REIT Stock Repurchases: Completion Rates, Long - Run Returns, and the Straddle Hypothesis

This study of real estate investment trusts (REITs) analyzes three possible explanations for the stock price reaction to a repurchase announcement and the subsequent repurchase behavior of managers under each hypothesis. Two of the hypotheses, the signaling hypothesis and the exchange option hypothesis, are established in the existing literature; the third hypothesis is a modification of the exchange option hypothesis. The exchange option hypothesis is extended to allow for additional flexibility in management decisions. This extended exchange option hypothesis is termed the ‘‘straddle’’ hypothesis because it provides management with both a call and put option. The empirical analyses show the straddle hypothesis is a more robust explanation of changes in shares outstanding in the postannouncement period than the alternative explanations.

Constraints on the Intergalactic Transport of Cosmic Rays

Motivated by recent experimental proposals to search for extragalactic cosmic rays (including anti-matter from distant galaxies), we study particle propagation through the intergalactic medium (IGM). We first use estimates of the magnetic field strength between galaxies to constrain the mean free path for diffusion of particles through the IGM. We then develop a simple analytic model to describe the diffusion of cosmic rays. Given the current age of galaxies, our results indicate that, in reasonable models, a completely negligible number of particles can enter our Galaxy from distances greater than $\sim 100$ Mpc for relatively low energies ($E$ $< 10^6$ GeV/n). We also find that particle destruction in galaxies along the diffusion path produces an exponential suppression of the possible flux of extragalactic cosmic rays. Finally, we use gamma ray constraints to argue that the distance to any hypothetical domains of anti-matter must be roughly comparable to the horizon scale.Comment: 24 pages, AAS LaTex, 1 figure, accepted to Ap

Assessment of an Innovative Medication Adherence Training Exercise in an Interprofessional Training Program

OBJECTIVE To assess the effect of an innovative training exercise on post-graduate healthcare trainees’ knowledge and perspectives of medication adherence and skills gained within an interprofessional training program. METHODS Postgraduate trainees (medicine, pharmacy, advanced practice nursing, and mental health) at the Michael E. DeBakey VA Medical Center’s Center of Excellence in Primary Care Education interprofessional training program participated in a medication adherence exercise and training session. The session included a formal PowerPoint presentation, an innovative medication adherence simulation exercise, clinical scenarios, and a journal club. Verbal feedback during the debriefing session occurred after the medication adherence simulation exercise and throughout the session. RESULTS Six trainees participated in the exercise and training session (2 medical residents, 2 nurse practitioner residents, 1 pharmacy resident, and 1 clinical psychology fellow). Trainees reported developing a greater understanding for barriers patients face with medication adherence, empathy, and strategies to manage patients’ medication adherence. CONCLUSIONS The medication adherence exercise and training session provided an opportunity for healthcare professionals from different professions to discuss medication adherence and share their educational training and previous clinical experiences within an interprofessional training program

Photoevaporation of Circumstellar Disks due to External FUV Radiation in Stellar Aggregates

When stars form in small groups (N = 100 - 500 members), their circumstellar disks are exposed to little EUV radiation but a great deal of FUV radiation from massive stars in the group. This paper calculates mass loss rates for circumstellar disks exposed to external FUV radiation. Previous work treated large disks and/or intense radiation fields in which the disk radius exceeds the critical radius (supercritical disks) where the sound speed in the FUV heated layer exceeds the escape speed. This paper shows that significant mass loss still takes place for subcritical systems. Some of the gas extends beyond the disk edge (above the disk surface) to larger distances where the temperature is higher, the escape speed is lower, and an outflow develops. The evaporation rate is a sensitive function of the stellar mass and disk radius, which determine the escape speed, and the external FUV flux, which determines the temperature structure of the flow. Disks around red dwarfs are readily evaporated and shrink to disk radii of 15 AU on short time scales (10 Myr) when exposed to moderate FUV fields with $G_0$ = 3000. Although disks around solar type stars are more durable, these disks shrink to 15 AU in 10 Myr for intense FUV radiation fields with $G_0$ = 30,000; such fields exist in the central 0.7 pc of a cluster with N = 4000 stars. If our solar system formed in the presence of such strong FUV radiation fields, this mechanism could explain why Neptune and Uranus in our solar system are gas poor, whereas Jupiter and Saturn are gas rich. This mechanism for photoevaporation can also limit the production of Kuiper belt objects and can suppress giant planet formation in sufficiently large clusters, such as the Hyades, especially for disks associated with low mass stars.Comment: 49 pages including 12 figures; accepted to Ap

