Multilateral Transparency for Security Markets Through DLT

For decades, changing technology and policy choices have worked to fragment securities markets, rendering them so dark that neither ownership nor real-time price of securities are generally visible to all parties multilaterally. The policies in the U.S. National Market System and the EU Market in Financial Instruments Directive— together with universal adoption of the indirect holding system— have pushed Western securities markets into a corner from which escape to full transparency has seemed either impossible or prohibitively expensive. Although the reader has a right to skepticism given the exaggerated promises surrounding blockchain in recent years, we demonstrate in this paper that distributed ledger technology (DLT) contains the potential to convert fragmented securities markets back to multilateral transparency. Leading markets generally lack transparency in two ways that derive from their basic structure: (1) multiple platforms on which trades in the same security are matched have separate bid/ask queues and are not consolidated in real time (fragmented pricing), and (2) highspeed transfers of securities are enabled by placing ownership of the securities in financial institutions, thus preventing transparent ownership (depository or street name ownership). The distributed nature of DLT allows multiple copies of the same pricing queue to be held simultaneously by a large number of order-matching platforms, curing the problem of fragmented pricing. This same distributed nature of DLT would allow the issuers of securities to be nodes in a DLT network, returning control over securities ownership and transfer to those issuers and thus, restoring transparent ownership through direct holding with the issuer. A serious objection to DLT is that its latency is very high—with each Bitcoin blockchain transaction taking up to ten minutes. To remedy this, we first propose a private network without cumbersome proof-of-work cryptography. Second, we introduce into our model the quickly evolving technology of “lightning networks,” which are advanced two-layer off-chain networks conducting high-speed transacting with only periodic memorialization in the permanent DLT network. Against the background of existing securities trading and settlement, this Article demonstrates that a DLT network could bring multilateral transparency and thus represent the next step in evolution for markets in their current configuration

Homeownership Rates of Married Couples: An Econometric Investigation

Ownership patterns for young (under 45) married couples are striking in two respects. First, ownership rates rise dramatically with age: couples 35- 44 consistently have ownership rates nearly 50 percentage points higher than couples under 25. Second, half of the sharp ownership gains of young married couples in the 1970s were reversed in the first half of the 1980s. These patterns do not hold either for single or other households or for married couples over 44. To increase understanding of this variability by age and over time, we analyze the tenure behavior of young married couples using aggregate income/age-class data from the 1973-83 Annual (American) Housing Surveys (AHS). The income of a household affects its tenure choice both directly (the taste for ownership rises with income) and indirectly (the cost of owning declines as income rises owing to the greater value of investment in a nontaxed asset for investors in higher tax brackets). Age affects tenure choice because older households have higher incomes, are less mobile (annual-equivalent transactions costs are lower), have more wealth (portfolio diversification for owner- occupiers is easier), and have more certain income (and are thus more willing to commit to ownership). Price and income elasticities for tenure choice are computed, the rise in ownership rates between 1973 and 1979 and the subsequent decline are interpreted, and an impact of the Tax Reform Act of 1986 is predicted.

The Composite Spectrum of Strong Lyman-alpha Forest Absorbers

We present a new method for probing the physical conditions and metal enrichment of the Intergalactic Medium: the composite spectrum of Ly-alpha forest absorbers. We apply this technique to a sample of 9480 Ly-alpha absorbers with redshift 2 < z < 3.5 identified in the spectra of 13,279 high-redshift quasars from the Sloan Digital Sky Survey (SDSS) Fifth Data Release (DR5). Absorbers are selected as local minima in the spectra with 2.4 < tau_Ly-alpha < 4.0; at SDSS resolution (~ 150km/s FWHM), these absorbers are blends of systems that are individually weaker. In the stacked spectra we detect seven Lyman-series lines and metal lines of O VI, N V, C IV, C III, Si IV, C II, Al II, Si II, Fe II, Mg II, and O I. Many of these lines have peak optical depths of < 0.02, but they are nonetheless detected at high statistical significance. Modeling the Lyman-series measurements implies that our selected systems have total H I column densities N_HI ~ 10^15.4cm-2. Assuming typical physical conditions rho / = 10, T = 10^4 - 10^4.5 K, and [Fe/H]= -2 yields reasonable agreement with the line strengths of high-ionization species, but it underpredicts the low-ionization species by two orders of magnitude or more. This discrepancy suggests that the low ionization lines arise in dense, cool, metal-rich clumps, present in some absorption systems.Comment: 7 pages, 4 figures, 1 table, accepted by ApJL, revisions mad

