Neighbors Matter: Causal Community Effects and Stock Market Participation

This paper establishes a causal relation between an individual's decision of whether to own stocks and average stock market participation decision of the individual's community. We instrument for the average ownership of an individual's community with lagged average ownership of the states in which one's non-native neighbors were born. Combining this instrumental variables approach with controls for individual and community fixed effects, a broad set of time-varying individual and community controls, and state-by-year effects, rules out alternative explanations. To further establish that word-of-mouth communication drives this causal effect, we show that the results are stronger in more sociable communities.

The Geography of Stock Market Participation: The Influence of Communities and Local Firms

This paper is the first to investigate the importance of geography in explaining equity market participation. We provide evidence to support two distinct local area effects. The first is a community ownership effect, that is, individuals are influenced by the investment behavior of members of their community. Specifically, a ten percentage-point increase in equity market participation of the members of one's community makes it two percentage points more likely that the individual will invest in stocks. We find further evidence that the influence of community members is strongest for less financially sophisticated households and strongest within peer groups' as defined by age and income categories. The second is that proximity to publicly-traded firms also increases equity market participation. In particular, the presence of publicly-traded firms within 50 miles and the share of U.S. market value headquartered within the community are significantly correlated with equity ownership of individuals. These results are quite robust, holding up in the presence of a wide range of individual and community controls, instrumental variables estimation, the inclusion of individual fixed effects, and specification checks to rule out that the relations are driven solely by ownership of the stock of one's employer.

Biochemical and genetic analyses of a catalase from the anaerobic bacterium Bacteroides fragilis.

A single catalase enzyme was produced by the anaerobic bacterium Bacteroides fragilis when cultures at late log phase were shifted to aerobic conditions. In anaerobic conditions, catalase activity was detected in stationary-phase cultures, indicating that not only oxygen exposure but also starvation may affect the production of this antioxidant enzyme. The purified enzyme showed a peroxidatic activity when pyrogallol was used as an electron donor. It is a hemoprotein containing one heme molecule per holomer and has an estimated molecular weight of 124,000 to 130,000. The catalase gene was cloned by screening a B. fragilis library for complementation of catalase activity in an Escherichia coli catalase mutant (katE katG) strain. The cloned gene, designated katB, encoded a catalase enzyme with electrophoretic mobility identical to that of the purified protein from the B. fragilis parental strain. The nucleotide sequence of katB revealed a 1,461-bp open reading frame for a protein with 486 amino acids and a predicted molecular weight of 55,905. This result was very close to the 60,000 Da determined by denaturing sodium dodecyl sulfate-polyacrylamide gel electrophoresis of the purified catalase and indicates that the native enzyme is composed of two identical subunits. The N-terminal amino acid sequence of the purified catalase obtained by Edman degradation confirmed that it is a product of katB. The amino acid sequence of KatB showed high similarity to Haemophilus influenzae HktE (71.6% identity, 66% nucleotide identity), as well as to gram-positive bacterial and mammalian catalases. No similarities to bacterial catalase-peroxidase-type enzymes were found. The active-site residues, proximal and distal hemebinding ligands, and NADPH-binding residues of the bovine liver catalase-type enzyme were highly conserved in B. fragilis KatB. Originally published Journal of Bacteriology, Vol. 117, No. 11, June 199

Analysis of Economic Depreciation for Multi-Family Property

This paper uses a hedonic pricing model and National Council of Real Estate Investment Fiduciaries data to estimate economic depreciation for multi-family real estate. The findings indicate that investment grade multi-family housing depreciates approximately 2.7% per year in real terms based on total property value. This implies a depreciation rate for just the building of about 3.25% per year. With 2% inflation, this suggests a nominal depreciation rate of about 5.25% per year. Converted into a straight-line depreciation rate that has the same present value, this suggests a depreciable life of 30.5 years - as compared to 27.5 years allowed under the current tax laws. Thus, these laws are slightly favorable to multi-family properties by providing a tax depreciation rate that exceeds economic depreciation, which is in part due to inflation that has been less than expected during the past decade.

UAS Service Supplier Specification

Within the Unmanned Aircraft Systems (UAS) Traffic Management (UTM) system, the UAS Service Supplier (USS) is a key component. The USS serves several functions. At a high level, those include the following: Bridging communication between UAS Operators and Flight Information Management System (FIMS) Supporting planning of UAS operations Assisting strategic deconfliction of the UTM airspace Providing information support to UAS Operators during operations Helping UAS Operators meet their formal requirements This document provides the minimum set of requirements for a USS. In order to be recognized as a USS within UTM, successful demonstration of satisfying the requirements described herein will be a prerequisite. To ensure various desired qualities (security, fairness, availability, efficiency, maintainability, etc.), this specification relies on references to existing public specifications whenever possible

Relating Baseball Seam Height to Carry Distance

AbstractPast work has shown large variation in the drag of baseballs. Little is known concerning the causes of variation in ball drag. Ball diameter, weight, seam height, surface roughness, and shape influence lift and drag, and therefore carry distance. The aim of this work was to quantify the effect of seam height and roundness on ball lift and drag, which, to our understanding, has never been done outside of a wind tunnel. A bespoke, non-contact, ball surface profiler, was used to measure ball radius, including seam height. The profiles were analyzed to describe ball roundness and seam height separately. Balls with three different seam heights were projected in an enclosed stadium 102-122 m (describing a typical fly ball). Redundant radar devices were used to measure launch angle, speed, and flight paths. High speed video was used to confirm launch angle and ball spin rate. Hit distance was verified with a physical tape measure. The ball's roundness influenced the effective height of a seam. Measurements of the non-seam area of a ball were necessary to characterize the seams of a ball. A strong correlation was observed between seam height and a ball's drag coefficient. Lift, however, was not sensitive to seam height or ball shape

Formation and removal of alkylthiolate self-assembled monolayers on gold in aqueous solutions

We report the development of novel reagents and approaches for generating recyclable biosensors. The use of aqueous media for the formation of protein binding alkylthiolate monolayers on Au surfaces results in accelerated alkylthiolate monolayer formation and improvement in monolayer integrity as visualized by fluorescence microscopy and CV techniques. We have also developed an electrocleaning protocol that is compatible with microfluidics devices, and this technique serves as an on-chip method for cleaning Au substrates both before and after monolayer formation. The techniques for the formation and dissociation of biotinylated SAMs from aqueous solvents reported here may be applied towards the development of Au-based sensor devices and microfluidics chips in the future. A potential use of these devices includes the specific capture and triggered release of target cells, proteins, or small molecules from liquid samples