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This paper investigates the psychological effects from stock market returns. Using an FBI database of over 55 million daily reported crime incidents across the United States, crime is proposed as a measure of psychological well-being. The evidence suggests that stock returns affect the well-being of not only investors but also noninvestors. Specifically, a contemporaneous negative (positive) relationship between daily stock market returns and violent crime rates is found for investors (noninvestors). A similar relationship is also found between local earnings surprises and violent crime. The contrasting relationships for investors and noninvestors suggests that relative wealth may influence well-being. [ABSTRACT FROM AUTHOR]

This article investigates spillovers from foreign economies to the U.S. through changes in long-term Treasury yields. We document a decline in the contribution of U.S. domestic news to the variance of long-term Treasury yields and an increased importance of overnight yield changes, a proxy for foreign shocks' contribution to U.S. yields. A model that identifies U.S., Euro area, and U.K. shocks that move global yields suggests that foreign shocks account for at least 20% of the daily variation in long-term U.S. yields in recent years. We also document the predictability of long-term U.S. yields by the U.S.–foreign yield spread. [ABSTRACT FROM AUTHOR]

Higher education is often framed as a means to social mobility and increased earnings. However, the value of university education in the United States is coming under scrutiny in regard to its costs. This article examines a university education's return on investment (ROI) from attending different types of universities in the United States. Unlike previous research, this study focuses on the variation of university institutional characteristics and their impact on ROI. This study analysed data from the US Department of Education College Scorecard, focusing on institutional factors, such as public/private, student body characteristics, research intensity, student diversity and selectivity. The results confirm that highly selective universities have a greater ROI, public universities overall have a better ROI, Research 1 universities have the higher ROI and private Research 1 institutions have the highest ROI. Implications for educational administration and university selection criteria are discussed. [ABSTRACT FROM AUTHOR]

We estimate a model-free term structure of the ex ante dividend risk premium by combining two data sets with different information about future dividends. We aggregate survey forecasts about future dividends for single companies over multiple horizons to construct a term structure of expected S&P 500 dividend growth rates. We use European call and put option prices on the S&P 500 to estimate the term structures of options-implied dividend growth rates and risk-free rates. Applying the method to 2004–2021 data offers a new, ex ante perspective on the conditional time variation of the term structure of the dividend risk premium. [ABSTRACT FROM AUTHOR]

Higher education accreditation has spread internationally as a vehicle for quality assurance and improvement but is strongly influenced by accreditation practices in the United States. The organisational structure and processes of seven United States health professions accreditors were analysed to identify common characteristics that reflect general fitness for purpose and infrequent features that show potential to enhance the effectiveness of accreditation processes, increase engagement of and support by accredited institutions and programmes and provide greater transparency. [ABSTRACT FROM AUTHOR]

This study offers further evidence of the holiday effect on excess stock returns and volatility, and additional insights into its impact on the amusement park and attractions industry in the United States. The generalized auto-regressive conditional heteroscedasticity (GARCH) model and dummy variables are adopted to investigate pre- and post-holiday excess returns and volatility. Empirical results suggest the following: (1) both excess returns and excess volatility happen more frequently in pre-holidays than post-holidays; (2) the frequency of excess volatility is higher than excess returns for the holiday effect; and (3) nearly all significant excess volatilities are negative. We, therefore, conclude that the holiday effect exists in publicly traded amusement and theme parks. [ABSTRACT FROM AUTHOR]

We utilize data from the 2010–2019 Consumer Expenditure Surveys to examine middle‐class achievement of English‐speaking and non‐English‐speaking Hispanic households compared to non‐Hispanic white households in the United States. Using an innovative expenditure‐based middle‐class measure, our findings show that non‐English‐speaking Hispanics lag English‐speaking Hispanics, and English‐speaking Hispanics lag whites, in middle‐class attainment. We also identify significant structural differences among the three groups, particularly in how education, marriage, and employment affect middle‐class achievement. Non‐English‐speaking Hispanics have a lower rate of return on education compared to both whites and English‐speaking Hispanics. Non‐English‐speaking Hispanics experience lower marriage and employment premiums compared to their English‐speaking Hispanic counterparts, and English‐speaking Hispanics experience lower marriage and employment premiums compared to whites. This study contributes to the literature by introducing the innovative expenditure‐based middle‐class measure and emphasizing the importance of considering within‐group differences among Hispanics to reduce the Hispanic‐white economic disparity. [ABSTRACT FROM AUTHOR]

We reconsider trend‐based predictability by employing flexible learning methods to identify price patterns that are highly predictive of returns, as opposed to testing predefined patterns like momentum or reversal. Our predictor data are stock‐level price charts, allowing us to extract the most predictive price patterns using machine learning image analysis techniques. These patterns differ significantly from commonly analyzed trend signals, yield more accurate return predictions, enable more profitable investment strategies, and demonstrate robustness across specifications. Remarkably, they exhibit context independence, as short‐term patterns perform well on longer time scales, and patterns learned from U.S. stocks prove effective in international markets. [ABSTRACT FROM AUTHOR]

