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According to the clientele hypothesis advanced by Kim and Stulz (1988), market imperfections may account for the significant positive abnormal returns associated with Eurobond issues during 1975–1985. As predicted, they found that Eurobond interest-cost savings during the period were positively correlated with the associated abnormal returns. Contrary to predictions, however, the savings were smaller than the abnormal returns. One explanation only partially explored by Kim and Stulz is the effect of regulatory differences between the domestic and Eurobond markets. We present complementary evidence suggesting that the clientele hypothesis appears to account for all but the largest abnormal returns, and that and a brief regulatory advantage in issuing Eurobonds in a volatile market could account for the larger-than-expected average abnormal returns.

This paper finds that on average first-time visitors to the Grand Canyon are willing to travel significantly greater distances than repeat visitors. These findings are based upon a binary logit model of repeat visitations estimated from a recent sample of Grand Canyon visitors. This model expresses the probability of repeat visitation as a function of distance travelled and visitor demographic profiles. Included among the demographic characteristics are income, available leisure time, and the number of previous visits. An important managerial implication of this study - not only for the Grand Canyon but also for other tourist destinations - is the value of ‘probability of revisitation’ approach in identifying subtle market fragments. This opens the door to sophisticated marketing strategies that, in this case, cater to the separate needs and desires of repeat and first-time visitors to enhance revenue possibilities.

This paper documents the emergence of economically targeted investments (ETIs) and social investments on pension funds. We find that these dual purpose investments are usually concessionary and reduce portfolio investment return. When fiduciary standards are weakened, public pension fund assets become easily abused by political objectives. Pension beneficiaries suffer by reduced investment returns, increased underfunding, and unfriendly actuarial assumptions. We also review the recommendations and policy implications of the Department of Labor's Work Group on Economically Targeted Investments. This Work Group is trying to allow, even encourage, private pension funds to invest in ETIs.

One of the more controversial issues in modern financial economics and in futures trading in particular is whether traders have the ability to earn returns above what they could with a buy-and-hold strategy. The weight of evidence in support of Martingale price movements generally has been considered to be evidence that the expected value of trading returns is zero. This paper shows, however, that, when the contingent claims in a futures contract are taken into account in defining return, expected trading returns may not be zero, even if prices follow the Martingale pattern. We also point out that, if a sample of trades is representative of some trading strategy with its corresponding trading information, the impact of that strategy on a traders expected return can be represented by a probability model of the strategys success. This results because, to be successful, a trading strategy must select trades nonrandomly. Using these results, the paper specifies a model of the expected return of an arbitrary trading strategy. As an illustration, the model is estimated for an artificially constructed strategy in gold futures that imitates what the industry claims is the epitome of futures trading performance many small losses more than offset by a few big gains. Statistical tests based on the estimation of this model support the characterization of returns being due to the trading strategy using information to nonrandomly select trades.

Euroequity, a new financial instrument, is a new issue of stock by a U.S. firm that is sold simultaneously to investors domestically as registered shares and offshore as bearer shares. In perfectly integrated capital markets, whether Euroequity or domestic equity is issued should not have differential effects on a firm's stock price. Like past studies of domestic equity-financing announcements, we find negative stock-price responses for announcements of equity offers. Our findings are consistent with the hypothesis that, during their infancy, new financial instruments which reduce previously effective barriers to investment across national borders enable firms to capitalize on beneficial financing opportunities in overseas markets.

Studies of bilateral hemispheric somatosensory evoked potentials (SEP) were carried out on 17 comatose patients following closed-head injury. Control evoked potentials were obtained from 74 normal volunteers. A prognosis of potential recovery or nonrecovery from coma was made in all 17 patients based on the SEP analyses. All subjects underwent bilateral median and peroneal nerve stimulation and responses were averaged from scalp electrodes placed over the somatotopic sensory cortex for the wrist and leg. The prognostic outcome of all 17 patients was accurately predicted following SEP analysis. Results show that 4 of 17 patients with prognoses of “positive recovery” had eight defined SEP peaks present within a time base analysis of 300 ms. Twelve patients with prognoses of “negative recovery” had five or less SEP peaks present within a time base of 500 ms. The majority of the “negative recovery” patients showed only SEP primary waveform components consisting of two peaks. The data suggest a potentially useful method using SEP analysis to prognosticate the possible recovery from clinical coma.

