Can company-fund manager meetings convey informational benefits? Exploring the rationalisation of equity investment decision making by UK fund managers

Conventional economic theory, applied to information released by listed companies, equates ‘useful’ with ‘price-sensitive’. Stock exchange rules accordingly prohibit the selec- tive, private communication of price-sensitive information. Yet, even in the absence of such communication, UK equity fund managers routinely meet privately with the senior execu- tives of the companies in which they invest. Moreover, they consider these brief, formal and formulaic meetings to be their most important sources of investment information. In this paper we ask how that can be. Drawing on interview and observation data with fund managers and CFOs, we find evidence for three, non-mutually exclusive explanations: that the characterisation of information in conventional economic theory is too restricted, that fund managers fail to act with the rationality that conventional economic theory assumes, and/or that the primary value of the meetings for fund managers is not related to their investment decision making but to the claims of superior knowledge made to clients in marketing their active fund management expertise. Our findings suggest a disconnect between economic theory and economic policy based on that theory, as well as a corre- sponding limitation in research studies that test information-usefulness by assuming it to be synonymous with price-sensitivity. We draw implications for further research into the role of tacit knowledge in equity investment decision-making, and also into the effects of the principal–agent relationship between fund managers and their clients.

The climate and environment of Byzantine Anatolia: integrating science, history, and archaeology

The integration of high-resolution archaeological, textual, and environmental data with longer-term, low-resolution data affords greater precision in identifying some of the causal relationships underlying societal change. Regional and microregional case studies about the Byzantine world—in particular, Anatolia, which for several centuries was the heart of that world—reveal many of the difficulties that researchers face when attempting to assess the influence of environmental factors on human society. The Anatolian case challenges a number of assumptions about the impact of climatic factors on socio-political organization and medium-term historical evolution, highlighting the importance of further collaboration between historians, archaeologists, and climate scientists.

Predictability of frontal waves and cyclones

The statistical properties and skill in predictions of objectively identified and tracked cyclonic features (frontal waves and cyclones) are examined in MOGREPS-15, the global 15-day version of the Met Office Global and Regional Ensemble Prediction System (MOGREPS). The number density of cyclonic features is found to decline with increasing lead-time, with analysis fields containing weak features which are not sustained past the first day of the forecast. This loss of cyclonic features is associated with a decline in area averaged enstrophy with increasing lead time. Both feature number density and area averaged enstrophy saturate by around 7 days into the forecast. It is found that the feature number density and area averaged enstrophy of forecasts produced using model versions that include stochastic energy backscatter saturate at higher values than forecasts produced without stochastic physics. The ability of MOGREPS-15 to predict the locations of cyclonic features of different strengths is evaluated at different spatial scales by examining the Brier Skill (relative to the analysis climatology) of strike probability forecasts: the probability that a cyclonic feature center is located within a specified radius. The radius at which skill is maximised increases with lead time from 650km at 12h to 950km at 7 days. The skill is greatest for the most intense features. Forecast skill remains above zero at these scales out to 14 days for the most intense cyclonic features, but only out to 8 days when all features are included irrespective of intensity.

O pragmatismo em economia: bases filosóficas para uma interpretação do discurso econômico

O trabalho tem por objetivo trazer elementos da corrente filosófica do pragmatismo para a discussão metodológica em economia, particularmente no que diz respeito a teoria da verdade e suas implicações para o debate epistemológico. Após apresentar as contribuições dos pioneiros do pragmatismo William James, John Dewey e Charles S. Peirce e discutir aspectos da obra de W. Quine e Richard Rorty, procuramos identificar influências dessa corrente filosófica em importantes economistas tais como J. M. Keynes, M. Friedman e T. Veblen. Por fim concluímos com algumas reflexões possivelmente úteis para a prática da ciência econômica.

