The effects of financial education in the workplace: Evidence from a survey of employers

We examine the effects of education on financial decision-making skills by identifying an interesting source of variation in pertinent training. During the 1990s, an increasing number of individuals were exposed to programs of financial education provided by their employers. If, as some have argued, low saving frequently results from a failure to appreciate economic vulnerabilities, then education of this form could prove to have a powerful effect on behavior. The current article undertakes an analysis of these programs using a previously unexploited survey of employers. We find that both participation in and contributions to voluntary savings plans are significantly higher when employers offer retirement seminars. The effect is typically much stronger for nonhighly compensated employees than for highly compensated employees. The frequency of seminars emerges as a particularly important correlate of behavior. We are unable to detect any effects of written materials, such as newsletters and summary plan descriptions, regardless of frequency. We also present evidence on other determinants of plan activity. © 2008 Western Economic Association International.

Contrasting the efficiency of radiation belt losses caused by ducted and nonducted whistler-mode waves from ground-based transmitters

It has long been recognized that whistler-mode waves can be trapped in plasmaspheric whistler ducts which guide the waves. For nonguided cases these waves are said to be "nonducted", which is dominant for L < 1.6. Wave-particle interactions are affected by the wave being ducted or nonducted. In the field-aligned ducted case, first-order cyclotron resonance is dominant, whereas nonducted interactions open up a much wider range of energies through equatorial and off-equatorial resonance. There is conflicting information as to whether the most significant particle loss processes are driven by ducted or nonducted waves. In this study we use loss cone observations from the DEMETER and POES low-altitude satellites to focus on electron losses driven by powerful VLF communications transmitters. Both satellites confirm that there are well-defined enhancements in the flux of electrons in the drift loss cone due to ducted transmissions from the powerful transmitter with call sign NWC. Typically, ∼80% of DEMETER nighttime orbits to the east of NWC show electron flux enhancements in the drift loss cone, spanning a L range consistent with first-order cyclotron theory, and inconsistent with nonducted resonances. In contrast, ∼1% or less of nonducted transmissions originate from NPM-generated electron flux enhancements. While the waves originating from these two transmitters have been predicted to lead to similar levels of pitch angle scattering, we find that the enhancements from NPM are at least 50 times smaller than those from NWC. This suggests that lower-latitude, nonducted VLF waves are much less effective in driving radiation belt pitch angle scattering. Copyright 2010 by the American Geophysical Union.

Consistency of financial interest disclosures in the biomedical literature: the case of coronary stents.

BACKGROUND: Disclosure of authors' financial interests has been proposed as a strategy for protecting the integrity of the biomedical literature. We examined whether authors' financial interests were disclosed consistently in articles on coronary stents published in 2006. METHODOLOGY/PRINCIPAL FINDINGS: We searched PubMed for English-language articles published in 2006 that provided evidence or guidance regarding the use of coronary artery stents. We recorded article characteristics, including information about authors' financial disclosures. The main outcome measures were the prevalence, nature, and consistency of financial disclosures. There were 746 articles, 2985 authors, and 135 journals in the database. Eighty-three percent of the articles did not contain disclosure statements for any author (including declarations of no interests). Only 6% of authors had an article with a disclosure statement. In comparisons between articles by the same author, the types of disagreement were as follows: no disclosure statements vs declarations of no interests (64%); specific disclosures vs no disclosure statements (34%); and specific disclosures vs declarations of no interests (2%). Among the 75 authors who disclosed at least 1 relationship with an organization, there were 2 cases (3%) in which the organization was disclosed in every article the author wrote. CONCLUSIONS/SIGNIFICANCE: In the rare instances when financial interests were disclosed, they were not disclosed consistently, suggesting that there are problems with transparency in an area of the literature that has important implications for patient care. Our findings suggest that the inconsistencies we observed are due to both the policies of journals and the behavior of some authors.