Liquidity and Asset Pricing: Evidence on the Role of Investor Holding Period

We use data on actual holding periods for all investors in a stock market over a 10-year period to investigate the links between holding periods, liquidity, and asset returns. Microstructure measures of liquidity are shown to be important determinants of the holding period decision of individual investors. Average holding periods differ across different investor types. Turnover is an imperfect proxy for holding period. While both turnover and spread are related to stock returns, holding period is not.Market microstructure; Holding period; duration

Strategic Investor Behaviour and the Volume-Volatility Relation in Equity Markets

We examine the volume-volatility relation using detailed data from a limit order driven equity market. Estimates of the intraday slope of the demand and supply schedules of the order book are found to capture regularities in spreads, trade size and submission strategies which are believed to be related to asymmetric information. On a daily level, the order book slope should also captures differences in dispersion of beliefs about stock values. The relationship between our daily slope measure and the contemporaneous volatility across companies and time supports models where strategic trading and dispersion of beliefs increase both volume and volatility.Market Microstructure; Volume-volatility relation; Equity trading; Asymmetric Information

Liquidity and the Business Cycle

We show evidence of a contemporaneous relation between stock market liquidity and the business cycle. Stock market liquidity worsen when the economy is slowing down, and vice versa. This effect is most pronounced for small firms. Using data for both the US and Norway, we find strong evidence that stock market liquidity predict the current and future state of the economy. We also show some evidence that can shed light on the link between stock markets and the real economy. Using stock ownership data from Norway, we find that the portfolio compositions of investors change with the business cycle. Our results suggests a flight to quality during economic downturns where equity traders move from smaller/less liquid stocks to large/liquid stocks. Our results suggest that an important explanation for the equity premium in general, and the equity size premium in particular, may be related to time variation in stock market liquidity at business cycle frequencies.Market Microstructure; Liquidity; Business Cycle

A Follow-Up Study of the 1962-65 Notehand Students of Bishop Dubourg High School, St. Louis, Missouri, to Identify the Effectiveness and Personal Uses of Notehand

This study aims to ascertain the effectiveness and personal uses of Notehand. Students of six classes taught during the years 1962-65 at Bishop Dubourg High School, St. Louis, Missouri, were contacted and requested to complete questionnaires which furnished this data. Of the 149 students invited to participate, 147 replied. Tabulations were made as replies were received, and an analysis began when 98.6 per cent of the questionnaires were returned. The findings of the study were converted into tables showing the positive and negative responses to each question for each academic year, and the percentage for all years combined. A sampling of negative, positive, and suggested comments of students also appears. This survey indicated that 88.7 pre cent of the students replying use Notehand, while 11.3 per cent do not use it. Based on the findings, the writer concluded that Notehand is meeting the needs of the students. Therefore, it is being taught effectively and is reaching the focal objective, which is: taking meaningful and useful notes. However, there is need to extend the experiences of using Notehand. Results of this study led the researcher to the following recommendations: 1. Familiarize faculty with objectives and values of a Notehand course. 2. Continue offering the course to juniors and seniors. 3. Offer course to all classmen who desire to pursue a college education. 4. Provide more current topics for notemaking purposes. 5. Engage more lecturers 6. Pilot a B-track class for two semesters to enable students to gain more experiences with Notehand and notemaking. 7. Conduct a survey each year

Consumer preferences for iced coffee determined by conjoint analysis: an exploratory study with Norwegian consumers

Summary The main aim of this study was to investigate consumer preferences for extrinsic attributes of iced coffee, explore consumers' coffee consumption habits, find new market opportunities and segment consumers based on similar products preferences. A sample of 101 consumers of iced coffee was recruited during 2012 in Norway. Twelve iced coffee products combining different levels of attributes such as coffee type, origin, calories and price were presented on screen and rated according to consumers' willingness to buy (WTB). Mixed model anova, principal component analysis (PCA) and partial least squares discriminant analysis (PLS‐DA) were applied to analyse data. Results show that the most preferred products for the consumer sample as a whole were low‐price low‐calorie products, while age has a significant effect on WTB for different iced coffee products. Four different consumer segments based on type of iced coffee and country of production preferences were identified and discussed

Enzyme activity in lines of pigs selected for high and low fatness

International audienc

Elemental Analysis of Glass and Ink by Laser Ablation Inductively Coupled Plasma Mass Spectrometry (LA-ICP-MS) and Laser Induced Breakdown Spectroscopy (LIBS)