Pragmatismo e economia: elementos filosóficos para uma interpretação do discurso econômico

Partindo do debate atual sobre retórica em economia, o trabalho tem por objetivo trazer elementos da corrente filosófica do pragmatismo para a discussão metodológica entre economistas, particularmente no que diz respeito à teoria da verdade e suas implicações epistemológicas. Após apresentar as contribuições dos pioneiros da filosofia pragmatista, William James, John Dewey e Charles Sanders Peirce, e discutir aspectos da obra de Willard Quine e Richard Rorty, procura identificar influências dessa corrente filosófica em importantes economistas tais como John M. Keynes, Milton Friedman e Thorstein Veblen. Por fim conclui com algumas reflexões possivelmente úteis para a prática da ciência econômica.

Myosin Vb Is Associated with Plasma Membrane Recycling Systems

Myosin Va is associated with discrete vesicle populations in a number of cell types, but little is known of the function of myosin Vb. Yeast two-hybrid screening of a rabbit parietal cell cDNA library with dominant active Rab11a (Rab11aS20V) identified myosin Vb as an interacting protein for Rab11a, a marker for plasma membrane recycling systems. The isolated clone, corresponding to the carboxyl terminal 60 kDa of the myosin Vb tail, interacted with all members of the Rab11 family (Rab11a, Rab11b, and Rab25). GFP-myosin Vb and endogenous myosin Vb immunoreactivity codistributed with Rab11a in HeLa and Madin-Darby canine kidney (MDCK) cells. As with Rab11a in MDCK cells, the myosin Vb immunoreactivity was dispersed with nocodazole treatment and relocated to the apical corners of cells with taxol treatment. A green fluorescent protein (GFP)-myosin Vb tail chimera overexpressed in HeLa cells retarded transferrin recycling and caused accumulation of transferrin and the transferrin receptor in pericentrosomal vesicles. Expression of the myosin Vb tail chimera in polarized MDCK cells stably expressing the polymeric IgA receptor caused accumulation of basolaterally endocytosed polymeric IgA and the polymeric IgA receptor in the pericentrosomal region. The myosin Vb tail had no effects on transferrin trafficking in polarized MDCK cells. The GFP-myosin Va tail did not colocalize with Rab11a and had no effects on recycling system vesicle distribution in either HeLa or MDCK cells. The results indicate myosin Vb is associated with the plasma membrane recycling system in nonpolarized cells and the apical recycling system in polarized cells. The dominant negative effects of the myosin Vb tail chimera indicate that this unconventional myosin is required for transit out of plasma membrane recycling systems.

Town law journals from Concord, Mass., 1798-1839

Seven manuscript journals written by Abiel Heywood (Justice of the Peace, town clerk, and chairman of the board of selectmen, Concord, Mass.), Nathan Brooks, William Parkman, and John L. Tuttle containing criminal records, defaulted cases, and civil actions.

Warrants from the governor and chief justice of New York, 1703-1704

Copies of warrants and writs concerning public unrest caused by an attempt to survey lands on Long Island in 1702.

Student notes from medical lectures by Benjamin Rush, undated

The volumes contain student notes on a course of medical lectures given by Dr. Benjamin Rush (1746-1813) while he was Professor of the Institutes of Medicine and Clinical Practice at the University of Pennsylvania Medical School, likely in circa 1800-1813. The notes indicate Rush often referenced the works or teachings of contemporaries such as Scottish physicians William Cullen, John Brown, John Gregory, and Robert Whytt, and Dutch physician Herman Boerhaave. He frequently included anecdotes and case histories of his own patients, as well as those of other doctors, to illustrate his lecture topics. He also advised students to take notes on the lectures after they ended to allow them to focus on what they were hearing. Volume 1 includes notes on: physician conduct during visits to patients; human and animal physiology; voice and speech; the nervous system; the five senses; and faculties of the mind. Volume 2 includes notes on: food, the sources of appetite and thirst, and digestion; the lymphatic system; secretions; excretions; theories of nutrition; differences in the minds and bodies of women and men; reproduction; pathology; a table outlining the stages of disease production; “disease and the origin of moral and natural evil”; contagions; the role of food, drink, and clothing in producing disease; worms; hereditary diseases; predisposition to diseases; proximate causes of diseases; and pulmonary conditions. Volume 3 includes notes on: the pulse; therapeutics, such as emetics, sedatives, and digitalis, and treatment of various illnesses like pulmonary consumption, kidney disease, palsy, and rheumatism; diagnosis and prognosis of fever; treatment of intermitting fever; and epidemics including plague, smallpox, and yellow fever, with an emphasis on the yellow fever outbreaks in Philadelphia in 1793 and 1797.