Long-term follow-up of patients undergoing resection of tnm stage i colorectal cancer: an analysis of tumour and host determinants of outcome

Background Screening for colorectal cancer improves cancer-specific survival (CSS) through the detection of early-stage disease; however, its impact on overall survival (OS) is unclear. The present study examined tumour and host determinants of outcome in TNM Stage I disease. Methods All patients with pathologically confirmed TNM Stage I disease across 4 hospitals in the North of Glasgow between 2000 and 2008 were included. The preoperative modified Glasgow Prognostic Score (mGPS) was used as a marker of the host systemic inflammatory response (SIR). Results There were 191 patients identified, 105 (55 %) were males, 91 (48 %) were over the age of 75 years and 7 (4 %) patients underwent an emergency operation. In those with a preoperative CRP result (n = 150), 35 (24 %) patients had evidence of an elevated mGPS. Median follow-up of survivors was 116 months (minimum 72 months) during which 88 (46 %) patients died; 7 (8 %) had postoperative deaths, 15 (17 %) had cancer-related deaths and 66 (75 %) had non-cancer-related deaths. 5-year CSS was 95 % and OS was 76 %. On univariate analysis, advancing age (p &#60; 0.001), emergency presentation (p = 0.008), and an elevated mGPS (p = 0.012) were associated with reduced OS. On multivariate analysis, only age (HR = 3.611, 95 % CI 2.049–6.365, p &#60; 0.001) and the presence of an elevated mGPS (HR = 2.173, 95 % CI 1.204–3.921, p = 0.010) retained significance. Conclusions In patients undergoing resection for TNM Stage I colorectal cancer, an elevated mGPS was an objective independent marker of poorer OS. These patients may benefit from a targeted intervention

Factors associated with the efficacy of polyp detection during routine flexible sigmoidoscopy

Objective: Flexible sigmoidoscopy reduces the incidence of colonic cancer through the detection and removal of premalignant adenomas. However, the efficacy of the procedure is variable. The aim of the present study was to examine factors associated with the efficacy of detecting polyps during flexible sigmoidoscopy. Design and patients: Retrospective observational cohort study of all individuals undergoing routine flexible sigmoidoscopy in NHS Greater Glasgow and Clyde from January 2013 to January 2016. Results: A total of 7713 patients were included. Median age was 52 years and 50% were male. Polyps were detected in 1172 (13%) patients. On multivariate analysis, increasing age (OR 1.020 (1.016–1.023) p&lt;0.001), male sex (OR 1.23 (1.10–1.38) p&lt;0.001) and the use of any bowel preparation (OR 3.55 (1.47–8.57) p&lt;0.001) were associated with increasing numbers of polyps being detected. There was no significant difference in the number of polyps found in patients who had received an oral laxative preparation compared with an enema (OR 3.81 (1.57–9.22) vs 3.45 (1.43–8.34)), or in those who received sedation versus those who had not (OR 1.00 vs 1.04 (0.91–1.17) p=0.591). Furthermore, the highest number of polyps was found when the sigmoidoscope was inserted to the descending colon (OR 1.30 (1.04–1.63)). Conclusions: Increasing age, male sex and the utilisation of any bowel preparation were associated with an increased polyp detection rate. However, the use of sedation or oral laxative preparation appears to confer no additional benefit. In addition, the results indicate that insertion to the descending colon optimises the efficacy of flexible sigmoidoscopy polyp detection

Interest on Bank Reserves and Optimal Sweeping

This paper utilizes a profit maximizing banking model to analyze sweeping behavior. Comparative statics results indicate that sweeping responds positively to increases in bank loan rates and reserve ratios and negatively to increases in the interest rate on reserves or to exogenous increases in bank deposits or equity. Sweeping generates greater responsiveness in lending to changes in loan rates or the interest rate on reserves and lower responsiveness to exogenous changes in reserve ratios or equity. Empirical analysis of an explicit condition that we derive relating sweeping to the interest rate on reserves suggests with an unchanged reserve requirement, the Fed could eliminate sweeping by setting the interest rate on reserves to no less than 3.67 percentage points below the market loan rate. The range of interest rates on reserves that lead to zero sweeping increases sharply, however, as the required reserve ratio is reduced