As the United States' population grows and power delivery needs continue to expand, utility companies are presented with a unique opportunity to improve reliability, increase capacity, and provide innovations to power and pipeline production and delivery infrastructure. While there is research dedicated to the impacts of the regulatory environment on project performance and the profitability of power and pipeline projects, there has been no research dedicated to identifying the differences in planning processes for such projects. Therefore, this paper contributes to the construction body of knowledge by explicitly documenting how the regulatory environment impacts the planning metrics involved in power and pipeline utility projects. This paper explores how capital project planning varies for power and pipeline projects in both regulated and nonregulated environments through an analysis of 770 projects in the Independent Project Analysis (IPA), project database. This paper presents a statistical comparison of pipeline and power project planning indicators—front-end loading (FEL) score, budget spent on front-end planning, and stakeholders engaged in front-end planning—to understand the impact of the regulatory environment on project planning. The results suggest that for some planning indicators studied, regulated projects outperform nonregulated projects, and for other indicators, the reverse is true. In particular, results show that regulated pipeline projects have better a project definition at the time of project authorization than nonregulated pipeline projects based on the FEL score; the reverse is true for power projects. Regulated pipeline and power projects spend more in a budget on front-end planning than nonregulated pipeline and power projects. Lastly, key stakeholders are represented in both regulatory environments with little difference between nonregulated and regulated environments in both pipeline projects, but power projects in regulated environments engage the key stakeholders for more time. [ABSTRACT FROM AUTHOR]

This study explores student perceptions of the financial and nonfinancial return on investment (ROI) of a liberal arts (LA) degree through surveys and interviews. Four prominent returns emerged through qualitative analysis of data: financial security, a credential, personal growth, and the promise of meaningful work. Results demonstrated the influence of anticipatory socialization on conceptions of meaningful work and the ROI of the LA degree. These findings detail a contemporary view of the value of a LA degree in the United States and are important for educators and administrators who seek to transition students from college to career. [ABSTRACT FROM AUTHOR]

In this paper, we assess the impacts of the five most recent pandemics on the volatility of stock prices across forty-nine sectors of the economy in the United States. These five most recent pandemics are the 1957–1958 Asian flu, the 1977 Russian flu, SARS-CoV-1, swine flu and COVID-19. Applying the GJR-GARCH model, we find that pandemics other than COVID-19 have heterogeneous impacts on the volatility of stock returns. The results of our analysis indicate that COVID-19 has increased the volatility of stock returns in all sectors. Similarly, stocks in more than seventy percent of sectors in our study declined during the ongoing pandemic, perhaps reflecting the severity of the pandemic. In addition, our results on sectors such as healthcare and natural gas diverge from other literature. The mixed results on SARS-CoV-1 are partially explained by the fact it emerged at a time when stock valuations were particularly pessimistic. In the case of Russian flu, it was relatively short-lived and limited in spread relative to other pandemics in our study. [ABSTRACT FROM AUTHOR]

This paper analyzes trends in the income, net worth, and homeownership of non‐Hispanic African‐Americans and Hispanics relative to non‐Hispanic whites in the United States from 1989 to 2016 and the reasons for those trends using data from the Survey of Consumer Finances. The wealth gap between African‐American and white families was much the same in 2007 as in 1989 but it lessened considerably for Hispanics. The net worth of both minorities declined sharply relative to that of non‐Hispanic whites from 2007 to 2016 and that decline was due largely to the lower rate of return on wealth of these two groups during the 2007–2010 period and largely due to the larger dissaving of these two groups during the 2010–2016 period. The paper also finds that the wealth gap is much smaller if net worth is augmented by pension wealth and especially by Social Security wealth. [ABSTRACT FROM AUTHOR]

Growing economic inequality in the United States has reduced social mobility, placing financial security farther out of reach for a growing number of Americans. During the COVID-19 pandemic, U.S. stock prices have grown simultaneously with unemployment and food insecurity, highlighting the fact that prosperity is unequally distributed in the U.S. economy. Many Americans do not benefit when the stock market soars because they do not have the means to invest. However, even ordinary American families who do have wealth to invest in the capital markets will face enormous obstacles in narrowing the wealth divide through investment. This is because ordinary American investors regularly earn a lower rate of return from investing than their wealthy counterparts. Wealthy investors are growing a larger mass of wealth at a faster rate of return, making it virtually impossible for ordinary investors to catch up. The disparity in rate of return is the result of both regulation and practicalities that limit the investment options of ordinary investors. Scholars have long acknowledged this disparity in investment opportunities, and many have proposed lifting regulatory barriers to expand investment access for ordinary investors. This Article offers a new perspective, focusing on the other side of the wealth divide. That is, perhaps wealthy investors have too many investment opportunities. Examining the regulation of short selling as a case study, this Article demonstrates how regulators have different motivations when regulating ordinary investments-like retirement savings-as opposed to exclusive investments-like short selling. This bifurcated regulation exacerbates the capital markets' contributions to economic inequality by favoring the expansion of the markets, and thereby facilitating disparities in rates of return. This Article argues that regulators should re-examine the "more is better" presumption in capital markets regulation in light of the fact that additional exclusive investment opportunities fuel the wealth divide. [ABSTRACT FROM AUTHOR]