Surgical cryoablation for ventricular tachyarrhythmia arising from the left ventricular outflow tract region.

BACKGROUND Ventricular arrhythmias (VAs) from the left ventricular outflow tract (LVOT) region can be inaccessible for ablation because of epicardial fat or overlying coronary arteries. OBJECTIVE We describe surgical cryoablation of this type of VA. METHODS From March 2009 to 2014, 190 consecutive patients with VAs originating from the LVOT underwent ablation at our institution. Four patients (2%) underwent surgical cryoablation for highly symptomatic VAs after failing catheter ablation. RESULTS In all patients, endocardial or percutaneous epicardial mapping was consistent with origin in the LVOT. In 2 patients, the points of earliest activation during VAs were marked with a bipolar pacing lead in the overlying cardiac vein for guidance during surgery. Surgical cryoablation was successful in 3 of the 4 patients. The fourth patient subsequently had successful endocardial catheter ablation. During a mean follow-up of 22 ± 16 months (range 4-42 months), all patients showed abolition of or marked reduction in symptomatic VA. However, 1 patient subsequently required percutaneous intervention to the left anterior descending coronary artery; another developed progressive left ventricular systolic dysfunction caused by nonischemic cardiomyopathy; and a third patient underwent permanent pacemaker implantation because of complete atrioventricular block after concomitant aortic valve replacement. CONCLUSION Surgical cryoablation is an option for highly symptomatic drug-resistant VAs emanating from the LVOT region. Despite extensive preoperative mapping, the procedure is not effective for all patients, and coronary injury is a risk.

Ablation of ischemic ventricular tachycardia: evidence, techniques, results, and future directions

PURPOSE OF REVIEW This article summarizes current understanding of the arrhythmia substrate and effect of catheter ablation for infarct-related ventricular tachycardia, focusing on recent findings. RECENT FINDINGS Clinical studies support the use of catheter ablation earlier in the course of ischemic disease with moderate success in reducing arrhythmia recurrence and shocks from implantable defibrillators, although mortality remains unchanged. Ablation can be lifesaving for patients presenting with electrical storm. Advanced mapping systems with image integration facilitate identification of potential substrate, and several different approaches to manage hemodynamically unstable ventricular tachycardia have emerged. Novel ablation techniques that allow deeper lesion formation are in development. SUMMARY Catheter ablation is an important therapeutic option for preventing or reducing episodes of ventricular tachycardia in patients with ischemic cardiomyopathy. Present technologies allow successful ablation in the majority of patients, even when the arrhythmia is hemodynamically unstable. Failure of the procedure is often because of anatomic challenges that will hopefully be addressed with technological progress.

1884 University of Michigan Football Team

University of Michigan Men's Basketball Team, 1975

Back Row: coach John Orr, asst. coach Richard Carter, Donald Johnston, ?, Tim Kuzma, Randy McClean, William Ayler, John Robinson, Richard White, asst. coach Jim Dutcher, asst. coach Bill Frieder

Front Row: mngr. Joel Flomm, Wayman Britt, Steve Grote, Lloyd Schinnerer, co-captain Joe Johnson, co-captain C. J. Kupec, Tim Jones, Dave Baxter, Joel Thompson, mngr. Charles Kostantacos