We study the behavior of active individual investors who hold foreign stocks and bonds directly. Using the Survey of Consumer Finances, we determine the demographic, financial, and behavioral characteristics that predict the likelihood of direct investments in foreign stocks and bonds. Our main findings are: (1) while aggregate data indicate substantial home bias, within the group of active individual investors in foreign stocks, there is no evidence of home bias, and (2) age, financial wealth, and proxies for investor confidence are positively related to direct ownership of foreign stocks and bonds, while proxies for lack of financial sophistication have a negative effect.
Studies of firms with two classes of shares report a price premium for the class with superior voting rights over the restricted voting rights shares. The premium varies over time and appears to be sensitive to the likelihood of a contested takeover attempt. We develop a trading system that capitalizes on these variations in the price premium and demonstrate that an active investor can profit from "vote price arbitrage " using this technique. Our approach entails shorting one class of shares and buying the other class when the voting rights price premium becomes either unusually large or unusually small. These findings provide constructive guidance for active investors seeking wealth enhancement.
This paper describes the creation of an on-line leadership course that retained as much of the rich, interactive nature of the face-to-face version as possible. The seven "best practice" design criteria offered by Chickering and Reisser (1993) are discussed as they relate to specific course design and instructional requirements for instructor orientation, course management organization and tool use, community building as well as the development of thematic modules and their associated assignments. Student comments provided by a case study of the on-line course (Griffin, 2007) are provided that support the efficacy of this approach.
NMFS has received a request from the U.S. Navy (Navy) for authorization to take marine mammals, by harassment, incidental to conducting operations of Surveillance Towed Array Sensor System (SURTASS) Low Frequency Active (LFA) sonar in areas of the world's oceans (with the exception of Arctic and Antarctic waters and certain geographic restrictions), from August 16, 2012, through August 15, 2017. Pursuant to the Marine Mammal Protection Act (MMPA), NMFS is proposing regulations to govern that take and requests information, suggestions, and comments on these proposed regulations.
The EPA is proposing amendments to three national emission standards for hazardous air pollutants (NESHAP): National Emission Standards for Hazardous Air Pollutant Emissions: Group IV Polymers and Resins; NESHAP for Pesticide Active Ingredient Production; and NESHAP for Polyether Polyols Production. For all three of these NESHAP rules, the EPA is proposing decisions concerning the following: residual risk reviews; technology reviews; emissions during periods of startup, shutdown and malfunction; standards for previously unregulated hazardous air pollutant emissions; and electronic reporting of performance test results.
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