Liquidity and its impact on bond prices

In this paper, we propose a theoretical continuous-time model to analyze the impact of liquidity on bond prices. This model prices illiquid bonds relative to liquid bonds and provides a testable theory of illiquidity induced price discounts. The model is tested using 1992-1994 data from bonds issued by the german government.These bonds define a market segment that is homogeneous in bankruptcy risk, taxes, age, and coupons, but the bonds differ with respect to their liquidity. The empirical findings suggest that bond prices not only depend on the dynamics of interest rates, but also on the liquidity of bonds. Therefore, bond liquidity should be used as an additional pricing factor. The findings of the out-of-sample test demonstrate the superiority of the model in comparison with traditional pricing models

Basins of attraction for cascading maps

We study a finite uni-directional array of "cascading" or "threshold coupled" chaotic maps. Such systems have been proposed for use in nonlinear computing and have been applied to classification problems in bioinformatics. We describe some of the attractors for such systems and prove general results about their basins of attraction. In particular, we show that the basins of attraction have infinitely many path components. We show that these components always accumulate at the corners of the domain of the system. For all threshold parameters above a certain value, we show that they accumulate at a Cantor set in the interior of the domain. For certain ranges of the threshold, we prove that the system has many attractors.Comment: 15 pages, 9 figures. To appear in International Journal of Bifurcations and Chao

When Salespeople Harbor Negative Stereotypes of their Corporate Headquarters : How Harmful is it and How can it be Avoided

This study examines the performance implications that organizations may suffer when their salespeople develop negative stereotypes of their corporate headquarters. How such stereotypes can be remedied through managerial action is also examined. The study draws on matched data from four different sources: sales managers, salespeople, customers, and company reports. Findings indicate that negative headquarters stereotypes among salespeople are associated with poor marketing-related performance across a range of outcomes, including salespeople’s adherence to corporate strategy, their customer orientation, and their sales performance. Findings also show that negative headquarters stereotypes can be remedied through managerial action, but more so at the corporate management level than at the sales unit level

When salespeople develop negative headquarters stereotypes: performance effects and managerial remedies

This study examines the performance implications that organizations may suffer when their salespeople develop negative stereotypes of their corporate headquarters. How such stereotypes can be remedied through managerial action is also examined. The study draws on matched data from four different sources: sales managers, salespeople, customers, and company reports. Findings indicate that negative headquarters stereotypes among salespeople are associated with poor marketing-related performance across a range of outcomes, including salespeople's adherence to corporate strategy, their customer orientation, and their sales performance. Findings also show that negative headquarters stereotypes can be remedied through managerial action, but more so at the corporate management level than at the sales unit level

Examining the efficacy of six published time-lapse imaging embryo selection algorithms to predict implantation to demonstrate the need for the development of specific, in-house morphokinetic selection algorithms.

OBJECTIVE: To study the efficacy of six embryo-selection algorithms (ESAs) when applied to a large, exclusive set of known implantation embryos. DESIGN: Retrospective, observational analysis. SETTING: Fertility treatment center. PATIENT(S): Women undergoing a total of 884 in vitro fertilization (IVF) or intracytoplasmic sperm injection (ICSI) treatment cycles (977 embryos) between September 2014 and September 2015 with embryos cultured using G-TL (Vitrolife) at 5% O2, 89% N2, 6% CO2, at 37°C in EmbryoScope instruments. INTERVENTION(S): None. MAIN OUTCOME MEASURE(S): Efficacy of each ESA to predict implantation defined using specificity, sensitivity, positive predictive value (PPV), negative predictive value (NPV), area under the receiver operating characteristic curve (AUC), and likelihood ratio (LR), with differences in implantation rates (IR) in the categories outlined by each ESA statistically analyzed (Fisher's exact and Kruskal-Wallis tests). RESULT(S): When applied to an exclusive cohort of known implantation embryos, the PPVs of each ESA were 42.57%, 41.52%, 44.28%, 38.91%, 38.29%, and 40.45%. The NPVs were 62.12%, 68.26%, 71.35%, 76.19%, 61.10%, and 64.14%. The sensitivity was 16.70%, 75.33%, 72.94%, 98.67%, 51.19%, and 62.33% and the specificity was 85.83%, 33.33%, 42.33%, 2.67%, 48.17%, and 42.33%, The AUC were 0.584, 0.558, 0.573, 0.612, 0.543, and 0.629. Two of the ESAs resulted in statistically significant differences in the embryo classifications in terms of IR. CONCLUSION(S): These results highlight the need for the development of in-house ESAs that are specific to the patient, treatment, and environment. These data suggest that currently available ESAs may not be clinically applicable and lose their diagnostic value when externally applied

