Investors\u27 Asset Allocations versus Life-Cycle Funds

Life-cycle funds, among the newest asset allocation fund offerings, are managed according to investors\u27 time horizons and risk tolerances. Partly in response to the appearance of these funds, we examined the relationships among the risk in individual investors\u27 portfolios, their financial-planning time horizons, and their risk tolerances. Generally, we found that portfolio risk increases as time horizon and willingness to take risk increase. This relationship held when we used willingness to take risk increase. This relationship held when we used multivariate analysis. Additional factors related to portfolio risk were found to be the investors\u27 expectations of a future economic downtown, age, education, and marital status

Allowing FDA Regulation of Communications Software Used in Telemedicine: A Potentially Fatal Misdiagnosis?

Communications technology is changing and improving the way that health care services are delivered to patients. Telemedicine, or the use of communications technology to provide medical care, allows doctors to treat patients in rural areas who otherwise would not have access to medical services. With the development and use of telemedicine, however, comes the burden of government regulation. The Food and Drug Administration (FDA) is just beginning to assert its jurisdiction over telemedicine, seeking to regulate telemedicine systems as medical devices under 21 U.S.C. § 321(h). Should the FDA strongly assert its jurisdiction, it has the ability to regulate entire telemedicine systems, including all of the communications technology used in such systems. Potential regulation by the FDA poses serious problems for the telecommunications industry, and may have a deleterious effect in the research and use of telemedicine. The jurisdiction of the FDA to regulate communications technology used in telemedicine should be limited in order to encourage the widespread development of telemedicine

Allowing FDA Regulation of Communications Software Used in Telemedicine: A Potentially Fatal Misdiagnosis?

Communications technology is changing and improving the way that health care services are delivered to patients. Telemedicine, or the use of communications technology to provide medical care, allows doctors to treat patients in rural areas who otherwise would not have access to medical services. With the development and use of telemedicine, however, comes the burden of government regulation. The Food and Drug Administration (FDA) is just beginning to assert its jurisdiction over telemedicine, seeking to regulate telemedicine systems as medical devices under 21 U.S.C. § 321(h). Should the FDA strongly assert its jurisdiction, it has the ability to regulate entire telemedicine systems, including all of the communications technology used in such systems. Potential regulation by the FDA poses serious problems for the telecommunications industry, and may have a deleterious effect in the research and use of telemedicine. The jurisdiction of the FDA to regulate communications technology used in telemedicine should be limited in order to encourage the widespread development of telemedicine

The effects of an antiseritonergic drug and antihistamine in an experimental model of feline asthma

The entire dissertation/thesis text is included in the research.pdf file; the official abstract appears in the short.pdf file (which also appears in the research.pdf); a non-technical general description, or public abstract, appears in the public.pdf file.Vita."May 2007"Includes bibliographical references.Thesis (M.S.) University of Missouri-Columbia 2007.Dissertations, Academic -- University of Missouri--Columbia -- Veterinary medicine and surgery.Use of cyproheptadine, a serotonin antagonist, and cetirizine a selective histamine (H1) antagonist, in feline asthma has not been previously described. We tested the hypotheses 1) 5 mg of oral cetirizine would be adequately absorbed by the cat and would reach therapeutic levels 2) oral cyproheptadine and cetirizine would blunt eosinophilc airway inflammation in cats sensitized to BGA. For hypothesis 1, heparinized blood (2 mL) was collected from 9 cats at baseline, and at 0.5, 1, 2, 4, 6, 8, 10 and 24 hours after oral administration of 5 mg of cetirizine. A reverse-phase HPLC assay was developed. The plasma concentrations were analyzed with a compartmental pharmacokinetic model. For hypothesis 2, nine research cats were sensitized to BGA. Cats received 1 week treatments of placebo, cyproheptadine or cetirizine. On day 7 of each treatment period, cats were anesthetized for sample collection. BALF % eosinophils was determined. ELISAs were performed to evaluate blood and BALF immunoglobulin, IL-4 and IL-10, histamine concentrations. Plasma and BALF serotonin was measured using a fluorometric method. Results: hypothesis 1- Mean plasma concentrations of cetirizine were maintained above 0.85 mcg/mL for 24 hours; hypothesis 2- No significant difference between treatment groups was found with respect percent BALF eosinophils or the other measured immunologic variables. These results indicate that a single dose of cetirizine administered orally to cats produced high plasma concentrations compared to what has been reported in humans. Administration of cyproheptadine and cetirizine did not decrease airway eosinophilia or alter other immune variables

