Project valuation using state contingent claims

This paper shows that the Banz and Miller framework for project valuation, using matrices of state contingent claim prices, is valid only if expectations of future payoffs are not revised. The appropriate general framework when such expectations are revised is then presented, followed by a computationally simpler version

Capital Gains and the Capital Asset Pricing Model

This paper shows that, in the presence of differential taxation of ordinary income and capital gains, use of the Officer (1994) version of the Capital Asset Pricing Model can result in significant misestimation of the cost of equity capital. In particular, with a high dividend yield, the cost of equity may be underestimated by four percentage points. Underestimation is of particular significance in the context of setting output prices for regulated utility firms

Forward Looking Estimates of the Market Risk Premium

Associate Professor Martin Lally presented Forward Looking Estimates of the Market Risk Premium at the half-day Regulatory Cost of Capital II: What is the Market Risk Premium? Copies of Martins underlying papers on the topics can be obtained by contacting him at [email protected]

Forward Looking Estimates of the Market Risk Premium

Associate Professor Martin Lally presented Forward Looking Estimates of the Market Risk Premium at the half-day Regulatory Cost of Capital II: What is the Market Risk Premium? Copies of Martins underlying papers on the topics can be obtained by contacting him at [email protected]

The Impact of Regulation on the Firm's Cost of Capital

Dr Martin Lally presented The Impact of Regulation on the Firm's Cost of Capital at the ISCR forum, The Cost of Capital for the Regulated Firm in August 200

The Impact of Regulation on the Firm's Cost of Capital

Dr Martin Lally presented The Impact of Regulation on the Firm's Cost of Capital at the ISCR forum, The Cost of Capital for the Regulated Firm in August 200

Congenital diaphragmatic hernia in the preterm infant.

BACKGROUND: Congenital diaphragmatic hernia (CDH) remains a significant cause of death in newborns. With advances in neonatal critical care and ventilation strategies, survival in the term infant now exceeds 80% in some centers. Although prematurity is a significant risk factor for morbidity and mortality in most neonatal diseases, its associated risk with infants with CDH has been described poorly. We sought to determine the impact of prematurity on survival using data from the Congenital Diaphragmatic Hernia Registry (CDHR). METHODS: Prospectively collected data from live-born infants with CDH were analyzed from the CDHR from January 1995 to July 2009. Preterm infants were defined as \u3c37 weeks estimated gestational age at birth. Univariate and multivariate logistic regression analysis were\u3eperformed. RESULTS: During the study period, 5,069 infants with CDH were entered in the registry. Of the 5,022 infants with gestational age data, there were 3,895 term infants (77.6%) and 1,127 preterm infants (22.4%). Overall survival was 68.7%. A higher percentage of term infants were treated with extracorporeal membrane oxygenation (ECMO) (33% term vs 25.6% preterm). Preterm infants had a greater percentage of chromosomal abnormalities (4% term vs 8.1% preterm) and major cardiac anomalies (6.1% term vs 11.8% preterm). Also, a significantly higher percentage of term infants had repair of the hernia (86.3% term vs 69.4% preterm). Survival for infants that underwent repair was high in both groups (84.6% term vs 77.2% preterm). Survival decreased with decreasing gestational age (73.1% term vs 53.5% preterm). The odds ratio (OR) for death among preterm infants adjusted for patch repair, ECMO, chromosomal abnormalities, and major cardiac anomalies was OR 1.68 (95% confidence interval [CI], 1.34-2.11). CONCLUSION: Although outcomes for preterm infants are clearly worse than in the term infant, more than 50% of preterm infants still survived. Preterm infants with CDH remain a high-risk group. Although ECMO may be of limited value in the extremely premature infant with CDH, most preterm infants that live to undergo repair will survive. Prematurity should not be an independent factor in the treatment strategies of infants with CDH

Functional map of arrestin binding to phosphorylated opsin, with and without agonist

Arrestins desensitize G protein-coupled receptors (GPCRs) and act as mediators of signalling. Here we investigated the interactions of arrestin-1 with two functionally distinct forms of the dim-light photoreceptor rhodopsin. Using unbiased scanning mutagenesis we probed the individual contribution of each arrestin residue to the interaction with the phosphorylated apo-receptor (Ops-P) and the agonist-bound form (Meta II-P). Disruption of the polar core or displacement of the C-tail strengthened binding to both receptor forms. In contrast, mutations of phosphate-binding residues (phosphosensors) suggest the phosphorylated receptor C-terminus binds arrestin differently for Meta II-P and Ops-P. Likewise, mutations within the inter-domain interface, variations in the receptor-binding loops and the C-edge of arrestin reveal different binding modes. In summary, our results indicate that arrestin-1 binding to Meta II-P and Ops-P is similarly dependent on arrestin activation, although the complexes formed with these two receptor forms are structurally distinct

Sedimentology and stratigraphy of the type section of the Pennsylvanian Boss Point Formation, Joggins Fossil Cliffs, Nova Scotia, Canada

The 1125-m-thick type section of the Pennsylvanian Boss Point Formation is well exposed along the shore of the Bay of Fundy in Nova Scotia. We provide the first comprehensive account of the entirety of this formation, which comprises nearly one-third of the stratigraphic thickness of the Joggins Fossil Cliffs UNESCO World Heritage Site. The basal Chignecto Bay Member (0–91.5 m) is composed of redbeds, single-storey channel bodies with northerly paleoflow, and thin palustrine limestones. The middle Ward Point Member (91.5–951.7 m) contains up to 16 megacycles composed of alternations between thick packages of braided fluvial sandstone and fine-grained deposits. Although regional studies of the Boss Point Formation suggest that the fine-grained deposits are largely composed of lacustrine sediments, these intervals consist largely of poorly drained and well-drained floodplain deposits in the type section. The facies variations and southeast-directed paleoflow in the Ward Point Member record modest uplift associated with the growth of the salt-cored Minudie Anticline. The North Reef Member (951.7–1125 m) is composed of redbeds and two distinctive multistorey channel bodies. This uppermost member records a shift to more arid, oxidizing conditions, was the precursor to a major phase of salt withdrawal, and represents a transition to the overlying Little River Formation. The sedimentological framework, revised stratigraphy, and detailed measured section and map will provide a foundation for future study of this remarkable Pennsylvanian exposure