Long-term Information, Short-lived Securities

We explore strategic trade in short-lived securities by agents who possess long-term information. Trading short-lived securities is profitable only if enough of the private information becomes public prior to contract expiration; otherwise the security will worthlessly expire. We highlight how this results in trading behavior fundamentally different from that observed in standard models of informed trading in equity. Specifically, we show that informed agents are more reluctant to trade shorter-term securities too far in advance of when their information will necessarily be made public, and that existing positions in a shorter-term security make future purchases more attractive. Because informed agents prefer longer-term securities, this can make trading shorter-term contracts more attractive for liquidity traders. We characterize the conditions under which liquidity traders choose to incur extra costs to roll over short-term positions rather than trade in distant contracts, providing an explanation for why most longer-term derivative security markets have little liquidity and large bid-ask spreads.Priviate information, derivative securities, rolling the hedge, fixed transaction costs

Long-term information, short-lived derivative securities

This paper explores strategic trade in short-lived derivative securities by agents that possess long-term information about an underlying asset. In contrast to trading equity, where an informed agent will ultimately benefit from his trades, trading short-lived securities is profitable only if the price impounds the private information before expiry. A consequence is that a risk neutral informed agent's holdings of the short-lived security affect his trading behavior: Past informed trading leads to greater future informed trading. The shorter horizon in which information must be impounded for a short-lived security to pay off makes an informed agent more reluctant to trade at earlier dates. By characterizing the conditions under which liquidity traders choose to incur extra costs to roll over their short-term positions rather than trade in longer-term derivative securities, we provide a possible explanation for why most markets for longer-term derivative securities have little liquidity and large bid-ask spreads.Private information, liquidity, derivative securities, strategic trade

Community Norms and Organizational Practices: The Legitimization of Wage Arrears in Russia, 1992-1999

What role do community norms play in the diffusion and persistence of new organizational practices? We explore this question through an examination of the widespread practice of wage arrears, the late and nonpayment of wages, in Russia during the 1990s. Existing research on wage arrears most often examines this practice as a means of flexible wage adjustment under difficult economic conditions. We develop an alternative theory that explains wage arrears through their acceptance as a legitimate form of organizational behavior within local communities. Our empirical analysis finds some support for the neoclassical position that wage arrears reflect adjustment to negative shocks, but this perspective fails to account for a number of important facts, including a high level of arrears among apparently successful firms. In contrast, our results find strong support for the institutional perspective. The statistical analysis demonstrates powerful and robust community effects both in firm adoption of this practice, controlling for firm performance, liquidity, and fixed firm effects, and in workers' reaction to arrears, through their quit (exit) and strike (voice) behavior.institutions, norms, legitimacy, arrears, organizational practices, sociology, Russia

Community Norms and Organizational Practices: The Legitimization of Wage Arrears in Russia, 1992-1999

What role do community norms play in the diffusion and persistence of new organizational practices? We explore this question through an examination of the widespread practice of wage arrears, the late and nonpayment of wages, in Russia during the 1990s. Existing research on wage arrears most often examines this practice as a means of flexible wage adjustment under difficult economic conditions. We develop an alternative theory that explains wage arrears through their acceptance as a legitimate form of organizational behavior within local communities. Our empirical analysis finds some support for the neoclassical position that wage arrears reflect adjustment to negative shocks, but this perspective fails to account for a number of important facts, including a high level of arrears among apparently successful firms. In contrast, our results find strong support for the institutional perspective. The statistical analysis demonstrates powerful and robust community effects both in firm adoption of this practice, controlling for firm performance, liquidity, and fixed firm effects, and in workers’ reaction to arrears, through their quit (exit) and strike (voice) behavior.institutions, norms, legitimacy, arrears, organizational practices, sociology, Russia

Case Studies in Athletic-Academic Integration: A Closer Look at Schools That Implement COIA’s Best Practices

This research follows a 2009 survey jointly conducted by the Coalition on Intercollegiate Athletics (COIA) and the John Curley Center for Sports Journalism at Penn State to assess the “best practices” of FBS institutions in regard to the integration of athletics into academics. Case studies of the six highest-scoring institutions—the University of Houston, University of Illinois, University of Maryland, Oklahoma State University, University of South Carolina, and Southern Methodist University—were conducted. The aim of these case studies was to highlight those institutions that implement more of COIA’s best practices than other surveyed schools. Further, the aim was to develop a more nuanced understanding of the relationship between COIA’s suggested practices, the “Athletics Integration into Academics” survey, and the local conditions of FBS institutions

Adaptation and acclimatization to ocean acidification in marine ectotherms: an in situ transplant experiment with polychaetes at a shallow CO₂ vent system

