Trading institutions and price discovery: the cash and futures markets for crude oil

We provide substantial evidence that the futures market for West Texas Intermediate crude oil increased the short-term volatility of the cash price of crude oil. We show that the variability of prices increased using both published posted prices and transaction prices for producers. This increased volatility in the price of crude oil may reflect information aggregated into the price, an increase the variance of shocks to the price of crude oil, or noise in the futures price that affects the cash price. We present evidence from experiments consistent with the interpretation that information aggregation not feasible in a posted-price market can explain at least part of the increase in variance. This evidence supports the proposition that information not previously aggregated into the cash price for crude oil is at least part of the reason for the greater variability of the cash price after the opening of the futures market and provides at least one example in which a futures market increased the volatility of the cash market, and prices became more efficient.

Governance Reform and the Judicial Role in Municipal Bankruptcy

Recent proceedings involving large municipalities such as Detroit, Stockton, and Vallejo illustrate both the utility and the limitations of using the Bankruptcy Code to adjust municipal debt. In this article, we contend that, to truly resolve the distress of a substantial city, municipal bankruptcy needs to do more than simply provide immediate debt relief. Debt adjustment alone does nothing to remedy the fragmented decision-making and incentives for expanding municipal budgets that underlie municipal distress. Unless bankruptcy also addresses governance dysfunction, the city may slide right back into financial crisis. Governance restructuring has long been an essential element of corporate bankruptcy. Given the monopoly position of local governments as providers of local public goods, governance reform is even more important in the municipal bankruptcy context. Some might argue that reducing a city’s debt is the best bankruptcy courts can do, because a more comprehensive approach would, among other things, interfere with state sovereignty. In our view, these concerns do not withstand inspection. Based on a careful analysis of the historical origins of the current municipal bankruptcy provisions, as well as an assessment of recent Supreme Court jurisprudence, we argue that governance reform is permitted even under existing law. To be sure, the states themselves, rather than a bankruptcy court, ideally should be the ones to effect municipal governance reform. But political factors and the salience of the fiscal crisis make state intervention unlikely, thus underscoring the need for a more comprehensive approach to municipal bankruptcy

A Two-Step Plan for Puerto Rico

Few still believe that Puerto Rico is capable of meeting all of its financial obligations and continuing to provide basic services. The territory is already in default, and conditions are rapidly deteriorating. Is there a way forward? We think there is. In this short article, we outline a two-part plan for correcting Puerto Rico’s most urgent fiscal and financial problems.The first step is to create an independent financial control board that has authority over Puerto Rico’s budgets and related issues. Notwithstanding concerns that an externally imposed financial control board (FCB) may interfere with the decision making processes of democratically elected officials, a properly designed FCB can play essential roles in the rehabilitation of distressed governments.The second step is giving Puerto Rico a mechanism for adjusting its debts. Puerto Rico currently does not access to any restructuring option. To fix this problem, Congress could either give Puerto Rico and its municipalities access to existing bankruptcy law (Chapter 9), or it could craft an alternative restructuring framework for America’s territories. We will advocate for the latter approach, although either could be used.With each step of our proposal, we summarize the key features at the outset and then describe the key features in slightly more detail

A Two-Step Plan for Puerto Rico

Few still believe that Puerto Rico is capable of meeting all of its financial obligations and continuing to provide basic services. The territory is already in default, and conditions are rapidly deteriorating. Is there a way forward? We think there is. In this short article, we outline a two-part plan for correcting Puerto Rico’s most urgent fiscal and financial problems.The first step is to create an independent financial control board that has authority over Puerto Rico’s budgets and related issues. Notwithstanding concerns that an externally imposed financial control board (FCB) may interfere with the decision making processes of democratically elected officials, a properly designed FCB can play essential roles in the rehabilitation of distressed governments.The second step is giving Puerto Rico a mechanism for adjusting its debts. Puerto Rico currently does not access to any restructuring option. To fix this problem, Congress could either give Puerto Rico and its municipalities access to existing bankruptcy law (Chapter 9), or it could craft an alternative restructuring framework for America’s territories. We will advocate for the latter approach, although either could be used.With each step of our proposal, we summarize the key features at the outset and then describe the key features in slightly more detail

Measurements of Aerosol Size Distributions and Vertical Fluxes of Aerosols on Land Subject to Wind Erosion

To assess wind erosion as a source of atmospheric soil particles, vertical aerosol fluxes near the ground in an eroding field were computed by assuming a vertical transport mechanism similar to that for momentum. Aerosol gradients were measured by jet impactors located 1.5 and 6 m above the ground, and wind velocity gradients were measured by totalizing-three anemometers located 1.5, 3 and 6 m above the ground. Information on the aerosol size distributions and quantity in the size range 0.

