Herring, Sardines, and Foreign Affairs: Determination of Optimum Yield Under the Fishery Conservation and Management Act of 1976—Maine v. Kreps, 563 F.2d 1043 (1st Cir.), remanded, No. 77-45-SD (S.D. Me. Aug. 26, 1977), aff\u27d, 563 F.2d 1052 (1st Cir. 1977)

This note will analyze the major issue of Maine v. Kreps, whether Secretary Kreps fulfilled the FCMA\u27s requirements in her determination of optimum yield. This issue is discussed in two parts. First, the criteria expressed in the preliminary management plan are analyzed in light of the relevant provisions of the FCMA. Second, the inclusion of foreign policy considerations in the optimum yield calculations (a factor not discussed in the preliminary management plan) is analyzed by (1) inferring from the Maine opinion the proper use of foreign policy in management decisions, and (2) suggesting criteria which may affect the role of foreign policy in the development of future management plans. This note concludes that the need for rebuilding a fish stock and the capacity and incentive of domestic fishermen to exploit that fish stock are appropriate considerations in determining optimum yield. These considerations should, however, be treated more comprehensively than they are in Secretary Kreps\u27 preliminary management plan. The FCMA also requires an analysis of the effects a fishing quota might have on other interrelated fish stocks whether or not those stocks are under exclusive U.S. control. The effect of fishing quotas on U.S. foreign relations is an appropriate secondary consideration in establishing optimum yield, but the possible decrease in efficiency of domestic fishermen caused by increased foreign fishing should be considered as well

Business groups manage credit risk by reshuffling resources amongst units

William H. Beaver, Stefano Cascino, Maria Correia and Maureen F. McNichols untangle the knot to predict bankruptc

Accounting Hall of Fame induction: Charles Arthur Bowsher; Accounting Hall of Fame induction: Donald James Kirk; Accounting Hall of Fame induction: William Henry Beaver

For Charles Arthur Bowsher\u27s induction, the Citation was written by Daniel L. Jensen, Professor , The Ohio State University and read by Arhtur R. Wyatt, professor, University of Illinois and a Rseponse was made by Charles A. Bowsher. For Donald James Kirk\u27s induction, Remarks were made by Paul Kolton, the Citation written by Daniel L. Jensen, Professor, Fisher College of Business, The Ohio State University and read by Paul Kolton, Stamford, Connecticut and a Response made by Donald James Kirk. For the induction of William Henry Beaver, the Remarks were made by Charles T. Horngren, Professor, Stanford University, Hall of Fame Member and the Citation was written by Daniel L. Jensen, Professor, The Ohio State University and read by Charles T. Horngren, Professor, Stanford University, Hall of Fame member and a Response was made by William H. Beaver

Group affiliation and default prediction

Using a large sample of business groups from more than one hundred countries around the world, we show that group information matters for parent and subsidiary default prediction. Group firms may support each other when in financial distress. Potential group support represents an off-balance sheet asset for the receiving firm and an off-balance sheet liability for the firm offering support. We find that subsidiary information improves parent default prediction over and above group-level consolidated information possibly because intra-group exposures are netted out upon consolidation. Moreover, we document that the improvements in parent default prediction are decreasing in the extent of parent-country financial reporting transparency which suggests that within-group information matters most when consolidated financial statements are expected to be of lower quality. We also show that parent and other group-firms’ default risk exhibits predictive power for subsidiary default. Lastly, we find that within-group information explains cross-sectional variation in CDS spreads. Taken together, our findings contribute to prior literature on default prediction and have direct relevance to investors, credit-rating agencies and accounting regulators

An analysis of fast photochemistry over high northern latitudes during spring and summer using in-situ observations from ARCTAS and TOPSE

