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The Slapstick Routine of Parisian Monumentalism: Robert Desnos and Jacques-André Boiffard’s “Pygmalion and the Sphinx” (1930) 巴黎纪念主义的闹剧:罗伯特·德斯诺和雅克·安德烈·博伊法德的《皮格马利翁与狮身人面像》(1930)
Q4 Economics, Econometrics and Finance Pub Date : 2021-11-01 DOI: 10.38030/index-journal.2021.3.5
Ursula de Leeuw
This essay considers the 1930 essay “Pygmalion and the Sphinx” by Robert Desnos, originally published alongside Jacques André-Boiffard’s photographs of Parisian monuments in the journal Documents. I focus on Desnos and Boiffard’s tragicomic depiction of the municipal council of Paris’ failure to reconcile a fragmented sense of national identity through the erection of public monuments. As implicated by its title, “Pygmalion and the Sphinx” compares the “statuemania” of the Third Republic to the Greek myth. As Desnos and Boiffard reveal, within the monumental form is an antagonism between the civic ideal of ‘Pygmalion’ and the brute substance of the statue’s material, or the Sphinx. This tension inevitably collapses the idealist endeavour of monumentalism; a moment of folly opened by the laughter it evokes. Boiffard focuses the pedestal of the monument, and the rigidity of its material when exposed against the urban landscape. These photographs launch a base materialist perspective repeated by Desnos in his comic imagination. This term is further contextualised by the writings of Georges Bataille in Documents, whereby laughter is integral to the critique of idealism. In this essay, I read Desnos and Boiffard alongside Bataille to illuminate how monumentalism prepares its toppling in the ‘fall’ of the slapstick’s laugh.
这篇文章考虑了1930年Robert Desnos的文章《Pygmalion and the Sphinx》,最初与Jacques andr - boiffard关于巴黎纪念碑的照片一起发表在《文献》杂志上。我关注的是Desnos和Boiffard对巴黎市政委员会未能通过建立公共纪念碑来调和支离破碎的民族认同感的悲喜剧式描述。正如标题所暗示的那样,《皮格马利翁与斯芬克斯》将第三共和国的“雕像癖”与希腊神话进行了比较。正如Desnos和Boiffard所揭示的那样,在纪念性的形式中存在着“Pygmalion”的公民理想与雕像材料或狮身人面像的野蛮物质之间的对抗。这种张力不可避免地瓦解了纪念碑主义的理想主义努力;愚蠢的时刻被它所引起的笑声拉开了序幕。Boiffard着重于纪念碑的基座,以及暴露在城市景观中的材料的刚性。这些照片发起了一个基本的唯物主义的观点,重复德斯诺在他的漫画想象力。乔治·巴塔耶在《文献》一书中进一步将这一术语语境化,认为笑是对理想主义批判不可或缺的一部分。在这篇文章中,我与巴塔耶一起阅读了德斯诺和博伊法德的作品,以阐明纪念碑主义是如何在闹剧笑声的“坠落”中准备推翻的。
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引用次数: 0
Towards Transformative Propaganda: A History of Student Activism at the Australian National University 走向变革的宣传:澳大利亚国立大学学生运动的历史
Q4 Economics, Econometrics and Finance Pub Date : 2021-11-01 DOI: 10.38030/index-journal.2021.1.5
I. Glišić
March 2021 saw the unveiling of a new addition to the vast collection of public artworks at the Australian National University (ANU) campus in Canberra. The piece—an installation entitled A History of Student Activism at the Australian National University—compiles and presents the first comprehensive history of sixty years of student activism at ANU, and sits proudly in the common area of the Marie Reay Teaching Centre. The work comprises a large-scale wall-mounted timeline designed by Joanne Leong, complemented by a pair of moving-image artworks by Esther Carlin and Aidan Hartshorn, all ANU alumni. This article considers A History of Student Activism in the context of contemporary debate on the role of public monuments, and the extent to which public art can drive collective emancipatory action. Drawing on a recent study of the activist potential of art in the twenty-first century by Dutch artist Jonas Staal, this article tests the extent to which A History of Student Activism might serve as a reference point in the turn towards transformative propaganda art.
