Effect of Trading Relationships on Execution Costs in Low-Information-Asymmetry Over-the-Counter Markets

2018 ◽  
Vol 54 (6) ◽  
pp. 2605-2634 ◽  
Author(s):  
George Issa ◽  
Elvis Jarnecic

Traders can reduce search costs in dealership markets by entering relationships with dealers. However, dealers draw little informational benefit from these relationships in Treasury markets, due to low risk and information asymmetry. We investigate the extent, duration, effects on pricing, and potential benefits of client–dealer relationships. We find that relationship strength leads to higher execution costs for clients, more so during stressed market conditions but less so in the presence of information asymmetry and when trading in corporate bonds. Relationship traders are compensated with immediacy at times when search is costly.

2010 ◽  
Vol 33 (1) ◽  
pp. 27-28 ◽  
Author(s):  
Christiane A. Hoppmann ◽  
Petra L. Klumb

AbstractThe target article emphasizes the need to identify psychological mechanisms underlying grandparental investment, particularly in low-risk family contexts. We extend this approach by addressing the changing demands of balancing work and family in low-risk families. Taking a lifespan psychological perspective, we identify additional motivators and potential benefits of grandparental investment for grandparents themselves and for subsequent generations.


2016 ◽  
Vol 31 (1) ◽  
pp. 17-40 ◽  
Author(s):  
Laura K. Rickett

Purpose – Financial blogs provide an online platform whereby retail investors effortlessly gain access to an abundant array of investment guidance. Prior studies find that the market reacts to financial blogs and similar online venues but results are inconsistent and financial blogs, a growing area in new media and distinct from other online venues, have received little attention. The purpose of this paper is to examine the particular conditions in which financial blogs serve an infomediary role in capital markets; when information asymmetry is high, earnings quality is low, and during economic uncertainty. These are conditions in which retail investors may seek easily accessible advice for their investment decisions. Design/methodology/approach – Abnormal returns for firms mentioned in blog posts on the SeekingAlpha.com financial blog are examined using a multivariate regression to determine whether or not the market reaction associated with these posts is related to information asymmetry, earnings quality, and economic uncertainty. Findings – Results indicate that abnormal returns are associated with the SeekingAlpha.com financial blog when information asymmetry is high and during bearish market conditions, and in particular when buy recommendations are posted on the blog for firms with high information asymmetry. This association is strengthened for firms with low institutional ownership, a proxy for unsophisticated or retail investors. Research limitations/implications – Results are based on a sample collected during a specific time period in order to detect whether financial blogs serve an infomediary role during uncertain market conditions. Practical implications – Results of this study can be useful to company executives who may want to monitor investment advice posted about their firm on financial blogs. Financial blogs and other forms of social media such as Twitter and Facebook are becoming the “new normal” in the investor information environment, a trend that is likely to continue. Originality/value – Financial blogs provide an abundance of supplemental information demanded by investors. Financial blogs represent a form of “new media,” now considered a key component of firms’ information environment (Saxton, 2012). In contrast to prior studies which primarily investigate only whether the market reacts to financial blogs or similar online platforms such as stock message boards, this study attempts to understand the specific conditions in which the market reacts to financial blogs. The results provide a rationale as to when and why investors rely on financial blogs and whether financial blogs serve an infomediary role in capital markets.


2021 ◽  
Vol Volume 10 ◽  
pp. 13-21
Author(s):  
Kirk E Evoy ◽  
Lucas G Hill ◽  
Corey S Davis

Blood ◽  
2013 ◽  
Vol 122 (21) ◽  
pp. 1961-1961
Author(s):  
Susan A Oliveria ◽  
Nancy Brandenburg ◽  
Syd Phillips ◽  
Kimberley J Woodcroft ◽  
Karen Wells ◽  
...  

