Journals, Journals Everywhere and Not a Shelf to Spare

Objective: Identify storage and shelving options for the growing print journal collection. Options could include additional shelving in the library, offsite storage, and improvements to the current library remote storage location. Cost, space, and potential impact on patrons and library staff should all be identified. One option will be chosen, and an implementation plan developed and executed. Methods:A project team worked to identify the extent of the shelving crisis. Inventorying, estimating, and extrapolating were the primary tools used to determine that the library would run out of space in the main journal collection in early 2004. An offsite storage facility was identified for library use and all costs associated with transforming the space into a viable storage solution were identified. The team also evaluated the current shelving layout in the library and developed a plan to add additional shelving in stages. Finally, the costs associated with improving and maximizing the library’s current remote storage location were calculated. This included improved safety, cleaning, painting, and compact shelving. The costs and service ramifications of each solution were compared, along with logistics of moving and merging a portion of the collection. Results:After careful evaluation, library management determined that improving the current remote storage was cost effective and provided the best option for access and service. Working from our data, we calculated the number of volumes that the storage facility would hold. The project was divided into three phases. The first phase included physically preparing the storage space, installing a third of the compact shelving, writing, and testing move/merge procedures, as well as hiring temporary employees to complete the actual merge. Phases two and three called for additional compact shelving to be installed. Conclusion:Moving and merging of a collection requires careful plan¬ning, detailed data analysis, and hard physical work. Ideally, you will only do this once. In our case, we knew this option would only be a temporary solution to our space crisis that will take us through the year 2012, at which time we hope to have a new library building with com¬pact shelving throughout. Presented at the Medical Library Association Annual Meeting, San Antonio, TX, May 17, 2005

Combination Forecasts of Bond and Stock Returns: An Asset Allocation Perspective

We investigate the out-of-sample forecasting ability of the HML, SMB, momentum, short-term and long-term reversal factors along with their size and value decompositions on U.S. bond and stock returns for a variety of horizons ranging from the short run (1 month) to the long run (2 years). Our findings suggest that these factors contain significantly more information for future bond and stock market returns than the typically employed financial variables. Combination of forecasts of the empirical factors turns out to be particularly successful, especially from an an asset allocation perspective. Similar findings pertain to the European and Japanese markets

On the lease rate, convenience yield and speculative effects in the gold futures market

By examining data on the gold forward offered rate (GOFO) and lease rates over the period 1996- 2009, we conclude that the convenience yield of gold is better approximated by the lease rate than the interest-adjusted spread of Fama & French (1983). Using the latter quantity, we study the relationship between gold leasing and the level of COMEX discretionary inventory and exhibit that lease rates are negatively related to inventories. We also show that Futures prices have increasingly exceeded forward prices over the period, and this effect increases with the speculative pressure and the maturity of the contracts

Factors Impacting Capital Expenditures in the Quick Service Restaurant Industry

The purpose of this article is to study the factors that impact capital expenditures in the quickservice restaurant industry. The authors hypothesize that growth opportunities, free cash flow, size, corporate earnings, economic conditions, and franchising status will have impact on the capital expenditures of quick-service restaurants. This study analyzed capital expenditure and other financial data on quick service restaurants for the period 2006–2016. Results suggest that corporate earnings, size, cash flow, economic conditions, and franchising have a significant relationship with capital expenditures, while growth opportunities are not associated with capital expenditures. Specifically, a high degree of corporate earnings, large size, and a high degree of cash flow tend to be associated with a high degree of capital expenditures; while favorable economic conditions and franchising tend to be associated with a low level of capital expenditures

Double Exponential Instability of Triangular Arbitrage Systems

If financial markets displayed the informational efficiency postulated in the efficient markets hypothesis (EMH), arbitrage operations would be self-extinguishing. The present paper considers arbitrage sequences in foreign exchange (FX) markets, in which trading platforms and information are fragmented. In Kozyakin et al. (2010) and Cross et al. (2012) it was shown that sequences of triangular arbitrage operations in FX markets containing 4 currencies and trader-arbitrageurs tend to display periodicity or grow exponentially rather than being self-extinguishing. This paper extends the analysis to 5 or higher-order currency worlds. The key findings are that in a 5-currency world arbitrage sequences may also follow an exponential law as well as display periodicity, but that in higher-order currency worlds a double exponential law may additionally apply. There is an "inheritance of instability" in the higher-order currency worlds. Profitable arbitrage operations are thus endemic rather that displaying the self-extinguishing properties implied by the EMH.Comment: 22 pages, 22 bibliography references, expanded Introduction and Conclusion, added bibliohraphy reference

Evaluating Greek equity funds using data envelopment analysis

This study assesses the relative performance of Greek equity funds employing a non-parametric method, specifically Data Envelopment Analysis (DEA). Using an original sample of cost and operational attributes we explore the e¤ect of each variable on funds' operational efficiency for an oligopolistic and bank-dominated fund industry. Our results have significant implications for the investors' fund selection process since we are able to identify potential sources of inefficiencies for the funds. The most striking result is that the percentage of assets under management affects performance negatively, a conclusion which may be related to the structure of the domestic stock market. Furthermore, we provide evidence against the notion of funds' mean-variance efficiency