Hedge funds run by listed companies underperform those run by privately owned firms, according to academic research.Listed firms gained $3.5m (€3.3m) more in revenue than privately owned companies and gained more assets under management (AUM), despite their underperformance, reported Lin Sun and Melvyn Teo of Singapore Management University’s Lee Kong Chian School of Business.In the five years after a group’s initial public offering (IPO), risk-adjusted performance of funds fell by 13.7% a year on average, the researchers wrote in their paper, ‘The Pitfalls of Going Public: New Evidence from Hedge Funds’.Listed-manager funds underperformed their unlisted peers by 2.9% a year. The pair analysed more than 16,000 existing and defunct hedge funds, taking performance and asset data between January 1994 and December 2013.Over the period, listed companies increased their market share from 4% of total assets to more than 16%, Sun and Teo’s data illustrated.Sun and Teo said: “We show that hedge funds managed by listed asset management firms consistently underperform funds managed by their unlisted competitors. The results are driven by agency problems at fund management companies.”Newly listed firms tend to “aggressively raise capital” through new product launches, the authors wrote.The best funds for raising capital – typically those with high liquidity – were also those most likely to underperform relative to similar products run by unlisted companies.Sun and Teo argued that investors in funds run by listed companies were trading performance for “the comfort of lower operational risk”.“Typically, a privately held hedge fund firm is controlled by its founders … who also invest a substantial percentage of their net worth in the funds managed by the firm – hence the tight link between ownership, control and investment capital,” they added.“Post-IPO, this link is broken as the founders of the firm sell out to new shareholders who neither invest alongside the limited partners nor manage the hedge funds run by the firm.”Read Sun and Teo’s paper here.
MEMBERS of the Guyana Jaguars and Barbados Pride cricket teams last Monday afternoon each presented a signed team jersey to well-known cricket commentator Joseph ‘Reds’ Perreira, as a memento for his contributions to the game. A veteran cricket commentator, whose career spans decades of sports coverage, Perreira retired from cricket commentary on Monday at the conclusion of the fourth round Day/Night Digicel Regional First-Class match between the two teams.The jerseys were presented to the 77-year-old Perreira by Jaguars skippers Leon Johnson and Kraigg Brathwaite.The message on the Jaguars jersey read: “Thank you ‘Reds’ for your great service to Guyana and West Indies cricket. 50 years of excellence.”The jersey bears the autographs of the Guyana Jaguars players. The Jaguars players also presented Perreira with a cake.Meanwhile, the Guyana Cricket Board (GCB) presented Perreira with one of the match stumps, while the umpires and match referee handed over one of the match balls.
The teams are in Group B — labelled the ‘group of death’ as it contains three 2014 World Cup qualifiers in Algeria, Cameroon and Nigeria.Algeria host record seven-time African qualifiers Cameroon later on Sunday in Blida, a venue where the North African Desert Foxes are virtually invincible.Iwobi of Arsenal pounced on a weak headed clearance to slam the ball past goalkeeper Kennedy Mweene from close range on 32 minutes.Neat one-touch passing set Iheanacho of Manchester City free 10 minutes later and he rounded Mweene before calmly pushing the ball into the net.A blunder from Nigeria defender Kenneth Omeruo allowed Mbesuma to score by firing past impressive goalkeeper Carl Ikeme from inside the penalty area.Just a few hours after the Nigerians became the first away winners in the African group phase, Egypt matched the achievement by defeating Congo 2-1 in Brazzaville.Ferebory Dore beat 43-year-old goalkeeper Essam El Hadary with a far-post header to give the hosts a first half lead.Mohamed Salah from Italian Serie A outfit Roma headed the equaliser just before half-time, then set up the winner for Abdallah Saied close to the hour mark.Egypt, whose last of two World Cup appearances was 26 years ago, top Group E with three points, Ghana and Uganda have one each and Congo none.Share on: WhatsApp Pages: 1 2 Egyptians celebrate and below, action in the Ghana versus Uganda game ResultsGhana 0 Uganda 0Congo 1 Egypt 2Johannesburg, South Africa | AFP | Nigeria opened their 2018 World Cup group-phase qualifying campaign with a 2-1 victory in Zambia on Sunday thanks to goals from English Premier League duo Alex Iwobi and Kelechi IheanachoThe 20-year-old strikers scored in the opening half before a capacity 40,000 crowd at Levy Mwanawasa Stadium in central city Ndola that included President Edgar Lungu.Zambia dominated the second half and veteran striker Collins Mbesuma set up a tense finish by halving the deficit 19 minutes from time.But an equaliser eluded the Chipolopolo (Copper Bullets), who are seeking a first World Cup appearance while the Super Eagles have already been to the finals five times.
