DO INVESTOR CLIENTELES HAVE A DIFFERENTIAL IMPACT ON PRICE AND VOLATILITY? THE CASE OF BERKSHIRE HATHAWAY

The purpose of this research is to determine whether investor clienteles react in a different manner to the same information. Applying a technique developed by He (2012) to a firm like Berkshire Hathaway with two different classes of common stock allows us to test whether investor clienteles react in differential ways to the same information while holding other factors constant. Using a method developed by He (2012) we create an investor sentiment index (SE) to forecast prices of Berkshire Hathaway class A and class B shares. We find evidence that reactions of class A shareholders to news are more volatile, compared with class B. There is no evidence that volatility of SE can significantly affect the accuracy of forecasting. However, results of this study suggest that a more volatile SE index may lead to more unsteady outcomes in some rolling forecasts. The volatility differences in SE index and rolling forecasts stem from differential investor clienteles and their reactions the same news

A NOTE ON THE EFFECTS OF PREPAYMENT RISK ON MORTGAGE COMPANIES AND MORTGAGE REITs

The purpose of this paper is to determine whether prepayment risk impacts the performance of mortgage companies and/or mortgage REITs. Previous research finds prepayment risk impacts bank returns and also impacts bank loan returns (He, 2007; Fayman & He, 2011). This paper uses regression analysis to measure the prepayment risk premium and then uses those results as a dependent variable in several separate regression models that utilize performance metrics as the independent variable. The results indicate that prepayment risk has a positive impact on sales growth in mortgage companies and also has a negative impact on ROE and a positive impact on ROA in mortgage companies. One possible explanation for this finding is mortgage companies may opt to sell mortgages faster in interest rate environments that have higher levels of prepayment risk. However, prepayment risk appears to have little to no impact on the performance of mortgage REITs

CRISPR-Cas9 screens in human cells and primary neurons identify modifiers of C9ORF72 dipeptide-repeat-protein toxicity.

Hexanucleotide-repeat expansions in the C9ORF72 gene are the most common cause of amyotrophic lateral sclerosis and frontotemporal dementia (c9ALS/FTD). The nucleotide-repeat expansions are translated into dipeptide-repeat (DPR) proteins, which are aggregation prone and may contribute to neurodegeneration. We used the CRISPR-Cas9 system to perform genome-wide gene-knockout screens for suppressors and enhancers of C9ORF72 DPR toxicity in human cells. We validated hits by performing secondary CRISPR-Cas9 screens in primary mouse neurons. We uncovered potent modifiers of DPR toxicity whose gene products function in nucleocytoplasmic transport, the endoplasmic reticulum (ER), proteasome, RNA-processing pathways, and chromatin modification. One modifier, TMX2, modulated the ER-stress signature elicited by C9ORF72 DPRs in neurons and improved survival of human induced motor neurons from patients with C9ORF72 ALS. Together, our results demonstrate the promise of CRISPR-Cas9 screens in defining mechanisms of neurodegenerative diseases

Measurement of the Atmospheric Muon Charge Ratio at TeV Energies with MINOS

The 5.4 kton MINOS far detector has been taking charge-separated cosmic ray muon data since the beginning of August, 2003 at a depth of 2070 meters-water-equivalent in the Soudan Underground Laboratory, Minnesota, USA. The data with both forward and reversed magnetic field running configurations were combined to minimize systematic errors in the determination of the underground muon charge ratio. When averaged, two independent analyses find the charge ratio underground to be 1.374 +/- 0.004 (stat.) +0.012 -0.010(sys.). Using the map of the Soudan rock overburden, the muon momenta as measured underground were projected to the corresponding values at the surface in the energy range 1-7 TeV. Within this range of energies at the surface, the MINOS data are consistent with the charge ratio being energy independent at the two standard deviation level. When the MINOS results are compared with measurements at lower energies, a clear rise in the charge ratio in the energy range 0.3 -- 1.0 TeV is apparent. A qualitative model shows that the rise is consistent with an increasing contribution of kaon decays to the muon charge ratio.Comment: 16 pages, 17 figure

Results from a Fermilab neutrino beam dump experiment

The flux of prompt neutrinos from a beam dump has been measured in an experiment at the Fermi National Accelerator Laboratory (E613). Assuming that the charm production has a linear dependence on atomic number and varies as (1−‖×‖)5 e−2mT, a model dependent cross section of 27±5μb/nucleon can be derived. For neutrino energies greater than 20 GeV, the flux of electron neutrinos with respect to muon neutrinos is 0.78±0.19. For neutrinos with energy greater than 30 GeV and p⟂ greater than 0.2, the flux of ν̄u compared to νμ is 0.96±0.22.Peer Reviewedhttp://deepblue.lib.umich.edu/bitstream/2027.42/87363/2/100_1.pd

Prompt Neutrino Results from Fermi Lab

Results from a Fermi lab experiment to study prompt neutrino production are presented. Assuming the prompt neutrinos come from the decay of charmed mesons we find a total DD production cross section of approx. 20 μb/nucleon, in good agreement with previous CERN results. We find a ν/ν ratio and a νe/νμ of approx. 1.0. The energy and pT spectra of the prompt neutrinos are consistent with those expected from DD production. Limits on the production of supersymmetric particles have also been obtained.Peer Reviewedhttp://deepblue.lib.umich.edu/bitstream/2027.42/87356/2/262_1.pd

Two-Body B Meson Decays to η\eta and η′\eta^{'} -- Observation of B→ηB\to \eta{'}K$

In a sample of 6.6 million produced B mesons we have observed decays B -> eta' K, with branching fractions BR(B+ -> eta' K+ = 6.5 +1.5 -1.4 +- 0.9) x $10^{-5}$ and BR(B0 -> eta' K0 = 4.7 +2.7 -2.0 +- 0.9) x $10^{-5}$. We have searched with comparable sensitivity for 17 related decays to final states containing an eta or eta' meson accompanied by a single particle or low-lying resonance. Our upper limits for these constrain theoretical interpretations of the B -> eta' K signal.Comment: 12 page postscript file, postscript file also available through http://w4.lns.cornell.edu/public/CLN