Excess Returns and Preferred Stock Rating Changes

Jerry G. Hunt is Professor of Finance and Acting Chairman of the Departmenl of Finance in the School of Business at East Carolina University. Allen Rappaport is an Associate Professor of Finance in the Deparlment of Management at lhe University of Northern Iowa

Efficient Markets and Underwriting Performance in Small Stock Offerings

Robert J Angell is an Assitant Professor and Jerry G. Hunt is an Associate Professor in the Department of Accounting and Finance, School ot Business, East Carolina University, Greenville, North Carolina

Statistical Analysis of Large Simulated Yield Datasets for Studying Climate Effects

Many studies have been carried out during the last decade to study the effect of climate change on crop yields and other key crop characteristics. In these studies, one or several crop models were used to simulate crop growth and development for different climate scenarios that correspond to different projections of atmospheric CO2 concentration, temperature, and rainfall changes (Semenov et al., 1996; Tubiello and Ewert, 2002; White et al., 2011). The Agricultural Model Intercomparison and Improvement Project (AgMIP; Rosenzweig et al., 2013) builds on these studies with the goal of using an ensemble of multiple crop models in order to assess effects of climate change scenarios for several crops in contrasting environments. These studies generate large datasets, including thousands of simulated crop yield data. They include series of yield values obtained by combining several crop models with different climate scenarios that are defined by several climatic variables (temperature, CO2, rainfall, etc.). Such datasets potentially provide useful information on the possible effects of different climate change scenarios on crop yields. However, it is sometimes difficult to analyze these datasets and to summarize them in a useful way due to their structural complexity; simulated yield data can differ among contrasting climate scenarios, sites, and crop models. Another issue is that it is not straightforward to extrapolate the results obtained for the scenarios to alternative climate change scenarios not initially included in the simulation protocols. Additional dynamic crop model simulations for new climate change scenarios are an option but this approach is costly, especially when a large number of crop models are used to generate the simulated data, as in AgMIP. Statistical models have been used to analyze responses of measured yield data to climate variables in past studies (Lobell et al., 2011), but the use of a statistical model to analyze yields simulated by complex process-based crop models is a rather new idea. We demonstrate herewith that statistical methods can play an important role in analyzing simulated yield data sets obtained from the ensembles of process-based crop models. Formal statistical analysis is helpful to estimate the effects of different climatic variables on yield, and to describe the between-model variability of these effects

Finishing the euchromatic sequence of the human genome

The sequence of the human genome encodes the genetic instructions for human physiology, as well as rich information about human evolution. In 2001, the International Human Genome Sequencing Consortium reported a draft sequence of the euchromatic portion of the human genome. Since then, the international collaboration has worked to convert this draft into a genome sequence with high accuracy and nearly complete coverage. Here, we report the result of this finishing process. The current genome sequence (Build 35) contains 2.85 billion nucleotides interrupted by only 341 gaps. It covers ∼99% of the euchromatic genome and is accurate to an error rate of ∼1 event per 100,000 bases. Many of the remaining euchromatic gaps are associated with segmental duplications and will require focused work with new methods. The near-complete sequence, the first for a vertebrate, greatly improves the precision of biological analyses of the human genome including studies of gene number, birth and death. Notably, the human enome seems to encode only 20,000-25,000 protein-coding genes. The genome sequence reported here should serve as a firm foundation for biomedical research in the decades ahead

Dimethyl fumarate in patients admitted to hospital with COVID-19 (RECOVERY): a randomised, controlled, open-label, platform trial

Dimethyl fumarate (DMF) inhibits inflammasome-mediated inflammation and has been proposed as a treatment for patients hospitalised with COVID-19. This randomised, controlled, open-label platform trial (Randomised Evaluation of COVID-19 Therapy [RECOVERY]), is assessing multiple treatments in patients hospitalised for COVID-19 (NCT04381936, ISRCTN50189673). In this assessment of DMF performed at 27 UK hospitals, adults were randomly allocated (1:1) to either usual standard of care alone or usual standard of care plus DMF. The primary outcome was clinical status on day 5 measured on a seven-point ordinal scale. Secondary outcomes were time to sustained improvement in clinical status, time to discharge, day 5 peripheral blood oxygenation, day 5 C-reactive protein, and improvement in day 10 clinical status. Between 2 March 2021 and 18 November 2021, 713 patients were enroled in the DMF evaluation, of whom 356 were randomly allocated to receive usual care plus DMF, and 357 to usual care alone. 95% of patients received corticosteroids as part of routine care. There was no evidence of a beneficial effect of DMF on clinical status at day 5 (common odds ratio of unfavourable outcome 1.12; 95% CI 0.86-1.47; p = 0.40). There was no significant effect of DMF on any secondary outcome

Modelling human choices: MADeM and decision‑making

Research supported by FAPESP 2015/50122-0 and DFG-GRTK 1740/2. RP and AR are also part of the Research, Innovation and Dissemination Center for Neuromathematics FAPESP grant (2013/07699-0). RP is supported by a FAPESP scholarship (2013/25667-8). ACR is partially supported by a CNPq fellowship (grant 306251/2014-0)