A reinvestigation of the stock price reactions to announcements of Black top executive appointments

We investigate the stock market reactions to the announcements of Black CEO and top management team (TMT) appointments in light of two conflicting studies that advance competing and opposite theories. In 2021, Gligor and colleagues theorized that reactions will be negative due to racial stereotyping, and found negative mean stock price reactions for both Black CEOs and TMTs. Conversely, in 2023, Jeong and colleagues theorized that the stock market will respond positively to the appointment of Black CEOs, because these CEOs have to meet a “higher bar” to be appointed. They reported a positive mean reaction to such appointments. In our quasi-replication of these two prior studies, we find a reliably positive mean reaction for Black CEOs but an immaterial median reaction, and no marginal stock price impact to the announcement of the appointment of a Black CEO and TMT executives after controlling for explanatory factors that go outside the racial bias and higher bar theories. In light of the fragility and lack of robustness in these results, we recommend that future research in the area of Black top executives and the stock market be cautious when presenting and interpreting results

Biases in Multi-Year Management Financial Forecasts: Evidence From Private Venture-Backed U.S. Companies

This paper studies the properties and determinants of managers’ multi-year financial forecasts. Using one- to five-year-ahead forecasts reported by private venture-backed firms, we ask whether, by how much, and why biases in managers’ forecasts of revenues, expenses and profits depend on the forecasting horizon and the verifiability of assets. We find that profitability forecasts contain a strategic component, in that [1] one-year-ahead revenue (expense) forecasts are slightly and asymmetrically pessimistic (optimistic), while five-year-ahead forecasts are hugely and asymmetrically optimistic (pessimistic); and [2] biases in revenue and expense forecasts are larger, the harder to verify or more intangible-intensive are firms’ assets

A Smartphone-based Decision Support Tool Improves Test Performance Concerning Application of the Guidelines for Managing Regional Anesthesia in the Patient Receiving Antithrombotic or Thrombolytic Therapy

BACKGROUND: The American Society of Regional Anesthesia and Pain Medicine (ASRA) consensus statement on regional anesthesia in the patient receiving antithrombotic or thrombolytic therapy is the standard for evaluation and management of these patients. The authors hypothesized that an electronic decision support tool (eDST) would improve test performance compared with native physician behavior concerning the application of this guideline. METHODS: Anesthesiology trainees and faculty at 8 institutions participated in a prospective, randomized trial in which they completed a 20-question test involving clinical scenarios related to the ASRA guidelines. The eDST group completed the test using an iOS app programmed to contain decision logic and content of the ASRA guidelines. The control group completed the test by using any resource in addition to the app. A generalized linear mixed-effects model was used to examine the effect of the intervention. RESULTS: After obtaining institutional review board's approval and informed consent, 259 participants were enrolled and randomized (eDST = 122; control = 137). The mean score was 92.4 ± 6.6% in the eDST group and 68.0 ± 15.8% in the control group (P < 0.001). eDST use increased the odds of selecting correct answers (7.8; 95% CI, 5.7 to 10.7). Most control group participants (63%) used some cognitive aid during the test, and they scored higher than those who tested from memory alone (76 ± 15% vs. 57 ± 18%, P < 0.001). There was no difference in time to completion of the test (P = 0.15) and no effect of training level (P = 0.56). CONCLUSIONS: eDST use improved application of the ASRA guidelines compared with the native clinician behavior in a testing environment

Total Dissolved Gas Effects on Incubating Chum Salmon Below Bonneville Dam

At the request of the U.S. Army Corps of Engineers (USACE; Portland District), Pacific Northwest National Laboratory (PNNL) undertook a project in 2006 to look further into issues of total dissolved gas (TDG) supersaturation in the lower Columbia River downstream of Bonneville Dam. In FY 2008, the third year of the project, PNNL conducted field monitoring and laboratory toxicity testing to both verify results from 2007 and answer some additional questions about how salmonid sac fry respond to elevated TDG in the field and the laboratory. For FY 2008, three objectives were 1) to repeat the 2006-2007 field effort to collect empirical data on TDG from the Ives Island and Multnomah Falls study sites; 2) to repeat the static laboratory toxicity tests on hatchery chum salmon fry to verify 2007 results and to expose wild chum salmon fry to incremental increases in TDG, above those of the static test, until external symptoms of gas bubble disease were clearly present; and 3) to assess physiological responses to TDG levels in wild chum salmon sac fry incubating below Bonneville Dam during spill operations. This report summarizes the tasks conducted and results obtained in pursuit of the three objectives. Chapter 1 discusses the field monitoring, Chapter 2 reports the findings of the laboratory toxicity tests, and Chapter 3 describes the field-sampling task. Each chapter contains an objective-specific introduction, description of the study site and methods, results of research, and discussion of findings. Literature cited throughout this report is listed in Chapter 4. Additional details on the monitoring methodology and results are provided in Appendices A and B included on the compact disc bound inside the back cover of the printed version of this report