Background: Health disparities are pervasive and are linked to economic losses in the United States of up to $135 billion per year. The Flint Center for Health Equity Solutions (FCHES) is a Transdisciplinary Collaborative Center for health disparities research funded by the National Institute of Minority Health and Health Disparities (NIMHD). The purpose of this study was to estimate the economic impact of the 5-year investment in FCHES in Genesee County, Michigan.Methods: The estimated impacts of FCHES were calculated using a U.S.-specific input/output (I/O) model, IMPLAN, from IMPLAN Group, LLC., which provides a software system to access geographic specific data regarding economic sector interactions from a variety of sources. This allowed us to model the cross-sector economic activity that occurred throughout Genesee County, Michigan, as a result of the FCHES investment. The overall economic impacts were estimated as the sum of three impact types: 1. Direct (the specific expenditures impact of FCHES and the Scientific Research and Development Services sector); 2. Indirect (the impact on suppliers to FCHES and the Scientific Research and Development Services sector); and 3. Induced (the additional economic impact of the spending of these suppliers and employees in the county economy).Results: The total FCHES investment amounted to approximately $11 million between 2016 and 2020. Overall, combined direct, indirect, and induced impacts of the total FCHES federal investment in Genesee County included over 161 job-years, over $7.6 million in personal income, and more than $19.2 million in economic output. In addition, this combined economic activity generated close to $2.3 million in state/local and federal tax revenue. The impact multipliers show the ripple effect of the FCHES investment. For example, the overall output of over $19.2 million led to an impact multiplier of 1.75 - every $1 of federal FCHES investment led to an additional $.75 of economic output in Genesee County.Conclusions: The FCHES research funding yields significant direct economic impacts above and beyond the direct NIH investment of $11 million. The economic impact estimation method may be relevant and generalizable to other large research centers such as FCHES. [ABSTRACT FROM AUTHOR]

We evaluate the performance of US active equity funds based on their Sharpe ratios. Only 13% of funds outperform the market index after fees. We estimate the aggregate annual loss to investors in US active equity funds at $235 billion. This loss can be decomposed into an inefficient portfolio allocation component of $186 billion, and a fees component of $49 billion. The loss estimate based on Sharpe ratios is about 10 times larger than estimates based on alphas, and we argue that Sharpe ratios are more relevant from the perspective of most investors. We discuss possible explanations for the persistence of this large inefficiency and suggest ways to mitigate it. [ABSTRACT FROM AUTHOR]

Diversification is a fundamental principle for investors when forming a portfolio. When investing in mutual funds and exchange-traded funds (ETFs), purchasing a single fund comes with the benefit of indirectly holding a large number of securities; however, many funds are not as diversified as some may expect. This article documents the large concentration of portfolio holdings of many funds. The degree of concentration varies based on fund investment objective, size, and structure. High levels of concentration often are tied to managers making active bets on the portfolio weights of holdings. This concentration relates to higher idiosyncratic risk (risk originating from factors tied to a specific security or small group of assets) and, for sector and style funds, greater market risk exposure. Even though many funds make large bets on the same stocks and have overlapping holdings, a strategy of investing in multiple funds with a similar objective can often lead to much lower portfolio concentration and reduces idiosyncratic risk. [ABSTRACT FROM AUTHOR]

This paper analyzes the time‐varying causality between government bond and oil returns of the United States over the monthly period of 1859:10 to 2019:03, that is, the longest possible span of historical data, starting from the beginning of the modern era of the petroleum industry. While the standard constant parameter causality test fails to pick up any evidence of causality, the time‐varying framework shows evidence of bi‐directional spillovers over the entire sample period. The results are robust to the inclusion of stock returns as a control variable in the model. We also detect evidence of time‐varying causality‐in‐volatility between sovereign bond and oil markets, as well as spillovers in returns and volatility from the oil market to corporate bonds. [ABSTRACT FROM AUTHOR]

For many benchmark predictor variables, short‐horizon return predictability in the U.S. stock market is local in time as short periods with significant predictability ("pockets") are interspersed with long periods with no return predictability. We document this result empirically using a flexible time‐varying parameter model that estimates predictive coefficients as a nonparametric function of time and explore possible explanations of this finding, including time‐varying risk premia for which we find limited support. Conversely, pockets of return predictability are consistent with a sticky expectations model in which investors slowly update their beliefs about a persistent component in the cash flow process. [ABSTRACT FROM AUTHOR]