Abstract Patients with multiple myeloma (MM) are at increased risk for venous thromboembolism (VTE) due to patient, disease, and treatment-related factors. Current National Comprehensive Cancer Network (NCCN) guidelines for VTE suggest that patients with MM receiving thalidomide or lenalidomide in combination with high-dose dexamethasone (480 mg per month) receive VTE prophylaxis. For MM patients at high risk for VTE (≥2 risk factors), low molecular weight heparin or full-dose warfarin is recommended. For MM patients at low risk for VTE (0-1 risk factor), aspirin 81-325 mg once daily is recommended for VTE prophylaxis. Eighty-five percent of patients diagnosed with MM are aged ≥55 and many of them are prescribed aspirin for primary or secondary prevention of cardiovascular or cerebrovascular disease, independent of their MM diagnosis. According to the 2010 National Health Interview survey, the prevalence of regular aspirin use among persons in the United States ≥50 years of age is 35.9%. Because aspirin use may provide effective prophylaxis of venous events in MM patients at low risk for VTE, it is important to understand the prevalence of aspirin use among MM patients. As part of a larger study examining the risk of VTE among patients diagnosed with MM and treated with thalidomide or lenalidomide, the objective of this study was to estimate the prevalence of over-the-counter (OTC) aspirin use among MM patients. Patients ≥18 years of age diagnosed with MM between January 1, 2005 and September 30, 2012 were identified from the tumor registry at the Henry Ford Health System (HFHS), a large integrated health care delivery system located in southeastern Michigan; whose data are included in the Surveillance, Epidemiology, and End Results (SEER) Program of the National Cancer Institute. We developed a telephone survey, and then contacted all eligible patients (i.e. they were alive and/or not documented as deceased) to quantify OTC aspirin use. Data analyses included descriptive statistics to assess the demographic, clinical, and aspirin use characteristics. We identified 381 patients diagnosed with MM; of those, 177 were eligible for the survey. We contacted these patients and achieved a 67% (n=119) response rate. The median age of survey respondents was 64 years (range 41-93) and 93 (78%) were aged ≥55. Sixty-two (52%) of the survey responders were female, 82 (69%) were African American, and 36 (30%) were white. Of the respondents, 46 (39%) reported weekly aspirin use and 43 of the 46 (94%) reported daily aspirin use. The average daily dose was 114 mg/day (standard deviation 93) and most patients (n=39 of 46; 85%) reported taking an 81 mg dose. The reason for daily aspirin use was cited as “Other reason for prophylaxis” by 36 (of 43; 84%) of the patients. In this case, patients indicated that they were taking aspirin for prophylaxis, but did not provide enough information to determine the reason for daily aspirin use. Only 5 patients (12%) reported taking aspirin for heart disease prophylaxis. Roughly one-quarter of the MM patients (n=31 of 119; 26%) indicated that they had a health problem that made aspirin use unsafe. Twenty-seven (23%) reported that they had a parent or sibling who had a heart attack before the age of 60; fourteen patients (12%) reported that they had a parent or sibling who has or ever had a VTE. Seventeen patients (14%) reported a history of ever having a VTE event themselves. Our data indicate that over one-third of patients diagnosed with MM use OTC aspirin daily. When treating patients diagnosed with MM, assessing risk for VTE and determining an appropriate VTE prophylaxis therapy is of the utmost importance. Disclosures: Brandenburg: Celgene Corporation: Employment, Equity Ownership.


2018 ◽  
Vol 10 (3) ◽  
pp. 226-254 ◽  
Author(s):  
Kirabo Jackson ◽  
Alexey Makarin

Many websites now warehouse instructional materials designed to be taught by teachers in a traditional classroom. What are the potential benefits of the new resources? We analyze an experiment in which we randomly give middle school math teachers access to existing high-quality, off-the-shelf lessons, and in some cases, support to promote their use. Teachers receiving access alone increased students’ math achievement by a marginally significant 0.06 of a standard deviation. Teachers who received access and support increased students’ math achievement by 0.09 of a standard deviation. Weaker teachers experience larger gains, suggesting that these lessons substitute for teacher skill or efforts. The online materials are more scalable and cost effective than most policies aimed at improving teacher quality, suggesting that, if search costs can be overcome, there is a real benefit to making high-quality instructional materials available to teachers on the Internet. (JEL C93, I21, J24, J45)


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