Third-party certifications and labels signal sustainable investment strategies. This paper examines the impact of sustainability labels sponsored by government and nonprofit organisations (GNPOs) on mutual fund flows in a setting with multiple coexisting labels. We find that funds awarded a GNPO label attract increased inflows, particularly top-performing, smaller and institutionally targeted funds, although the effect is short-lived. Furthermore, investors react positively to new labelling information, whether from GNPO labels or the Sustainable Finance Disclosure Regulation classification, even when prior certifications already exist. These findings suggest that GNPO labels serve as salient and credible signals, highlighting their influence on investor behaviour.

The growing popularity of ESG investing raises questions about whether ESG and carbon factors represent unique sources of systematic risk or are absorbed by traditional equity factors. We find that the systematic components of recently proposed carbon and ESG risk factors are linear combinations of well-known risk factors. The ESG factor has a positive exposure to large firms, high beta firms and to the safety factor (a subcomponent of the quality factor). The carbon factor has positive exposure to the market and safety factors and negative loadings on the size and profitability factors. Furthermore, investors who follow well-known ESG indexes are exposed to market and size factor risks, and not always to the ESG and carbon factors. Such indexes are nevertheless closely related to the "long leg" of the ESG factor. Overall, the evidence suggests that the ESG and carbon factors are subordinated to other factors, highlighting the importance of leveraging established risk factors to account for ESG and carbon risks.

This article investigates whether sustainability labels for mutual funds in Europe provide consistent signals regarding funds’ sustainable characteristics. Specifically, we assess the alignment of signals conveyed by third-party and self-declared labels. Among the first typology, we consider labels sponsored by government and nonprofit organizations (GNPOs) alongside Environmental, Social, and Governance (ESG) ratings from commercial data vendors. The latter category includes the Sustainable Finance Disclosure Regulation (SFDR) classification and an ESG-related name. Our findings indicate that equity funds with GNPO labels are more likely to exhibit top-tier ESG ratings and alignment with self-declared sustainability signals, namely Article 9 of SFDR and fund names. Furthermore, holding government and multiple GNPO labels is linked to other signals indicating higher sustainability standards. In addition, funds tend to experience an improvement in Morningstar globes after receiving a GNPO label, consistent with GNPO labels signaling funds of the high-quality type. The results regarding label alignment in fixed-income funds are less conclusive. Our findings underscore the need for credible signals in view of the growing number of sustainability labels available to investors.

Using quantile maximization decision theory, this paper considers a quantile-based Euler equation that states that the asset price is a function of the quantiles of the payoff, consumption growth, the stochastic discount factor, risk aversion, and the distribution of the consumption growth rate. We use a more general distribution assumption (log-elliptical distributions) than the log-normality of the consumption growth rate assumed in the literature. The simulation results show that: (1) the higher the downside risk aversion, the lower the constant relative risk aversion; (2) the heavier the tails of the Student-t distribution, the higher the risk aversion for each level of downside risk aversion; and (3) the curve of the relationship between risk aversion and downside risk aversion shifts upward when the normality assumption is dropped, and the magnitude of this shift is high even for high degrees of freedom of the Student-t distribution. Our results suggest that using normally distributed errors to model stock returns and consumption growth rates could lead to an underestimation of the risk aversion coefficient.

Several labels for sustainable investment funds have emerged in Europe, providing important cues for investor decision making. Using a dataset of labeled equity and fixed-income funds, this paper examines the coherence of the signals sent by sustainable labels and certifications sponsored by governments and independent organizations versus private sector organizations. We find divergence between the labels of governmental and other independent entities and those of the private sector, with government-labeled funds being perceived as bearing high environmental, social, and governance (ESG) risks by the private sector. On average, multiple labeled funds have lower ESG risks than single labeled funds, but even multiple labeled funds can be exposed to high ESG risks. Additional analysis of the Sustainable Finance Disclosure Regulation shows that Article 9 funds do not always have better ratings than article 8 funds and that green-labeled funds do not always have low carbon footprint labels from the private sector. Finally, labeled funds might not carry ESG jargon in their name or their investment objectives. Although sustainable labels were created to give investors information about their options, our research draws the attention to the fact that the multiplicity of nonaligned signals might confuse investors or even cause skepticism in sustainability labels and certifications.

Nicotine dependence is a reversible risk factor of numerous oral cavity diseases. Dentist should be non-smoking and have knowledge on diagnosis and treatment of nicotine addiction.The aim of this survey is the assessment of prevalence of nicotine dependence among Polish dentists, factors associated with this addiction and knowledge on minimal anti-nicotine intervention acquired during pre- and post-graduate training.From October 2013 to March 2014 during 5 dental conferences dental practitioners (881 persons) were given anonymous proprietary questionnaires on nicotine use. 544 questionnaires were qualified for analysis, response rate 61.7%.Group of active nicotine users consisted of 72 persons (13.2% of respondents). The average duration of smoking was 20 years and number of cigarettes smoked daily was 15. Median level of nicotine dependence score 5 and predominance of scores in the range of 4-6 on Fagerström test indicate that most frequent was moderate dependence. As many as 44.4% of dentists in this group had no attempts to quit the addiction. Non-smokers prevailed among women, pedodontists and younger practitioners. Active nicotine users prevailed in dentists above 44 years of age, male, dental surgeons and maxillofacial surgeons. Up to 397 (73%) respondents declared they were never acquainted with the basis for minimal anti-nicotine intervention.The prevalence of nicotine addiction among Polish dentists is lower by 10% compared to the general population, although in relation to current foreign studies its the average level. Main factors associated with active nicotine use in this occupational group include male gender, increasing age and surgical dental specialties. It should be intended to reduce number of nicotine users among Polish dentists by 5%. For this purpose professional anti-nicotine knowledge should be disseminated more.