In this article, the authors analyze the impact of environmental, social, and governance (ESG) investing on stock returns. For this purpose, they follow the notion that higher ESG awareness of investors increases the prices of sustainable stocks. If so, one can hypothesize two opposing relationships for the return: a positive short-term effect and a negative long-term effect. To empirically separate between these two effects, they use Google Trend data as a proxy for ESG awareness. Examining data from 2010 to 2020 from the US and the European Economic and Monetary Union (EMU) markets, the authors find empirical evidence supporting both hypotheses. Moreover, the results show on the individual firm level that sustainable stocks have less exposure to an ESG-Factor and thus earn a lower ESG premium. The comparison of both markets shows that the US market is more mature than the EMU market regarding the transition from a state in which investors do not consider ESG to a state in which investors do consider ESG. [ABSTRACT FROM AUTHOR]

The aggregate US equity market has outperformed the rest of the world over the past decade. Additionally, correlation across equity markets of different geographic regions has increased over time. With this in mind, many investors question whether non-US equity investment should still play a role in diversified investment portfolios. The authors review the widely used reasons investors consider to support non-US investments and argue that the broader opportunity set and attractive relative valuations remain valid reasons. [ABSTRACT FROM AUTHOR]

Women and people from most racial and ethnic groups in the United States have historically been under‐represented in clinical trials of investigational medical products. Inadequate representation of these groups may lead to an incomplete understanding of the safety and efficacy of new drugs, devices, biologics, and vaccines, and limit the generalizability of trial findings. As a result, new medical products may not be beneficial to all people who need them, and existing inequities in outcomes among various population groups may remain unchanged or worsen, or new disparities may arise. Although much work has focused on study‐level strategies, research organizations must make systemic changes to how clinical trials are envisioned and implemented to achieve sustainable support for diversity and inclusion in clinical trials. The Clinical Trials Transformation Initiative (CTTI) conducted interviews with leaders at institutions that conduct clinical trials to explore perspectives on organizational‐level practices that promote diversity and inclusion in clinical trials. Leaders described motivations, such as an ethical and moral imperative; organizational practices, such as staff investment and resource allocation; perceived return on investments, such as better science; and deterrents, such as cost and time. The CTTI also convened an expert meeting to discuss the interview findings and provide guidance. We present the interview findings and expert guidance in a framework that describes four key areas—commitment, partnerships, accountability, and resources—on sustaining organizational‐level approaches for improving diversity and inclusion in clinical trials, with the ultimate goal of advancing health equity. Institutions who conduct and support clinical trials should implement organizational‐level approaches to improve equitable access and diverse patient participation in clinical trials. [ABSTRACT FROM AUTHOR]

The mean wealth of the top wealth percentile surged more than two-and-a-half fold in real terms from 1983 to 2019. Changes in wealth over time can be decomposed into capital gains and savings. Capital gains in turn depend on asset price movements and portfolio composition. Using data from the Survey of Consumer Finances, the paper provides a decomposition of the change in the mean wealth and wealth share of the top percentile into a capital gains and savings effect. It then analyzes how much stock price movements and movements in other asset prices individually affect changes in the wealth of the top percentile. It finds that the rise in the stock market accounted for about a third of the advance in the wealth holdings of the super-rich, while increased business values explained about a quarter and gains in non-home real estate about a sixth. [ABSTRACT FROM AUTHOR]

Abstract–In this article, we develop a general framework to analyze state space models with time-varying system matrices, where time variation is driven by the score of the conditional likelihood. We derive a new filter that allows for the simultaneous estimation of the state vector and of the time-varying matrices. We use this method to study the time-varying relationship between the price dividend ratio, expected stock returns and expected dividend growth in the United States since 1880. We find a significant increase in the long-run equilibrium value of the price dividend ratio over time, associated with a fall in the long-run expected rate of return on stocks. The latter can be attributed mainly to a decrease in the natural rate of interest, as the long-run risk premium has only slightly fallen. [ABSTRACT FROM AUTHOR]

Research Summary: We examine the effect of face‐to‐face interactions between acquirers and targets before the acquisition announcements on acquisition returns. We argue that frequent interactions increase the target management's trust in the acquirer and benefit the acquirer by mitigating competition in the bidding process. For a sample of U.S. domestic acquisitions, we use smartphone geolocational data to measure the movement of people between merging companies in the months before the announcement. We find that with more frequent interactions, acquirers earn higher stock market returns at the announcement and targets receive fewer later bids from other bidders. Moreover, more frequent interactions are associated with lower returns to public targets vis‐à‐vis their acquirers. The effect of interactions is weaker when shareholder‐manager agency problems in the target are less severe. Managerial Summary: Previous research shows that while acquisitions can create synergistic gains, the presence of potentially competing bidders forces acquirers to pay a high price for their targets, which makes acquisitions generally unprofitable for acquirers. We provide evidence suggesting that frequent social interactions between the acquirer's and the target's management in the pre‐acquisition phase increase the target management's trust in the acquirer, making it more willing to cede control to the acquirer and less eager to seek alternative bidders. By mitigating competition in the bidding process, social interactions make acquisitions more profitable for acquirers vis‐à‐vis targets. Social interactions are less effective when the target's management owns a larger share of the target or is better monitored by shareholders (e.g., in companies with concentrated ownership or private companies). [ABSTRACT FROM AUTHOR]

