Liquidity Risk and the Beta Premium

As opposed to the “low beta low risk” convention, we show that low beta stocks are illiquid and exposed to high liquidity risk. After adjusting for liquidity risk, low beta stocks no longer outperform high beta stocks. Although investors who “bet against beta” earn a significant beta premium under the Fama–French three- or five-factor models, this strategy fails to generate any significant returns when liquidity risk is accounted for. Our work helps understand the beta premium from a new liquidity-risk perspective, and draws useful implications for both fund and corporate managers

Liquidity Risk and the Beta Premium

As opposed to the “low beta low risk” convention, we show that low beta stocks are illiquid and exposed to high liquidity risk. After adjusting for liquidity risk, low beta stocks no longer outperform high beta stocks. Although investors who “bet against beta” earn a significant beta premium under the Fama–French three- or five-factor models, this strategy fails to generate any significant returns when liquidity risk is accounted for. Our work helps understand the beta premium from a new liquidity-risk perspective, and draws useful implications for both fund and corporate managers

Literacy limitations to psychological evaluation tools: The case of MU

In this case, a survivor of torture presentswith symptoms clinically consistent withboth major depressive disorder (MDD)and post-traumatic stress disorder (PTSD).During her evaluation, a validated psychologicalquestionnaire for PTSD was administeredverbally through a translator andaccurately identified this diagnosis. However,a self-administered (read and completed bythe client) questionnaire for MDD vastly underestimatedthe severity of her symptomsand failed to diagnose her with depression.The client had not completed grade school,so it is likely that her literacy level impactedthe accuracy of this questionnaire. This highlightsone of the many limitations that existwhen administering psychological surveys.Through understanding these limitations,forensic evaluators can develop ways toidentify, mitigate, and overcome limitationsof these useful tools

Incorporating IStation into Early Childhood Classrooms to Improve Reading Comprehension

Aim/Purpose: IStation is an adaptive computer-based reading program that adapts to the learner\u27s academic needs. This study investigates if the Istation computer-based reading program promotes reading improvement scores as shown on the STAR Reading test and the IStation test scaled scores for elementary school thirdgrade learners on different reading levels. Background: Prior literature provided a limited evidence base for incorporating computer-adaptive learning technologies to improve reading comprehension in the context of early childhood education. Methodology: Using a mixed-method case study research approach, this study purports to investigate the effects of IStation and examine the perspectives of teachers and students. Supported by survey and interview data, this case study employed a sample of 98 public school third-grade students in an urban elementary school in the southeastern United States as well as the three classroom teachers. Findings: The results of this study show a strong correlation between the usage of IStation and the rise of STAR reading scores during the time IStation was integrated. There were differing opinions regarding the effectiveness of IStation between students and teachers, as well as between low and high achieving students. Teachers recognized that intervening variables of teachers\u27 whole and small group lessons individualized for each class, as well as students\u27 practice sessions both at home and at school, could have also resulted in improved STAR reading scores. Recommendations for Practitioners: There is no one-size-fits-all solution when implementing such technology to a diverse array of learners on different reading levels, such as Tier 1 (high reader), Tier 2 (medium average benchmark reader), and Tier 3 (low reader). It is essential to provide professional development and training opportunities for teachers. Teachers can also train and elevate the higher achieving students with using IStation to monitor their own progress as well as set their own individual learning goals. Recommendation for Researchers: We recommend studies with a larger sample size that would likely yield more definitive and generalizable results, studies using a randomized control group that would have teased out extraneous factors and truly measuring the effects of IStation alone on STAR, as well as longitudinal studies examining the long-term effects of IStation. Contribution: This study has provided a) additional data to show evidence for the effectiveness of a computer-based reading program, IStation, by using the students\u27 and teachers\u27 viewpoints as well as reading comprehension test scores data; and b) recommendations for practitioners and researchers regarding professional development for IStation implementation

The Bias of Growth Opportunity

The bias of growth opportunity (BGO), measured as the difference between market and fundamental values of a firm's growth opportunity, has an ability to predict future stock returns. In the portfolio sort, downward-biased BGO firms earn higher returns than upward-biased ones, which is unexplained by the common asset pricing models. Cross-sectional regression results also confirm BGO's power in predicting stock returns. To explain the anomaly, we show that the BGO premium is more pronounced when investor sentiment is high or when limits-to-arbitrage is severe, which suggests that the urn:x-wiley:13547798:media:eufm12323:eufm12323-math-0001 is more likely to capture behavioural biases than systematic risk

