A Pure Test for the Elasticity of Yield Spreads

The correlation between interest rates and corporate bond yield spreads is a well-known feature of structural bond pricing models. Duffee (1998) argues that this correlation is weak once the effects of call options are removed from the data; a conclusion that contradicts the negative correlation expected by Longstaff and Schwartz (1995). However, Elton et al. (2001) point out that Duffee's analysis ignores the effects of the tax differential between U.S. Treasury and corporate bonds. Canadian bonds have no such tax differential, yet, after controlling for callability, we find that the correlation between interest rates and corporate bond spreads remains negligible. We also find a significant negative relationship for callable bonds with this relationship increasing with the moneyness of the call provision. These results are robust under alternate empirical specifications.Bond Yield Spread, Default Risk, Callable Bonds, Corporate Bonds

Inhibitory learning approaches to exposure therapy: A critical review and translation to obsessive-compulsive disorder

The majority of treatment research on OCD has focused on pre/post treatment efficacy of exposure-based interventions, with less attention directed towards (a) understanding mechanisms of change, and (b) maximizing long-term effectiveness. Inhibitory learning theory (ILT) provides a novel foundation for understanding how exposure therapy reduces fear. Moreover, ILT is consistent with empirical evidence that raises questions about the more traditional (i.e., habituation) explanation for exposure therapy's efficacy. Yet ILT has yet to be applied to understanding the treatment of OCD and its heterogeneity. The current review is an examination of human experimental research on ILT that seeks to translate laboratory findings on fear extinction to exposure therapy across empirically established OCD symptom dimensions. We provide an up-to-date critical review of the existing evidence for a series of strategies derived from ILT that have been proposed for the treatment of fear, discuss the limitations of existing studies, and provide suggestions for future research within this rapidly accelerating area of study. We also offer conceptual considerations for applying these principles to the treatment of OCD symptom dimensions. A common theme is the idea of introducing "desirable difficulties" into the implementation of exposure in order to foster more durable long-term learning

The Relative Contributions of Experiential Avoidance and Distress Tolerance to OC Symptoms

Background: Obsessive beliefs account for substantial (but not all) obsessive-compulsive (OC) symptoms. Intolerance of internal experiences (IIE), which encompasses the constructs of experiential avoidance (EA) and distress tolerance (DT), refers to difficulty managing unwanted thoughts, emotions, and other internal states, and might add to current explanatory models. Although IIE appears to be conceptually relevant to obsessive-compulsive (OC) symptoms, scant research has examined this relationship empirically. Aim: The present study examined the relative contributions of EA and DT as predictors of OC symptom dimensions. Method: A nonclinical sample ( n = 496) completed self-report questionnaires measuring general distress, EA, DT and OC symptom dimensions. Results: All variables of interest were significantly (all p s ≤ .001) correlated with one another, such that higher general distress, higher EA, and lower DT were associated with greater OC symptom severity for all symptom dimensions; however, only EA independently predicted obsessional symptoms, but not other OC symptom dimensions. Conclusions: One's willingness to endure (i.e. EA), rather than their ability to tolerate (i.e. DT) unpleasant internal experiences best predicts obsessional symptoms (i.e. obsessing) above and beyond general distress. Potential implications for understanding, assessing, and treating OC symptoms are discussed

Fostering collaborative research for rare genetic disease: The example of Niemann-Pick type C disease

Rare disease represents one of the most significant issues facing the medical community and health care providers worldwide, yet the majority of these disorders never emerge from their obscurity, drawing little attention from the medical community or the pharmaceutical industry. The challenge therefore is how best to mobilize rare disease stakeholders to enhance basic, translational and clinical research to advance understanding of pathogenesis and accelerate therapy development. Here we describe a rare, fatal brain disorder known as Niemann-Pick type C (NPC) and an innovative research collaborative known as Support of Accelerated Research for NPC (SOAR-NPC) which illustrates one pathway through which knowledge of a rare disease and its possible treatments are being successfully advanced. Use of the “SOAR” mechanism, we believe, offers a blueprint for similar advancement for many other rare disorders

Maternal life stress events in pregnancy link to children's school achievement at age 10 years