A Behavioral Life-Cycle Approach to Understanding the Wealth Effect

The somewhat surprising strength in consumer spending in recent years has focused renewed attention on the much-debated wealth effect, the notion that when individuals feel wealthier, they consume more. This study utilizes survey data to examine the wealth effect within the context of the behavioral life-cycle model of savings. The results indicate that the likelihood of households spending more when their assets increase in value decreases with the portion of assets held in home equity. This unexpected finding is due to homeowners responding to the perceived wealth gain from increased home values by cashing out their equity. The likelihood increases with the portion of assets held in stock outside of retirement accounts, but is not significantly related to the portion of assets held in stock overall. Moreover, households that have a full-time income earner, are homeowners, have more education, have a younger household head, or expect economic growth, are more likely to report a wealth effect. Households that utilize savings “rules of thumb” are less likely to report a wealth effect. These results can be used to improve the wealth effect specification in consumer demand models and assist firms to target consumer markets

Fueling the Credit Crisis: Who Uses Consumer Credit and What Drives Debt Burden?

Excessive household debt contributed to the worst recession in decades. Insights about borrowing and spending behavior can inform economic recovery forecasts, policy decisions, and financial education. This study identifies life cycle and credit attitude as key determinants of who uses debt. Younger households are more likely to borrow for consumption, as are those who believe that it is all right to borrow to purchase luxury goods or cover living expenses. Furthermore, households that condone borrowing for these purposes have a higher consumer debt burden. Debt capacity (or creditworthiness) and financial discipline are also significant factors in determining household debt use

Risk Aversion Measures: Comparing Attitudes and Asset Allocation

Households\u27 reported willingness to take financial risk is compared to the riskiness of their portfolios, measured as risky assets to wealth. Overall, their portfolio allocations are reliable indicators of attitudes toward risk, demonstrating an understanding of their relative level of risk taking. Multivariate regression analysis using multiply imputed data from the 1989 Survey of Consumer Finances indicates that households generally exhibit decreasing relative risk aversion. Further, investment in risky assets is significantly related to socioeconomic factors, attitude toward risk taking, desire to leave an estate, and expectations about the adequacy of Social Security and pension income

Perceived and Realized Risk Tolerance: Changes During the 2008 Financial Crisis

Using the 2007–2009 Survey of Consumer Finances panel data, this study examined changes in perceived and realized risk tolerance after the financial crisis. Households who perceived less risk tolerance were more likely to have reduced their portfolio risk and vice versa. Furthermore, households whose wealth decreased were more likely to perceive less risk tolerance and vice versa. Regression analysis revealed that change in risk tolerance as measured by the change in financial portfolio risk is related to perceived risk tolerance, education, life cycle stage, and employment status. Single households, or those households whose head is less educated, or self-employed or unemployed, may need financial advice to prevent them from reducing their portfolio risk in reaction to a financial crisis

Accumulating and Spending Retirement Assets: A Behavioral Finance Explanation

Increasing uncertainty surrounding social security benefits and public sector pension plans is pushing retirement savings into the spotlight. This study finds that education, financial discipline, and financial sophistication increase the likelihood of participating in a pension or an IRA/Keogh plan. Financial distress decreases the likelihood of setting aside additional funds in an IRA/Keogh plan. Further, the likelihood that an eligible individual will decline an offered pension plan decreases with education and financial discipline and financial sophistication. Controlling for health and marital status, the choice to annuitize retirement assets decreases with age and the desire to take risk

Achieving Zero Liquid Discharge in SAGD Heavy Oil Recovery

Abstract Designing a plant for maximum water recycle and reuse (i.e., zero liquid discharge) is not the mystery it once was. Planning to implement zero liquid discharge right from the start wins faster community acceptance, streamlines the permitting process, eliminates the need for deep well injection or other disposal methods, and minimizes make-up water requirements. Over 100 mechanical zero liquid discharge systems are now in operation worldwide using RCC* Brine Concentrator and Crystallizer technologies., including two SAGD heavy oil recovery projects currently underway in Alberta. Wastewater is converted by the Brine Concentrator to extremely pure distilled water for reuse in the steam generator or other process applications. The waste from the Brine Concentrator is reduced to dry solids in the Crystallizer, while recovering the remaining wastewater for reuse. This paper will discuss the various applications of Brine Concentrators and Crystallizers as they apply to SAGD heavy oil recovery produced water treatment. Specific examples will be used to illustrate the wastewater recycling process and demonstrate how the zero liquid discharge system is integrated into the SAGD heavy oil recovery process