Truth-telling and Trust in Sender-receiver Games with Intervention

Recent experimental studies find excessive truth-telling in strategic information transmission games with conflictive preferences. In this paper, we show that this phenomenon is more pronounced in sender-receiver games where a truthful regulator randomly intervenes. We also establish that intervention significantly increases the excessive trust of receivers.Strategic information transmission, truth-telling, trust, sender-receiver game.

The dependence of health insurance availability on years left before Medicare

We study the dependence of health insurance availability of near-elderly inpatients in the United States with respect to their ages. We show that the likelihood that near-elderly inpatients are uninsured continuously declines until the early ages of 60 but the trend is reversed for the last few years preceding Medicare coverage. In addition, compared to those covered by Medicaid or private insurance, the uninsured patients are more likely to be admitted into hospitals as emergency cases.Health insurance; Medicare

Dynamic Trading Strategies in the Presence of Market Frictions

This thesis studies the impact of various fundamental frictions in the microstructure of financial markets. Specific market frictions we consider are latency in high-frequency trading, transaction costs arising from price impact or commissions, unhedgeable inventory risks due to stochastic volatility and time-varying liquidity costs. We explore the implications of each of these frictions in rigorous theoretical models from an investor's point of view and derive analytical expressions or efficient computational procedures for dynamic strategies. Specific methodologies in computing these policies include stochastic control theory, dynamic programming and tools from applied probability and stochastic processes. In the first chapter, we describe a theoretical model for the quantitative valuation of latency and its impact on the optimal dynamic trading strategy. Our model measures the trading frictions created by the presence of latency, by considering the optimal execution problem of a representative investor. Via a dynamic programming analysis, our model provides a closed-form expression for the cost of latency in terms of well-known parameters of the underlying asset. We implement our model by estimating the latency cost incurred by trading on a human time scale. Examining NYSE common stocks from 1995 to 2005 shows that median latency cost across our sample more than tripled during this time period. In the second chapter, we provide a highly tractable dynamic trading policy for portfolio choice problems with return predictability and transaction costs. Our rebalancing rule is a linear function of the return predicting factors and can be utilized in a wide spectrum of portfolio choice models with minimal assumptions. Linear rebalancing rules enable to compute exact and efficient formulations of portfolio choice models with linear constraints, proportional and nonlinear transaction costs, and quadratic utility function on the terminal wealth. We illustrate the implementation of the best linear rebalancing rule in the context of portfolio execution with positivity constraints in the presence of short-term predictability. We show that there exists a considerable performance gain in using linear rebalancing rules compared to static policies with shrinking horizon or a dynamic policy implied by the solution of the dynamic program without the constraints. Finally, in the last chapter, we propose a factor-based model that incorporates common factor shocks for the security returns. Under these realistic factor dynamics, we solve for the dynamic trading policy in the class of linear policies analytically. Our model can accommodate stochastic volatility and liquidity costs as a function of factor exposures. Calibrating our model with empirical data, we show that our trading policy achieves superior performance in the presence of common factor shocks

Leadership Theories and Comparison of Them

The objective of this term project was to distinguish leaders and managers and to compare the concepts of classical leadership and modern leadership.Styles of leadership that are vital for current businesses were investigated; differences in classical and modern management styles were presented, responsibilities of a leader for the concept of modern leadership were identified; and differences between a manager and a leader were introduced

Synthesis, Characterization and Thermal Analysis of Novel Methylene Bridged Bis-carbazole Based Bisbenzimidazoles

The synthesis of novel bis(3-carbazoly1)methane linked bis-benzimidazoles is described. Construction of symmetrical bis-benzimidazoles on the bis-carbazolylmethane scaffold was succeeded by condensation reaction of benzene-1,2-diamine derivatives with bis(9-ethyl-9H-carbazole-3-carbaldehyde). The structural analysis of the targeted compounds 4-7 were confirmed by NMR, FT-IR spectroscopy and mass spectrometry. The thermal stability of final products 4-7 was also studied by thermogravimetric analysis (TGA)

Efficacy of seven Turkish diatomaceous earths against Callosobruchus maculatus (F.) (Coleoptera: Chrysomelidae: Bruchninae) on stored chickpea: Presentation

