Asset Accumulation, Information, and the Life Cycle

Empirical tests of the life cycle model have focused on its implications for the level of a household's total net worth and paid little attention to changes in portfolio composition over the life cycle. In this paper, we examine a new survey of the asset holdings of 6,010 U.S households and show that there is a pronounced life-cycle pattern to both the number and value of assets held by U.S. households. Direct survey evidence suggests that incomplete information is a significant determinant of household portfolio composition. We test the hypothesis that information about investment opportunities arrives stochastically over time, estimating a Poisson model for the arrival of new information.

Wealth and Portfolio Composition: Theory and Evidence

In this paper, we examine a new survey of 6,010 U.S.households and estimate a model for the allocation of total net worth among different assets. The paper has three main aims. The first is to investigate the extent to which a conventional portfolio choice model can explain the differences in portfolio composition among households. Our survey data show that most households hold only a subset of the available assets. Hence we analyze a model in which investors choose to hold incomplete portfolios. We show that the empirical specification of the joint discrete and continuous choice that characterizes household portfolio behavior is a switching regressions model with endogenous switching. The second aim is to examine the impact of taxes on portfolio composition. The survey contains a great deal of information on taxable incomes and deductions which enable us to calculate rather precisely the marginal tax rate facing each household.The third aim is to estimate wealth elasticities of demand for a range of assets and liabilities. We test the frequently made assumption of constant relative risk aversion.

Stating Appointment Costs in SMS Reminders Reduces Missed Hospital Appointments: Findings from Two Randomised Controlled Trials

BACKGROUND: Missed hospital appointments are a major cause of inefficiency worldwide. Healthcare providers are increasingly using Short Message Service reminders to reduce 'Did Not Attend' (DNA) rates. Systematic reviews show that sending such reminders is effective, but there is no evidence on whether their impact is affected by their content. Accordingly, we undertook two randomised controlled trials that tested the impact of rephrasing appointment reminders on DNA rates in the United Kingdom. TRIAL METHODS: Participants were outpatients with a valid mobile telephone number and an outpatient appointment between November 2013 and January 2014 (Trial One, 10,111 participants) or March and May 2014 (Trial Two, 9,848 participants). Appointments were randomly allocated to one of four reminder messages, which were issued five days in advance. Message assignment was then compared against appointment outcomes (appointment attendance, DNA, cancellation by patient). RESULTS: In Trial One, a message including the cost of a missed appointment to the health system produced a DNA rate of 8.4%, compared to 11.1% for the existing message (OR 0.74, 95% CI 0.61-0.89, P<0.01). Trial Two replicated this effect (DNA rate 8.2%), but also found that expressing the same concept in general terms was significantly less effective (DNA rate 9.9%, OR 1.22, 95% CI 1.00-1.48, P<0.05). Moving from the existing reminder to the more effective costs message would result in 5,800 fewer missed appointments per year in the National Health Service Trust in question, at no additional cost. The study's main limitations are that it took place in a single location in England, and that it required accurate phone records, which were only obtained for 20% of eligible patients. We conclude that missed appointments can be reduced, for no additional cost, by introducing persuasive messages to appointment reminders. Future studies could examine the impact of varying reminder messages in other health systems. TRIAL REGISTRATION: Controlled-Trials.com 49432571

Why Low-Mass Black-Hole Binaries Are Transient

We consider transient behavior in low-mass X-ray binaries. In short-period neutron-star systems (orbital period less than ~ 1d) irradiation of the accretion disk by the central source suppresses this except at very low mass transfer rates. Formation constraints however imply that a significant fraction of these neutron star systems have nuclear-evolved main-sequence secondaries and thus mass transfer rates low enough to be transient. But most short-period low-mass black-hole systems will form with unevolved main-sequence companions and have much higher mass transfer rates. The fact that essentially all of them are nevertheless transient shows that irradiation is weaker, as a direct consequence of the fundamental black-hole property - the lack of a hard stellar surface.Comment: 13 pages (including 3 figures); accepted for publication in Ap

