Competition on MARS? A study of broker-dealer competition in the U.S. municipal auction rate securities market

The relationship between competitive bidding in auctions and its impact on price and interest rates has long been of importance for a wide range of market practitioners. Although research has shown that increased competition among broker-dealers and bidders results in lower municipal interest rates, the amount of literature addressing auction rate securities is almost non-existent. The U.S. municipal auction rate securities market (MARS) offers an opportunity to expand the growing but limited empirical analysis of auctions. In particular, researchers can study the impact of market power and competitive search on interest rates using this uniform pricing, multi-unit, frequently repeated dutch auction process. Furthermore, in general, previous cross-sectional models measuring relationships in standard municipal markets are quite static in that they mostly assume some form of dynamic parametric homogeneity. Using a novel empirical approach, i.e., one that doesn't assume the time-constancy of cross-sectional parameters, our research shows that greater underwriter competition and search for potential investors in the form of multiple broker-dealers does indeed lead to lower municipal auction rates. This outcome does not hold for the entire sample life of the security--a result that was captured clearly using our methodology.MARS, municipal auctions, securities, parametric heterogeneity

Predictions of entry heating for lower surface of shuttle orbiter

A broad base of thermocouple and phase change paint data was assembled and correlated to the nominal design 14414.1 and proposed STS-1 (first flight of the space transportation system) entry trajectories. Averaged data from phase change paint tests compared favorably with thermocouple data for predicting heating rates. Laminar and turbulent radiation equilibrium heating rates were computed on the lower surface of the Shuttle orbiter for both trajectories, and the lower surface center line results were compared both with aerodynamic heating design data and with flight values from the STS-1 and STS-2 trajectories. The peak laminar heating values from the aerodynamic heating design data book were generally 40 to 60 percent higher than the laminar estimates of this study, except at the 55 percent location of maximum span where the design data book values were less than 10 percent higher. Estimates of both laminar and turbulent heating rates compared favorably with flight data

Master of Science

thesisA geothermal resource assessment of the Basin and Range Province in western Utah was carried out to identify resource potential for future exploration and exploitation. This assessment includes the following: (1) a new map of background heat flow, generated from approximately 500 new and existing heat flow determinations, (2) surface ground temperature established continuously across the state, and (3) a comprehensive thermal conductivity database compiled with more than 2300 measurements on Utah rock. Finally, a two-dimensional finite difference code was written to integrate determined heat flow, surface temperature, and thermal conductivity to model temperatures at depth. Two cross-sections of the resulting temperature fields are presented from different regions of the Basin and Range. The first, in Utah's Blackrock Desert, was located to assess the highest recorded background heat flow (>130 mWm-2) in the state. The second, along the axis of the Great Salt Lake, was placed in a broad swath of elevated heat flow (>105 mWm-2). Temperatures and heat content of the rock at depths commonly accessed by current drilling technology (3-5 km) were evaluated for each section. In Blackrock Desert, 150 °C was encountered at depths generally greater than 3 km and the thermal potential of rock between 3 km and 4 km for exploitation ranged between 0.14 EJkmand-3 and 0.49 EJkm-3 , with a mean value 0.31 EJkm-3. In the Great Salt Lake Region, the depth to 150 °C is less than 3 km across the basin and the calculated thermal potential, in the 3 km to 4 km depth interval, is between 0.33 EJkm-3 and 0.40 EJkm-3 with a mean 0.37 EJkm-3. High heat flows reported in the Blackrock Desert are encouraging indicators of the region's geothermal potential; however, more complicated geology and the presence of young cooling volcanics and intrusives appears to be inflating heat flow determinations, ultimately exaggerating modeled estimates of regional scale temperatures through basin sediments. In the Great Salt Lake Region, the combination of elevated heat flow, low conductivity sediments, and depth to basement result in temperatures and thermal potential that flag the region as prospective and a priority for geothermal exploration

