A Behavioral Approach To Derive The Cost Of Equity Capital For Small Closely Held Firms

The purpose of this research is to explore the theoretical structure that underlies the valuation process for small closely held firms.  All discounted cash flow valuation models require an estimate of a firm’s weighted average cost of capital as well as the firm’s component cost of equity capital. The CAPM is frequently employed to measure the cost of equity capital for a publicly traded firm.  A publicly held firm’s common stock price is determined in the capital markets and is readily available.  The firm’s stock price can then be used to estimate its beta; a necessary input to the CAPM.  Because there is no information about stock prices, the task of estimating the cost of equity for a closely held firm is more challenging.  The build-up model is frequently used to calculate the cost of equity for the closely held firm. However there is much controversy over this model’s assumptions, reliability and validity.  Specifically, this research critiques the build-up model identifying its advantages and its liabilities. The purpose of this work is to create discussion and stimulate economists to study and improve this important area.  Additionally, this study offers a new economic model to estimate the cost of equity capital that is theoretically correct easy to understan

15-Minute Neighborhoods: Repairing Regional Harms and Building Vibrant Neighborhoods For All

In this paper, we use the "15-minute city" model as a jumping off point. This can feel like yet another urban planning buzzword, but we find it powerful for articulating a vision of what Greater Boston could become. Designed by Carlos Moreno and popularized by Paris Mayor Anne Hidalgo, the 15-minute city model aims to build vibrant, mixed-use neighborhoods where all residents can reach their daily needs within a 15-minute walk of their home. Our vision for Greater Boston is distinct because we add a few extra points of emphasis. First, we worry that a hyper-local focus can lead to a few, disconnected, amenity-rich islands of privilege, so we've designed our vision to be regional in nature, moving toward an interconnected network of 15-minute neighborhoods across Greater Boston.Second, we emphasize high-quality public transit and bike options as supplements to improved walkability. Third, we believe that 15 minute neighborhoods should reflect our region's racial and socioeconomic diversity, and any comprehensive regional planning initiative should be a means to reverse the entrenched patterns of racial and economic segregation. To accomplish this, the planning, creation, and stewardship of 15-minute neighborhoods must truly center the voices and needs of those who have historically been left on the margins, including Black, Indigenous and other residents of color, low-wealth residents, new immigrants, and those with disabilities

Frailsafe: from conception to national breakthrough collaborative

The number of people aged over 60 years worldwide is projected to rise from 605 million in 2000 to almost 2 billion by 2050, while those over 80 years will quadruple to 395 million. Two-thirds of UK acute hospital admissions are over 65, the highest consultation rate in general practice is in those aged 85-89 and the average age of elective surgical patients is increasing. Adjusting medical systems to meet the demographic imperative has been recognised by the World Health Organisation to be the next global healthcare priority and is a key feature of discussions on policy, health services structures, workforce reconfiguration and frontline care delivery

The Greater Boston Housing Report Card 2021 Pandemic Housing Policy: From Progress to Permanence

The COVID-19 pandemic brought so many intense social, economic and public health challenges it is easy to think that the pandemic has "changed everything" with respect to housing. This year's edition of the Greater Boston Housing Report Card suggests the opposite: The region's most difficult long-term housing challenges are not only still with us, but have been compounded by recent events, and bold federal, state and local policy changes are as badly needed as ever.This report includes extensive economic and housing data from the five counties that comprise the Greater Boston region and includes analysis and policy recommendations in three general areas: economic health, housing stability, and housing supply and sustainability

Germline variation in ADAMTSL1 is associated with prognosis following breast cancer treatment in young women

To identify genetic variants associated with breast cancer prognosis we conduct a meta-analysis of overall survival (OS) and disease-free survival (DFS) in 6042 patients from four cohorts. In young women, breast cancer is characterized by a higher incidence of adverse pathological features, unique gene expression profiles and worse survival, which may relate to germline variation. To explore this hypothesis, we also perform survival analysis in 2315 patients agedPeer reviewe

