The Effect of the Tax Reform Act of 1986 and Regional Economies on Apartment Values

The theoretical effects of the Tax Reform Act of 1986 on commercial real estate have been widely written about; however, little empirical work has been done that actually measures the hypothesized effects. We find that, after controlling for general national economic conditions and regional effects, the effect of the Tax Act of 1986 was negatively related to apartment values. The magnitude of the effect was a function of the local vacancy rates and economic growth where those regions with slow economic growth and high vacancy rates were strongly affected.

Childhood IQ and risk of bipolar disorder in adulthood: prospective birth cohort study

Background: Intellectual ability may be an endophenotypic marker for bipolar disorder. Aims: Within a large birth cohort, we aimed to assess whether childhood IQ (including both verbal IQ (VIQ) and performance IQ (PIQ) subscales) was predictive of lifetime features of bipolar disorder assessed in young adulthood. Method: We used data from the Avon Longitudinal Study of Parents and Children (ALSPAC), a large UK birth cohort, to test for an association between measures of childhood IQ at age 8 years and lifetime manic features assessed at age 22–23 years using the Hypomania Checklist-32 (HCL-32; n=1881 individuals). An ordinary least squares linear regression model was used, with normal childhood IQ (range 90–109) as the referent group. We adjusted analyses for confounding factors, including gender, ethnicity, handedness, maternal social class at recruitment, maternal age, maternal history of depression and maternal education. Results: There was a positive association between IQ at age 8 years and lifetime manic features at age 22–23 years (Pearson's correlation coefficient 0.159 (95% CI 0.120–0.198), P>0.001). Individuals in the lowest decile of manic features had a mean full-scale IQ (FSIQ) which was almost 10 points lower than those in the highest decile of manic features: mean FSIQ 100.71 (95% CI 98.74–102.6) v. 110.14 (95% CI 107.79–112.50), P>0.001. The association between IQ and manic features was present for FSIQ, VIQ and for PIQ but was strongest for VIQ. Conclusions: A higher childhood IQ score, and high VIQ in particular, may represent a marker of risk for the later development of bipolar disorder. This finding has implications for understanding of how liability to bipolar disorder may have been selected through generations. It will also inform future genetic studies at the interface of intelligence, creativity and bipolar disorder and is relevant to the developmental trajectory of bipolar disorder. It may also improve approaches to earlier detection and treatment of bipolar disorder in adolescents and young adults

Interest-rate and Calendar-time Effects in Money Market Fund and Bank Deposit Cash Flows

We examine the sensitivities of aggregate balances of retail and institutional money market funds (MMFs) and their potential substitutes, bank deposits, to changes in short-term interest rates while controlling for calendar-time effects. We find that institutional MMF and time deposit cash flows are sensitive to recent changes in short-term interest rates. Institutional MMF investors appear to take advantage of arbitrage opportunities created by MMFs using the amortized cost technique. Retail MMF investors are much less responsive to changes in interest rates

Book Reviews

Book Reviews -- The John Randolph Tucker Lectures--1953-1956 Lexington, Virginia School of Law, Washington and Lee University, 1957. Pp. 208. reviewer: Paul Carrington ================================= Desegregation and the Law By Albert P. Blaustein and Clarence Clyde Ferguson, Jr. New Brunswick: Rutgers University Press,1957. Pp. xiv, 332. reviewer: J. Allen Smith ================================= The Federal Tort Claims Act By William B. Wright Forward by Emile Z. Berman New York: Central Book Co., 1957. Pp. 248. reviewer: Stanley D. Ros

Preferred Habitat for Liquidity in International Short-term Interest Rates

Risk-shifting window dressing and a preferred habitat for liquidity have been offered as possible explanations as to why U.S. money market rates are higher before the year-end than afterwards. The two hypotheses differ in the timing of the rate decline at the year-end and the evidence on the timing of the decline supports the preferred habitat hypothesis in U.S. money markets. This paper extends this line of research to the behavior of international short-term interest rates at year-ends and quarter-ends using London Interbank Offer Rates (LIBOR) for 11 different currencies. The results suggest that the behavior of LIBOR for five currencies: the U.S. Dollar, Euro, Japanese Yen, Swiss Franc, and German Mark, is consistent with year-end or quarter-end preferred habitats for liquidity. Other currencies do not demonstrate consistently distinct patterns in turn-of-the-year and turn-of-the-quarter yields. None of the results provides any support for risk-shifting window dressing

Scientific Journal Publishing: Faculty Perspectives

Publication in a peer-reviewed journal is the most important way of disseminating a complete set of research results to our peers and the public Historically, numbers of papers and quality of journals have been the primary criteria of publication success Digital technologies and the internet are creating new avenues and challenges for publication practices, including access and quality assessmen

Curtis\u27s botanical magazine.

v.136=ser.4:v.6 (1910) [no.8292-8351

Curtis\u27s botanical magazine.

v.142=ser.4:v.12 (1916) [no.8642-8691

Curtis\u27s botanical magazine.

v.145=ser.4:v.15 (1919) [no.8786-8829