Herring, Sardines, and Foreign Affairs: Determination of Optimum Yield Under the Fishery Conservation and Management Act of 1976—Maine v. Kreps, 563 F.2d 1043 (1st Cir.), remanded, No. 77-45-SD (S.D. Me. Aug. 26, 1977), aff\u27d, 563 F.2d 1052 (1st Cir. 1977)

This note will analyze the major issue of Maine v. Kreps, whether Secretary Kreps fulfilled the FCMA\u27s requirements in her determination of optimum yield. This issue is discussed in two parts. First, the criteria expressed in the preliminary management plan are analyzed in light of the relevant provisions of the FCMA. Second, the inclusion of foreign policy considerations in the optimum yield calculations (a factor not discussed in the preliminary management plan) is analyzed by (1) inferring from the Maine opinion the proper use of foreign policy in management decisions, and (2) suggesting criteria which may affect the role of foreign policy in the development of future management plans. This note concludes that the need for rebuilding a fish stock and the capacity and incentive of domestic fishermen to exploit that fish stock are appropriate considerations in determining optimum yield. These considerations should, however, be treated more comprehensively than they are in Secretary Kreps\u27 preliminary management plan. The FCMA also requires an analysis of the effects a fishing quota might have on other interrelated fish stocks whether or not those stocks are under exclusive U.S. control. The effect of fishing quotas on U.S. foreign relations is an appropriate secondary consideration in establishing optimum yield, but the possible decrease in efficiency of domestic fishermen caused by increased foreign fishing should be considered as well

The CLEP Program: An Evaluation and Assessment at a Small Private University

The Educational Testing Service (ETS) created the College Level Examination Program (CLEP) in 1965 and over the years it has become a staple of American higher education. In order to better understand the ramifications of the CLEP program, this article provides a brief history of CLEP and reexamines some of the findings of earlier research. The present study investigates new areas by addressing several research questions. For instance, what are the impacts of a student’s age, academic ability, gender, and previous learning experiences in regard to passing a CLEP exam? How much time do students spend in preparing for CLEP, and how much do they learn compared to regular college course? The major findings of the study are that grade point average (GPA) and time spent in preparation were associated with success on the CLEP, while age and gender were not. In addition, previous learning experiences were also related to a successful CLEP exam. However, the exact nature of the previous learning is unclear, since having a high school course in the specific subject area was not related to CLEP success

Alternative Approach to Sand Bags for Flood Prevention Through the use of 3D Printed Flood Panels

This is an alternative approach to sand bags which could save time and money when implementing temporary barriers around critical areas during times of flooding in flood plains or areas near rivers

Revolutionary ideas

When does the opposition remove long serving incumbents from power, or steal the presidency from an autocrats chosen successor? Three prominent theories seek to answer this question. Bunce and Wolchik argue that for the opposition to win power, they must use certain strategies, Levitsky and Way argue that they win power when the autocratic regime has certain attributes, and Hale argues it only happens when elites expect the president to be leaving power. I apply these theories to cases in the former Soviet Union where the opposition won power and where it did not. None of these theories adequately explain each case. A better explanation combines and adds to the conclusions I arrive at from testing these theories. Protests give elites information. Depending on the information that elites receive, elites will either defect and join the opposition, or continue supporting the president. If elites defect, then the president will have difficulty winning elections, giving the opposition the opportunity to win the presidency

Bankruptcy in groups

We examine bankruptcy within business groups. Groups have incentives to support financially distressed subsidiaries as the bankruptcy of a subsidiary may impose severe costs on the group as a whole. In several countries around the world, bankruptcy courts often "pierce the corporate veil" and hold groups liable for their distressed subsidiaries' obligations as if these were their own. Using a large cross-country sample of group-affiliated firms, we show that, by reallocating resources within the corporate structure, business groups actively manage intra-group credit risk to prevent costly within-group insolvencies. We find that large and diversified groups are more effective at insulating their subsidiaries from credit-risk shocks. Moreover, the pattern of capital reallocation appears consistent with groups supporting subsidiaries that are easier to monitor and whose insolvencies may spill over to other group firms. Finally, we document that recent regulatory changes on approval and disclosure of related-party transactions may limit groups' ability to shield their subsidiaries from credit-risk shocks