The Bias of Growth Opportunity

The bias of growth opportunity (BGO), measured as the difference between market and fundamental values of a firm's growth opportunity, has an ability to predict future stock returns. In the portfolio sort, downward-biased BGO firms earn higher returns than upward-biased ones, which is unexplained by the common asset pricing models. Cross-sectional regression results also confirm BGO's power in predicting stock returns. To explain the anomaly, we show that the BGO premium is more pronounced when investor sentiment is high or when limits-to-arbitrage is severe, which suggests that the urn:x-wiley:13547798:media:eufm12323:eufm12323-math-0001 is more likely to capture behavioural biases than systematic risk

Levels of Vascular Endothelial Growth Factor-A165b (VEGF-A165b) are Elevated in Experimental Glaucoma

Purpose: Although ischemia has previously been suggested to contribute to the pathogenesis of glaucoma, neovascularization is not implicated in glaucoma. Because vascular endothelial growth factor-A (VEGF-A) is a key mediator in neovascularization response, we investigated the levels of the major pro-angiogenic (VEGF-A164) and anti-angiogenic VEGF-A subtypes (VEGF-A165b) in the retina during experimental glaucoma. Methods: Glaucoma was induced unilaterally in rats by injecting 1.9 M hypertonic saline solution in the episcleral veins. The contralateral eye served as the control. The intraocular pressure (IOP) of each eye was measured via Tonopen in conscious rats. Eyes were enucleated either on the 5th or the 10th day of elevated IOP. Whole retinal lysates were separated by SDS–PAGE and transferred to PVDF membranes. Levels of VEGF-A164 and VEGF-A165b were analyzed by western blotting using specific antibodies. In a different group of rats, retinal ganglion cells were retrogradely labeled by injecting Fluorogold in the superior colliculus a week before the induction of glaucoma. After the eyes were enucleated on the fifth day of elevated IOP, posterior eye cups were sectioned using a cryostat. Levels and localization of VEGF-A164 and VEGF-A165b were examined in retinal sections by immunohistochemistry. Results: VEGF-A164 levels remained unchanged between the control and glaucomatous retinas after five days (p=0.341) and 10 days of elevated IOP (p=0.117). The presence of the anti-angiogenic VEGF-A isoform has not been previously reported in the rat. An antibody specific to VEGF-A165b detected the anti-angiogenic protein in the rat retina. VEGF-A165b levels were significantly increased (2.33±0.44 fold, p=0.014) in the glaucomatous retinas compared to those in controls after five days of elevated IOP. VEGF-A165b levels were not different (p=0.864) between the control and glaucomatous retinas following 10 days of elevated IOP. Expression of both VEGF-A164 and VEGF-A165b were observed in the retinal ganglion cells (RGC) and inner nuclear layer (INL). Conclusions: Five day elevation of IOP leads to an increase in the anti-angiogenic VEGF-A165b levels but not in the pro-angiogenic VEGF-A164 levels in the glaucomatous retina. VEGF-A165b levels return to baseline after 10 days of elevated IOP, and VEGF-A164 levels remain unchanged. We speculate that the short-term elevation of VEGF-A165b levels and/or the unchanged levels of VEGF-A164 contribute to the lack of neovascularization in the glaucomatous retina

Incorporating IStation into Early Childhood Classrooms to Improve Reading Comprehension

