That's Where the Money Was: Foreign Bias and English Investment Abroad, 1866-1907

Why did Victorian Britain invest so much capital abroad? We collect over 500,000 monthly returns of British and foreign securities trading in London and the United States between 1866 and 1907. These heretofore-unknown data allow us to better quantify the historical benefits of international diversification and revisit the question of whether British Victorian investor bias starved new domestic industries of capital. We find no evidence of bias. A British investor who increased his investment in new British industry at the expense of foreign diversification would have been worse off. The addition of foreign assets significantly expanded the mean-variance frontier and resulted in utility gains equivalent to a meaningful increase in lifetime consumption.Capital markets, Home bias, History, Victorian overseas investment

Mavericks, Moderates, or Drifters - Supreme Court Voting Alignments, 1838-2009

We introduce a new data set recording the vote of every Justice in 18,812 Supreme Court cases decided between 1838 and 1949. When combined with existing data sets, our new data allow us to examine votes in all cases through 2009. We use this data to address previously unanswerable questions about the president\u27s ability to appoint Supreme Court Justices of similar ideology. Surprisingly, history shows that the president\u27s odds of appointing a Justice who sides with appointees of his party have been no better than a coin flip. We find no evidence that divided government at the time of nomination increased the rate of appointees who voted across party lines. These findings cast doubt on the hypothesis that appointments bring the Court in line with majoritarian views. Indeed, many failed appointments occurred when a majority of the Senate and the president were of the same party. These mavericks are not outliers, but rather are part of a larger pattern of appointees whose votes departed or drifted away from executive expectations at remarkable frequency throughout our nation\u27s histor

Momentum Cycles and Limits to Arbitrage Evidence from Victorian England and Post-Depression US Stock Markets

We evaluate the importance of “Limits to Arbitrage” to explain profitability of momentum strategies. Specifically, when the availability of arbitrage capital is in short supply, momentum cycles last longer, and breaks in momentum cycles are shorter. We demonstrate the robustness of our findings with a unique database of stock returns from1866-1907 London and the CRSP database. Momentum cycle durations are similar in both databases and all other momentum facts documented in the literature using the CRSP database hold for the Victorian period as well, except for the January reversal due to the absence of capital gains taxation.

Price Momentum In Stocks: Insights From Victorian Age Data

We find that price momentum in stocks was a pervasive phenomenon during the Victorian age (1866-1907) as well. Momentum strategy profits have little systematic risk even at business cycle frequencies; disappear periodically only to reappear later; exhibit long run reversal; and are higher following up markets, suggesting limited availability of arbitrage capital relative to opportunities during those times. Since there were no capital gains taxes during the Victorian age, the long run reversal of momentum profits must have a fundamental component, that is unrelated to tax based trading, identified by Grinblatt and Moskowitz (2004) using CRSP era data.

Climate Variability and Local Environmental Stressors Influencing Migration in Nang Rong, Thailand

Scholars point to climate change, often in the form of more frequent and severe drought, as a potential driver of migration in the developing world, particularly in populations that rely on agriculture for their livelihoods. To date, however, there have been few large-scale, longitudinal studies that explore the relationship between climate change and migration. This study significantly extends current scholarship by evaluating distinctive effects of slow onset climate change and short-term extreme events upon different migration outcomes. Our analysis models the effect of the environment--as measured by Normalized Difference Vegetation Index (NDVI) and the occurrence of El Nino Southern Oscillation (ENSO) events—on migration out of Nang Rong. Our preliminary findings indicate that predominantly dry El Niño periods of 24 months duration lead to outmigration, while predominantly wetter La Niña periods of 12-month duration reduce outmigration. Clustered monthly patterns of annual NDVI fluctuation indicate that villagers living in pixels that exhibit early, consistently higher, and steep rising green-up are less likely to migrate out in the subsequent year

Pan-Cancer Analysis of lncRNA Regulation Supports Their Targeting of Cancer Genes in Each Tumor Context

Long noncoding RNAs (lncRNAs) are commonly dys-regulated in tumors, but only a handful are known toplay pathophysiological roles in cancer. We inferredlncRNAs that dysregulate cancer pathways, onco-genes, and tumor suppressors (cancer genes) bymodeling their effects on the activity of transcriptionfactors, RNA-binding proteins, and microRNAs in5,185 TCGA tumors and 1,019 ENCODE assays.Our predictions included hundreds of candidateonco- and tumor-suppressor lncRNAs (cancerlncRNAs) whose somatic alterations account for thedysregulation of dozens of cancer genes and path-ways in each of 14 tumor contexts. To demonstrateproof of concept, we showed that perturbations tar-geting OIP5-AS1 (an inferred tumor suppressor) andTUG1 and WT1-AS (inferred onco-lncRNAs) dysre-gulated cancer genes and altered proliferation ofbreast and gynecologic cancer cells. Our analysis in-dicates that, although most lncRNAs are dysregu-lated in a tumor-specific manner, some, includingOIP5-AS1, TUG1, NEAT1, MEG3, and TSIX, synergis-tically dysregulate cancer pathways in multiple tumorcontexts

Pan-cancer Alterations of the MYC Oncogene and Its Proximal Network across the Cancer Genome Atlas

Although theMYConcogene has been implicated incancer, a systematic assessment of alterations ofMYC, related transcription factors, and co-regulatoryproteins, forming the proximal MYC network (PMN),across human cancers is lacking. Using computa-tional approaches, we define genomic and proteo-mic features associated with MYC and the PMNacross the 33 cancers of The Cancer Genome Atlas.Pan-cancer, 28% of all samples had at least one ofthe MYC paralogs amplified. In contrast, the MYCantagonists MGA and MNT were the most frequentlymutated or deleted members, proposing a roleas tumor suppressors.MYCalterations were mutu-ally exclusive withPIK3CA,PTEN,APC,orBRAFalterations, suggesting that MYC is a distinct onco-genic driver. Expression analysis revealed MYC-associated pathways in tumor subtypes, such asimmune response and growth factor signaling; chro-matin, translation, and DNA replication/repair wereconserved pan-cancer. This analysis reveals insightsinto MYC biology and is a reference for biomarkersand therapeutics for cancers with alterations ofMYC or the PMN

Genomic, Pathway Network, and Immunologic Features Distinguishing Squamous Carcinomas

This integrated, multiplatform PanCancer Atlas study co-mapped and identified distinguishing molecular features of squamous cell carcinomas (SCCs) from five sites associated with smokin