Overconfident Investors, Predictable Returns, and Excessive Trading

The last several decades have witnessed a shift away from a fully rational paradigm of financial markets toward one in which investor behavior is influenced by psychological biases. Two principal factors have contributed to this evolution: a body of evidence showing how psychological bias affects the behavior of economic actors; and an accumulation of evidence that is hard to reconcile with fully rational models of security market trading volumes and returns. In particular, asset markets exhibit trading volumes that are high, with individuals and asset managers trading aggressively, even when such trading results in high risk and low net returns. Moreover, asset prices display patterns of predictability that are difficult to reconcile with rational-expectations–based theories of price formation. In this paper, we discuss the role of overconfidence as an explanation for these patterns

A História da Alimentação: balizas historiográficas

Os M. pretenderam traçar um quadro da História da Alimentação, não como um novo ramo epistemológico da disciplina, mas como um campo em desenvolvimento de práticas e atividades especializadas, incluindo pesquisa, formação, publicações, associações, encontros acadêmicos, etc. Um breve relato das condições em que tal campo se assentou faz-se preceder de um panorama dos estudos de alimentação e temas correia tos, em geral, segundo cinco abardagens Ia biológica, a econômica, a social, a cultural e a filosófica!, assim como da identificação das contribuições mais relevantes da Antropologia, Arqueologia, Sociologia e Geografia. A fim de comentar a multiforme e volumosa bibliografia histórica, foi ela organizada segundo critérios morfológicos. A seguir, alguns tópicos importantes mereceram tratamento à parte: a fome, o alimento e o domínio religioso, as descobertas européias e a difusão mundial de alimentos, gosto e gastronomia. O artigo se encerra com um rápido balanço crítico da historiografia brasileira sobre o tema

Mental Illness, Physical Illness, and the Legalization of Physician-Assisted Suicide

This Article explores the oftentimes mistaken notion that we can realistically identify severely ill individuals seeking physician-suicide who do so willingly, knowingly, and voluntarily. Medical science and medical practice support this proposition. To date, there exists no sound clinical basis for distinguishing suicidal patients with terminal conditions from suicidal patients without terminal conditions. Thus, it is a mistake to posit a reasonably identifiable patient population od adults with terminal diagnosis who can provide informed, voluntary consent to prescription lethal drugs. In practice, the medical community has failed to indentify and treat suicidal disorders. This Article concludes that suicide, including suicide by the physically ill, presents an urgent, unmet public health need in the United States. The Glucksberg and Vacco decisions presume the existence of a reasonably identifiable competent suicidal patient who is terminally ill, without engaging, the sizable empirical literature to the contrary

Programmed death-1 blockade with pembrolizumab in patients with classical hodgkin lymphoma after brentuximab vedotin failure

Purpos Classical Hodgkin lymphoma (HL) frequently exhibits genetic alterations leading to overexpressio of the programmed death-1 (PD-1) ligands, suggesting a possible vulnerability to PD-1 blockade. Th phase Ib study KEYNOTE-013 (NCT01953692) tested the safety and efficacy of the anti-PD-antibody pembrolizumab in patients with hematologic malignancies. Based on its genetics, HL wa included as an independent cohort Method We enrolled patients with relapsed or refractory HL whose disease progressed on or after treatmen with brentuximab vedotin. Patients received pembrolizumab, 10 mg/kg every 2 weeks, until diseas progression occurred. Response to treatment was assessed at week 12 and every 8 week thereafter. Principal end points were safety and complete remission (CR) rate Result Thirty-one patients were enrolled; 55% had more than four lines of prior therapy, and 71% ha relapsed after autologous stem cell transplantation. Five patients (16%) experienced grade 3 drugrelate adverse events (AEs); there were no grade 4 AEs or deaths related to treatment. The CR rat was 16% (90% CI, 7% to 31%). In addition, 48% of patients achieved a partial remission, for a overall response rate of 65% (90% CI, 48% to 79%). Most of the responses (70%) lasted longer tha 24 weeks (range, 0.14+ to 74+ weeks), with a median follow-up of 17 months. The progression-fre survival rate was 69% at 24 weeks and 46% at 52 weeks. Biomarker analyses demonstrated a hig prevalence of PD-L1 and PD-L2 expression, treatment-induced expansion of T cells and natural kille cells, and activation of interferon-g, T-cell receptor, and expanded immune-related signaling pathways Conclusion Pembrolizumab was associated with a favorable safety profile. Pembrolizumab treatment induce favorable responses in a heavily pretreated patient cohort, justifying further studies