The Covid-19 Pandemic and the Consumer Staples Sector: A Test of Market Efficiency

On Wednesday March 11, 2020, the World Health Organization (WHO) declared the covid 19 outbreak a global pandemic (Cucinotta, 2020). How efficient is the consumer staples market reaction to the announcement of a global pandemic? The purpose of this study is to examine the risk adjusted returns on and around the pandemic announcement to test the semi-strong form market efficiency hypothesis using the standard event study methodology in the finance literature. Will returns in the consumer staples industry show larger than expected gains on and surrounding the WHO’s COVID-19 pandemic announcement? The finance literature offers little evidence supporting the link between pandemics and the stock market. The announcement of a pandemic by the WHO should significantly and quickly affect the market. According to Eugene Fama (1970), if the market is semi-strong form efficient, all public information is immediately factored into the market and no investor can use this information to achieve an above normal return when adjusted for risk. To study this relationship, data for the S&P 500 and 10 consumer staples sector firms were collected for the event period surrounding the announcement of the COVID-19 pandemic. This study tests the global pandemic announcement for semi-strong form market efficiency (Bacon &Howell 2021). Evidence here supports the expected positive signal associated with the sample of consumer staples sector firms in reaction to the announcement of the pandemic. Likewise, the study results support the semi-strong form efficient market hypothesis and suggest the possibility of trading on this information up to 15 days prior to the announcement consistent with the behavioral finance literature (Bacon & Howell 2021)

Glad News no. 2: a Collection of Sacred Songs, Both New and Old, for the Church, the Sunday-School, the Revival Meeting, the Singing School, the Singing Convention, and All Kinds of Religious Work and Worship

Glad News no. 2, edited by George W. Bacon, Alfred E. Helton, and W. N. Cook, published by the Teachers\u27 Music Publishing Co. in Hudson, NC, and printed by the Armstrong Printing Co. Shape Note Hymnal with 7 shape notation. Includes Index. Collection contains 2 copies.https://digitalcommons.gardner-webb.edu/shape-note-collection/1008/thumbnail.jp

Bowhead whale distribution and feeding near Barrow, Alaska, in late summer 2005–06

Author Posting. © Arctic Institute of North America, 2010. This article is posted here by permission of Arctic Institute of North America for personal use, not for redistribution. The definitive version was published in Arctic 63 (2010): 195-205.Aerial surveys for bowhead whales were conducted in conjunction with oceanographic sampling near Barrow, Alaska, in late summer of 2005 and 2006. In 2005, 145 whales were seen, mostly in two distinct aggregations: one (ca. 40 whales) in deep water in Barrow Canyon and the other (ca. 70 whales) in very shallow (< 10 m) water just seaward of the barrier islands. Feeding behaviours observed in the latter group included whales lying on their sides with mouths agape and groups of 5–10 whales swimming synchronously in turbid water. In 2006, 78 bowheads were seen, with ca. 40 whales feeding in dispersed groups of 3–11 whales. Feeding behaviours observed included surface skimming, echelon swimming, and synchronous diving and surfacing. Surfacing behaviour included head lunges by single animals and groups of 2–4 whales. Of 29 whales harvested at Barrow, 24 had been feeding. Euphausiids were the dominant prey in 2006 (10 of 13 stomachs), but not in 2005 (4 of 11 stomachs). Copepods were the dominant prey in the stomachs of three whales harvested near Barrow Canyon in 2005. Mysiids were the dominant prey in four stomachs, isopods in two, and amphipods in one although these taxa were not routinely captured during plankton sampling conducted in the weeks prior to the autumn harvest.Much of the field portion of this work was supported by the NSF/SNACS program

Humoral Immune Response to Selected Subgingival Plaque Microorganisms in Insulin–Dependent Diabetic Children

Peer Reviewedhttps://deepblue.lib.umich.edu/bitstream/2027.42/141979/1/jper0199.pd

Reversal of renal allograft rejection with intravenous methylprednisolone "pulse" therapy,

Intravenous administration of large doses of methylprednisolone sodium succinate was demonstrated to modify rejection in both canine and human renal allografts. One dose of intravenous methylprednisolone 30 mg./kg. administered during acute rejection in dogs resulted in an increase in urine volume and osmolality, and a decrease in serum and urine LDH. In two dogs treated with a single dose and in one dog treated with four consecutive daily doses histologic evidence of reversal of rejection with reduction of cellular infiltrate was achieved. Ninety-two percent of rejections encountered in 100 consecutive human recipients of renal allografts were halted or reversed with intravenous methylprednisolone 30 mg./ kg. given every 48-72 hours to a maximum of three or four doses. No significant side effects were observed either in dogs or humans with this therapy. The mean circulating half-life of intravenous methylprednisolone was determined to be 3.48 +/- 0.7 hours in dogs. Intermittent intravenous administration of methylprednisolone has the potential advantage of being associated with fewer side effects than frequent oral administration and has been shown to be an effective method for modifying rejection.Peer Reviewedhttp://deepblue.lib.umich.edu/bitstream/2027.42/34145/1/0000430.pd