Preliminary investigation of the prevalence and implantation potential of abnormal embryonic phenotypes assessed using time-lapse imaging.

This retrospective, single site observational study aimed to delineate five abnormal embryonic developmental phenotypes, assessing their prevalence, development potential and suitability for inclusion in embryo selection models for IVF. In total, 15,819 embryos from 4559 treatment cycles cultured in EmbryoScope® incubators between January 2014 and January 2016 were included. Time-lapse images were assessed retrospectively for five abnormal embryo phenotypes: direct cleavage, reverse cleavage, absent cleavage, chaotic cleavage and cell lysis. The prevalence of each abnormal phenotype was assessed. Final embryo disposition, embryo quality and implantation rate were determined and compared with a control embryo cohort. The collective prevalence for the five abnormal phenotypes was 11.4%; chaotic cleavage and direct cleavage together constituted 9.7%. Implantation rates were 17.4%, 0%, 25%, 2.1% and 0% for direct, reverse, absent, chaotic cleavage and cell lysis, respectively. The overall implantation rate for all abnormal embryos with known implantation status was significantly lower compared with the control population (6.9% versus 38.7%, P < 0.0001). The proportion of good quality embryos in each category of abnormal cleavage remained below 25%. Embryos exhibiting an abnormal phenotype may have reduced developmental capability, manifested in both embryo quality and implantation potential, when compared with embryos of normal phenotype

Simple Estimation of X- Trion Binding Energy in Semiconductor Quantum Wells

A simple illustrative wave function with only three variational parameters is suggested to calculate the binding energy of negatively charged excitons (X-) as a function of quantum well width. The results of calculations are in agreement with experimental data for GaAs, CdTe and ZnSe quantum wells, which differ considerably in exciton and trion binding energy. The normalized X- binding energy is found to be nearly independent of electron-to-hole mass ratio for any quantum well heterostructure with conventional parameters. Its dependence on quantum well width follows an universal curve. The curve is described by a simple phenomenological equation.Comment: 8 pages, 3 Postscript figure

Consequences of Marketing Asset Accountability—A Natural Experiment

Marketing scholars have extensively studied marketing's effect on firm value and have developed metrics and dashboards to help establish marketing accountability. However, empirical evidence of marketing accountability's specific outcomes is scarce and mainly derived from surveys. It also lacks consideration of outcomes beyond the marketing function's standing in the firm, thus overlooking possible downsides and outcomes with regard to external stakeholders such as investors. Using a natural experiment—Australia's change from a nonrestrictive to a restrictive accounting regime—this study investigates how accountability for the financial value of marketing assets (marketing asset accountability) affects a firm's marketing management focus on short-term vis-à-vis long-term marketing efficiency, its cost of capital, and the degree to which its stock price reflects actual future performance (i.e., stock price informativeness). The results show that marketing asset accountability improves long-term marketing efficiency, reduces cost of equity, and improves stock price informativeness, but does not consistently affect short-term marketing efficiency and cost of debt. Moreover, although marketing-intensive firms are commonly assumed to benefit most from marketing asset accountability, this is not the case. These results have implications for researchers, managers, and public policy decision makers. </jats:p