The American economy has lurched from crisis to crisis for over a decade, enduring long stretches of high unemployment, market dysfunction, and ineffective government policy. Despite the enormous scale of this suffering and disruption, the full implications of the experience have not been absorbed by the corporate governance literature. Corporate law's focus on delivering financial returns to shareholders works reasonably well in a robust economy, when markets function effectively and align shareholder incentives with the goal of maximizing social wealth. But these tidy mechanisms fail in periods of macroeconomic stress, when markets send faulty signals and firms pursuing short-term shareholder profits can destroy social wealth. The layoffs or price increases often desired by shareholders can be useful in a healthy economic environment, as they cause resources to be allocated more efficiently to highervalue uses, and competitive markets prevent harm from falling on workers or consumers. But the same maneuvers can be destructive when the economy is afflicted by unemployment or inflation. Revising corporate governance arrangements so that companies focus less on maximizing short-term shareholder profits during crises can thus be a useful tool for managing economic problems and improving outcomes. This Article begins the theoretical and practical work of adapting corporate governance to periods of economic crisis. After demonstrating that the assumptions that have driven corporate law debates depend on macroeconomic context, the Article shows that correcting those assumptions could make corporate governance a powerful tool for managing crises. These insights offer a useful framework for evaluating measures undertaken by businesses, investors, and the government in response to the COVID-19 crisis, while suggesting new avenues for action. [ABSTRACT FROM AUTHOR]

We quantify the role of global production linkages in explaining spillovers of U.S. monetary policy shocks on country‐sector stock returns. We estimate a structural spatial autoregression (SAR) model that is consistent with an open‐economy production network framework. Using the SAR model, we decompose the total impact of U.S. monetary policy on global stock returns into direct and network effects. Nearly 70% of the total impact is due to the network effect of global production linkages. Empirical counterfactuals show that shutting down global production linkages halves the total impact of U.S. monetary policy shocks. [ABSTRACT FROM AUTHOR]

Agency mortgage‐backed securities (MBSs) with diverse characteristics are traded in parallel through individualized specified pool (SP) contracts and standardized to‐be‐announced (TBA) contracts with delivery flexibility. This parallel trading environment generates distinctive effects on MBS pricing and trading: (i) Although cheapest‐to‐deliver (CTD) issues are present in TBA trading and absent from SP trading by design, MBS heterogeneity associated with CTD discounts affects SP yields positively, with the effect stronger for lower‐value SPs; (ii) high selling pressure amplifies the effects of MBS heterogeneity on SP yields; and (iii) greater MBS heterogeneity dampens SP and TBA trading activities but increases their ratio. [ABSTRACT FROM AUTHOR]

CEO compensation remains at the forefront of corporate financial discourse - primarily because of its interconnection with firm performance, growth and survivability. Diverse literature exists on CEO compensation and shareholder return, albeit with different findings and/or disagreements. This paper aims to apply a single independent variable enquiry - the CEO total payment to understand how it might influence shareholder return. Research employs a quantitative approach by using a simple OLS technique with data drawn from a random sample of fifty-six companies listed in the S&P 500 Index. The S&P 500 is a stock market index tracking the stock performance of 500 large companies listed on stock exchanges in the United States. It is one of the most commonly followed equity indices. The OLS result yields a P-value of 0.0001, with a negative regression coefficient, which thus indicates a significant negative relationship between the CEO total payment and shareholder return. The result corroborates some extant research regarding the inability of agency theory to provide an overriding explanation for the CEO pay and return relationship. Further research is therefore encouraged to apply more variables, particularly those that may capture CEO's opportunistic behaviour in future CEO and stock return analysis. [ABSTRACT FROM AUTHOR]

This paper examines if industries with higher economic policy uncertainty (EPU) sensitivity also respond differently to the evolution of COVID-19 pandemic. Initially, industries are allocated into decile portfolios according to their sensitivity to the US-EPU shocks, then portfolio returns are conditioned against changes in daily cases and deaths, respectively. After controlling for the standard risk-factors of equity returns, neither the cases nor deaths can load significantly against the returns of portfolio with the highest negative EPU exposure. However, industries which respond positively to the US-EPU shocks also respond positively to increases in cases and deaths. [ABSTRACT FROM AUTHOR]