2021年3月,堪培拉澳大利亚国立大学(ANU)校园内大量公共艺术品的新藏品揭幕。这件名为《澳大利亚国立大学学生运动的历史》的装置作品汇编并展示了澳大利亚国立大学60年学生运动的第一部综合历史,并自豪地坐落在玛丽·雷教学中心的公共区域。该作品包括Joanne Leong设计的大型壁挂式时间轴,以及由澳大利亚国立大学校友Esther Carlin和Aidan Hartshorn设计的一对动态图像艺术品。本文在当代关于公共纪念碑作用的辩论的背景下,考虑了学生激进主义的历史,以及公共艺术在多大程度上可以推动集体解放行动。根据荷兰艺术家乔纳斯·斯塔尔(Jonas Staal)最近对21世纪艺术的激进主义潜力的研究,本文测试了《学生激进主义史》在多大程度上可以作为转向变革宣传艺术的参考点。
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引用次数: 0
Deception and Reception in the Commemorative Landscape of Newcastle, Australia, 1970 to 2020 1970年至2020年,澳大利亚纽卡斯尔纪念景观中的欺骗与接受
Q4 Economics, Econometrics and Finance Pub Date : 2021-11-01 DOI: 10.38030/index-journal.2021.3.1
Nikolas Orr
Contemporary reception of colonial monuments in Australia is informed by global debate on race, memory and representation in public space, typified in the decolonial and anti-racist movements Rhodes Must Fall and Black Lives Matter. While art historians and anti-colonial iconoclasts alike easily conceive of statues as objects for critique, non-figurative sculpture is no less effective when deployed as an ideological tool. Given the typically progressive politics of twentieth-century abstractionists, this study asks how comfortable these artists are with the nation-building function often ascribed to their work by political elites. Through a thematic survey of the commemorative landscape of Newcastle, NSW, this article describes a city punctuated by patriotic references to war, colonialism, and Indigenous absence, exemplified in modernist sculptor Margel Hinder’s (1906–1995) *Civic Park Fountain* (1966). Recounting its relaunch in 1970 as a memorial to Captain James Cook and its vandalism in 2020, the article examines changes in public reception of the fountain, from hostility towards abstract art and government spending to outrage at colonial symbols. Archival reconstruction of Hinder’s responses to local government demonstrates her silence on the fountain’s assimilation to colonial celebration. When contrasted with Hinder’s activities as a lobbyist and camouflage designer, this finding reveals a complex political biography. Without ignoring Hinder’s concern for Aboriginal rights, her attitude towards the instrumentalisation of her work is at best ambivalent. Beyond challenging the apolitical readings of Hinder’s work in existing scholarship, this study provides a key example of the ideological malleability of abstract public art. By producing “empty” signifiers to then “fill” with meaning, abstract sculptors and administrators together help to shape the semiotic and racial topography of urban space.
当代澳大利亚对殖民纪念碑的接受受到全球关于种族、记忆和公共空间代表性的辩论的影响,典型的是非殖民主义和反种族主义运动是罗德必须垮台和黑人的生命很重要。虽然艺术史学家和反殖民主义者都很容易将雕像视为批判的对象,但非具象雕塑作为一种意识形态工具也同样有效。考虑到20世纪抽象主义的典型进步政治,本研究询问这些艺术家对政治精英通常赋予其作品的国家建设功能有多满意。通过对新南威尔士州纽卡斯尔的纪念景观的专题调查,本文描述了一个被战争、殖民主义和土著缺席的爱国主义引用所点缀的城市,现代主义雕塑家Margel Hinder的作品(1906-1995)*Civic Park Fountain*(1966)就是例证。这篇文章回顾了这座喷泉1970年作为对詹姆斯·库克船长(Captain James Cook)的纪念而重新开放,以及它在2020年遭到的破坏,并考察了公众对这座喷泉的看法的变化,从对抽象艺术和政府支出的敌意,到对殖民符号的愤怒。对辛德对当地政府的回应的档案重建显示了她对喷泉被殖民庆典同化的沉默。与辛德作为说客和伪装设计师的活动相比,这一发现揭示了一个复杂的政治传记。不忽视辛德对土著权利的关注,她对作品工具化的态度充其量是矛盾的。除了挑战现有学术对辛德作品的非政治性解读之外,本研究还提供了抽象公共艺术的意识形态可塑性的关键例子。通过制造“空的”能指,然后用意义“填充”,抽象雕塑家和管理者共同帮助塑造城市空间的符号学和种族地形。
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引用次数: 0
Betting against Quant: Examining the Factor Exposures of Thematic Indexes 做空量化:检视主题性指数的因子暴露
Q4 Economics, Econometrics and Finance Pub Date : 2021-10-30 DOI: 10.3905/jii.2021.1.111
David Blitz
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引用次数: 1
Factor Model Index for Commodity Investment 商品投资的因子模型指数
Q4 Economics, Econometrics and Finance Pub Date : 2021-10-26 DOI: 10.3905/jii.2021.1.110
Daniel Broby, A. McKenzie, Olivier Bauthéac
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引用次数: 0
Editor’s Letter 编辑的信
Q4 Economics, Econometrics and Finance Pub Date : 2021-08-31 DOI: 10.3905/jii.2021.12.2.001
Brian R. Bruce
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引用次数: 0
Are All Capture Ratios Created Equal? 所有捕获比率是否相等?