In this study, insecticidal efficacy of seven different local diatomaceous earths (DE) obtained from different deposits in Turkey together with two commercial DEs, Silicosec® (Biofa AG- Germany) and Desect® (Ep Naturals- America) against Callosobruchus maculatus (F.) (Coleoptera: Chrysomelidae: Bruchninae) an important pest of stored chickpea at five different concentrations (100, 300, 500, 1000 and 1500 ppm) was evaluated. The local DEs were coded as BGN, BHN, AG2N, AC2N, CB2N, CCN, FB2N. Mortality of the adults was assessed after 1, 3, 5 and 7 days of exposure, and consequently progeny (F1) production on treated chickpeas was recorded 42 days later. The tests were carried out under laboratory conditions of 25±1 °C, 55±5 % R.H. in a dark place. The most effective DEs after 1 day of exposure were CCN, AG2N and BHN causing 75%, 59%, 58% mortalities, respectively at 1500 ppm concentration. Silicosec®, Desect®, BGN, AC2N, applied at 1500 ppm concentration achieved 98-100% mortality of C.maculatus after 7 days of exposure, showing similar high insecticidal efficacy. The CCN, BHN, AG2N and CB2N caused 97-99% reduction in progeny (F1) production. Generally, increasing concentration significantly reduced the progeny production. In conclusion, this study has shown that three Turkish DEs, namelyCCN, AG2N and BHN highly toxic to C. maculatus after 3 days of exposurein comparison with commercial DEs Silicosec® and Desect®. These local DEs could be used in the management of pests of stored chickpea.In this study, insecticidal efficacy of seven different local diatomaceous earths (DE) obtained from different deposits in Turkey together with two commercial DEs, Silicosec® (Biofa AG- Germany) and Desect® (Ep Naturals- America) against Callosobruchus maculatus (F.) (Coleoptera: Chrysomelidae: Bruchninae) an important pest of stored chickpea at five different concentrations (100, 300, 500, 1000 and 1500 ppm) was evaluated. The local DEs were coded as BGN, BHN, AG2N, AC2N, CB2N, CCN, FB2N. Mortality of the adults was assessed after 1, 3, 5 and 7 days of exposure, and consequently progeny (F1) production on treated chickpeas was recorded 42 days later. The tests were carried out under laboratory conditions of 25±1 °C, 55±5 % R.H. in a dark place. The most effective DEs after 1 day of exposure were CCN, AG2N and BHN causing 75%, 59%, 58% mortalities, respectively at 1500 ppm concentration. Silicosec®, Desect®, BGN, AC2N, applied at 1500 ppm concentration achieved 98-100% mortality of C.maculatus after 7 days of exposure, showing similar high insecticidal efficacy. The CCN, BHN, AG2N and CB2N caused 97-99% reduction in progeny (F1) production. Generally, increasing concentration significantly reduced the progeny production. In conclusion, this study has shown that three Turkish DEs, namelyCCN, AG2N and BHN highly toxic to C. maculatus after 3 days of exposurein comparison with commercial DEs Silicosec® and Desect®. These local DEs could be used in the management of pests of stored chickpea

Leaf rolling reduces photosynthetic loss in maize under severe drought

Effects of leaf rolling (LR) on maize photosynthesis under severe drought stress were studied in two cultivars with opposite drought responses, Batem 56-55 (drought tolerant) and Batem 51-52 (drought sensitive). Drought stress and artificial prevention of leaf rolling (PLR) were applied at grain filling stage for 30 days. LR in Batem 56-55 occurred later than in Batem 51-52. Leaf water potential (Ψleaf) did not change in Batem 56-55 but decreased in Batem 51-52 at LR. Maximum quantum yield of photosystem II (Fv/Fm), effective quantum yield of photosystem II (ΦPSII) and electron transport rate (ETR) of the cultivars decreased during LR more significantly in Batem 56-55 in comparison to Batem 51-52. The same was observed for the decrease in net photosynthetic rate (PN), stomatal conductance (gs), transpiration (E) and intracellular level of CO2 (Ci). Rubisco activity and content were reduced at LR, but were less affected in Batem 56-55 than in Batem 51-52. Ear and kernel weights also decreased at LR. All parameters at PLR were more reduced than those of LR. These results implied that LR was an important and necessary mechanism protecting photosynthesis and reducing yield loss under drought stress by maintaining the leaf hydration, preventing loss of the photosynthetic pigments, sustaining the activity of PSII, keeping the stomata open, and conserving the activity of Rubisco

Investigation into Higher Dendralenes

As synthetic organic chemists, one of our most important desires is to synthesize complex target molecules efficiently in the shortest time and lowest step count, with cheap starting materials. One of the classes of fundamental hydrocarbons, dendralenes, acyclic cross-conjugated alkenes, have great potential to build up complex polycyclic carbon frameworks rapidly due to having the ability to participate in diene-transmissive Diels–Alder sequences. These π-bond rich hydrocarbons are therefore attracting a growing interest. The goals of the research presented in this thesis are not only to investigate possible synthetic applications of dendralenes but also to understand in a broad sense how fundamental aspects of structure impacts upon chemical stability and reactivity. A detailed literature survey can achieve two goals: it forms the basis of a future research program and can also improve current knowledge. Chapter One of this thesis is a review of the synthesis of dendralenes, organized on the basis of which key carbon-carbon bond is formed during their synthesis. Categorization of previously reported syntheses, including interpretations of these publications in terms of synthetic strategies and tactics are presented accordingly. The work detailed in Chapter Two describes the first syntheses of the parent (unsubstituted) higher dendralenes, specifically [9]dendralene to [12]dendralene, and an investigation into the spectroscopic properties and chemical reactivity of the first ten members of this family ([3]dendralene to [12]dendralene). These studies reveal the first documented case of diminishing alternation in behavior in a series of related chemical structures. This dampening oscillatory effect in both spectroscopic measurements and chemical reactivity is traced to conformational preferences, through a comprehensive series of computational studies performed by a collaborator. Previous studies showed that the Diels–Alder reaction between parent [4]dendralene and an excess quantity of the electron deficient dienophile N-methylmaleimide (NMM) at room temperature produces five different products. Two of these products contain a hydrophenanthrene carbon skeleton, which is the backbone of many different medicinal drugs. It was postulated that substituents on the [4]dendralene framework might XI XII influence the outcome of this very powerful reaction, thereby promoting its application in efficient synthesis. The work presented in Chapter Three describes the first synthesis of the five possible mono-substituted [4]dendralenes, which required the development of new methods in conjugated alkene synthesis. The reactivity of these hydrocarbons towards the dienophile N-methylmaleimide was performed, in order to document the influence of the role of substituent on the selectivity of the Diels–Alder sequence. Conclusions are made, on the basis of these findings, regarding the application of dendralenes in the synthesis of biologically active natural products and their analogues. The research described in Chapter Four is also directed towards making dendralenes more useful in target synthesis. In this chapter we report the synthesis of 2-halo[4]dendralenes, and efforts to control chemoselectivity, site selectivity and enantioselectivity in their Diels–Alder reactions towards certain dienophiles