This paper quantitatively reveals the meaning of structural breaks for risk management by analyzing US and major European banking sector stocks. Applying newly extended Glosten-Jagannathan-Runkle generalized autoregressive conditional heteroscedasticity models, we supply the following new evidence. First, we find that incorporating structural breaks is always effective in estimating banking stock volatilities. Second, we clarify that structural breaks partially explain the tail fatness of banking stock returns. Third, we find that when incorporating structural breaks, the estimated volatilities more accurately capture their downside risk, proving that structural breaks matter for risk management. Fourth, our news impact curve and model parameter analyses also uncover that when incorporating structural breaks, the asymmetry in volatility responses to return shocks is more accurately captured. This proves why the estimated volatilities by incorporating structural breaks better explain downside risk. In addition, we further reveal that the estimated volatilities obtained through incorporating structural breaks increase sharply during momentous events such as the Lehman crisis, the European debt crisis, Brexit, and the recent COVID-19 crisis. Moreover, we also clarify that the volatility spreads between models with and without structural breaks rise during the Lehman and COVID-19 crises. Finally, based on our findings, we derive many significant and beneficial interpretations, implications, and innovative views for risk management using artificial intelligence in the post-COVID-19 era. [ABSTRACT FROM AUTHOR]

This paper studies the intraday spillovers of the 2010 U.S. Flash Crash to international equity markets. We document a substantial and almost immediate echo of the crash in Latin America. Using data for 148 firms trading in Argentina, Brazil, Chile, or Mexico, we estimate price declines of up to 10% within minutes after the U.S. crash. Estimates for two different factor models indicate that this echo followed from normal interdependence rather than financial contagion. [ABSTRACT FROM AUTHOR]

Study Design: Retrospective, observational -study.Objective: The objective of this study is to evaluate the return on investment (ROI) of the Cervical Spine Research Society (CSRS), Scoliosis Research Society (SRS), and North America Spine Society (NASS) grants as quantified by the number of publications generated and federal grants obtained (National Institute of Health [NIH], Department of Defense [DOD]).Summary Of Background Data: The CSR, SRS, and NASS, have awarded numerous research grants over the past three decades.Methods: Through publicly available data we identified grants awarded by the Spine Societies. We collected the type of grant awarded, the Principal Investigator information, dollar amount of the grant, number of publications in PubMed from each grant, number of citations, and the publication journal. The NIH and DOD website were queried to determine which grantees subsequently received either NIH or DoD funding.Results: From 1989 to 2016: 81 (CSRS), 126 (SRS), and 93 (NASS) grants were awarded. From these grants 206 publications acknowledged receiving financial support from the spine societies. The SRS funded 100 papers, NASS 62 papers, and CSRS 44 papers. A total of 32 NIH grants and four DOD grants were subsequently awarded. The conversion rate to NIH grants was 15% (n = 12 CSRS), 7.9% (n = 10 SRS), and 11% (n = 10 NASS). The conversion rate to DOD grants was 3.7% (n = 3 CSRS), 0.8% (n = 1 SRS), and 0% (n = 0 NASS). ROI of spine society grant dollars per future NIH and DoD grants were the lowest for CSRS (Dollars Per NIH Grant: $207,434; Dollars Per DoD Grant: $829,734). Male investigators received 85% of CSRS grants, 75% of SRS grants, and 83% of NASS grants.Conclusion: CSRS grants appear to have the highest ROI of all spine society grants when evaluating subsequent NIH and DOD funding. However, the overall conversion rate to NIH and DOD grants remains low.Level of Evidence: 3. [ABSTRACT FROM AUTHOR]

Nearly 565,000 patients will suffer from prehospital and inpatient cardiac arrest in the United States per annum. Cardiopulmonary resuscitation and all associated interventions used to achieve it remain an essential focus of emergency medicine. Current ACLS guidelines give clear instructions regarding mainstay medications such as epinephrine and antiarrhythmics; however, the literature remains somewhat controversial regarding the application of adjunctive therapeutics such as calcium, magnesium, sodium bicarbonate, and corticosteroids. The available data acquired in this field over the past three decades offer mixed pictures for each of these medications on the effects of core metrics of cardiopulmonary resuscitation (e.g., rate of return of spontaneous circulation, survival-to-hospitalization and discharge, 24 h and 30 d mortality, neurological outcome), as well as case-specific applications for each of these interventions (e.g., polymorphic ventricular tachycardia, electrolyte derangements, acidosis, post-arrest shock). This narrative literature review provides a comprehensive summary of current guidelines and published data available for these four agents and their use in clinical practice. [ABSTRACT FROM AUTHOR]

