A Rational Model of the Closed-End Fund Discount

The discount on closed-end funds is widely accepted as proof of investor irrationality. We show,however, that a parsimonious rational model can generate a discount that exhibits many of the characteristics observed in practice. The only required features of the model are that managers have (imperfectly observable) ability to generate excess returns; they sign long-term contracts guaranteeing them a fee each year equal to a fixed fraction of assets under management; and they can leave to earn more money elsewhere if they turn out to be good. With these assumptions, time-varying discounts are not an anomaly in a rational world with competitive investors -- they are required.

Human Capital, Bankruptcy and Capital Structure

We derive a firm's optimal capital structure and managerial compensation contract when employees are averse to bearing their own human capital risk, while equity holders can diversify this risk away. In the presence of corporate taxes, our model delivers optimal debt levels consistent with those observed in practice. It also makes a number of predictions for the cross-sectional distribution of firm leverage. Consistent with existing empirical evidence, it implies persistent idiosyncratic differences in leverage across firms. An important new empirical prediction of the model is that, ceteris paribus, firms with more leverage should pay higher wages.

Universal seeds for cDNA-to-genome comparison

<p>Abstract</p> <p>Background</p> <p>To meet the needs of gene annotation for newly sequenced organisms, optimized spaced seeds can be implemented into cross-species sequence alignment programs to accurately align gene sequences to the genome of a related species. So far, seed performance has been tested for comparisons between closely related species, such as human and mouse, or on simulated data. As the number and variety of genomes increases, it becomes desirable to identify a small set of <it>universal </it>seeds that perform optimally or near-optimally on a large range of comparisons.</p> <p>Results</p> <p>Using statistical regression methods, we investigate the sensitivity of seeds, in particular good seeds, between four cDNA-to-genome comparisons at different evolutionary distances (human-dog, human-mouse, human-chicken and human-zebrafish), and identify classes of comparisons that show similar seed behavior and therefore can employ the same seed. In addition, we find that with high confidence good seeds for more distant comparisons perform well on closer comparisons, within 98–99% of the optimal seeds, and thus represent universal good seeds.</p> <p>Conclusion</p> <p>We show for the first time that optimal and near-optimal seeds for distant species-to-species comparisons are more generally applicable to a wide range of comparisons. This finding will be instrumental in developing practical and user-friendly cDNA-to-genome alignment applications, to aid in the annotation of new model organisms.</p

Toward a Guide for Smart Mobility Corridors: Frameworks and Tools for Measuring, Understanding, and Realizing Transportation Land Use Coordination

The coordination of transportation and land use (also known as “smart growth”) has been a long-standing goal for planning and engineering professionals, but to this day it remains an elusive concept to realize. Leaving us with this central question -- how can we best achieve transportation and land use coordination at the corridor level? In response, this report provides a review of literature and practice related to sustainability, livability, and equity (SLE) with a focus on corridor-level planning. Using Caltrans’ Corridor Planning Process Guide and Smart Mobility Framework as guideposts, this report also reviews various principles, performance measures, and place typology frameworks, along with current mapping and planning support tools (PSTs). The aim being to serve as a guidebook that agency staff can use for reference, synergizing planning insights from various data sources that had not previously been brought together in a practical frame. With this knowledge and understanding, a key section provides a discussion of tools and metrics and how they can be used in corridor planning. For illustration purposes, this report uses the Smart Mobility Calculator (https://smartmobilitycalculator. netlify.app/), a novel online tool designed to make key data easily available for all stakeholders to make better decisions. For more information on this tool, see https://transweb.sjsu.edu/research/1899-Smart-Growth-Equity-Framework-Tool. The Smart Mobility Calculator is unique in that it incorporates statewide datasets on urban quality and livability which are then communicated through a straightforward visualization planners can readily use. Core sections of this report cover the framework and concepts upon which the Smart Mobility Calculator is built and provides examples of its functionality and implementation capabilities. The Calculator is designed to complement policies to help a variety of agencies (MPOs, DOTs, and local land use authorities) achieve coordination and balance between transportation and land use at the corridor level

A Smart Growth & Equity Framework and Tool for Measuring, Understanding, and Realizing Transportation Land Use Coordination for Sustainability, Livability, and Equity