The necessity of elemental analysis techniques to solve forensic problems continues to expand as the samples collected from crime scenes grow in complexity. Laser ablation ICP-MS (LA-ICP-MS) has been shown to provide a high degree of discrimination between samples that originate from different sources. In the first part of this research, two laser ablation ICP-MS systems were compared, one using a nanosecond laser and another a femtosecond laser source for the forensic analysis of glass. The results showed that femtosecond LA-ICP-MS did not provide significant improvements in terms of accuracy, precision and discrimination, however femtosecond LA-ICP-MS did provide lower detection limits. In addition, it was determined that even for femtosecond LA-ICP-MS an internal standard should be utilized to obtain accurate analytical results for glass analyses. In the second part, a method using laser induced breakdown spectroscopy (LIBS) for the forensic analysis of glass was shown to provide excellent discrimination for a glass set consisting of 41 automotive fragments. The discrimination power was compared to two of the leading elemental analysis techniques, µXRF and LA-ICP-MS, and the results were similar; all methods generated \u3e99% discrimination and the pairs found indistinguishable were similar. An extensive data analysis approach for LIBS glass analyses was developed to minimize Type I and II errors en route to a recommendation of 10 ratios to be used for glass comparisons. Finally, a LA-ICP-MS method for the qualitative analysis and discrimination of gel ink sources was developed and tested for a set of ink samples. In the first discrimination study, qualitative analysis was used to obtain 95.6% discrimination for a blind study consisting of 45 black gel ink samples provided by the United States Secret Service. A 0.4% false exclusion (Type I) error rate and a 3.9% false inclusion (Type II) error rate was obtained for this discrimination study. In the second discrimination study, 99% discrimination power was achieved for a black gel ink pen set consisting of 24 self collected samples. The two pairs found to be indistinguishable came from the same source of origin (the same manufacturer and type of pen purchased in different locations). It was also found that gel ink from the same pen, regardless of the age, was indistinguishable as were gel ink pens (four pens) originating from the same pack

Paternal psychological stress after detection of fetal anomaly during pregnancy. A prospective longitudinal observational study

Background and Aims. Knowledge of carrying a fetus with a prenatal diagnosed anomaly may cause acute psychological stress to the parents. Most studies focus on maternal stress, yet fathers are often present at the ultrasound examinations and birth, and therefore may be affected similarly to the expectant mother. However, to date no existing studies have examined how detection of a fetal anomaly emotionally affects the expectant fathers throughout the pregnancy. Our aim was to longitudinally examine general health perceptions, social dysfunction and psychological distress in a subgroup of men where fetal anomaly was detected during pregnancy. Methods and Results. This study is part of the SOFUS study, a prospective, longitudinal, observational study. Participants were recruited when referred for an ultrasound examination conducted by a specialist in fetal medicine at Oslo University Hospital on suspicion of fetal malformation (study group). We examined differences between the men in the study group (N= 32) and a comparison group (N=83) on the General Health Questionnaire (GHQ), Impact of Event Scale (IES) and Edinburgh Postnatal Depression Scale (EDPS) across four time points in pregnancy. Results from repeated measured ANOVA suggests that depression decreased over time among men in both groups (η2 =.15, p<.001). This effect was stronger in the study group, and differed from the comparison group (η2=.08, p<.001). There was also a main effect of time on IES scores, which decreased over time for both men in the study group and in the comparison group (η2=0.32, p<.001). That is, men in the study group were higher on IES initially, but this effect decreased more in the study group than in the comparison group. Men in tthe study group and comparison group did not differ on perceived general health (GHQ: p=.864,). Conclusion: Results suggests that detection of a fetal anomaly has implications for paternal mental health during pregnancy. Expectant fathers scored higher on EPDS and IES than the comparison group in the acute phase after detection of fetal anomaly, thus there is impetus to provide psychological support for fathers, as well as mothers, at this difficult time

Fermentation-derived Aroma Compounds in Varietal Young Wines from South Africa

The volatile composition of 925 single cultivar young Sauvignon blanc, Chardonnay, Pinotage, Merlot, Shirazand Cabernet Sauvignon wines of vintages 2005 to 2007, was determined using gas chromatography – flameionisation detection. Compositional data were compared to published data on young wines from South Africa andother countries. South African young wines analysed in this study had a largely similar volatile composition tothat reported in the literature. Significant between-vintage and between-cultivar differences were observed in thevolatile composition of the wines investigated in this study. The concentration ranges of four compounds in redwines, hexanol, propanol, diethyl succinate and ethyl lactate, and four compounds in white wines, 2-phenylethanol,hexanoic acid, isoamyl acetate and propanol, were not influenced by vintage effects. This finding was interpretedas the first indication that typical concentration ranges for some aroma compounds can be established for SouthAfrican young cultivar wines. A trend was observed in the white wines that the alcohols and their respective acetateesters, as well as fatty acids and their ethyl esters, were responsible for the vintage-related effects. Differences involatile composition between Chardonnay and Sauvignon blanc wines could also largely be explained on the samebasis. Classification models were established to discriminate between individual red wine cultivars and between thetwo white wine cultivars and correct classification rates of respectively, 79 % and 85 % were achieved