The duration of capture and restraint during anesthesia and euthanasia influences glucocorticoid levels in male golden hamsters

Deep litter has been shown to decrease stereotypic wire-gnawing in male golden hamsters, suggesting that increased litter depth may be associated with decreased chronic stress levels. To determine the relationship between litter depth and stress levels in hamsters, the authors measured serum levels of corticosterone, cortisol, and ACTH in male golden hamsters kept in cages with three different depths of litter. The duration of handling the hamsters significantly increased the concentrations of corticosterone, cortisol, and the ratio of cortisol/corticosterone. It took longer to catch hamsters housed in cages with deep litter and the ACTH levels were higher in these hamsters. The positive effect of the enrichment (deep litter) was diminished by methodological problems during handling/anesthesia.

Implementing fisher Black's simple discounting rule

We propose a simple implementation of Black’s (1988) elegant rule for discounting uncertain future cash flows. Black’s rule avoids the thorny problem of estimating an appropriate risk-adjusted discount rate. Instead, the rule calls for discounting conditional mean cash flows at appropriate riskless interest rates. Our contribution in this article is to describe and illustrate a method of estimating the conditional mean cash flows called for in Black’s rule. The method is quite flexible with respect to the types of information available concerning the distributions of future cash flows. We argue that this approach to computing present values offers a theoretically sound and generally feasible addition to the toolbox of financial managers.

Board Overlap, Seat Accumulation and Share Prices

We examine the board overlap among firms listed in Switzerland. Collusion, managerial entrenchment, and financial participation cannot explain it. The overlap appears to be induced by banks and by the accumulation of seats by the most popular directors. We also document that seat accumulation is negatively related to firm value, possibly because of the conflicts of interest that multiple directorships induce and the time constraints directors face. Contrary to popular beliefs, however, the directors of traded firms do not generally hold more than one mandate in other traded firms. They do hold multiple seats in non-traded firms.

Daily monetary impulses and security prices

This paper uses Swiss data to study the real long-run effects of monetary policy. Daily unexpected changes in the monetary base are found to be negatively correlated with security price changes. This result is unaffected when, implicitly following Geske and Roll (1983), we try to measure the autonomous component of monetary policy by taking into account a reaction function of monetary policy to changes in real variables.