The coordination and integration of transportation and land use (also known as “smart growth”) has been a long-standing goal for planning and engineering professionals, but to this day remains an elusive concept to realize. As this approach is a widely recognized as key to achieving sustainable, livable, and equitable (SLE) outcomes for individuals and society, a key aim of this report is to instill the coordination of transportation and land use into practice by the collection of key actors and agents (MPOs, DOTs, and local land use authorities, etc.) through new measurement and policy guidance frameworks and tools. A fundamental assumption of this report is that frameworks are needed first to help guide the use of tools to measure and understand urban quality, and then inform policy decisions toward realizing SLE outcomes. Along these lines, this report provides a review of current literature and practice related to measuring and understanding the integration of transportation and land use through the lenses of sustainability, livability, and equity (SLE), specifically focusing on efforts to operationalize the Livability Principles of the 2009 HUD/DOT/EPA Partnership for Sustainable Communities and Caltrans’ Smart Mobility Framework. Specifically, this report builds on the use of various principles, performance measures, and place typology frameworks, along with current mapping and Planning Support Tools (PSTs) in order to develop a framework to: a. Measure SLE urban quality performance urban places b. Understand what this SLE performance means in terms of how to respond with policies c. Provide guidance on how to enact policies to realize more robust transportation land use integration (smart growth) to achieve SLE outcome for society. With this knowledge and understanding we then go into a discussion of tools and metrics and how they can be used. For illustration purposes, this report uses the Smart Growth & Social Equity Calculator (https://smartgrowthcalculator.netlify.com/) – an online tool designed to make key data easily available to all stakeholders so they can more readily make coordinated decisions to that will lead to a more robust integration between transportation and land use. Specifically, the SGE Calculator can help with: climate action planning, VMT analysis related to new CEQA regulations under SB 743 that move us away from LOS, and how to coordinate transportation & land use across the spectrum, from community NIMBY discourses to regional and state transportation planning

STEPs\u27 Program Evaluation Capacity-Building Program

CPACS Urban Research Awards Part of the mission of the College of Public Affairs and Community Service (CPACS) is to conduct research, especially as it relates to concerns of our local and statewide constituencies. CPACS has always had an urban mission, and one way that mission is served is to preform applied research relevant to urban society in general, and the Omaha metropolitan area and other Nebraska urban communities in particular. Beginning in 2014, the CPACS Dean provided funding for the projects with high relevance to current urban issues, with the potential to apply the findings to practice in Nebraska, Iowa, and beyond

Cr-Hollandite: Breaking Tradition with Todorokite-type Manganese Oxides

The synthesis of a tunneled hollandite-type manganese oxide with interstitial and framework Cr3+ is described. This unique material is prepared from a layered buserite precursor under conditions previously believed to only yield todorokite-type manganese oxides with larger tunnels. The influence of Cr3+ in promoting the hollandite structure has been investigated by selectively placing the cation either in interstitial or framework sites. The use of framework Cr3+ in combination with other interstitial cations generates related hollandite and todorokite derivatives. Catalytic oxidation reactions with benzyl alcohol and carbon monoxide have also been examined

Falls and Traumatic Brain Injury in the Elderly on Aspirin or Anticoagulant Therapy

Introduction: Traumatic brain injury (TBI) after a fall in individuals aged 65 and older is a leading cause of morbidity and mortality, but the effect of aspirin and anticoagulant therapy on TBI severity is not fully understood. This study evaluated whether the severity of TBI is associated with use of aspirin or anticoagulant therapy or in combination. Methods: Using retrospective chart review, we identified patients age 65 or older who fell and sustained head trauma that were admitted to Thomas Jefferson University Hospital trauma service from 2017-2018. Based on final diagnosis, patients were classified into three groups of TBI in order of increasing severity: mild TBI, extra-axial hemorrhage, and intra-axial hemorrhage. ANOVA and regression analysis will be used to compare use of aspirin, anticoagulant therapy, both in combination, or neither in the three groups. Results: We hypothesize that patients with more severe head trauma will have increased use of aspirin or anticoagulant therapy or both in combination compared to patients who are on neither aspirin nor anticoagulant therapy. Preliminary results show patients with any diagnosis of TBI were more likely to be on aspirin compared to controls (OR 1.74, p\u3c0.001). Patients with any diagnosis of TBI and anticoagulant therapy had no statistical significant association compared to controls (OR 1.25, p=0.25). Discussion: These findings will guide the understanding of how aspirin and anticoagulant therapy affect severity of TBI. Judicious use of aspirin and anticoagulant therapy in the elderly who are at risk of falling may reduce the incidence of severe TBI