Measurements of Aerosol Size Distributions and Vertical Fluxes of Aerosols on Land Subject to Wind Erosion

To assess wind erosion as a source of atmospheric soil particles, vertical aerosol fluxes near the ground in an eroding field were computed by assuming a vertical transport mechanism similar to that for momentum. Aerosol gradients were measured by jet impactors located 1.5 and 6 m above the ground, and wind velocity gradients were measured by totalizing-three anemometers located 1.5, 3 and 6 m above the ground. Information on the aerosol size distributions and quantity in the size range 0.

Movement of Translocated Adult Sicklefin Redhorse (\u3ci\u3eMoxostoma\u3c/i\u3e sp.) in the Oconaluftee River, North Carolina: Implications for Species Restoration

The Sicklefin Redhorse is a rare, undescribed species of Moxostoma, endemic to the Hiwassee and Little Tennessee River basins of western North Carolina and northern Georgia, where it has been eliminated from much of its native range. It is listed as endangered in Georgia and threatened in North Carolina. Although it has not been granted federal protected status, this species is the subject of a Candidate Conservation Agreement between federal, state, tribal, and private stakeholders, of which one objective calls for the re-establishment of Sicklefin Redhorse populations throughout its historical range. The objective of our study was to evaluate suitability of North Carolina’s upper Oconaluftee River for reintroduction of Sicklefin Redhorse, by tracking movement patterns of translocated individuals. Ten native Sicklefin Redhorse were collected from the Tuckasegee River in Swain County, NC, implanted with radio transmitters and translocated into the Oconaluftee River upstream from Ela Dam. Fish were tracked individually using radio telemetry for six months. Movement patterns for newly translocated fish, as well as seasonal patterns for females, were comparable to those shown in previous studies within the current range of Sicklefin Redhorse. Although some fish moved extensively, the sedentary patterns observed in females suggests that the upper Oconaluftee River may provide suitable overwinter habitat for the Sicklefin Redhorse. However, additional data are needed concerning spawning suitability and rates of downstream migration past Ela Dam before reintroducing Sicklefin Redhorse back to this portion of its native range

Improving Pharmacy Student Communication Outcomes Using Standardized Patients

Objective. To examine whether standardized patient encounters led to an improvement in a student pharmacist-patient communication assessment compared to traditional active-learning activities within a classroom setting. Methods. A quasi-experimental study was conducted with second-year pharmacy students in a drug information and communication skills course. Student patient communication skills were assessed using high-stakes communication assessment. Results. Two hundred and twenty students’ data were included. Students were significantlymore likely to have higher scores on the communication assessment when they had higher undergraduate GPAs, were female, and taught using standardized patients. Similarly, students were significantly more likely to pass the assessment on the first attempt when they were female and when they were taught using standardized patients. Conclusion. Incorporating standardized patients within a communication course resulted in improved scores as well as first-time pass rates on a communication assessment than when using different methods of active learning

Cost-Effectiveness of Using Standardized Patients to Assess Student-Pharmacist Communication Skills

Objective. To explore the cost-effectiveness of including standardized patients (SP) in the didactic curriculum for application and assessment of students’ pharmacist-patient communication skills. Methods. Five role play/case study (RP/CS) activities from a communication skills curriculum were replaced with five SP encounters. Communication was assessed using a rubric. This study developed an economic model to examine the costs and effectiveness of replacing RP/CS events with SP events in knowledge-application and communication assessment. Costs consisted of SP hourly wages for training and delivery of SP events. Outcomes examined were the incremental cost-effectiveness ratio (ICER) per student. Results. The ICER comparing SP to RP/CS was $100.93 higher per student on first-attempt pass rates and$9.04 per one-point increase in the mean score. Conclusion. SP was more effective and more costly than RP/CS. Further research into students’ willingness to pay needs to occur before determining if using SPs is cost-effective in teaching communication skills

Comparison of Pharmaceutical Calculations Learning Outcomes Achieved Within a Traditional Lecture or Flipped Classroom Andragogy

Objective. To compare learning outcomes achieved from a pharmaceutical calculations course taught in a traditional lecture (lecture model) and a flipped classroom (flipped model). Methods. Students were randomly assigned to the lecture model and the flipped model. Course instructors, content, assessments, and instructional time for both models were equivalent. Overall group performance and pass rates on a standardized assessment (Pcalc OSCE) were compared at six weeks and at six months post-course completion. Results. Student mean exam scores in the flipped model were higher than those in the lecture model at six weeks and six months later. Significantly more students passed the OSCE the first time in the flipped model at six weeks; however, this effect was not maintained at six months. Conclusion. Within a 6 week course of study, use of a flipped classroom improves student pharmacy calculation skill achievement relative to a traditional lecture andragogy. Further study is needed to determine if the effect is maintained over time