Background: Over 35 million falls occur in older adults annually and are associated with increased emergency department (ED) revisits and 1‐year mortality. Despite associations between medications and falls, the prevalence of fall risk‐increasing drugs remains high. Our objective was to implement an ED‐based medication reconciliation for patients presenting after falls and determine whether an intervention targeting high‐risk medications was related to decreased future falls. Methods: This was an observational prospective cohort study at a single site in the United States. Adults 65 years and older presenting to the ED after falls had a pharmacist review their medicines. Pharmacists made recommendations to taper, stop, or discuss medications with the primary clinician. At 3, 6, and 12 months, we recorded the number of fall‐related return ED visits and determined if recommended medication changes had been implemented. We compared the rate of return visits of patients who had followed the medication change recommendations and those who received recommendations but had no change in their medications using chi‐square tests. Results: A total of 577 patients (mean age 81 years, 63.6% female) were enrolled of 1509 potentially eligible patients. High‐risk medications were identified in 310 patients (53.7%) who received medication recommendations. High‐risk medications were associated with repeat fall‐related visits at 12 months (risk difference 8.1% [95% confidence interval 0.97–15.0]). A total of 134 (43%) patients on high‐risk medications had evidence of medication modification. At 12 months, there was no statistically significant difference in return fall visits between patients who had modifications to medications compared with those who had not implemented changes (p = 0.551). Conclusions: Our findings identified opportunities for medication optimization in over half of emergency visits for falls and demonstrated that medication counseling in the ED is feasible. However, evaluation of the effect on future falls was limited. [ABSTRACT FROM AUTHOR]

The study aimed to identify athlete-reported reasons for not returning to pre-injury sports level after anterior cruciate ligament reconstruction (ACLR) and to identify the factors associated with these reasons. Ninety-one athletes with 2 years post-ACLR indicated whether or not they had returned to their pre-injury sport level (same frequency, duration, and intensity). Athletes who did not return were asked to provide the reasons. Athletes' characteristics and injury-related factors were used to determine factors associated with the reasons for not returning. Only nine athletes (10%) returned to pre-injury sport level after ACLR. The most common reasons for not returning were lack of confidence or concerns about re-injury (48.8%), followed by continued post-surgical impairments in the reconstructed knee (39%). Having episodes of the knee giving way after ACLR was the only significant predictor of post-surgical impairments (48.8%; OR=8.3, 95%CI=2.48–27.42, p=0.001). Lack of confidence, concerns about re-injury, or post-surgical impairments in the reconstructed knee were the most frequently reported reasons for not returning to pre-injury sports level with 2 years post-ACLR. Reported dynamic knee instability was the only factor associated with ongoing post-surgical knee impairments after ACLR. Rehabilitation programs should address athletes' psychological responses and resolve knee impairments to optimize return to pre-injury sport level after ACLR. [ABSTRACT FROM AUTHOR]

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Purpose: The purpose of this article is to investigate how land tenure correlates with measures of profitability among young farmers and ranchers in the United States. The authors hypothesize that young producers who own a larger proportion of their operation face different incentives between short- and long-run returns than young producers who primarily rent their land. The authors analyze whether these differing incentives result in observable differences in various measures of profitability. Design/methodology/approach: The authors use state-level data from the Agricultural Resource Management Survey (ARMS) from 2003 to 2018 to estimate fixed-effects panel models correlating land tenure with the value of farm production, expenditures on repairs and maintenance, net farm income, total operator household income from farming, rate of return on assets (ROA) and rate of return on equity (ROE). Findings: The authors find different correlations for crop farms and livestock farms, as well as different correlations for farms with the lowest and highest gross sales. For crop farms, renting land is associated with higher production, higher income, higher ROA and higher ROE. For livestock farms, renting land is associated with lower production. Originality/value: This study rigorously investigates the role of land tenure specifically among young farmers and ranchers in the United States. By better understanding how land ownership affects profitability among beginning farmers and ranchers, policymakers will be able to better target public resources to support the next generation of producers. [ABSTRACT FROM AUTHOR]

Background: Active-duty servicemembers are a population at risk for the development of posterior shoulder instability. While short-term outcomes after arthroscopic posterior labral repair for posterior shoulder instability are promising, there is a paucity of longer term follow-up data for this procedure. Purposes: The primary purpose was to report midterm outcomes after arthroscopic posterior labral repair in active-duty military patients for posterior shoulder instability without bone loss. The secondary purpose was to determine if outcomes varied between anchor types used. Study Design: Cohort study; Level of evidence, 3. Methods: Preoperative and postoperative outcomes, with a minimum 3-year follow-up, for a visual analog scale for pain, the Single Assessment Numeric Evaluation (SANE), the American Shoulder and Elbow Surgeons (ASES) score, and the Rowe score were collected and analyzed. A separate subgroup analysis was performed comparing the outcomes of patients who underwent repair with biocomposite anchors versus those who underwent repair with all-suture anchors. Results: A total of 73 patients with a mean follow-up of 82.55 ± 24.20 months met the inclusion criteria and were available for analysis. As a whole, the cohort demonstrated statistically and clinically significant improvements in outcome scores at final follow-up. Preoperative and postoperative range of motion did not vary significantly. While the difference in final outcome scores between the 2 anchor types did not reach statistical significance, a statistically significantly larger proportion of patients who underwent repair with all-suture anchors versus those who underwent repair with biocomposite anchors met the Patient Acceptable Symptom State for the SANE (97.14% vs 78.95%, respectively; P =.0180) and the ASES score (88.57% vs 68.42%, respectively; P =.0171). The proportion of patients who achieved the substantial clinical benefit or surpassed the minimal clinically important difference, however, did not vary by anchor type. Overall, 70 patients (95.89%) remained on active duty and were able to return to preinjury work and recreational activity levels. There were 3 patients (4.11%) who had recurrent posterior instability. Conclusion: This population of active-duty servicemembers undergoing posterior labral repair for posterior labral instability without bone loss demonstrated a statistically and clinically significant improvement in midterm outcomes, a low recurrence rate, and a rate of return to active duty of 95.89%, regardless of the anchor type used. [ABSTRACT FROM AUTHOR]