To date, about fifteen time-of-day (TOD) electricity pricing experiments or demonstrations have been conducted. Recent summaries of the results are contained in Aigner (1981), Hill et al. (1979) and Miedema and White (1980). Three of the experiments are still ongoing; the rest were of typically limited duration of one to three years. Since almost all electricity use takes place in conjunction with durable appliance use, a short-run experiment is unlikely to induce a significant change in household durable holdings. Thus, at best the experiments are valuable in estimation of the Marshallian short-run response where the capital stock is held fixed. In this paper we investigate the effects of a permanent TOD rate schedule. At the Central Vermont Public Service Corporation, optimal TOD rates have been offered since January 1976. We find a significant response of households to TOD rates through appliance purchases. We also find that these devices have a significant effect on both peak and off-peak usage shares and also total electricity consumption.

Many studies of initial bond offerings have been criticized because they lack a solid theoretical foundation for the empirical test commonly employed, i.e., a linear regression with yield as the dependent variable and the independent variables comprised of both security specific attribute and macroeconomic descriptors. In this study, it is shown that a linear multifactor specification is appropriate and that under certain conditions, yield is an appropriate dependent variable. Although particular variables are not identified, the independent variables should include security specific attributes and macroeconomic descriptors. The estimated model is interpretable within an equilibrium risk-return framework.

A spectral analysis of single motor unit potentials from the human medial rectus extraocular muscle is described. The analysis was performed by first averaging individual single motor unit potentials and then subjecting the average to Fourier analysis using a digital computer. The portion of the spectrum between 300 Hz and 2.8 kHz has definite bandpass characteristics with -3-dB points for the low-and high-frequency sides equal to 470 Hz and 1.4 kHz, respectively. The spectrum provides some insight into the characteristics of a filter that would provide an indication of the occurrence of single unit potentials in an interference electromyogram.

Steady state visual evoked responses were studied in a patient with the clinical diagnosis of Friedreich’s ataxia. Ophthalmologic examination revealed no anomalies including visual acuity of 6/6 in both eyes, full visual field in both eyes, normal screening color vision, absence of optic atrophy and absence of nystagmus. Steady state VER revealed a monocular moderately attenuated signal in the left eye at 12 and 16 Hz and a markedly attenuated signal at 20 and 25 Hz. This contrasted with a normal VER in the right eye. The patient died of cardiac failure secondary to cardiomyopathy associated with Friedreich’s ataxia. Autopsy examination of the brain revealed a number of structural changes. The spinal cord had the usual severe demyelination and axonal changes associated with Friedreich’s ataxia. Histologic examination of the optic nerves showed no abnormality in the right nerve but focal axonal swelling, and some evidence of demyelination in the left optic nerve.

Tactual reading is slow compared with sighted reading, and the rate-limiting constraints imposed on tactile readers are only vaguely understood. Like the eye movements of sighted reading, the text-scanning hand movements of tactual reading provide a means to investigate the operative system. We examined the reading hand movements of 10 blind readers using the Optacon, the electronic reading aid used most commonly by blind readers. Subjects read texts of graded difficulty, and their reading hand movements were recorded. Rate and scanning measures were used to characterize reading performance. The group mean reading rate was found to be 28.2 words/min. Reading rate measured in letter spaces per minute was independent of text difficulty.

Tactual reading usually requires the coordinated use of the forearm/hand motor and tactile sensory systems. Therefore, in a series of studies of tactual reading behavior, we chose to record the text-scanning patterns of adult blind readers in an attempt to gain further insight into the nature of this process. Reading behavior for four modes of tactual reading was recorded (embossed braille one-hand, embossed braille two-hands, Optacon/letterprint, and Optacon/Inkbraille) by detecting and recording the instantaneous position of light-emitting diodes unobtrusively attached to the finger(s) or the Optacon camera. In addition to the comparative evaluation of the four sets of reading patterns, the salient features of the Optacon/letterprint patterns were quantitatively analyzed in an attempt to characterize this particular mode of reading. The text-scanning patterns of Optacon readers have not been previously reported. In general the text-scanning behavior for all modes of tactual reading seems to be similar; the only remarkable difference appears to be in the reading rates. Regarding Optacon/letterprint performance, reading rate was found to be significantly and negatively correlated with line-changing time and the number of regressions. No significant correlation was evident between rate and regression magnitude.

A pilot study is explained comparing Inkbraille with embossed braille. Advantages of Inkbraille are noted and readability is tested.