Henri Temianka Correspondence; (steinberg)

https://digitalcommons.chapman.edu/temianka_correspondence/2881/thumbnail.jp

The case for TIPS: an examination of the costs and benefits

Slightly more than a decade has passed since the introduction of the Treasury Inflation-Protected Securities (TIPS) program, through which the U.S. Treasury Department issues inflation-indexed debt. Several studies have suggested that the program has been a financial disappointment for the Treasury and by extension U.S. taxpayers. Relying on ex post analysis, the studies argue that a more cost-effective strategy remains the issuance of nominal Treasury securities. This article proposes that evaluations of the TIPS program be more comprehensive, and instead focus on the ex ante costs of TIPS issuance compared with nominal Treasury issuance. The authors contend that ex ante analysis is a more effective way to assess the costs of TIPS over the long run. Furthermore, relative cost calculations--whether ex post or ex ante--are just one aspect of a comprehensive analysis of the costs and benefits of the TIPS program. TIPS issuance provides other benefits that should be taken into account when evaluating the program, especially when TIPS are only marginally more expensive or about as expensive to issue as nominal Treasury securities.Treasury bonds ; Debt

The Supreme Court and the Definition of Security : The Context Clause, Investment Contract Analysis, and Their Ramifications

In two recent decisions\u27 construing the scope of the federal securities acts, the Supreme Court apparently has undertaken to alleviate some of the confusion and uncertainty surrounding the most fundamental question in securities law: the definition of security itself. Much of the existing confusion can be traced to earlier decisions of the Court that first implied, and later held,that the regulatory or offering context in which a particular transaction occurs could function to exclude the transaction from cover-age of the securities laws\u27 anti-fraud provisions. This result could follow even though the transaction in question otherwise might satisfy the traditional Howey or economic reality test for determining the presence of a security. Because the Court has offered few clear guidelines for excluding a transaction in this manner, however, these earlier decisions,International Brotherhood of Teamsters v. Daniel and Marine Bank v. Weaver, have obscured, rather than clarified, the threshold question that must be addressed whenever the federal securities laws are invoked. In particular, the Court\u27s analysis in Weaver has resulted in a great deal of uncertainty about the circumstances under which instruments clearly fitting within the statutory definition should be denied coverage and when other, more unusual,transactions similarly ought to be excluded... Part II of this Article offers an overview of Supreme Court decisions construing the definition of security and concludes with an examination of the Court\u27s analysis in Weaver. Part III explores the Court\u27s use of the context clause preceding the statutory definition as a vehicle for expanding or contracting the securities acts\u27 scope and analysis and the potential ramifications of that approach and focuses particular attention on the problems that arise from the Court\u27s treatment of certificates of deposit.Part IV addresses the present state of investment contract analysis and assesses the continued validity of the Howey test for determining the presence of a security. Part V seeks to expose the Court\u27s misunderstanding of congressional intent in its application of the securities laws. Finally, Part VI offers further evidence of the Court\u27s deficiencies in this area by examining recent decisions involving two additional issues of increasing concern: tender offers and insider trading

Introduction: Insider Trading (PLI 2d ed. 2006)

This paper is the Introductory chapter to Insider Trading (PLI 2d ed. 2006). Insider Trading is a two-volume treatise that analyzes the application of various laws to stock market insider trading and tipping. Among the federal laws are Exchange Act section 10(b), SEC rule 10b-5, mail/wire fraud, SEC rule 14e-3, Exchange Act section 16, and Securities Act section 17(a). The state laws discussed are the common law, the Uniform Securities Act, and the California and New York securities statutes. Another chapter addresses government enforcement of the insider trading/tipping prohibitions. A chapter on compliance programs deals with how firms can try to prevent illegal insider trading and tipping. Two chapters compare the harmful and allegedly beneficial effects of stock market insider trading and discuss the harm to individual investors from each specific insider trade

The Effects of Race, Gender, and Survey Methodologies on Giving in the US

This study examines the effects of race and gender on philanthropy and interaction effects between race or gender and survey methodologies. Results indicate differences in philanthropic behaviors by gender but not by race. We also find significant interaction effects between survey methodologies and race and gender, which may have important implications for social science research in which race and/or gender explain or predict behaviors

Development of a control strategy for the open slag bath furnaces at Highveld Steel and Vanadium Corporation Ltd.

This project was the first step in developing a control system for the open slag bath furnace at Highveld Steel, in order to maximize production levels and product quality. In this dissertation, available knowledge from literature and practical experience is included. This is then processed to propose a realistic control system with the current resources available at Highveld Steel. Through research and practical experience it is shown that these furnaces are extremely sensitive to raw material quality and consistency of decision making. This is a result of the open bath configuration that necessitates the careful control of the excess energy, and the raw material composition supplied to the furnace. Through this project it was shown that both the productivity and the product quality (vanadium recovery) can be increased by simply controlling the feed-topower ratio and correct use of correction material. This has the effect of stabilizing the process energy balance which results in smaller slag temperature variations and therefore also less product quality variability. Through controlling the feed-power-ratio, energy consumption was also shown to be reduced, since excess power is minimized without negatively impacting on productivity. In this project a proposal is made to control the flow of material between the two stages in the process, which is based on either being kiln or furnace constrained. A better tapping scheduling is also proposed, based on both material accumulations inside the furnace and the charging condition of the furnace. This results in having sufficient pressure to tap iron and slag at good rates and should also yield consistent tapping weights and add to general process stability. However, engineering availability strongly impacts on both process control and furnace productivity. Consistent availability of the furnace and its supporting systems is hence essential for optimal operation.Dissertation (MEng)--University of Pretoria, 2009.Materials Science and Metallurgical Engineeringunrestricte

Gait training with real-time augmented toe-ground clearance information decreases tripping risk in older adults and a person with chronic stroke

Falls risk increases with ageing but is substantially higher in people with stroke. Tripping-related balance loss is the primary cause of falls, and Minimum Toe Clearance (MTC) during walking is closely linked to tripping risk. The aim of this study was to determine whether real-time augmented information of toe-ground clearance at MTC can increase toe clearance, and reduce tripping risk. Nine healthy older adults (76 ± 9 years) and one 71 year old female stroke patient participated. Vertical toe displacement was displayed in real-time such that participants could adjust their toe clearance during treadmill walking. Participants undertook a session of unconstrained walking (no-feedback baseline) and, in a subsequent Feedback condition, were asked to modify their swing phase trajectory to match a "target" increased MTC. Tripping probability (PT) pre- and post-training was calculated by modeling MTC distributions. Older adults showed significantly higher mean MTC for the post-training retention session (27.7 ± 3.79 mm) compared to the normal walking trial (14.1 ± 8.3 mm). The PT on a 1 cm obstacle for the older adults reduced from 1 in 578 strides to 1 in 105,988 strides. With gait training the stroke patient increased MTC and reduced variability (baseline 16 ± 12 mm, post-training 24 ± 8 mm) which reduced obstacle contact probability from 1 in 3 strides in baseline to 1 in 161 strides post-training. The findings confirm that concurrent visual feedback of a lower limb kinematic gait parameter is effective in changing foot trajectory control and reducing tripping probability in older adults. There is potential for further investigation of augmented feedback training across a range of gait-impaired populations, such as stroke