Aim/Purpose: IStation is an adaptive computer-based reading program that adapts to the learner’s academic needs. This study investigates if the Istation computer-based reading program promotes reading improvement scores as shown on the STAR Reading test and the IStation test scaled scores for elementary school third-grade learners on different reading levels. Background: Prior literature provided a limited evidence base for incorporating computer-adaptive learning technologies to improve reading comprehension in the con-text of early childhood education. Methodology: Using a mixed-method case study research approach, this study purports to investigate the effects of IStation and examine the perspectives of teachers and students. Supported by survey and interview data, this case study employed a sample of 98 public school third-grade students in an urban elementary school in the southeastern United States as well as the three classroom teachers. Contribution: This study has provided a) additional data to show evidence for the effectiveness of a computer-based reading program, IStation, by using the students’ and teachers’ viewpoints as well as reading comprehension test scores data; and b) recommendations for practitioners and researchers regarding professional development for IStation implementation. Findings: The results of this study show a strong correlation between the usage of IStation and the rise of STAR reading scores during the time IStation was integrated. There were differing opinions regarding the effectiveness of IStation between students and teachers, as well as between low and high achieving students. Teachers recognized that intervening variables of teachers’ whole and small group lessons individualized for each class, as well as students’ practice sessions both at home and at school, could have also resulted in improved STAR reading scores. Recommendations for Practitioners: There is no one-size-fits-all solution when implementing such technology to a diverse array of learners on different reading levels, such as Tier 1 (high reader), Tier 2 (medium average benchmark reader), and Tier 3 (low reader). It is essential to provide professional development and training opportunities for teachers. Teachers can also train and elevate the higher achieving students with using IStation to monitor their own progress as well as set their own individual learning goals. Recommendation for Researchers: We recommend studies with a larger sample size that would likely yield more definitive and generalizable results, studies using a randomized control group that would have teased out extraneous factors and truly measuring the effects of IStation alone on STAR, as well as longitudinal studies examining the long-term effects of IStation

Simplified HIV Testing and Treatment in China: Analysis of Mortality Rates Before and After a Structural Intervention.

BackgroundMultistage stepwise HIV testing and treatment initiation procedures can result in lost opportunities to provide timely antiretroviral therapy (ART). Incomplete patient engagement along the continuum of HIV care translates into high levels of preventable mortality. We aimed to evaluate the ability of a simplified test and treat structural intervention to reduce mortality.Methods and findingsIn the "pre-intervention 2010" (from January 2010 to December 2010) and "pre-intervention 2011" (from January 2011 to December 2011) phases, patients who screened HIV-positive at health care facilities in Zhongshan and Pubei counties in Guangxi, China, followed the standard-of-care process. In the "post-intervention 2012" (from July 2012 to June 2013) and "post-intervention 2013" (from July 2013 to June 2014) phases, patients who screened HIV-positive at the same facilities were offered a simplified test and treat intervention, i.e., concurrent HIV confirmatory and CD4 testing and immediate initiation of ART, irrespective of CD4 count. Participants were followed for 6-18 mo until the end of their study phase period. Mortality rates in the pre-intervention and post-intervention phases were compared for all HIV cases and for treatment-eligible HIV cases. A total of 1,034 HIV-positive participants (281 and 339 in the two pre-intervention phases respectively, and 215 and 199 in the two post-intervention phases respectively) were enrolled. Following the structural intervention, receipt of baseline CD4 testing within 30 d of HIV confirmation increased from 67%/61% (pre-intervention 2010/pre-intervention 2011) to 98%/97% (post-intervention 2012/post-intervention 2013) (all p < 0.001 [i.e., for all comparisons between a pre- and post-intervention phase]), and the time from HIV confirmation to ART initiation decreased from 53 d (interquartile range [IQR] 27-141)/43 d (IQR 15-113) to 5 d (IQR 2-12)/5 d (IQR 2-13) (all p < 0.001). Initiation of ART increased from 27%/49% to 91%/89% among all cases (all p < 0.001) and from 39%/62% to 94%/90% among individuals with CD4 count ≤ 350 cells/mm3 or AIDS (all p < 0.001). Mortality decreased from 27%/27% to 10%/10% for all cases (all p < 0.001) and from 40%/35% to 13%/13% for cases with CD4 count ≤ 350 cells/mm3 or AIDS (all p < 0.001). The simplified test and treat intervention was significantly associated with decreased mortality rates compared to pre-intervention 2011 (adjusted hazard ratio [aHR] 0.385 [95% CI 0.239-0.620] and 0.380 [95% CI 0.233-0.618] for the two post-intervention phases, respectively, for all newly diagnosed HIV cases [both p < 0.001], and aHR 0.369 [95% CI 0.226-0.603] and 0.361 [95% CI 0.221-0.590] for newly diagnosed treatment-eligible HIV cases [both p < 0.001]). The unit cost of an additional patient receiving ART attributable to the intervention was US$83.80. The unit cost of a death prevented because of the intervention was US$234.52.ConclusionsOur results demonstrate that the simplified HIV test and treat intervention promoted successful engagement in care and was associated with a 62% reduction in mortality. Our findings support the implementation of integrated HIV testing and immediate access to ART irrespective of CD4 count, in order to optimize the impact of ART