Teaching Economics Principles as Part of Development Studies

SUMMARY The article starts from the proposition that present divisions in the subject of economics, its practice and teaching, are due to the existence of fundamental irreconcilable differences, which can be characterised as alternative theories of value. Three such theories are briefly outlined; the subjective preference theory which starts from the proposition of individual utility maximisation and logically derives monetarist policy; cost of production theory which sees the complex technical interrelationships of industrial society as demanding active, detailed state intervention to regulate and coordinate; and abstract labour theory, with the tensions of class struggle finding their reflection in political activity and threatening the position of the commodity relationship as the basis of social existence under capitalism. The authors suggest that teaching economics principles would be better organised if these different theories of value were taught sequentially as internally consistent rival schools of thought. RESUME L'enseignement des principes économiques dans le cadre des études sur le développement L'article part de la proposition que les divisions actuelles dans l'étude de l'économie, sa pratique et son enseignement sont dues à l'existence de différences fondamentales irréconciliables qui peuvent être caractérisées comme des théories de valeur rivales. Trois de ces théories sont brièvement décrites; la théorie de la préférence subjective qui part de la proposition de la maximisation de l'utilité individuelle et aboutit logiquement à une politique monétaire; la théorie du coût de production qui considère que les interrelations techniques complexes de la société industrielle exigent une intervention de l'état active et détaillée pour assurer une direction et une coordination; et la théorie abstraite du travail, selon laquelle les tensions de la lutte de classe se reflètent dans l'activité politique et menacent la position du rapport des marchandises comme base de l'existence sociale sous un régime capitaliste. Les auteurs suggèrent que l'enseignement des principes économiques serait mieux organisé si ces différentes théories de valeur étaient enseignées en séquence comme étant des écoles de pensée rivales et intérieurement conséquentes. RESUMEN Enseñanza de los principios económicos como parte de los estudios de desarrollo El artículo comienza declarando que las divisiones actuales del tema de economía, su práctica y enseñanza, se deben a la existencia de diferencias fundamentales irreconciliables que se pueden caracterizar como teorías alternativas del valor. Se reseñan brevemente tres de dichas teorías: la teoría de preferencia subjetiva que comienza basándose en la maxi?mización de la utilidad individual y lógicamente deriva en la política monetarista; la teoría sobre costo de producción que contempla las complejas relaciones técnicas de la sociedad industrial como una exigencia activa y detallada en favor de la intervención estatal para la reglamentación y coordinación; y la teoría abstracta del trabajo, con las tensiones creadas por la lucha de clases que se reflejan en la actividad política y amenazan la posición de la relación entre productos básicos como la base de la existencia social bajo el capitalismo. Los autores sugieren que la enseñanza de los principios económicos podría organizarse mejor si se enseñasen estas diversas teorías del valor de manera consecutiva como escuelas rivales de ideas con consistencia interna

DNMT inhibitors reverse a specific signature of aberrant promoter DNA methylation and associated gene silencing in AML

<b>Background</b>. Myelodysplastic syndrome (MDS) and acute myeloid leukemia (AML) are neoplastic disorders of hematopoietic stem cells. DNA methyltransferase inhibitors (DNMTi), 5-azacytidine (AzaC) and 5-aza-2’-deoxycytidine (Decitabine), benefit some MDS/AML patients. However, the role of DNMTi-induced DNA hypomethylation in regulation of gene expression in AML is unclear.<p></p> <b>Results. </b> We compared the effects of AzaC on DNA methylation and gene expression using whole-genome single-nucleotide bisulfite-sequencing (WGBS) and RNA-sequencing in OCI-AML3 (AML3) cells. For data analysis, we used an approach recently developed for discovery of differential patterns of DNA methylation associated with changes in gene expression, that is tailored to single-nucleotide bisulfite-sequencing data (Washington University Interpolated Methylation Signatures (WIMSi)). By this approach, a subset of genes upregulated by AzaC was found to be characterized by AzaC-induced signature methylation loss flanking the transcription start site. These genes are enriched for genes increased in methylation and decreased in expression in AML3 cells compared to normal hematopoietic stem and progenitor cells. Moreover, these genes are preferentially upregulated by Decitabine in human primary AML blasts, and control cell proliferation, death and development. <p></p> <b>Conclusions.</b> Our WGBS and WIMSi data analysis approach has identified a set of genes whose is methylation and silencing in AML is reversed by DNMTi. These genes are good candidates for direct regulation by DNMTi, and their reactivation by DNMTi may contribute to therapeutic activity. This study also demonstrates the ability of WIMSi to reveal relationships between DNA methylation and gene expression, based on single-nucleotide bisulfite-sequencing and RNA-seq data.<p></p&gt

PSR B0809+74: Understanding Its Perplexing Subpulse-separation (P2) Variations

The longitude separation between adjacent drifting subpulses, $P_2$, is roughly constant for many pulsars. It was then perplexing when pulsar B0809+74 was found to exhibit substantial variations in this measure, both with wavelength and with longitude position within the pulse window. We analyze these variations between 40 and 1400 MHz, and we show that they stem primarily from the incoherent superposition of the two orthogonal modes of polarization.Comment: Submitted for publication Astronomy and Astrophysic

Talking about Hillsborough: ‘panic’ as discourse in survivors' accounts of the 1989 football stadium disaster

Popular representations of crowd behaviour in disasters are often characterised by irrationalist discourses, in particular ‘mass panic’ despite their rejection by current scientific research. This paper reports an analysis of four survivors' accounts of the 1989 Hillsborough disaster to investigate if and how they used the term ‘panic’. Reference to ‘panic’ occurred frequently, but more detailed analysis found that their accounts did not match the classic criteria for ‘mass panic’ (e.g. uncontrolled emotion and selfish behaviour). Indeed, participants referred to ‘orderly’ behaviour, and cooperation, even when they said the threat of death was present. ‘Panic’ was therefore being used as a description of events that was not consistent. A discourse analysis of usage suggests that participants used ‘panic’ not only to convey feelings of fear and distress but also to apportion culpability towards the actions of the police who they considered responsible for the tragedy (as indeed recent independent research has confirmed). It is concluded that the term ‘panic’ is so deeply embedded in popular discourse that people may use it even when they have reason to reject its irrationalist implications. Alternative discourses that emphasise collective resilience in disasters are suggested

Nonparametric Bounds for the Risk Function

Nonparametric bounds for the risk difference are straightforward to calculate and make no untestable assumptions about unmeasured confounding or selection bias due to missing data (e.g., dropout). These bounds are often wide and communicate uncertainty due to possible systemic errors. An illustrative example is provided