Enhancing wind erosion monitoring and assessment for U.S. rangelands

Wind erosion is a major resource concern for rangeland managers because it can impact soil health, ecosystem structure and function, hydrologic processes, agricultural production, and air quality. Despite its significance, little is known about which landscapes are eroding, by how much, and when. The National Wind Erosion Research Network was established in 2014 to develop tools for monitoring and assessing wind erosion and dust emissions across the United States. The Network, currently consisting of 13 sites, creates opportunities to enhance existing rangeland soil, vegetation, and air quality monitoring programs. Decision-support tools developed by the Network will improve the prediction and management of wind erosion across rangeland ecosystems. © 2017 The Author(s)The Rangelands archives are made available by the Society for Range Management and the University of Arizona Libraries. Contact [email protected] for further information

A measurement of the millimetre emission and the Sunyaev-Zel'dovich effect associated with low-frequency radio sources

We present a statistical analysis of the millimetre-wavelength properties of 1.4GHz-selected sources and a detection of the Sunyaev–Zel’dovich (SZ) effect associated with the haloes that host them. We stack data at 148, 218 and 277GHz from the Atacama Cosmology Telescope at the positions of a large sample of radio AGN selected at 1.4GHz. The thermal SZ effect associated with the haloes that host the AGN is detected at the 5σ level through its spectral signature, representing a statistical detection of the SZ effect in some of the lowest mass haloes (average M 200 ≈ 10 13 M. h −1 70 ) studied to date. The relation between the SZ effect and mass (based on weak lensing measurements of radio galaxies) is consistent with that measured by Planck for local bright galaxies. In the context of galaxy evolution models, this study confirms that galaxies with radio AGN also typically support hot gaseous haloes. Adding Herschel observations allows us to show that the SZ signal is not significantly contaminated by dust emission. Finally, we analyse the contribution of radio sources to the angular power spectrum of the cosmic microwave background

Two Alleles of NF-κB in the Sea Anemone Nematostella vectensis Are Widely Dispersed in Nature and Encode Proteins with Distinct Activities

BACKGROUND. NF-κB is an evolutionarily conserved transcription factor that controls the expression of genes involved in many key organismal processes, including innate immunity, development, and stress responses. NF-κB proteins contain a highly conserved DNA-binding/dimerization domain called the Rel homology domain. METHODS/PRINCIPAL FINDINGS. We characterized two NF-κB alleles in the sea anemone Nematostella vectensis that differ at nineteen single-nucleotide polymorphisms (SNPs). Ten of these SNPs result in amino acid substitutions, including six within the Rel homology domain. Both alleles are found in natural populations of Nematostella. The relative abundance of the two NF-κB alleles differs between populations, and departures from Hardy-Weinberg equilibrium within populations indicate that the locus may be under selection. The proteins encoded by the two Nv-NF-κB alleles have different molecular properties, in part due to a Cys/Ser polymorphism at residue 67, which resides within the DNA recognition loop. In nearly all previously characterized NF-κB proteins, the analogous residue is fixed for Cys, and conversion of human RHD proteins from Cys to Ser at this site has been shown to increase DNA-binding ability and increase resistance to inhibition by thiol-reactive compounds. However, the naturally-occurring Nematostella variant with Cys at position 67 binds DNA with a higher affinity than the Ser variant. On the other hand, the Ser variant activates transcription in reporter gene assays more effectively, and it is more resistant to inhibition by a thiol-reactive compound. Reciprocal Cys<->Ser mutations at residue 67 of the native Nv-NF-κB proteins affect DNA binding as in human NF-κB proteins, e.g., a Cys->Ser mutation increases DNA binding of the native Cys variant. CONCLUSIONS/SIGNIFICANCE. These results are the first demonstration of a naturally occurring and functionally significant polymorphism in NF-κB in any species. The functional differences between these alleles and their uneven distribution in the wild suggest that different genotypes could be favored in different environments, perhaps environments that vary in their levels of peroxides or thiol-reactive compounds.National Institutes of Health (CA047763); National Science Foundation (FP-91656101-0); Environmental Protection Agency (F5E11155); Conservation International Marine Management Area Science Program; Boston University (SPRInG grant); Postdoctoral Scholar Program at the Woods Hole Oceanographic Institution; The Beacon Institute for Rivers and Estuaries; the J Seward Johnson Fund; Boston University (5 P42 ES07381