Metabolic rate determines the physiological and life-history performances of ectotherms. Thus, the extent to which such rates are sensitive and plastic to environmental perturbation is central to an organism's ability to function in a changing environment. Little is known of long-term metabolic plasticity and potential for metabolic adaptation in marine ectotherms exposed to elevated pCO₂. Consequently, we carried out a series of in situ transplant experiments using a number of tolerant and sensitive polychaete species living around a natural CO₂ vent system. Here, we show that a marine metazoan (i.e. Platynereis dumerilii) was able to adapt to chronic and elevated levels of pCO₂. The vent population of P. dumerilii was physiologically and genetically different from nearby populations that experience low pCO₂, as well as smaller in body size. By contrast, different populations of Amphiglena mediterranea showed marked physiological plasticity indicating that adaptation or acclimatization are both viable strategies for the successful colonization of elevated pCO₂ environments. In addition, sensitive species showed either a reduced or increased metabolism when exposed acutely to elevated pCO₂. Our findings may help explain, from a metabolic perspective, the occurrence of past mass extinction, as well as shed light on alternative pathways of resilience in species facing ongoing ocean acidification

Integration of Athletics and Academics: Survey of Best Practices at FBS Schools

The Coalition on Intercollegiate Athletics (COIA), an alliance of 57 university faculty senates, was founded in 2002 to provide a faculty voice in the national discussion about how to best maintain academic integrity in big-time college sports. COIA’s most recent white paper, Framing the Future: Reforming Intercollegiate Athletics (2007), proposes best practices for individual universities to help ensure that college sports are more fully integrated into their academic goals, values and missions. Reported here are the results of a national survey that gauged the extent to which COIA’s best practices have been adopted by schools participating in the Football Bowl Subdivision. The findings suggest that big-time athletics programs have a number of underutilized tools at their disposal that can assist them in protecting core academic values and standards at universities competing at the highest level of intercollegiate sport

Benthic assemblages of the Anton Dohrn seamount (NE Atlantic): defining deep-sea biotopes to support habitat mapping and management efforts with a focus on vulnerable marine ecosystems

In 2009 the NW and SE flanks of Anton Dohrn Seamount were surveyed using multibeam echosounder and video ground-truthing to characterise megabenthic biological assemblages (biotopes) and assess those which clearly adhere to the definition of Vulnerable Marine Ecosystems, for use in habitat mapping. A combination of multivariate analysis of still imagery and video ground-truthing defined 13 comprehensive descriptions of biotopes that function as mapping units in an applied context. The data reveals that the NW and SE sides of Anton Dohrn Seamount (ADS) are topographically complex and harbour diverse biological assemblages, some of which agree with current definitions of ‘listed’ habitats of conservation concern. Ten of these biotopes could easily be considered Vulnerable Marine Ecosystems; three coral gardens, four cold-water coral reefs, two xenophyophore communities and one sponge dominated community, with remaining biotopes requiring more detailed assessment. Coral gardens were only found on positive geomorphic features, namely parasitic cones and radial ridges, found both sides of the seamount over a depth of 1311–1740 m. Two cold-water coral reefs (equivalent to summit reef) were mapped on the NW side of the seamount; Lophelia pertusa reef associated with the cliff top mounds at a depth of 747–791 m and Solenosmilia variabilis reef on a radial ridge at a depth of 1318-1351 m. Xenophyophore communities were mapped from both sides of the seamount at a depth of 1099–1770 m and were either associated with geomorphic features or were in close proximity (< 100 m) to them. The sponge dominated community was found on the steep escarpment either side of the seamount over at a depth of 854-1345 m. Multivariate diversity revealed the xenophyophore biotopes to be the least diverse, and a hard substratum biotope characterised by serpulids and the sessile holothurian, Psolus squamatus, as the most diverse

A proteomic evaluation of urinary changes associated with cardiopulmonary bypass

Additional file 4: Table S4. Correlation filtered 2D DDA/IDA and SWATH protein difference values

Disentangling the counteracting effects of water content and carbon mass on zooplankton growth

Abstract Zooplankton vary widely in carbon percentage (carbon mass as a percentage of wet mass), but are often described as either gelatinous or non-gelatinous. Here we update datasets of carbon percentage and growth rate to investigate whether carbon percentage is a continuous trait, and whether its inclusion improves zooplankton growth models. We found that carbon percentage is continuous, but that species are not distributed homogenously along this axis. To assess variability of this trait in situ, we investigated the distribution of biomass across the range of carbon percentage for a zooplankton time series at station L4 off Plymouth, UK. This showed separate biomass peaks for gelatinous and crustacean taxa, however, carbon percentage varied 8-fold within the gelatinous group. Species with high carbon mass had lower carbon percentage, allowing separation of the counteracting effects of these two variables on growth rate. Specific growth rates, g (d−1) were negatively related to carbon percentage and carbon mass, even in the gelatinous taxa alone, suggesting that the trend is not driven by a categorical difference between these groups. The addition of carbon percentage doubled the explanatory power of growth models based on mass alone, demonstrating the benefits of considering carbon percentage as a continuous trait