We investigate the effect of scale on performance in the active money management industry. We first document that fund returns, both before and after fees and expenses, decline with lagged fund size, even after accounting for various performance benchmarks. We then explore a number of potential...

Part ownership of a takeover target can help a bidder win a takeover auction, often at a low price. A bidder with a ‘toehold’ bids aggressively in a standard ascending auction because its offers are both bids for the remaining shares and asks for its own holdings. While the direct effect of...

Part ownership of a takeover target can help a bidder win a takeover auction, often at a low price. A bidder with a ``toehold'' bids aggressively in a standard ascending auction because its offers are both bids for the remaining shares and asks for its own holdings. While the direct effect of a...

Microgrids have become a hot topic driven by the dual pressures of environmental protection concerns and the energy crisis. In this paper, a challenge for the distributed control of a modern electric grid incorporating clusters of residential microgrids is elaborated and a hierarchical...

The electromagnetic superabsorber that has larger absorption cross section than its real size may be a novel photothermal device with improved solar energy conversion rates. Based on a transformation optical approach, the material parameters for a two-dimensional (2D) metamaterial-assisted...