Observations of chemical constituents and meteorological quantities obtained during the two Arctic phases of the airborne campaign ARCTAS (Arctic Research of the Composition of the Troposphere from Aircraft and Satellites) are analyzed using an observationally constrained steady state box model. Measurements of OH and HO2 from the Penn State ATHOS instrument are compared to model predictions. Forty percent of OH measurements below 2 km are at the limit of detection during the spring phase (ARCTAS-A). While the median observed-to-calculated ratio is near one, both the scatter of observations and the model uncertainty for OH are at the magnitude of ambient values. During the summer phase (ARCTAS-B), model predictions of OH are biased low relative to observations and demonstrate a high sensitivity to the level of uncertainty in NO observations. Predictions of HO2 using observed CH2O and H2O2 as model constraints are up to a factor of two larger than observed. A temperature-dependent terminal loss rate of HO2 to aerosol recently proposed in the literature is shown to be insufficient to reconcile these differences. A comparison of ARCTAS-A to the high latitude springtime portion of the 2000 TOPSE campaign (Tropospheric Ozone Production about the Spring Equinox) shows similar meteorological and chemical environments with the exception of peroxides; observations of H2O2 during ARCTAS-A were 2.5 to 3 times larger than those during TOPSE. The cause of this difference in peroxides remains unresolved and has important implications for the Arctic HOx budget. Unconstrained model predictions for both phases indicate photochemistry alone is unable to simultaneously sustain observed levels of CH2O and H2O2; however when the model is constrained with observed CH2O, H2O2 predictions from a range of rainout parameterizations bracket its observations. A mechanism suitable to explain observed concentrations of CH2O is uncertain. Free tropospheric observations of acetaldehyde (CH3CHO) are 2–3 times larger than its predictions, though constraint of the model to those observations is sufficient to account for less than half of the deficit in predicted CH2O. The box model calculates gross O3 formation during spring to maximize from 1–4 km at 0.8 ppbv d−1, in agreement with estimates from TOPSE, and a gross production of 2–4 ppbv d−1 in the boundary layer and upper troposphere during summer. Use of the lower observed levels of HO2 in place of model predictions decreases the gross production by 25–50%. Net O3 production is near zero throughout the ARCTAS-A troposphere, and is 1–2 ppbv in the boundary layer and upper altitudes during ARCTAS-B

Fundamental Information in Technical Trading Strategies

Technical trading strategies assume that past changes in prices help predict future changes. This makes sense if the past price trend reflects fundamental information that has not yet been fully incorporated in the current price. However, if the past price trend only reflects temporary pricing pressures, the technical trading strategy is doomed to fail. We demonstrate that this failure can be avoided by using financial statements as additional sources of information. We implement a trading strategy that invests in stocks with high past returns and high operating cash flows. This combination strategy yields a 3-factor alpha of 15% per year, which is much higher than that of the pure momentum strategy that invests in stocks with high past returns without considering operating cash flows. The combination strategy outperforms the momentum strategy in almost all years. The outperformance can be traced back to a higher probability of picking outperforming stocks. These are stocks that yield high future cash flows and hardly ever delist due to poor performance. The combination strategy is easily implemented: the information used is publicly available, the stocks chosen are liquid, and even high transaction costs do not erode the outperformance

Frequency of eosinophilia and risk factors and their association with Toxocara infection in schoolchildren during a health survey in the north of Lima, Peru

During a health survey in a primary school from the district of Carabayllo (North of Lima, Peru), 200 schoolchildren (96 male and 104 female between five to 12 years old) were randomly selected and divided in two groups (as positive or negative group), according to the serologic result of the Toxocara ELISA test from a total population of 646 schoolchildren. All children were analyzed by hematologic tests to determinate the frequency of eosinophilia and leukocytosis. Additionally, all clinical and epidemiological data were also analyzed to determine their association with toxocariasis. From group of children with positive serology, 40% had some type of eosinophilia in contrast to 19% of children with negative serology, and their association was statistically significant (OR = 2.84, p < 0.001). From all signs and symptoms evaluated, only 'dry cough' was more frequent and statistically significant in the positive serology group (OR = 2.79, p < 0.001). Almost all risk factors evaluated were highly frequent and statistically associated to the positive serology. In conclusion, the presence of eosinophilia and the risk factors evaluated in this population were frequently associated to human toxocariasis