Stock Market Reaction to Fed Funds Rate Surprises: State Dependence and the Financial Crisis

This paper examines the impact of Federal Funds rate (FFR) surprises on stock returns in the United States over the period 1989-2009, focusing on the impact of the recent financial crisis. We find that prior to the crisis, stock prices increased as a response to unexpected FFR cuts. State dependence is also identified with stocks exhibiting larger increases when interest rate easing coincided with recessions, bear stock markets, and tightening credit market conditions. However, an important structural shift took place during the financial crisis, which changed the stock market response to FFR shocks, as well as the nature of state dependence. Specifically, during the crisis period stock market participants did not react positively to unexpected FFR cuts. Our results highlight the severity of the recent financial turmoil episode and the ineffectiveness of conventional monetary policy close to the zero lower bound for nominal interest rates.

Private Governance of Financial Markets: the US Regulatory Regime on Hedge Funds

The article investigates the private governance of financial markets by looking at the evolution of the regulatory debate on hedge funds in the US market. It starts from the premise that the privatization of regulation is always the result of a political decision and analyzes how this decision came about and was implemented in the case of hedge funds. The starting point is the failure of two initiatives on hedge funds that US regulators launched between 1999 an 2004, which the analysis explains by elaborating the concept of self-capture. Facing a trade off between the need to tackle publicly demonized issues and the difficulty of monitoring increasingly sophisticated and powerful private markets, regulators purposefully designed initiatives that were not meant to succeed, that is, they “self-captured” their own activity. By formulating initiatives that were inherently flawed, regulators saved their public role and at the same time paved the way for the privatization of hedge fund regulation. This explanation identifies a link between the failure of public initiatives and the success of private ones. It illustrates a specific case of formation of private authority in financial markets that points to a more general practice emerging in the regulation of finance.

Caring for Seniors With Alzheimer's Disease: Canadian Institute for Health Information

Caring for Seniors In 2007-2008, one in five seniors (20%) in Canada receiving long-term home care had a diagnosis of Alzheimer's disease or other dementia. Nearly one in six (17%) of these clients with dementia were suffering from moderate to severe impairment in cognition and daily functioning yet still managed to remain at home.This study from the Canadian Institute for Health Information also found that one in six (17%) seniors with dementia living in residential care facilities (such as nursing or long-term care homes) in 2008-2009 had relatively low levels of impairment or could still perform basic functions quite well on their own. The odds of a senior with low impairment being placed in residential care were seven times more likely if the senior had a tendency to wander. Marital status was also a factor in determining whether a senior with low impairment was newly admitted to a care facility rather than at home with home care. 

New Alzheimer's Association report reveals 1 in 3 seniors dies with Alzheimer's or another dementia

2.3 Million Americans are “Long-Distance Caregivers” for people with Alzheimer’s; Costs for Long-Distance Caregivers are Almost Twice as High.According to the Alzheimer's Association 2013 Alzheimer's Disease Facts and Figures report released today, one in three seniors dies with Alzheimer’s or another dementia in the United States. The new report shows that while deaths from other major diseases, such as heart disease, HIV/AIDS and stroke, continue to experience significant declines, Alzheimer’s deaths continue to rise — increasing 68 percent from 2000-2010.��“Unfortunately, today there are no Alzheimer’s survivors. If you have Alzheimer's disease, you either die from it or diewith it,” said Harry Johns, president and CEO of the Alzheimer’s Association. “Now we know that 1 in 3 seniors dies with Alzheimer’s disease or another dementia. Urgent, meaningful��action is necessary, particularly as more and more people age into greater risk for developing a disease��that today has no cure and no way to slow or stop its progression.”Read more here.����������

Financial protection of patients through compensation of providers: the impact of Health Equity Funds in Cambodia

Public providers have no financial incentive to respect their legal obligation to exempt the poor from user fees. Health Equity Funds (HEFs) aim to make exemptions effective by giving NGOs responsibility for assessing eligibility and compensating providers for lost revenue. We use the geographic spread of HEFs over time in Cambodia to identify their impact on out-of-pocket (OOP) payments. Among households with some OOP payment, HEFs reduce the amount paid by 35%, on average. The effect is larger for households that are poorer and mainly use public health care. Reimbursement of providers through a government operated scheme also reduces household OOP payments but the effect is not as well targeted on the poor. Both compensation models raise household non-medical consumption but have no impact on health-related debt. HEFs reduce the probability of primarily seeking care in the private sector.

Academic Building Revenue Bond Funds, June 30, 2002

State University Audit Report

Dormitory and Dining Services Revenue Bond Funds, June 30, 2002

State University Audit Report of Iowa State University

Hilton Coliseum Revenue Bond Funds, June 30, 2002

State University Audit Report

Ice Arena Facility Revenue Note Funds, June 30, 2002

State University Audit Report

Parking System Revenue Bond Funds, June 30, 2002

State University Audit Report of Iowa State University

Recreational Facility Revenue Bond Funds, June 30, 2002

State University Audit Report of Iowa State University

Student Health Center Revenue Bond Funds, June 30, 2002

State University Audit Report of Iowa State University

Telecommunications Facilities Revenue Bond Funds, June 30, 2002

State University Audit Report

Utility System Revenue Bond Funds, June 30, 2002

State University Audit Report

City of Bernard Sewer Funds Independent Auditor's Reports Financial Statements and Supplemental Information Schedule of Findings and Questioned Costs, June 30, 2002

Other Audit Reports