Who Underreacts to Cash-Flow News? Evidence from Trading between Individuals and Institutions

A large body of literature suggests that firm-level stock prices 'underreact' to news about future cash flows, i.e., shocks to a firm's expected cash flows are positively correlated with shocks to expected returns on its stock. We estimate a vector autoregession to examine the joint behavior of returns, cash-flow news, and trading between individuals and institutions. Our main finding is that institutions buy shares from individuals in response to good cash-flow news, thus exploiting the underreaction phenomenon. Institutions are not simply following price momentum strategies: When price goes up in the absence of positive cash-flow news, institutions sell shares to individuals. Although institutions are trading in the 'right' direction, institutions as a group outperform individuals by only 1.44 percent per annum before transaction and other costs, because they are extremely conservative in deviating from the value-weight market index.

Animal-Assisted Interventions in Health Care Settings: A Best Practices Manual for Establishing New Programs: Volunteer Manual Template

This document accompanies Animal-Assisted Interventions in Health Care Settings: A Best Practices Manual for Establishing New Programs (Purdue Press, 2019) and serves as a template for readers to personalize for their facility. The generic terms “ABC Health Care Facility” and “AAI Program” are intended to be replaced by the names of the reader\u27s facility and AAI program. The book can be purchased from Purdue University Press

Improving the precision of dynamic forest parameter estimates using Landsat

The use of satellite-derived classification maps to improve post-stratified forest parameter estimates is well established.When reducing the variance of post-stratification estimates for forest change parameters such as forest growth, it is logical to use a change-related strata map. At the stand level, a time series of Landsat images is ideally suited for producing such a map. In this study, we generate strata maps based on trajectories of Landsat Thematic Mapper-based normalized difference vegetation index values, with a focus on post-disturbance recovery and recent measurements. These trajectories, from1985 to 2010, are converted to harmonic regression coefficient estimates and classified according to a hierarchical clustering algorithm from a training sample. The resulting strata maps are then used in conjunction with measured plots to estimate forest status and change parameters in an Alabama, USA study area. These estimates and the variance of the estimates are then used to calculate the estimated relative efficiencies of the post-stratified estimates. Estimated relative efficiencies around or above 1.2 were observed for total growth, total mortality, and total removals, with different strata maps being more effective for each. Possible avenues for improvement of the approach include the following: (1) enlarging the study area and (2) using the Landsat images closest to the time of measurement for each plot. Multitemporal satellite-derived strata maps show promise for improving the precision of change parameter estimates

Improving the precision of dynamic forest parameter estimates using Landsat

The use of satellite-derived classification maps to improve post-stratified forest parameter estimates is well established.When reducing the variance of post-stratification estimates for forest change parameters such as forest growth, it is logical to use a change-related strata map. At the stand level, a time series of Landsat images is ideally suited for producing such a map. In this study, we generate strata maps based on trajectories of Landsat Thematic Mapper-based normalized difference vegetation index values, with a focus on post-disturbance recovery and recent measurements. These trajectories, from1985 to 2010, are converted to harmonic regression coefficient estimates and classified according to a hierarchical clustering algorithm from a training sample. The resulting strata maps are then used in conjunction with measured plots to estimate forest status and change parameters in an Alabama, USA study area. These estimates and the variance of the estimates are then used to calculate the estimated relative efficiencies of the post-stratified estimates. Estimated relative efficiencies around or above 1.2 were observed for total growth, total mortality, and total removals, with different strata maps being more effective for each. Possible avenues for improvement of the approach include the following: (1) enlarging the study area and (2) using the Landsat images closest to the time of measurement for each plot. Multitemporal satellite-derived strata maps show promise for improving the precision of change parameter estimates

Perceptions of Latin American Immigration Among Rural Nebraskans

In an earlier Nebraska Rural Poll report (August 2006), rural Nebraskans were asked their opinions of newcomers in general to their community. Some parts of rural Nebraska have seen significant growth of a specific group of newcomers, Latin American immigrants. How do rural Nebraskans view recent immigrants from Latin America? How do they view various immigration policies? Do their views differ by community size, the region in which they live, or their education level? This report details 2,482 responses to the 2006 Nebraska Rural Poll, the eleventh annual effort to understand rural Nebraskans’ perceptions of current issues and conditions. Respondents were asked a series of questions regarding immigrants from Latin America and immigration policies. Comparisons are made among different respondent subgroups, that is, comparisons by age, occupation, region, etc

Newcomers to the Nebraska Panhandle: Why Did They Move Here?

Key Findings • New residents rated the high cost of living and urban congestion as the top reasons for leaving their previous community. • The top rated reasons newcomers move to their current communities involve community quality of life amenities: to find a simpler pace of life, to find a less congested place to live, and to be closer to relatives. Other reasons for moving to the Panhandle include the decreased cost of living, the quality of the natural environment and to find a higher paying job. • Families cite the better environment in which to raise children and better quality schools as reasons for moving to the Panhandle. • Job-related considerations are important factors in the decision to move, but community quality of life amenities can be the factors that ultimately lead persons to choose to move to the Nebraska Panhandle

Newcomers to the Nebraska Panhandle: How Do We Keep Them Here?

Key Findings • Most new residents considered other locations before choosing their current location. • Most new residents view their new communities as friendly, trusting, and supportive. • Many new residents are involved in their new community, but are not as engaged as they were in their previous community. • Many new residents are either not planning to stay in their current community or aren’t sure of their plans. • Younger persons are more likely than older persons to be planning to leave or to be unsure of their plans. • The feeling of belonging in the community has the strongest relationship with the expectation of staying in the community

Newcomers to the Nebraska Panhandle: Why Did They Move Here?

Key Findings • New residents rated the high cost of living and urban congestion as the top reasons for leaving their previous community. • The top rated reasons newcomers move to their current communities involve community quality of life amenities: to find a simpler pace of life, to find a less congested place to live, and to be closer to relatives. Other reasons for moving to the Panhandle include the decreased cost of living, the quality of the natural environment and to find a higher paying job. • Families cite the better environment in which to raise children and better quality schools as reasons for moving to the Panhandle. • Job-related considerations are important factors in the decision to move, but community quality of life amenities can be the factors that ultimately lead persons to choose to move to the Nebraska Panhandle