Grouping Individual Investment Preferences in Retirement Savings: A Cluster Analysis of a USS Members Risk Attitude Survey

Cluster analysis is used to identify homogeneous groups of members of USS in terms of risk attitudes. There are two distinct clusters of members in their 40s and 50s. One had previously ‘engaged’ with USS by making additional voluntary contributions. It typically had higher pay, longer tenure, less interest in ethical investing, lower risk capacity, a higher percentage of males, and a higher percentage of academics than members of the ‘disengaged’ cluster. Conditioning only on the attitude to risk responses, there are 18 clusters, with similar but not identical membership, depending on which clustering method is used. The differences in risk aversion across the 18 clusters could be explained largely by differences in the percentage of females and the percentage of couples. Risk aversion increases as the percentage of females in the cluster increases, while it reduces as the percentage of couples increases because of greater risk sharing within the household. Characteristics that other studies have found important determinants of risk attitudes, such as age, income and (pension) wealth, do not turn out to be as significant for USS members. Further, despite being on average more highly educated than the general population, USS members are marginally more risk averse than the general population, controlling for salary, although the difference is not significant

One size fits all: How many default funds does a pension scheme need?

In this paper, we analyse the number of default investment funds appropriate for an occupational defined contribution pension scheme. Using a unique dataset of member risk attitudes and characteristics from a survey of a large UK pension scheme, we apply cluster analysis to identify two distinct groups of members in their 40s and 50s. Further analysis indicated that the risk attitudes of the two groups were not significantly different, allowing us to conclude that a single lifestyle default fund is appropriate

Early Cretaceous biogeographic and oceanographic synthesis of Leg 123 (off Northwestern Australia)

Biogeographic observations made by Leg 123 shipboard paleontologists for Lower Cretaceous nannofossils, foraminifers, radiolarians, belemnites, and inoceramids are combined in this chapter to evaluate the paleoceanographic history of the northwestern Australian margin and adjacent basins. Each fossil group is characterized at specific intervals of Cretaceous time and compared with data from Tethyan and Southern Hemisphere high-latitude localities. Special attention is given to the biogeographic observations made for the Falkland Plateau (DSDP Legs 36 and 71) and the Weddell Sea (ODP Leg 113). Both areas have yielded valuable Lower Cretaceous fossil records of the circumantarctic high latitudes. In general, the Neocomian fossil record from DSDP and ODP sites off northwestern Australia has important southern high-latitude affinities and weak Tethyan influence. The same is true for the pelagic lithofacies: radiolarian chert and/or nannofossil limestone, dominant in the Tethyan Lower Cretaceous, are minor lithologies in the Exmouth-Argo sites. These observations, together with the young age of the Argo crust and plate tectonic considerations, suggest that the Argo Basin was not part of the Tethys Realm. The biogeography of the Neocomian radiolarian and nannofossil assemblages suggests opening of a seaway during the Berriasian that connected the circumantarctic area with the Argo Basin, which resulted in the influx of southern high-latitude waters. This conclusion constrains the initial fit and break-up history of Gondwana. Our results favor the loose fit of the western Australian margin with southeast India by Ricou et al. (1990), which accounts for a deeper water connection with the Weddell-Mozambique basins via drowned marginal plateaus as early as the Berriasian. In fits of the du Toit-type (1937), India would remain attached to Antarctica, at least until the late Valanginian, making such a connection impossible. After the Barremian, increasing Tethyan influence is evident in all fossil groups, although southern high-latitude taxa are still present. Biogeographic domains, such as the southern extension of Nannoconus and Ticinella suggest paleolatitudes of about 50°S for the Exmouth-Argo area. Alternatively, if paleolatitudes of about 35° are accepted, these biogeographic limits were displaced northward at least 15° along Australia in comparison to the southern Atlantic. In this case, the proto-circumantarctic current was deflected northward into an eastern boundary current off Australia and carried circumantarctic cold water into the middle latitudes. Late Aptian/early Albian time is characterized by mixing of Tethyan and southern faunal elements and a significant gradient in Albian surface-water temperatures over 10° latitude along the Australian margin, as indicated by planktonic foraminifers. Both phenomena may be indicative of convergence of temperate and antarctic waters near the Australian margin. High fertility conditions, reflected by radiolarian cherts, are suggestive of coastal upwelling during that time

Maternal thyroid function and child educational attainment: prospective cohort study

Objective: To determine if first trimester maternal thyroid dysfunction is a critical determinant of child scholastic performance and overall educational attainment. Design: Prospective cohort study. Setting: Avon Longitudinal Study of Parents and Children cohort in the UK. Participants: 4615 mother-child pairs with an available first trimester sample (median 10 weeks gestation, interquartile range 8-12). Exposures: Free thyroxine, thyroid stimulating hormone, and thyroid peroxidase antibodies assessed as continuous measures and the seven clinical categories of maternal thyroid function. Main outcome measures: Five age-specific national curriculum assessments in 3580 children at entry stage assessment at 54 months, increasing up to 4461 children at their final school assessment at age 15. Results: No strong evidence of clinically meaningful associations of first trimester free thyroxine and thyroid stimulating hormone levels with entry stage assessment score or Standard Assessment Test scores at any of the key stages was found. Associations of maternal free thyroxine or thyroid stimulating hormone with the total number of General Certificates of Secondary Education (GCSEs) passed (range 0-16) were all close to the null: free thyroxine, rate ratio per pmol/L 1.00 (95% confidence interval 1.00 to 1.01); and thyroid stimulating hormone, rate ratio 0.98 (0.94 to 1.02). No important relationship was observed when more detailed capped scores of GCSEs allowing for both the number and grade of pass or when language, mathematics, and science performance were examined individually or when all educational assessments undertaken by an individual from school entry to leaving were considered. 200 (4.3%) mothers were newly identified as having hypothyroidism or subclinical hypothyroidism and 97 (2.1%) subclinical hyperthyroidism or hyperthyroidism. Children of mothers with thyroid dysfunction attained an equivalent number of GCSEs and equivalent grades as children of mothers with euthyroidism. Conclusions: Maternal thyroid dysfunction in early pregnancy does not have a clinically important association with impaired child performance at school or educational achievement