The article presents some of the injuries inherent in wrestling as a sport. It presents comparisons of injury between college and high school wrestlers. It discusses studies which reported surgical treatment of shoulder instability in competitive wrestlers, results of surgical treatment of recurrent patellar instability, and surgical treatment of isolated meniscal tears in wrestlers including anterior cruciate ligament reconstruction, bone-patellar tendon-bone and hamstring autografts.

Traditional "head count" measures of poverty at advanced older ages understate the risk of falling into poverty because of survivorship bias due to the income-mortality gradient, which indicates that people in poverty have higher mortality rates than people with higher income. Survivorship bias is a form of sample selection bias. This paper presents a supplementary measure for poverty at older ages, based on an adaption of a model for correcting survivorship bias in rate of return data for mutual funds. Using U.S. longitudinal data from the Health and Retirement Study (HRS) for 1996 and 2002–2012 for the same cohort, we develop a new estimate of poverty at older ages that suggests that traditional cross-sectional measures understate the risk of falling into poverty by roughly a quarter. This finding has important implications for social programs that relate to the causes and consequences of the selectivity bias. [ABSTRACT FROM AUTHOR]

Background: There is a paucity of literature regarding injury incidence, mechanism, and return to play in National Football League (NFL) players who have sustained traumatic posterior hip instability. Purpose: To describe the incidence of traumatic posterior hip instability and the rate of return to play in NFL players across 18 seasons. Study Design: Descriptive epidemiology study. Methods: We retrospectively assessed all traumatic posterior hip dislocations/subluxations that occurred during football-related activities in the NFL seasons from 2000 through 2017. Player demographics and injury data (injury mechanism, season of injury, treatment, days missed, and return to play time) were collected from all 32 NFL teams prospectively through a leaguewide electronic health record system. Descriptive statistics are presented. Results: Across the 18 NFL seasons, 16 posterior hip instability injuries in 14 players were reported, with a maximum incidence of 4 (25%) in 2013. Posterior hip instability was predominantly sustained by offensive players (64.3%), with tight ends being the most affected (31.3%). Half of the injuries occurred during the regular season, 43.8% in the preseason, and 6.2% in the offseason. Of all injuries, 37.5% were noncontact, while 56.3% involved contact (direct or indirect), and 6.2% were of unknown mechanism. Among noncontact injuries, 66.7% occurred during cutting and change of direction while sprinting. The time of return to full participation was documented for 11 of the 16 reported injuries (68.8%); among them, the mean time loss was 136.7 ± 83.8 days—143.3 ± 99.6 days if the player underwent surgery (n = 4) and 116.7 ± 76.2 days missed by players without surgery (n = 6)—the treatment modality was unknown in 1 player. Conclusion: Although the incidence of traumatic posterior hip instability during the study period was low, all injured athletes missed time from football activities and competitions. Injuries that required surgery led to more missed time than those that did not. Ongoing research to understand risk factors and mechanisms of this injury, in conjunction with improvements to prevention and rehabilitation protocols, is necessary to ensure the safety of professional American football players. [ABSTRACT FROM AUTHOR]

This paper reviews the state of the art in using benefit–cost analysis (BCA) to inform earthquake risk reduction decisions by building owners and policymakers. The goal is to provide a roadmap for the application and future development of BCA methods and tools for earthquake risk reduction. Our review covers three earthquake risk reduction measures: adopting up-to-date building codes for new construction, designing new buildings to exceed code requirements, and retrofitting deficient existing buildings. We highlight the factors that influence the cost-effectiveness of building design and retrofit, as well as tactics for increasing the cost-effectiveness of risk reduction strategies. We also present BCA results, methods, and data sources used in the literature to help researchers and practitioners design and conduct a reliable and robust BCA study. In the process, we develop a set of opportunities and challenges for applying BCA to new areas of research, as well as key gaps and limitations in current BCA approaches, including further investigation of above-code design, incorporation of code implementation and enforcement into BCA, quantification of environmental benefits of seismic retrofits, and optimization of seismic retrofits with energy upgrades. Overall, our review provides practical guidance and useful insights into BCA with the goal of increasing the earthquake resilience and economic efficiency of buildings in the United States. [ABSTRACT FROM AUTHOR]