The application of central merchandise control to the credit authorization problem of a large retail store

Thesis (B.S.)--Massachusetts Institute of Technology, Dept. of Business and Engineering Administration, 1928.Includes bibliographical references (leaf 122).by Thomas J. Noonan and Harold J. Brown.B.S

Competing With the NYSE

We study the stock exchange rivalry between the New York Stock Exchange (NYSE) and the Consolidated Stock Exchange (Consolidated) from 1885 to 1926 using a new database of bid-ask spreads and stock data collected from The New York Times and other primary sources. The magnitude of this important, but largely forgotten rivalry was substantial. From 1885 to 1895, the ratio of Consolidated to NYSE volume averaged 40 percent and reached as high as 60 percent. The market share of the Consolidated averaged 23 percent for approximately 40 years. The Consolidated focused on the relatively liquid securities on the NYSE as measured by bid-ask spreads and trading volume. Our results suggest that NYSE bid-ask spreads fell by more than 10 percent when the Consolidated began to trade NYSE stocks while bid-ask spreads for our quasicontrol group of stocks trading on the Boston Stock Exchange remain unchanged. The effect persisted over the entire history of the stock market rivalry until a series of scandals and investigations of the Consolidated by state regulators led to the demise of the exchange in the 1920s. The analysis suggests three conclusions: (1) the NYSE has faced significant long-run competition (2) the NYSE may be susceptible to a similar level of competition in the future and (3) that the Consolidated may have improved the efficiency of stock prices by contributing to the price discovery process.

Chronology

Journal ArticleThe boundaries of the Lower Omo Basin have been mapped by Fuchs (1939) and by Butzer (1970, 1971) in a general way. The structural features and physiography of the eastern and central part of the Lower Omo Basin are best expressed on the maps of Davidson et al. (1973). Walsh and Dodson (1969) have mapped the geology of the North Turkana District of Kenya. East of Lake Turkana the geology is summarized by Vondra and Bowen (1976), and Vondra, Burggraf and White (1978). The Ilemi Triangle in southern Sudan remains poorly known geologically, but some information is presented by Fuchs (1939), and by Arambourg (1943). More recently Baker et al. (1972) and Cerling and Powers (1977) have provided general summaries of the structural evolution of this part of East Africa

Magnetostratigraphy of the Koobi Fora Formation, Lake Turkana, Kenya

Journal ArticleThe Koobi Fora Formation, a Pliocene and Pleistocene sequence of sedimentary deposits northeast of Lake Turkana, has yielded numerous fossils and stone artifacts of early hominids. Stratigraphic correlation of the hominid-bearing deposits throughout the Turkana region was established primarily by the chemistry and isotopic ages of volcanic tuffs and complemented by magnetostratigraphic studies. We have reinterpreted previously published magnetostratigraphy from the upper part of the Koobi Fora Formation because the original stratigraphy and dating of tuffs have been revised. In our reinterpretation we include previously unpublished data from the uppermost part of the formation. The upper magnetozones correlate with parts of the Brunhes Normal-Polarity Chron and Matuyama Re versed-Polarity Chron (about 0.6-0.85 Ma) and are separated from the magnetozones of the upper part of the Matuyama (2.0-1.25 Ma) by a disconformity. The Olduvai Normal-Polarity Subchron is represented within the Matuyama, but the lower part of the Matuyama (2.4-2.0 Ma) is missing due to an erosional disconformity. We have also determined magnetozones in the lower part of the Koobi Fora Formation, which had not been sampled for paleomagnetism during the earlier studies. Our time calibration of the magnetozones is made possible by isotopic dating of several tuffs and by chemical correlation of Koobi Fora tuffs with dated tuffs in the Shungura Formation of southern Ethiopia. The tephra correlations are corroborated by the excellent concordance between the magnetostratigraphies of the Koobi Fora and Shungura formations. The lower part of the Koobi Fora spans the interval from about 4 Ma to 2.4 Ma, within the Gilbert Re versed-Polarity and Gauss Normal-Polarity chrons. Rock magnetic studies indicate that detrital magnetite carries most of the stable remanence, although hematite contributes to the remanence as indicated by thermal demagnetization. The hematite, which presumably formed by postdepositional oxidation of original iron oxide grains, carries chemical remanent magnetization (CRM) that diminishes the sharpness of polarity zone boundaries. The CRM accumulated continuously within the uppermost 10 m of sediment below the land surface, so that the CRM reinforces the depositional remanent magnetization within thick magnetozones but obscures magnetozones having durations of roughly less than 70,000 years in sections where the sedimentation rate was approximately 15 cm/1000 years