The Bolocam 1.1 mm Lockman Hole Galaxy Survey: SHARC II 350 micron Photometry and Implications for Spectral Models, Dust Temperatures, and Redshift Estimation

We present 350 micron photometry of all 17 galaxy candidates in the Lockman Hole detected in a 1.1 mm Bolocam survey. Several of the galaxies were previously detected at 850 microns, at 1.2 mm, in the infrared by Spitzer, and in the radio. Nine of the Bolocam galaxy candidates were detected at 350 microns and two new candidates were serendipitously detected at 350 microns (bringing the total in the literature detected in this way to three). Five of the galaxies have published spectroscopic redshifts, enabling investigation of the implied temperature ranges and a comparison of photometric redshift techniques. Lambda = 350 microns lies near the spectral energy distribution peak for z = 2.5 thermally emitting galaxies. Thus, luminosities can be measured without extrapolating to the peak from detection wavelengths of lambda > 850 microns. Characteristically, the galaxy luminosities lie in the range 1.0 - 1.2 x 10^13 L_solar, with dust temperatures in the range of 40 K to 70 K, depending on the choice of spectral index and wavelength of unit optical depth. The implied dust masses are 3 - 5 x 10^8 M_solar. We find that the far-infrared to radio relation for star-forming ULIRGs systematically overpredicts the radio luminosities and overestimates redshifts on the order of Delta z ~ 1, whereas redshifts based on either on submillimeter data alone or the 1.6 micron stellar bump and PAH features are more accurate.Comment: In Press (to appear in Astrophysical Journal, ApJ 20 May 2006 v643 1) 47 pages, 10 figures, 4 table

A Search for Cosmic Microwave Background Anisotropies on Arcminute Scales with Bolocam

We have surveyed two science fields totaling one square degree with Bolocam at 2.1 mm to search for secondary CMB anisotropies caused by the Sunyaev- Zel'dovich effect (SZE). The fields are in the Lynx and Subaru/XMM SDS1 fields. Our survey is sensitive to angular scales with an effective angular multipole of l_eff = 5700 with FWHM_l = 2800 and has an angular resolution of 60 arcseconds FWHM. Our data provide no evidence for anisotropy. We are able to constrain the level of total astronomical anisotropy, modeled as a flat bandpower in C_l, with frequentist 68%, 90%, and 95% CL upper limits of 590, 760, and 830 uKCMB^2. We statistically subtract the known contribution from primary CMB anisotropy, including cosmic variance, to obtain constraints on the SZE anisotropy contribution. Now including flux calibration uncertainty, our frequentist 68%, 90% and 95% CL upper limits on a flat bandpower in C_l are 690, 960, and 1000 uKCMB^2. When we instead employ the analytic spectrum suggested by Komatsu and Seljak (2002), and account for the non-Gaussianity of the SZE anisotropy signal, we obtain upper limits on the average amplitude of their spectrum weighted by our transfer function of 790, 1060, and 1080 uKCMB^2. We obtain a 90% CL upper limit on sigma8, which normalizes the power spectrum of density fluctuations, of 1.57. These are the first constraints on anisotropy and sigma8 from survey data at these angular scales at frequencies near 150 GHz.Comment: 68 pages, 17 figures, 2 tables, accepted for publication in Ap

MRI-based Surgical Planning for Lumbar Spinal Stenosis

The most common reason for spinal surgery in elderly patients is lumbar spinal stenosis(LSS). For LSS, treatment decisions based on clinical and radiological information as well as personal experience of the surgeon shows large variance. Thus a standardized support system is of high value for a more objective and reproducible decision. In this work, we develop an automated algorithm to localize the stenosis causing the symptoms of the patient in magnetic resonance imaging (MRI). With 22 MRI features of each of five spinal levels of 321 patients, we show it is possible to predict the location of lesion triggering the symptoms. To support this hypothesis, we conduct an automated analysis of labeled and unlabeled MRI scans extracted from 788 patients. We confirm quantitatively the importance of radiological information and provide an algorithmic pipeline for working with raw MRI scans

Planning and Leveraging Event Portfolios: Towards a Holistic Theory

This conceptual paper seeks to advance the discourse on the leveraging and legacies of events by examining the planning, management, and leveraging of event portfolios. This examination shifts the common focus from analyzing single events towards multiple events and purposes that can enable cross-leveraging among different events in pursuit of attainment and magnification of specific ends. The following frameworks are proposed: (1) event portfolio planning and leveraging, and (2) analyzing events networks and inter-organizational linkages. These frameworks are intended to provide, at this infancy stage of event portfolios research, a solid ground for building theory on the management of different types and scales of events within the context of a portfolio aimed to obtain, optimize and sustain tourism, as well as broader community benefits