Madrid, Spain | AFP | Karim Benzema scored twice on Saturday in an outstanding performance for Real Madrid against Levante, although his side were left hanging on for a 3-2 win on the day Eden Hazard made his La Liga debut.The French striker’s goals came just six minutes apart in the first half on a wet afternoon at the Santiago Bernabeu, before Casemiro put Real 3-0 up.However Levante, who had won their previous two outings, made a fight of it in the second half as they pulled goals back through Borja Mayoral and Gonzalo Melero.While the manner of their victory was not as convincing as coach Zinedine Zidane might have wished, it was a welcome return to winning ways for Real after they had drawn their previous two games.Hazard also came off the bench for the final half-hour to make his first appearance in La Liga after a thigh injury had interrupted the start of his Real career following his 100 million-euro ($110 million) move from Chelsea.The Belgian could now start for Real when they go to Paris Saint-Germain for their opening Champions League game on Wednesday.Gareth Bale will also be available for that match after suspension kept him out here, but Sergio Ramos will be unable to play against PSG because of a European ban.Zidane was also without the injured Luka Modric here. However, as well as Hazard, fellow summer signing Eder Militao came off the bench in the second half and the former Porto defender could start in Paris in place of Ramos.– Barcelona host Valencia – Real would have won by a greater margin here had it not been for some inspired goalkeeping from Aitor Fernandez, who produced a stunning one-handed stop to keep out a Benzema shot from the edge of the area midway through the first half.However, the hosts went ahead shortly after that when Dani Carvajal held up a cross from the right for Benzema to bullet home a header from the edge of the six-yard area.The Frenchman struck again in the 31st minute, with James Rodriguez pouncing when Sergio Postigo headed the ball down into his path, and teeing up Benzema to score his fourth of the campaign.Benzema was also involved in the build-up to the third goal five minutes before the interval, which concluded with Vinicius Junior squaring for Casemiro to apply the finish.Levante pulled one back in the 49th minute as Carlos Clerc crossed from the left to the near post where Mayoral — on loan from Real — converted.Benzema then curled a shot against the post, while Vinicius had a goal disallowed for offside and Hazard tested Fernandez, but it was Levante who scored again.This time substitute Melero proved too strong for Carvajal at the far post as he headed in a marvellous cross by Jose Campana, yet Madrid held out.Leaders Atletico Madrid will seek their fourth win in as many La Liga games when they play later at Real Sociedad in the first game at the Basque club’s newly refurbished stadium.Barcelona are also in action at home to Valencia, who this week sacked coach Marcelino Garcia Toral, replacing him with the former Real Madrid assistant coach Albert Celades.Share on: WhatsApp
In an interview with CNN, CDC Director Dr. Robert Redfield said that coronavirus could be around for the entire duration of 2020 as the CDC prepares for the possibility of a widespread infection.In China thousands have been infected, and hundreds have died.As of right now, there has only been 15 confirmed cases in the United States. Eight in California; two in Illinois; and one in Arizona, Washington, Massachusetts, Wisconsin and Texas.Redfield says that there is a possibility of it becoming a “community virus,” aggressively monitoring those with suspected and confirmed cases buys the CDC time while they figure out what to do.Health officials still do not know how coronavirus is spread, and there is no cure.