Business groups manage credit risk by reshuffling resources amongst units

William H. Beaver, Stefano Cascino, Maria Correia and Maureen F. McNichols untangle the knot to predict bankruptc

Senior Recital, John Christian, drum set

The presentation of this senior recital will fulfill in part the requirements for the Bachelor of Music degree in Jazz Studies. John Christian studies drum set with tony Martucci

Cost-Consequence Analysis Alongside a Randomised Controlled Trial of Hospital Versus Telephone Follow-Up after Treatment for Endometrial Cancer

Background Regular outpatient follow-up programmes are usually offered to patients following treatment for gynaecological and other cancers. Despite the substantial resources involved in providing these programmes, there is evidence that routine follow-up programmes do not affect survival or the likelihood of detecting recurrence and may not meet patient needs. Alternative follow-up modalities may offer the same outcomes at lower cost. We examined the costs of using telephone-based routine follow-up of women treated for endometrial cancer undertaken by specialist gynaecology oncology nurses in comparison to routine hospital-based follow-up. Methods The ENDCAT trial randomised 259 women at five centres in the north west of England with a known diagnosis of Stage I endometrial cancer who had completed primary treatment on a 1:1 basis to receive either standard hospital outpatient follow-up or a telephone follow-up intervention administered by specialist nurses. A cost-consequence analysis was undertaken in which we compared costs to the health system and to individuals with the trial’s co-primary outcomes of psychological morbidity and participant satisfaction with information received. Results Psychological morbidity, psychosocial needs, patient satisfaction and quality of life did not differ between arms. Patients randomised to telephone follow-up underwent more and longer consultations. There was no difference in total health service mean per patient costs at 6 months (mean difference £8, 95% percentile confidence interval: − £147 to £141) or 12 months (mean difference: − £77, 95% percentile confidence interval: − £334 to £154). Estimated return journey costs per patient for hospital consultations were £11.47. Productivity costs were approximately twice as high under hospital follow-up. Conclusion Telephone follow-up was estimated to be cost-neutral for the NHS and may free up clinic time for other patients. There was some evidence that telephone follow-up may be more efficient for patients and wider society, and is not associated with additional psychological morbidity, lower patient satisfaction or reduced quality of life

Accounting Hall of Fame induction: Charles Arthur Bowsher; Accounting Hall of Fame induction: Donald James Kirk; Accounting Hall of Fame induction: William Henry Beaver

For Charles Arthur Bowsher\u27s induction, the Citation was written by Daniel L. Jensen, Professor , The Ohio State University and read by Arhtur R. Wyatt, professor, University of Illinois and a Rseponse was made by Charles A. Bowsher. For Donald James Kirk\u27s induction, Remarks were made by Paul Kolton, the Citation written by Daniel L. Jensen, Professor, Fisher College of Business, The Ohio State University and read by Paul Kolton, Stamford, Connecticut and a Response made by Donald James Kirk. For the induction of William Henry Beaver, the Remarks were made by Charles T. Horngren, Professor, Stanford University, Hall of Fame Member and the Citation was written by Daniel L. Jensen, Professor, The Ohio State University and read by Charles T. Horngren, Professor, Stanford University, Hall of Fame member and a Response was made by William H. Beaver

Group affiliation and default prediction

Using a large sample of business groups from more than one hundred countries around the world, we show that group information matters for parent and subsidiary default prediction. Group firms may support each other when in financial distress. Potential group support represents an off-balance sheet asset for the receiving firm and an off-balance sheet liability for the firm offering support. We find that subsidiary information improves parent default prediction over and above group-level consolidated information possibly because intra-group exposures are netted out upon consolidation. Moreover, we document that the improvements in parent default prediction are decreasing in the extent of parent-country financial reporting transparency which suggests that within-group information matters most when consolidated financial statements are expected to be of lower quality. We also show that parent and other group-firms’ default risk exhibits predictive power for subsidiary default. Lastly, we find that within-group information explains cross-sectional variation in CDS spreads. Taken together, our findings contribute to prior literature on default prediction and have direct relevance to investors, credit-rating agencies and accounting regulators