Objective: To test the hypothesis that maternal antenatal exposure to life stress events is associated with lower achievement in literacy and numeracy at age 10 years, with sex differences in this link. Study design: The Western Australian Pregnancy Cohort Study recruited 2900 women at 18 weeks' pregnancy, and 2868 children were followed up at birth and postnatally. At age 10 years, information on 1038 children was linked to their literacy and numeracy test scores. Multivariate regression models were used to test the foregoing hypotheses, adjusting for important confounders. Results: In girls, maternal antenatal exposure to 4 or more maternal life stress events or death of the mother's friend and/or relative was associated with lower reading scores. In contrast, exposure to 3 or more life stress events or to a pregnancy or financial problem was associated with higher reading scores in boys. Furthermore, maternal exposure to 4 or more life stress events was associated with higher mathematic scores and a residential move was linked to higher writing scores in boys. Conclusion: Maternal antenatal exposure to life stress events has differing effects on the school performance of male and female offspring. Further research is needed to explore the reasons for this sex difference

Enhancing the ecological validity of the Beads Task as a behavioral measure of intolerance of uncertainty

To broaden the measurement of intolerance of uncertainty (IU) beyond self-report methods, recent research has examined the Beads Task as a behavioral measure of IU. In the present study, we enhanced this task to increase its ecological validity by maximizing decisional uncertainty and the importance of a correct response. Undergraduate participants (n=102) completed the Beads Task with instructions that they would complete the Cold Pressor Task (CPT) if they answered incorrectly. As hypothesized, baseline CPT endurance time and self-reported pain level were weakly associated with later Beads Task distress during the decision-making process. Furthermore, in vivo Beads Task distress was associated with self-report inhibitory IU, which measures avoidance and paralysis in the face of uncertainty, but not with prospective IU, perfectionism, or general psychological distress after making statistical adjustments for multiple comparisons. Comparisons to previous work using the Beads Task, clinical implications, and avenues for future research are discussed

How European Union Membership Can Undermine the Rule of Law in Emerging Democracies

The European Union views the spread of economic prosperity and rule of law to countries emerging from dictatorship as among its primary goals when considering countries as candidates for membership. Existing literature often suggests that EU membership confers significant benefits on the accession countries, and these countries are willing to undergo costly and difficult reforms to reap these benefits. Through strict membership conditions, member states force accession countries to commit to democracy. Drawing on theoretical work in the fields of law, politics, and economics, this article reassesses the conventional wisdom. It argues that, under certain conditions, the reforms required of would-be members could have the perverse effect of undermining the establishment of legitimate law in transitional democracies. Using an agent-based model, the article elucidates a theory in which placing laws on the books around which no societal consensus exists can create perverse incentives for citizens and government officials and may lead to an erosion of the rule of law

Guaranteed Income and Financial Treatment (G.I.F.T.): A 12-Month, Randomized Controlled Trial to Compare the Effectiveness of Monthly Unconditional Cash Transfers to Treatment as Usual in Reducing Financial Toxicity in People With Cancer Who Have Low Incomes

Cancer-related financial hardship (i.e., financial toxicity) has been associated with anxiety and depression, greater pain and symptom burden, treatment nonadherence, and mortality. Out-of-pocket healthcare costs and lost income are primary drivers of financial toxicity, however, income loss is a pronounced risk factor for cancer patients with low incomes. There has been little progress in developing an income intervention to alleviate financial toxicity cancer patients with low incomes. Unconditional cash transfers (UCT), or guaranteed income, have produced positive health effects in experiments with general low-income populations, but have not yet been evaluated in people with cancer. The Guaranteed Income and Financial Treatment (GIFT) Trial will use a two-arm randomized controlled trial to compare the efficacy of a 12-month UCT intervention providing $1000/month to treatment as usual on financial toxicity, health-related quality of life and treatment adherence in people with cancer who have low-incomes. The study will recruit 250 Medicaid beneficiaries with advanced cancer from two comprehensive cancer centers in Philadelphia, obtain informed consent, and randomize patients to one of two conditions: (1)$1,000/month UCT or (2) treatment as usual. Both arms will receive information on financial toxicity and the contact information for their hospital social worker or financial advocate upon enrollment. Participants will complete online surveys at baseline, 3, 6, 9, and 12 months from enrollment to collect patient-reported data on primary (i.e., financial toxicity, health-related quality of life, and treatment adherence) and secondary outcomes (i.e., anxiety, depression, food insecurity, housing stability). Social security records will be used to explore the effect on mortality at 2, 3, and 5 years post-enrollment. Linear mixed-models will be used to analyze all primary and secondary continuous outcomes over time and general estimating equations with a logit link and binary distribution for all binary outcomes over time. Differences between treatment and control groups and treatment effects will be determined using models that control for age, gender, race, baseline food security, baseline housing stability, and baseline ECOG. Findings from this study will have significant implications for the development and implementation of programs and policies that address the financial burden of cancer and other serious illnesses