HIghMass - High HI Mass, HI-Rich Galaxies at z∼0z\sim0: Combined HI and H2_2 Observations

We present resolved HI and CO observations of three galaxies from the HIghMass sample, a sample of HI-massive ($M_{HI} > 10^{10} M_\odot$), gas-rich ($M_{HI}$ in top $5\%$ for their $M_*$) galaxies identified in the ALFALFA survey. Despite their high gas fractions, these are not low surface brightness galaxies, and have typical specific star formation rates (SFR$/M_*$) for their stellar masses. The three galaxies have normal star formation rates for their HI masses, but unusually short star formation efficiency scale lengths, indicating that the star formation bottleneck in these galaxies is in the conversion of HI to H$_2$, not in converting H$_2$ to stars. In addition, their dark matter spin parameters ($\lambda$) are above average, but not exceptionally high, suggesting that their star formation has been suppressed over cosmic time but are now becoming active, in agreement with prior H$\alpha$ observations.Comment: 20 pages, 13 figure

Diversity and Keratin Degrading Ability of Fungi Isolated from Canadian Arctic Marine Bird Feathers

We present the first records of fungi associated with feathers from seabirds and sea ducks in the Canadian Arctic&nbsp;and sub-Arctic. Birds sampled in Nunavut and Newfoundland (Canada) included the Common Eider (Somateria mollissima), King Eider (S. spectabilis), Black-legged Kittiwake (Rissa tridactyla), Northern Fulmar (Fulmarus glacialis), Glaucous Gull (Larus hyperboreus), Black Guillemot (Cepphus grylle), and Thick-billed Murre (Uria lomvia). In total 19 fungal species were cultured from feathers, identified using ITS rDNA barcoding, and screened for their ability to degrade keratin using a keratin azure assay. Our results indicate that 1) of the 19 isolates, 74% were ascomycetes, while the remaining 26% were basidiomycetes (yeasts); 2) 21% of the ascomycete isolates demonstrated keratinolytic activity (a known pathogenicity factor for fungi that may potentially be harmful to birds); 3) the largest number of fungi were cultured from the sampled Thick-billed Murre; and 4) based on a multiple correspondence analysis, there is some indication that both the King Eider and the Thick-billed Murre collected in the low Arctic had distinct fungal communities that were different from each other and from the other birds sampled. Although our sample sizes were small, initial trends in point (4) do demonstrate that additional study is merited to assess whether the fungal community differences are influenced by variation in the known ecologies of the&nbsp;avian hosts and fungi identified.Nous présentons les premiers enregistrements de champignons se rapportant aux plumes d’oiseaux et de canards&nbsp;de mer dans l’Arctique et la région subarctique du Canada. Parmi les oiseaux échantillonnés au Nunavut et à Terre-Neuve (Canada), notons l’eider à duvet (Somateria mollissima), l’eider à tête grise (S. spectabilis), la mouette tridactyle (Rissa tridactyla), le fulmar boréal (Fulmarus glacialis), le goéland bourgmestre (Larus hyperboreus), le guillemot à miroir (Cepphus grylle) et le guillemot de Brünnich (Uria lomvia). En tout, 19 espèces de champignons ont été prélevées à partir de plumes. Elles ont été identifiées au moyen de codes à barres ITS ADNr et examinées afin de déterminer si elles sont capables de dégrader la kératine, et ce, à l’aide d’une épreuve de dégradation de la kératine au bleu azur. Nos résultats indiquent : 1) que parmi les 19 isolats, 74 % étaient des ascomycètes et que les 26 % restants étaient des basidiomycètes (levures); 2) que 21 % des isolats d’ascomycètes ont affiché une activité kératinolytique (un facteur de pathogénicité pour les champignons, facteur susceptible de nuire aux oiseaux); 3) que le plus grand nombre de cultures de champignons a été prélevé chez le guillemot de Brünnich; et 4) que d’après une analyse de correspondance multiple, il y a une certaine indication que les échantillons de l’eider à tête grise et du guillemot de Brünnich recueillis dans le Bas-Arctique comprenaient des communautés fongiques distinctes qui différaient les unes des autres ainsi que des autres oiseaux échantillonnés. Même si la taille de nos échantillons était petite, les premières tendances ressortant du point (4) démontrent qu’il y a lieu de faire des études plus poussées afin de déterminer si les différences entre les communautés fongiques sont influencées par la variation des écologies connues des&nbsp;hôtes aviaires et des champignons identifiés