HLA AND CONGENITAL ADRENAL HYPERPLASIA LINKAGE CONFIRMED

Peer Reviewedhttp://deepblue.lib.umich.edu/bitstream/2027.42/22612/1/0000162.pd

Weighing the Giants - I. Weak-lensing masses for 51 massive galaxy clusters: project overview, data analysis methods and cluster images

This is the first in a series of papers in which we measure accurate weak-lensing masses for 51 of the most X-ray luminous galaxy clusters known at redshifts 0.15<z<0.7, in order to calibrate X-ray and other mass proxies for cosmological cluster experiments. The primary aim is to improve the absolute mass calibration of cluster observables, currently the dominant systematic uncertainty for cluster count experiments. Key elements of this work are the rigorous quantification of systematic uncertainties, high-quality data reduction and photometric calibration, and the "blind" nature of the analysis to avoid confirmation bias. Our target clusters are drawn from RASS X-ray catalogs, and provide a versatile calibration sample for many aspects of cluster cosmology. We have acquired wide-field, high-quality imaging using the Subaru and CFHT telescopes for all 51 clusters, in at least three bands per cluster. For a subset of 27 clusters, we have data in at least five bands, allowing accurate photo-z estimates of lensed galaxies. In this paper, we describe the cluster sample and observations, and detail the processing of the SuprimeCam data to yield high-quality images suitable for robust weak-lensing shape measurements and precision photometry. For each cluster, we present wide-field color optical images and maps of the weak-lensing mass distribution, the optical light distribution, and the X-ray emission, providing insights into the large-scale structure in which the clusters are embedded. We measure the offsets between X-ray centroids and Brightest Cluster Galaxies in the clusters, finding these to be small in general, with a median of 20kpc. For offsets <100kpc, weak-lensing mass measurements centered on the BCGs agree well with values determined relative to the X-ray centroids; miscentering is therefore not a significant source of systematic uncertainty for our mass measurements. [abridged]Comment: 26 pages, 19 figures (Appendix C not included). Accepted after minor revisio

Bostonia: The Boston University Alumni Magazine. Volume 7

Founded in 1900, Bostonia magazine is Boston University's main alumni publication, which covers alumni and student life, as well as university activities, events, and programs

First narrow-band search for continuous gravitational waves from known pulsars in advanced detector data

Spinning neutron stars asymmetric with respect to their rotation axis are potential sources of continuous gravitational waves for ground-based interferometric detectors. In the case of known pulsars a fully coherent search, based on matched filtering, which uses the position and rotational parameters obtained from electromagnetic observations, can be carried out. Matched filtering maximizes the signalto- noise (SNR) ratio, but a large sensitivity loss is expected in case of even a very small mismatch between the assumed and the true signal parameters. For this reason, narrow-band analysis methods have been developed, allowing a fully coherent search for gravitational waves from known pulsars over a fraction of a hertz and several spin-down values. In this paper we describe a narrow-band search of 11 pulsars using data from Advanced LIGO’s first observing run. Although we have found several initial outliers, further studies show no significant evidence for the presence of a gravitational wave signal. Finally, we have placed upper limits on the signal strain amplitude lower than the spin-down limit for 5 of the 11 targets over the bands searched; in the case of J1813-1749 the spin-down limit has been beaten for the first time. For an additional 3 targets, the median upper limit across the search bands is below the spin-down limit. This is the most sensitive narrow-band search for continuous gravitational waves carried out so far

Supermassive Black Holes in Galactic Nuclei: Past, Present and Future Research

This review discusses the current status of supermassive black hole research, as seen from a purely observational standpoint. Since the early '90s, rapid technological advances, most notably the launch of the Hubble Space Telescope, the commissioning of the VLBA and improvements in near-infrared speckle imaging techniques, have not only given us incontrovertible proof of the existence of supermassive black holes, but have unveiled fundamental connections between the mass of the central singularity and the global properties of the host galaxy. It is thanks to these observations that we are now, for the first time, in a position to understand the origin, evolution and cosmic relevance of these fascinating objects.Comment: Invited Review, 114 pages. Because of space requirements, this version contains low resolution figures. The full resolution version can be downloaded from http://www.physics.rutgers.edu/~lff/publications.htm