chaser behaviour occurs among all SR investors, independently of the level of text attractiveness of the mutual funds in which they invest, revealing that they take into account both financial and non-financial outcomes. Our results indicate that policymakers should control fund prospectus information, given its importance for investors' decisions. In addition, managers should be especially cautious with the information provided in prospectuses because of its impact on investor decisions.

El concepto “identidad” ha sido sumamente cuestionado entre los científico sociales, especialmente debido a las consecuencias genocidas de posturas nacionalistas que Gellner llama “nacionalismos virulentos”. Asimismo, la discusión teórica generada a partir de temas como el multiculturalismo y la interculturalidad, han vuelto a poner en la mesa de análisis el concepto de “identidad”. Por tanto, se han asumido diversas posturas, algunas de las cuales han llegado hasta la descalificación total del concepto y de cualquier término que pudiera aludir a él. Dado que en Latinoamérica se ha discutido el tema enfocado sobre todo a los grupos indígenas y a los mestizos, se ha llevado a cabo una reflexión que permita cuestionar y proponer conceptos que favorezcan la comprensión de la realidad cultural que implica el pertenecer a una determinada colectividad. Para lograrlo, se ha elegido la deconstrucción derridiana como método. Así pues, se parte de un breve análisis semántico y posteriormente se plantean cinco tensiones que constituyen algunos de puntos principales de debate sobre tal concepto, las cuales en realidad se encuentran imbricadas, pero para efectos heurísticos, se revisarán por separado. Se concluye con un ejercicio de aplicación del “no concepto” derridiano: la “différance”, para concluir la reflexión.