AN EXAMINATION OF A DEVELOPMENT RIGHTS PURCHASE PROGRAM FOR ALASKA AGRICULTURAL LANDS

A report submitted to the Department of Natural Resources, State of Alaska, in accordance with terms of research contract OCTO 1142.Many Alaskans are concerned about the conversion of highly productive agricultural lands to nonagricultural uses now occurring in the state. Land on the urban fringes of Anchorage and Fairbanks that once produced vegetables and grains or supported dairy farms appears most vulnerable to this conversion. As major population centers grow, residential, shopping center and industrial land uses displace agriculture because they render greater returns. This displacement is viewed by some as not being in society's best interest. Those concerned about the loss of agricultural lands argue that these lands are some of the best agricultural lands in the state and are vital to maintaining the agricultural economy of the state. In addition, it is suggested that their preservation will help to maintain a much desired way of life and to provide needed open space. The state and municipal governments in Alaska have made attempts to intervene in the land market to slow down or stop agricultural land conversion. Methods employed to date include tax incentives and the sale of only the agricultural rights on state or municipal lands. This report discusses the feasibility of an alternative means of preserving agricultural lands, namely, the public purchase of development rights from private landowners. Under this voluntary arrangement, private agricultural landowners would be compensated for giving up their option to develop their land for nonagricultural purposes.Introduction: Overview, Plan of Report -- Market Failure and the Allocation of Agricultural Land Resources -- Agricultural Land Conversion in Alaska -- Present and Potential Agricultural Development in Alaska: Introduction, Present Agricultural Situation, Agricultural Lands for Future Development, Future Agricultural Development in Alaska -- Purchase of Development Rights: Suffolk County: History, Maryland, New Jersey, Massachusetts and Connecticut, Definition of Development Rights, Strengths and Weaknesses of Development Rights Purchases -- Applicability of a Development Rights Program in Alaska: Introduction, Development Rights Survey in Alaska: Response, Farm Size of Respondents, Interest in Selling Development Rights, Market Values of Cleared and Uncleared Agricultural Lands, Value of Development Rights, Distance from a Population Center, Interest in Selling Development Rights, and Perceived Value of Development Rights -- Economic Size Agricultural Operations -- Potential Costs of a Purchase of Development Rights Program: Other Costs -- Benefits of Development Rights Acquisition: Maintenance of the Local Agricultural Economy, Locally Produced Food, Open Space and Other Public Good Amenities, Removal of Uncertainty -- Other Agricultural Land Control Tools: Comparison of Agricultural Land Preservation Tools -- Summary and Conclusions -- References -- Appendix A: Operation of of Purchase of Development Rights Programs -- Appendix B: Alaska Agricultural Lands Survey -- Appendix C: Additional Comments from Respondents -- Appendix D: Alternative Agricultural Land Control Technique

Mutual fund redemptions: Liquidity preferences in fund asset sales

This study investigates whether mutual funds that experience redemptions preferentially sell their more-liquid stocks. Investors that remain in such funds may inherit portfolios of less-liquid stocks, with an associated transfer of wealth to redeemers. Using 626 mutual fund-periods between 1995 and 1999 we observe that funds do indeed have a systematic preference for selling their more-liquid stocks when they experience redemptions. Our findings question the efficacy of a buy-and-hold strategy where investors could be disadvantaged by managers preferentially selling their more-liquid assets

Superficial femoral artery catheterisation with two parallel guidewires after femoris profunda artery cannulation in antegrade percutaneous femoral access

No abstract availabl

Open repair with resection and reimplantation for popliteal artery aneurysm

Popliteal artery aneurysms are the most frequent type of peripheral arterial aneurysm and can be repaired by either open or endovascular techniques. An 81-year-old man presented with leg swelling and during duplex ultrasound examination was diagnosed a popliteal aneurysm. The transverse diameter was 3.6 × 4.5cm, length 2.8cm, one run-off vessel patent. The popliteal aneurysm was asymptomatic for clinical signs of limb ischaemia. We opted for an open surgical repair through a posterior approach. During dissection of the popliteal artery above and below the aneurysm, the two non-diseased popliteal extremities appeared to be very close, leading to the decision to perform an end-to-end anastomosis between the two arterial extremities. The patient was discharged after three days with no adverse events. Follow-up consisted of duplex ultrasound examination at one, three and six months, and then annually. At the six-month follow-up there was no restenosis at the anastomosis