This paper studies the effect of Morningstar ratings on fund flows and fund performance predictability using a proprietary data set of equity funds from Norway. Controlling for a number of variables proxying for fund and firm visibility, we find that fund flows respond asymmetrically to changes in Morningstar ratings. Specifically, 4- and 5-star rated funds get more flows, and funds upgraded to 5-star get significantly more flows not only in the next month, but also over the following 12 months after the rating change. Downgraded funds suffer outflows, but the results only become statistically significant when fund performance falls to a 2-star rating. We also find evidence of long-term performance predictability for top-rated funds. As the mutual fund industry develops worldwide, our results suggest that Morningstar has been successful in bringing its brand name to markets outside the USA, and that Morningstar ratings are a valuable tool for helping investors make strong investment decisions.

We analyze valuation in the energy sector using the present value model as a framework.Using a panel sample of sector indexes and firms from Canada, Japan, the United Kingdom,and the United States, we find only weak evidence that prices follow the fundamentals foroil explorers and producers subsector. A variance decomposition analysis shows that mostlyshocks in discount rates, seen as investor sentiment changes and not changes in cash flows,affect valuation. Further tests detect explosive bubbles on the exploration and productionsector in the United Kingdom and in integrated subsector for Canada in the late 1990'sand around 2005 that are driven by high prices. Overall, results cast doubt on the role offundamentals and favor more the importance of bubbles in driving valuation.

We study how culture influences mutual funds around the world. Uncertainty Avoidance (UA), which is related to ambiguity aversion, is negatively associated with flow-performance sensitivity, deviation from the fund benchmark, fund alpha, and the fraction of active management across the 25 countries in our sample. This is true even when controlling for an exhaustive set of fund- and country-level characteristics. We also find that a fund's deviation from its benchmark is not only affected by the UA of its domicile country but also by the UA of its fund family's country of origin. Our results highlight the importance of considering cultural characteristics, and UA in particular, when studying mutual funds across countries.

The Consumption-Capital Asset Pricing Model is a statement about the mean of asset returns anddoes not provide any information on the returns' quantiles. Using quantile maximization decisiontheory, this paper considers a quantile-based Euler equation that states that the asset price is afunction of the quantiles of the payoff, consumption growth, stochastic discount factor and riskaversion. Assuming that the consumption growth rate is log-elliptically distributed, we show thatreturns' quantiles are non-monotone functions of the consumption growth volatility. Using data fromthe United States and United Kingdom, empirical evidence validates our theoretical results and showsthat this volatility is a driving factor of the returns' distribution.

It is now widely recognized in the literature that individuals have limited attention and that salient information plays a key role in individuals choices. We analyze the salience of two sources of information for investors: firm-specific and market. Salient information on firm and market levels is captured by 52-week highs and low indicators while investor attention is filtered by Google web searches. Results show that web searches is a predictor of volume, volatility and returns, and the effects are stronger when using market information. Our findings help to better understand the sources of information that lead individuals in making investment decisions.

We study performance persistence across a global sample of equity mutual funds from 27 countries. In contrast to the existing U.S.-based evidence, we find that net performance persistence is present in the majority of fund industries, suggesting that fund manager skill is commonplace rather than a rarity. Consistent with the intuition that more competition in the mutual fund industry makes remaining a winner fund less likely but keeping a loser fund at the bottom of the performance ranks more probable, we show that competitiveness explains the cross-sectional variation in performance persistence.

Introduction Although physical restraint (PR) is a non-rarely practice on psychiatry there are few studies that focus the attention on the risk factors for this intervention. PR is a legitimacy practice when is needed and well applied but is not free from side effects. Knowing risk factors might be useful to improve the application of PR. Objectives Study the risk factors involved with the use of PR at patient's home in individuals with schizophrenia before the involuntary transport (IT) to a psychiatric facility. Methods Is a descriptive and observational study of 267 psychotic patients that were assisted by a psychiatric home care unit (EMSE) in Barcelona during their IT. The sample was divided in two groups, depending on the need of PR. Socio-demographic data were collected as well as positive and negative syndrome scale (PANSS), WHO disability assessment schedule (WHO/DAS), global assessment of functioning scale (GAF), Scale to assess unawareness of mental disorder (SUMD). Aggressiveness was assessed by PANSS-EC consisting of 5 items: excitement, tension, hostility, uncooperativeness and poor impulse. Results From the 267 psychotic patients 109 required PR. 154 were male and the average of age was 47. The results were significant in the PR group versus no PR for PANSS-EC ( P = 0.000), as well as WHO/DAS ( P = 0.017), GAF ( P = 0.042), Positive PANSS ( P = 0.000), age ( P = 0.001) and substance use ( P = 0.012). Were no significant for gender, insight or Negative PANSS. Conclusions Aggressiveness and violence were the most important PR related factors followed by positive symptoms, age, substance use and global functioning. Disclosure of interest The authors have not supplied their declaration of competing interest.

Recent research identifies several industry-related patterns that standard asset pricing models cannot explain effectively. This paper investigates what explains the cross-section of returns of firms in the oil industry and, in particular, how well an oil factor performs in comparison with the common systematic factors identified in the literature. We conduct a time series analysis and demonstrate that the oil factor has substantial explanatory power over traditional factors. A cross-sectional regression shows that the size, momentum and oil factors are associated with a positive risk premium and are able to explain the cross-sectional variation in stock returns in the oil industry. Our results suggest that investors demand compensation for the exposure to oil price changes, which has implications for the computation of the cost of equity.

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