Q4 Economics, Econometrics and Finance Pub Date : 2021-07-26 DOI: 10.3905/jii.2021.1.109
Jeffrey M. Coy, E. Robbins
This study aims to shed light on a freely published mutual fund screening tool—the capture ratio—and its ability to predict future fund performance (i.e., alpha). This analysis is of interest for both financial advisors and retail investors who deploy mutual fund screening tools. We find that capture ratios measured over shorter periods, such as one year, do not exhibit subsequent performance predictability. Conversely, we find that the three-year and five-year capture ratios are useful for investors in the full sample. However, analysis across cap and style-based fund subsamples shows that this return predictability is most consistent in predicting three- and five-year performance. TOPICS: Mutual funds/passive investing/indexing, performance measurement Key Findings ▪ Capture ratios measured over one year are unreliable in predicting mutual fund performance. ▪ Capture ratios measured over three and five years exhibit consistent performance predictability across cap and style fund subsamples. ▪ Mutual fund investors exhibit a real return-chasing behavior as it relates to capture ratios.
这项研究旨在揭示一种免费发布的共同基金筛选工具——捕获率——及其预测未来基金业绩的能力(即阿尔法)。这一分析对部署共同基金筛选工具的财务顾问和散户投资者都很感兴趣。我们发现,在较短的时间内(如一年)测量的捕获率不会表现出后续性能的可预测性。相反,我们发现三年期和五年期捕获率对全样本投资者有用。然而,对基于上限和风格的基金子样本的分析表明,这种回报可预测性在预测三年和五年业绩时最为一致。主题:共同基金/被动投资/指数化、绩效衡量关键发现▪ 在预测共同基金业绩时,一年内的捕获率是不可靠的。▪ 在三年和五年内测量的捕获率在上限和风格基金子样本中表现出一致的绩效可预测性。▪ 共同基金投资者表现出真正的追逐回报行为,因为这与捕获率有关。
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引用次数: 0
The Error of Tracking Error: Why Active Indexing Makes Sense 跟踪错误的错误:为什么主动索引有意义
Q4 Economics, Econometrics and Finance Pub Date : 2021-06-29 DOI: 10.3905/jii.2021.1.108
D. Du, Curt Overway
Direct indexing is an excellent tool for improving after-tax returns for taxable clients. However, the predominant approach to doing this, where tracking error is minimized and any possible tax benefit is constrained, may be sub-optimal. Focusing too much on tracking error can lead to missed opportunities to add after-tax value. The best outcome for clients is to maximize their after-tax return/wealth, which may require taking on higher levels of tracking error. Based on 20 years of simulated portfolios, the authors found that higher active risk can potentially provide more tax alpha without sacrificing pre-tax performance, and that it is most beneficial in years with large drawdowns and during the earliest years after inception. When investors choose direct indexing providers, it is important to take a holistic view of their risk tolerance and investment horizon, and of the providers’ investment process—particularly how loss harvesting is implemented, how risk is managed, and how the strategy performs during large drawdowns. TOPICS: Mutual funds/passive investing/indexing, wealth management, portfolio construction, performance measurement Key Findings ▪ Systematic tax loss harvesting contributes significantly to clients’ after-tax wealth without compromising pre-tax performance. Tax alpha is often highest during the early years after inception, stabilizes as portfolios mature, and persists over an extended period of time. ▪ Higher active risk provides more opportunities to harvest losses. The value-add is usually greatest in years with large drawdowns and at the earliest stage of portfolios, when higher active risk is permitted. ▪ Tax managed portfolios tend to tilt positively to momentum and growth factors, and negatively to size, value, and dividend yield factors. The magnitude of active factor exposure is modest, however, and often not of real concern.