Asset securitizations and audit effort

Asset securitizations increase audit complexity and audit risks, which are expected to increase audit effort. We predict auditors became more sensitive to banks’ asset securitization risks in light of their role in bank failures and the financial downturn that commenced in 2007. Using bank holding company data from 2003 to 2009, we find that asset securitization risks (retained interests) are associated with bank audit fees during, but not before, the global financial crisis. This suggests auditors were previously less attentive to securitization risks before the GFC. The results are consistent with auditors previously treating securitizations as asset sales rather than recourse debt

Mutual Fund Trades: Timing Sentiment and Managing Tracking Error Variance

We use portfolio holdings to show that mutual funds preferentially trade stocks according to the stocks‟ sentiment betas. Stocks with high sentiment betas are more responsive to investor sentiment and increase (decrease) in value as sentiment increases (decreases). Sentiment-based trades may be motivated by the opportunity to increase fund returns through timing predictability in sentiment, or by management of portfolio risk. Sentiment is mean-reverting, but its level and recent change only partially explain these trades. In contrast, 30 percent of sentiment-based trades are explained by the initial sentiment beta of funds that trade to reduce their tracking error variance

Bank audit fees and asset securitization risks

Asset securitizations increase audit complexity and audit risks, which are expected to increase audit fees. Using US bank holding company data from 2003 to 2011, we find significant and positive associations between asset securitization risks and audit fees. After the commencement of the global financial crisis (GFC), there was an increased focus on the role of audits on asset securitization risks resulting from the crisis in the banking industry. Therefore, we expect that auditors would become more sensitive to banks’ asset securitization risks after the commencement of the global financial crisis. We find that auditors appear to focus on different aspects of asset securitization risks after the onset of the crisis and that auditors appear to charge a GFC premium for banks

Systematic risk and the performance of mutual funds pursuing momentum and contrarian trades

We examine mutual fund trading activity to determine whether they rebalance their portfolios towards stocks that were recent superior performers (a momentum strategy) or towards stocks that recently underperformed (a contrarian strategy). Using 2,829 funds with 49,661 fund-periods between 1991 and 2005, we find that around 15% of the funds exhibit contrarian trading behavior with a similar percentage following a momentum strategy. We highlight the importance of a stock’s risk to traders adopting momentum and contrarian strategies. Mutual funds that follow a momentum strategy and acquire high-risk stocks improve their performance, while those following a contrarian strategy in these stocks diminish their performance. Both contrarian and momentum trading behavior by funds persists

Investor sentiment and momentum and contrarian trading strategies: Mutual fund evidence

Stocks with high sentiment betas are more sensitive to investor sentiment, with more subjective valuations. We contend that sentiment beta also captures the duration of mispricing. Accordingly, stocks with high (low) sentiment betas provide opportunities for momentum (contrarian) traders. We form hypothetical zero investment portfolios of high (low) sentiment betas stocks, and show that momentum profits decompose to reveal positive (negative) serial correlation of idiosyncratic returns, that contribute to momentum (contrarian) profits. Furthermore, actual mutual funds identified as momentum (contrarian) traders hold stocks with higher (lower) sentiment betas. Additionally, funds adjust sentiment betas to enhance performance as sentiment changes

Asset securitizations and audit fees

Asset securitizations increase audit complexity and audit risks, which may have an impact on audit fees. Using U.S. data from 2003 to 2008, we find that asset securitization risks (retained interests) are associated with audit fees after, but not before, the global financial crisis (GFC). This suggests auditors neglected securitization risks before the GFC. The results are consistent with auditors treating securitizations as asset sales rather than secured borrowing