The Neighbor's Portfolio: Word-of-Mouth Effects in the Holdings and Trade of Money Managers

A mutual-fund manager is more likely to hold (or buy, or sell) a particular stock in any quarter if other managers in the same city are holding (or buying, or selling) that same stock. This pattern shows up even when controlling for the distance between the fund manager and the stock in question, so it is distinct from a local-preference effect. It is also robust to a variety of controls for investment styles. These results can be interpreted in terms of an epidemic model in which investors spread information about stocks to one another by word of mouth.

Thy Neighbor's Portfolio: Word-of-Mouth Effects in the Holdings and Trades of Money Managers

A mutual-fund manager is more likely to hold (or buy, or sell) a particular stock in any quarter if other managers in the same city are holding (or buying, or selling) that same stock. This pattern shows up even when controlling for the distance between the fund manager and the stock in question, so it is distinct from a local-preference effect. It is also robust to a variety of controls for investment styles. These results can be interpreted in terms of an epidemic model in which investors spread information about stocks to one another by word of mouth.

The Only Game in Town: Stock-Price Consequences of Local Bias

Theory suggests that, in the presence of local bias, the price of a stock should be decreasing in the ratio of the aggregate book value of firms in its region to the aggregate risk tolerance of investors in its region. We test this proposition using data on U.S. Census regions and states, and find clear-cut support for it. Most of the variation in the ratio of interest comes from differences across regions in aggregate book value per capita. Regions with low population density--e.g., the Deep South--are home to relatively few firms per capita, which leads to higher stock prices via an "only-game-in-town" effect. This effect is especially pronounced for smaller, less visible firms, where the impact of location on stock prices is roughly 12 percent.

Localization in an Inhomogeneous Quantum Wire

We study interaction-induced localization of electrons in an inhomogeneous quasi-one-dimensional system--a wire with two regions, one at low density and the other high. Quantum Monte Carlo techniques are used to treat the strong Coulomb interactions in the low density region, where localization of electrons occurs. The nature of the transition from high to low density depends on the density gradient--if it is steep, a barrier develops between the two regions, causing Coulomb blockade effects. Ferromagnetic spin polarization does not appear for any parameters studied. The picture emerging here is in good agreement with measurements of tunneling between two wires.Comment: 4 pages; 2 new figures, substantial revisions and clarification

Sustainable Campus Community Engagement

Laser metal deposition (LMD) was applied to deposit Inconel 718 metal matrix composites reinforced with TiC particles. The influence of laser energy input per unit length on constitution phases, microstructures, hardness, and wear performance of LMD-processed TiC/Inconel 718 composites was studied. It revealed that the LMD-processed composites consisted of γ Ni-Cr solid solution matrix, the intermetallic precipitation phase γ′, and the TiC reinforcing phase. For the laser energy input per unit length of 80-120 kJ/m, a coherent interfacial layer with the thickness of 0.8-1.4 μm was formed between TiC reinforcing particles and the matrix, which was identified as (Ti,M)C (M=Nb and Mo) layer. Its formation was due to the reaction of the strong carbide-forming elements Nb and Mo of the matrix with the dissolved Ti and C on the surface of TiC particles. The microstructures of the TiC reinforcing phase experienced a successive change as laser energy input per unit length increased: Relatively coarsened poly-angular particles (80 kJ/m) - surface melted, smoothened TiC particles (≥100 kJ/m) - fully melted/precipitated, significantly refined TiC dendrites/particles (160 kJ/m). Using the laser energy input per unit length ≥100 kJ/m produced the fully dense composites having the uniformly dispersed TiC reinforcing particles. Either the formation of reinforcement/matrix interfacial layer or the refinement in TiC dendrites/particles microstructures enhanced the microhardness and wear performance of TiC/Inconel 718 composites

Develop, demonstrate, and verify large area composite structural bonding with polyimide adhesives

The technology required to produce graphite-polyimide structural components with operational capability at 598 K (600 F) is considered. A series of polyimide adhesives was screened for mechanical and physical properties and processibility in fabricating large midplane bonded panels and honeycomb sandwich panels in an effort to fabricate a structural test component of the space shuttle aft body flap. From 41 formulations, LaRC-13, FM34B-18, and a modified LaRC-13 adhesive were selected for further evaluation. The LaRC-13 adhesive was rated as the best of the three adhesives in terms of availability, cost, processibility, properties, and ability to produce void fee large area (12" x 12") midplane bonds. Surface treatments and primers for the adhesives were evaluated and processes were developed for the fabrication of honeycomb sandwich panels of very good quality which was evidenced by rupture in the honeycomb core rather than in the facesheet bands on flatwise tensile strength testing. The fabrication of the adhesively bonded honeycomb sandwich cover panels, ribs, and leading edge covers of Celion graphite/LARC-160 polyimide laminates is described

Assessing somatization in urologic chronic pelvic pain syndrome

BACKGROUND: This study examined the prevalence of somatization disorder in Urological Chronic Pelvic Pain Syndrome (UCPPS) and the utility of two self-report symptom screening tools for assessment of somatization in patients with UCPPS. METHODS: The study sample included 65 patients with UCPPS who enrolled in the Multidisciplinary Approach to the Study of Chronic Pelvic Pain (MAPP) Study at Washington University. Patients completed the PolySymptomatic PolySyndromic Questionnaire (PSPS-Q) (n = 64) and the Patient Health Questionnaire-15 Somatic Symptom Severity Scale (PHQ-15) (n = 50). Review of patient medical records found that only 47% (n = 30) contained sufficient documentation to assess Perley-Guze criteria for somatization disorder. RESULTS: Few (only 6.5%) of the UCPPS sample met Perley-Guze criteria for definite somatization disorder. Perley-Guze somatization disorder was predicted by definite PSPS-Q somatization with at least 75% sensitivity and specificity. Perley-Guze somatization disorder was predicted by severe (\u3e 15) PHQ-15 threshold that had \u3e 90% sensitivity and specificity but was met by only 16% of patients. The moderate (\u3e 10) PHQ-15 threshold had higher sensitivity (100%) but lower specificity (52%) and was met by 52% of the sample. CONCLUSIONS: The PHQ-15 is brief, but it measures symptoms constituting only one dimension of somatization. The PSPS-Q uniquely captures two conceptual dimensions inherent in the definition of somatization disorder, both number of symptoms and symptom distribution across multiple organ systems, with relevance for UCPPS as a syndrome that is not just a collection of urological symptoms but a broader syndrome with symptoms extending beyond the urological system