“I mean people are talking about if they are lucky they can make a billion doses in a year,” he adds. “In a week, we can pump out 1.5 billion doses of an antigen, which is the most active component that goes into making a vaccine. It’s a critical component.”Dyadic is working with labs and scientists worldwide on the project.The way it works is those labs share their vaccine gene sequence, which Dyadic places into its hyper-productivity C1 cells.The cells are grown in commercial fermenters, in order to produce the antigen quickly.Data so far indicates that C1 will be effective in vaccine production, according to Emalfarb.While the typical turnaround time for other methods is about 50 days, Emalfarb says commercial fermenters can mass-produce batches of C1 in just 10 to 14 days. Mark Emalfarb, founder and CEO of Dyadic International, which is headquartered in Jupiter, tells West Palm Beach television station WPEC his staff is capable of producing one-billion doses per month.Emalfarb explains that he has spent the last two-and-a-half decades engineering a fungal cell, nicknamed C1, which is now being used in industrial biotech.He goes on to say that it is being further developed to help eventually mass-produce vaccines and drugs in larger quantities at a more affordable cost.“It’s very unique and the hyper-productivity came from a serendipitous mutation,” he says. “This is something that happened by accident, kind of like penicillin.”In addition, Emalfarb believes the technology, which has FDA GRAS approval for food and feed and has already been successfully tested on animals, could lead to mass production of a coronavirus vaccine. A South Florida-based biotech company says it has the science to mass-produce COVID-19 vaccines more quickly and cost effectively than anyone else, when they become available.
BILL NEAL :10 Ya”ll keep going for the soft talk from “STAT”…aka Amar’e Stoudemire and “Mello”…aka Carmelo Anthony and you’ll soon find out where the rear steal in the Knick’s-Nuggets trade was and why they call him “Mr. Big Shot”….aka Chauncey Billups. :09 Alright. Last time I bring this up, I promise…maybe! But do you mean to tell me that Oklahoma City can have an NBA team and Pittsburgh can’t? They got nine  Black people in Ok. City and they bus in four  just for the game. And yes they sell out!!! I am just sayin. :08 Good luck and God Bless Justin Mullen—one of the best young guys I’ve ever had the pleasure of working with. A great city league baller at Peabody High School. An outstanding player in the Connie Hawkins League and a member of our camps and clinics since he was 12 years old. He’s off to Kuwait, yes that Kuwait to find fame and fortune. Be safe my brother!:07 Lord knows I am no Phil Jackson and I ain’t mad at Derrick Fisher, but don’t try to tell me that Shannon Brown and “Kobe” wouldn’t be a killer back court. [Shut-up….. I know Brown’s not a natural point guard but he does so many other things well and he jumps out the freakin’ gym]:06 Coach Rick Pitino of Louisville, normally a style-setter, missed the mark in the Pitt game. He looked like a candy cane in a barbershop window in that “too soon” white suit and red and white striped tie.:05 Hey, I got a few calls on the lists. First of all, Clyde Vaughn was not a 2-guard. He was a small forward. Secondly, yes Ronnie McGrae is worthy of top ten guard consideration. And I didn’t forget to put Tyrone “Moon” Howard on the top ten dunk list. But “Moon” was a long jumper not a high flyer.:04 DID YA GET YOUR SPORTS ILLUSTRATED SWIMSUIT EDITION??? ENUFF SAID!:03 If you didn’t know, the Golden Gloves started last week. Jimmy Cvetic is running a great show as usual with some great young talent. For more information, tune into your boys Luther Dupree and “Smokin Jim” Fazier on Steel City Sports PCTV Channel 21 or give Cvetic a call at 412-298-7373.:02 “Wannamaker” after I gave you props last week…Game on the line, in overtime, ball in your hands, 8 seconds on the clock, you need three to tie the game…you’re at the three…shoot the damn ball… C’mon Man!!!:01 If you’re reading this and it’s Thursday March 3rd somewhere between 5:30 and 8:30 p.m., put this paper down and get over to The Cambria suites next to Consol Arena. It’s the Champions tip-off reception party and we’re having a great time without ya!GAME OVER!!!