The lower Omo basin

Journal ArticleThe boundaries of the Lower Omo Basin have been mapped by Fuchs (1939) and by Butzer (1970, 1971) in a general way. The structural features and physiography of the eastern and central part of the Lower Omo Basin are best expressed on the maps of Davidson et al. (1973). Walsh and Dodson (1969) have mapped the geology of the North Turkana District of Kenya. East of Lake Turkana the geology is summarized by Vondra and Bowen (1976), and Vondra, Burggraf and White (1978). The Ilemi Triangle in southern Sudan remains poorly known geologically, but some information is presented by Fuchs (1939), and by Arambourg (1943). More recently Baker et al. (1972) and Cerling and Powers (1977) have provided general summaries of the structural evolution of this part of East Africa

The Development of the Takeover Auction Process: The Evolution of Property Rights in the Modern Wild West

Using a unique, hand-collected sample of US acquisitions, we study the interaction between the legal system and the takeover auction process from 1981 to 2020. We associate the strengthening of the property rights of targets’ boards after the 1989 Time Inc. decision with fundamental changes in the takeover auction process. This strengthening of the boards’ property rights has moved the auction process from a public one to a behind-the-scenes one in which targets’ boards control both the number of bidders and the flow of information. Targets’ boards are more likely to initiate the auction themselves, and the length of the private negotiation process has significantly lengthened. This fundamental change has benefited target shareholders

Toward Greater Effectiveness in Community Change: Challenges and Responses for Philanthropy - Discussion Guide

The goal of this discussion guide is to assist foundations to engage in a dialogue about how philanthropy can become more effective in its support of community-change initiatives. The guide can be used in at least two ways. A foundation or a group of foundations intending to launch a community change initiative can use the guide as part of its planning process. Alternatively, foundations already involved in supporting a community-change initiative can use the guide as a framework to review the project's status and examine whether any changes in philanthropic practice make sense

Toward Greater Effectiveness in Community Change: Challenges and Responses for Philanthropy - Executive Summary

Philanthropies of all types seek to improve communities—for lots of reasons, and in lots of different ways. Their efforts have produced promising results and some beginning lessons about community change. But more remains to be done to ensure that philanthropic investments in community change meet expectations and that funders use the emerging lessons to move their agendas forward. Based on interviews conducted for this paper, many funders are eager to take on that challenge

Effects of cochlear implantation on binaural hearing in adults with unilateral hearing loss

A FDA clinical trial was carried out to evaluate the potential benefit of cochlear implant (CI) use for adults with unilateral moderate-to-profound sensorineural hearing loss. Subjects were 20 adults with moderate-to-profound unilateral sensorineural hearing loss and normal or near-normal hearing on the other side. A MED-EL standard electrode was implanted in the impaired ear. Outcome measures included: (a) sound localization on the horizontal plane (11 positions, −90° to 90°), (b) word recognition in quiet with the CI alone, and (c) masked sentence recognition with the target at 0° and the masker at −90°, 0°, or 90°. This battery was completed preoperatively and at 1, 3, 6, 9, and 12 months after CI activation. Normative data were also collected for 20 age-matched control subjects with normal or near-normal hearing bilaterally. The CI improved localization accuracy and reduced side bias. Word recognition with the CI alone was similar to performance of traditional CI recipients. The CI improved masked sentence recognition when the masker was presented from the front or from the side of normal or near-normal hearing. The binaural benefits observed with the CI increased between the 1- and 3-month intervals but appeared stable thereafter. In contrast to previous reports on localization and speech perception in patients with unilateral sensorineural hearing loss, CI benefits were consistently observed across individual subjects, and performance was at asymptote by the 3-month test interval. Cochlear implant settings, consistent CI use, and short duration of deafness could play a role in this result