A new instability of accretion disks around compact magnetic stars

Aperiodic variability and Quasi Periodic Oscillations (QPOs) are observed from accretion disks orbiting white dwarfs, neutron stars, and black holes, suggesting that the flow is universally broken up into discrete blobs. We consider the interaction of these blobs with the magnetic field of a compact, accreting star, where diamagnetic blobs suffer a drag. We show that when the magnetic moment is not aligned with the spin axis, the resulting force is pulsed, and this can lead to resonance with the oscillation of the blobs around the equatorial plane; a resonance condition where energy is effectively pumped into non--equatorial motions is then derived. We show that the same resonance condition applies for the quadrupolar component of the magnetic field. We discuss the conditions of applicability of this result, showing that they are quite wide. We also show that realistic complications, such as chaotic magnetic fields, buoyancy, radiation pressure, evaporation, Kelvin--Helmholtz instability, and shear stresses due to differential rotation do not affect our results. In accreting neutron stars with millisecond periods, we show that this instability leads to Lense-Thirring precession of the blobs, and that damping by viscosity can be neglected.Comment: Accepted for publication in the Astrophysical Journal. AASTeX LateX needed. Two figure

Relativistic, QED, and finite nuclear mass corrections for low-lying states of Li and Be+^+

Accurate results for nonrelativistic energy, relativistic, QED, and finite nuclear mass corrections are obtained for $2^1S_{1/2}$, $3^1S_{1/2}$ and $2^1P_{1/2}$ states of the Li atom and Be$^+$ ion. Our computational approach uses the Hylleraas basis set with the analytic integration and recursion relations. From comparison of experimental results for the isotope shifts to theoretical predictions including nuclear polarizabilities, we obtain nuclear charge radii for Li and Be isotopes.Comment: 19 pages, 8 tables, Phys. Rev. A in prin

Seasonal variations in Greenland Ice Sheet motion : Inland extent and behaviour at higher elevations

Peer reviewedPreprin

Two tails in NGC 3656, and the major merger origin of shell and minor axis dust lane ellipticals

I report on the discovery of two faint (~ 26.8 Rmag/arcsec^2) tidal tails around the shell elliptical NGC 3656 (Arp 155). This galaxy had previously been interpreted as a case of accretion, or minor merger. The two tidal tails are inconsistent with a minor merger, and point instead to a disk-disk major merger origin. NGC 3656 extends Toomre's merger sequence toward normal elliptical galaxies, and hints at a major merger origin for shells and minor-axis dust lanes. A dwarf galaxy lies at the tip of one of the tidal tails. A prominent shell, which shows sharp azymuthal color discontinuities, belongs to a rotating dynamical component of young stars which includes the inner dust lane.Comment: 9 pages, 2 plates, 1 figure, uses aaspp.sty, accepted for publication in The Astrophysical Journal Letters. Files also available by anonymous ftp at ftp.iac.es, directory ./pub/balcell

Calibration of radii and masses of open clusters with a simulation

Context: A recent new approach to apply a simple dynamical mass estimate of tidally limited star clusters is based on the identification of the tidal radius in a King profile with the dynamical Jacobi radius. The application to an unbiased open cluster catalogue yields significantly higher cluster masses compared to the classical methods. Aims: We quantify the bias in the mass determination as function of projection direction and cluster age by analysing a simulated star cluster. Methods: We use direct $N$-body simulations of a star cluster including stellar evolution in an analytic Milky Way potential and apply a best fit to the projected number density of cluster stars. Results: We obtain significantly overestimated star cluster masses which depend strongly on the viewing direction. The overestimation is typically in the range of 10-50 percent and reaches a factor of 3.5 for young clusters. Mass segregation reduces the derived limiting radii systematically.Comment: 9 pages, 10+1 figures, accepted by Astronomy and Astrophysic