Market reactions to changes in the Nasdaq-100 Index membership

We examine stock market reactions around the Nasdaq-100 Index reconstitutions. We find a symmetric and transitory price response accompanied by a significant increase in trading volume on the effective date. Firms added to the Nasdaq-100 Index experience significant increases in institutional ownership, the number of market makers, and the number of shareholders. In contrast, firms removed from the index show significant decreases in the number of institutional shareholders. Additions to the Nasdaq-100 Index also show significant increases in four liquidity measures, whereas deletions demonstrate significant decreases in two liquidity measures. These changes in liquidity are related to the abnormal return on the announcement day. Taken together, the results suggest support for the price pressure, liquidity, and investor awareness hypotheses.

Algal and protozoan response to Holocene climate change and anthropogenic impact: a case study from Sluice Pond, MA

Sluice Pond is a small (18 ha) and deep (Zmax 20.0 m) partially meromictic, pond in Lynn, Massachusetts that contains a diverse dinocyst record since the early Holocene. High dinocyst concentrations, including morphotypes not previously described, as well as the preservation of several specimens of cellulosic thecae are attributed to low dissolved oxygen (DO) in the basin. The fossil protozoan record supports the interpretation- thecamoebians were unable to colonize the basin until the middle Holocene and only became abundant when the drought-induced lowstand oxygenated the bottom waters. Protozoans tolerant of low DO became abundant through the late Holocene as water levels rose and cultural eutrophication produced a sharp increase in biochemical oxygen demand (BOD) beginning in the 17th century. Recent sediments contain a dominance of Peridinium willei, indicating cultural eutrophication and the planktonic ciliate Codonella cratera and the thecamoebian Cucurbitella tricuspis in the deep basin. Above the chemocline however, a diverse difflugiid thecamoebian assemblage is present.