直接索引是一个很好的工具,可以改善应税客户的税后回报。然而,实现这一点的主要方法可能是次优的,其中跟踪误差被最小化,任何可能的税收优惠都受到限制。过于关注跟踪错误可能会错过增加税后价值的机会。对客户来说,最好的结果是最大限度地提高他们的税后回报/财富,这可能需要承担更高水平的跟踪误差。基于20年的模拟投资组合,作者发现,更高的主动风险可能在不牺牲税前表现的情况下提供更多的税收阿尔法,并且在大额提款的年份和成立后的最初几年最有利。当投资者选择直接指数化提供商时,重要的是要全面了解他们的风险承受能力和投资范围,以及提供商的投资过程,特别是如何实施损失回收、如何管理风险以及在大额提款期间策略的表现。主题:共同基金/被动投资/指数化、财富管理、投资组合构建、业绩衡量关键发现▪ 在不影响税前业绩的情况下,系统性的税收损失收割为客户的税后财富做出了重大贡献。税收阿尔法通常在成立后的最初几年最高,随着投资组合的成熟而稳定,并持续很长一段时间。▪ 更高的主动风险提供了更多收获损失的机会。增值通常在大额提款的年份和投资组合的早期阶段最大,此时允许更高的主动风险。▪ 税收管理的投资组合倾向于积极倾向于动量和增长因素,而消极倾向于规模、价值和股息收益率因素。然而,积极因素暴露的程度是适度的,而且往往不是真正令人担忧的。
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引用次数: 1
“An Index Isn’t a Fiduciary” and What That Means for Active Management “指数不是受托人”以及这对主动管理意味着什么
Q4 Economics, Econometrics and Finance Pub Date : 2021-03-20 DOI: 10.3905/JII.2021.1.102
A. Berger
Before the arrival of passive investment vehicles, the role of an active manager was to provide an investor with access to a particular market and, critically, to do so in a way that was aligned with the investor’s objectives. With the rise of passive management, the role of active management was narrowed to “beating a cap-weighted benchmark,” but this shift often took the investor’s goals out of the equation. I believe investors deciding between active and passive implementation should first consider whether a market-cap-weighted index is sufficiently aligned with their objectives or whether a manager, serving as a fiduciary, can construct a portfolio that—after costs—will be better aligned. I also challenge the zero-sum argument that trying to beat a cap-weighted benchmark after fees is futile. My view—that this argument wrongly assumes that all investors have similar preferences—is borne out by deviations between the asset allocations held by institutional investors and the global market-cap-weighted portfolio. TOPICS: Mutual funds/passive investing/indexing, portfolio construction, global markets, performance measurement Key Findings ▪ In distinguishing between active and passive implementation, investors should first acknowledge that any approach that is not market-cap-weighted and intended to capture the breadth of a given market is inherently active, even if offered in an index form. ▪ Market-cap-weighted indexes offer investors several important advantages, but there are many instances in which they may not be structured to achieve the objectives investors seek to achieve. ▪ There is some logic to the notion that for every investor who outperforms a cap-weighted benchmark, another investor must underperform it. Even those who acknowledge this zero-sum argument, however, can still reasonably choose to deviate from these benchmarks to create a portfolio that is better aligned with their objectives.
在被动型投资工具出现之前,主动型基金经理的角色是为投资者提供进入特定市场的途径,关键是要以符合投资者目标的方式这样做。随着被动管理的兴起,主动管理的作用被缩小到“击败市值加权基准”,但这种转变往往使投资者的目标偏离了平衡。我认为,投资者在决定是主动还是被动实施时,应该首先考虑市值加权指数是否与他们的目标充分一致,或者作为受托人的基金经理是否可以构建一个在扣除成本后更一致的投资组合。我也对零和观点提出质疑,即在扣除费用后,试图超过市值加权基准是徒劳的。我的观点——这种观点错误地假设所有投资者都有相似的偏好——是由机构投资者持有的资产配置与全球市值加权投资组合之间的偏差所证实的。主题:共同基金/被动投资/指数化、投资组合构建、全球市场、绩效评估▪在区分主动和被动实施时,投资者首先应该认识到,任何非市值加权、旨在捕捉给定市场广度的方法本质上都是主动的,即使是以指数形式提供。▪市值加权指数为投资者提供了几个重要的优势,但在许多情况下,它们的结构可能无法实现投资者寻求实现的目标。■有一种观点是合乎逻辑的,即只要有一个投资者的表现超过了市值加权基准,就必然有另一个投资者的表现低于该基准。然而,即使是那些承认零和观点的人,仍然可以合理地选择偏离这些基准,以创建更符合其目标的投资组合。
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引用次数: 0
Digging for Honey Ants: revisiting the Papunya mural project 挖掘蜜蚁:重新审视帕潘亚壁画项目
Q4 Economics, Econometrics and Finance Pub Date : 2021-01-01 DOI: 10.38030/index-journal.2021.3.2
J. Kean
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引用次数: 1
期刊
Journal of Index Investing
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