Cellular and humoral immunity in a wild mammal: Variation with age & sex and association with overwinter survival

Immune defenses are expected to be crucial for survival under the considerable parasite pressures experienced by wild animals. However, our understanding of the association between immunity and fitness in nature remains limited due to both the complexity of the vertebrate immune system and the often‐limited availability of immune reagents in nonmodel organisms. Here, we use methods and reagents developed by veterinary researchers for domestic ungulates on blood samples collected from a wild Soay sheep population, to evaluate an unusually broad panel of immune parameters. Our evaluation included different innate and acquired immune cell types as well as nematode parasite‐specific antibodies of different isotypes. We test how these markers correlate with one another, how they vary with age‐group and sex, and, crucially, whether they predict overwinter survival either within or among demographic groups. We found anticipated patterns of variation in markers with age, associated with immune development, and once these age trends were accounted for, correlations among our 11 immune markers were generally weak. We found that females had higher proportions of naïve T cells and gamma–delta T cells than males, independent of age, while our other markers did not differ between sexes. Only one of our 11 markers predicted overwinter survival: sheep with higher plasma levels of anti‐nematode IgG antibodies were significantly more likely to survive the subsequent high mortality winter, independent of age, sex, or weight. This supports a previous finding from this study system using a different set of samples and shows that circulating antibody levels against ecologically relevant parasites in natural systems represent an important parameter of immune function and may be under strong natural selection. Our data provide rare insights into patterns of variation among age‐ and sex groups in different T‐cell subsets and antibody levels in the wild, and suggest that certain types of immune response—notably those likely to be repeatable within individuals and linked to resistance to ecologically relevant parasites—may be most informative for research into the links between immunity and fitness under natural conditions

BRCA2 polymorphic stop codon K3326X and the risk of breast, prostate, and ovarian cancers

Background: The K3326X variant in BRCA2 (BRCA2*c.9976A>T; p.Lys3326*; rs11571833) has been found to be associated with small increased risks of breast cancer. However, it is not clear to what extent linkage disequilibrium with fully pathogenic mutations might account for this association. There is scant information about the effect of K3326X in other hormone-related cancers. Methods: Using weighted logistic regression, we analyzed data from the large iCOGS study including 76 637 cancer case patients and 83 796 control patients to estimate odds ratios (ORw) and 95% confidence intervals (CIs) for K3326X variant carriers in relation to breast, ovarian, and prostate cancer risks, with weights defined as probability of not having a pathogenic BRCA2 variant. Using Cox proportional hazards modeling, we also examined the associations of K3326X with breast and ovarian cancer risks among 7183 BRCA1 variant carriers. All statistical tests were two-sided. Results: The K3326X variant was associated with breast (ORw = 1.28, 95% CI = 1.17 to 1.40, P = 5.9x10- 6) and invasive ovarian cancer (ORw = 1.26, 95% CI = 1.10 to 1.43, P = 3.8x10-3). These associations were stronger for serous ovarian cancer and for estrogen receptor–negative breast cancer (ORw = 1.46, 95% CI = 1.2 to 1.70, P = 3.4x10-5 and ORw = 1.50, 95% CI = 1.28 to 1.76, P = 4.1x10-5, respectively). For BRCA1 mutation carriers, there was a statistically significant inverse association of the K3326X variant with risk of ovarian cancer (HR = 0.43, 95% CI = 0.22 to 0.84, P = .013) but no association with breast cancer. No association with prostate cancer was observed. Conclusions: Our study provides evidence that the K3326X variant is associated with risk of developing breast and ovarian cancers independent of other pathogenic variants in BRCA2. Further studies are needed to determine the biological mechanism of action responsible for these associations

Overcoming acculturation: physical education recruits' experiences of an alternative pedagogical approach to games teaching

© 2015 Association for Physical Education Background: Physical education teacher education (PETE) programmes have been identified as a critical platform to encourage the exploration of alternative teaching approaches by pre-service teachers. However, the socio-cultural constraint of acculturation or past physical education and sporting experiences results in the maintenance of the status quo of a teacher-driven, reproductive paradigm. Previous studies have reported successfully overcoming the powerful influence of acculturation, resulting in a change in PETE students' custodial teaching beliefs and receptiveness to alternative teaching approaches. However, to date, limited information has been reported about how PETE students' acculturation shaped their receptiveness to an alternative teaching approach. This is particularly the case for PETE recruits identified in the literature as most resistant to change. Purpose: To explore the features and experiences of an alternative games teaching approach that appealed to PETE recruits identified as most resistant to change, requiring a specific sample of PETE recruits with strong, custodial, traditional physical education teaching beliefs, and whom are high-achieving sporting products of this traditional culture. The alternative teaching approach explored in this study is the constraints-led approach (CLA), which is similar operationally to Teaching Games for Understanding, but distinguished by a neurobiological theoretical framework (nonlinear pedagogy) that informs learning design. Participants and setting: A purposive sample of 10 Australian PETE students was recruited for the study. All participants initially had strong, custodial, traditional physical education teaching beliefs, and were successful sporting products of this teaching approach. After experiencing the CLA as learners during a games unit, participants demonstrated receptiveness to the alternative pedagogy. Data collection and analysis: Semi-structured interviews and written reflections were sources of data collection. Each participant was interviewed separately, once prior to participation in the games unit to explore their positive physical education experiences, and then again after participation to explore the specific games unit learning experiences that influenced their receptiveness to the alternative pedagogy. Participants completed written reflections about their personal experiences after selected practical sessions. Data were qualitatively analysed using grounded theory. Findings: Thorough examination of the data resulted in establishment of two prominent themes related to the appeal of the CLA for the participants: (i) psychomotor (effective in developing skill) and (ii) inclusivity (included students of varying skill level). The efficacy of the CLA in skill development was clearly an important mediator of receptiveness for highly successful products of a traditional culture. This significant finding could be explained by three key factors: the acculturation of the participants, the motor learning theory underpinning the alternative pedagogy and the unit learning design and delivery. The inclusive nature of the CLA provided a solution to the problem of exclusion, which also made the approach attractive to participants. Conclusions: PETE educators could consider these findings when introducing an alternative pedagogy aimed at challenging PETE recruits' custodial, traditional teaching beliefs. To mediate receptiveness, it is important that the learning theory underpinning the alternative approach is operationalised in a research-informed pedagogical learning design that facilitates students' perceptions of the effectiveness of the approach through experiencing and or observing it working

Osteointegration of soft tissue grafts within the bone tunnels in anterior cruciate ligament reconstruction can be enhanced

Anterior cruciate ligament reconstruction with a soft tissue autograft (hamstring autograft) has grown in popularity in the last 10 years. However, the issues of a relatively long healing time and an inferior histological healing result in terms of Sharpey-like fibers connection in soft tissue grafts are still unsolved. To obtain a promising outcome in the long run, prompt osteointegration of the tendon graft within the bone tunnel is essential. In recent decades, numerous methods have been reported to enhance osteointegration of soft tissue graft in the bone tunnel. In this article, we review the current literature in this research area, mainly focusing on strategies applied to the local bone tunnel environment. Biological strategies such as stem cell and gene transfer technology, as well as the local application of specific growth factors have been reported to yield exciting results. The use of biological bone substitute and physical stimulation also obtained promising results. Artificially engineered tissue has promise as a solution to the problem of donor site morbidity. Despite these encouraging results, the current available evidence is still experimental. Further clinical studies in terms of randomized control trial in the future should be conducted to extrapolate these basic science study findings into clinical practice. © 2009 Springer-Verlag.postprin