Learn More
We test and confirm the hypothesis that individual investors are net buyers of attention-grabbing stocks, e.g., stocks in the news, stocks experiencing high abnormal trading volume, and stocks with extreme one-day returns. Attention-driven buying results from the difficulty that investors have searching the thousands of stocks they can potentially buy.(More)
This paper explores adverse selection in the voluntary and compulsory individual annuity markets in the United Kingdom. Two empirical regularities support standard models of adverse selection. First, annuitants are longer-lived than non-annuitants. These mortality differences are more pronounced in the voluntary than in the compulsory annuity market. We(More)
We examine the impact of new pension disclosures and subsequent full pension recognition under FRS 17 and IAS 19 in the UK and SFAS 158 in the US on pension asset allocation. These standards require recognition of the total pension surplus/deficit on the balance sheet and periodical actuarial gains/losses in shareholders' equity. Therefore, these standards(More)
This article uses longevity fan charts to represent the uncertainty in projections of future life expectancy. These fan charts are based on a mortality model calibrated on mortality data for English and Welsh males. The fan charts indicate strong upward sloping trends in future life expectancy. Their widths indicate the extent of uncertainty in these(More)
PURPOSE To investigate the role of SPARC in the regulation of the expression and deposition of extracellular matrix (ECM) proteins in the lens capsule. METHODS Wild-type (SP+/+) and SPARC-null (SP-/-) mice of embryonic day (E)14 to 3 months of age were examined. Transcript levels of lens basement membrane (BM) components were analyzed by semiquantitative(More)
Assuming the loss aversion framework of Tversky and Kahneman (1992), stochastic investment and labour income processes, and a path-dependent fund target, we show that the optimal investment strategy for defined contribution pension plan members is a target-driven 'threshold' strategy, whereby the equity allocation is increased if the accumulating fund is(More)
Attention and pain are linked inexorably. The manipulation of attention, via either distraction or focused attention, has been used as a therapeutic initiative for generations. Imaging evidence and clinical observations demonstrate that attention can be altered with associated changes at the cortical level and this may have positive or negative effects on(More)
This is a PDF file of an unedited manuscript that has been accepted for publication. As a service to our customers we are providing this early version of the manuscript. The manuscript will undergo copyediting, typesetting, and review of the resulting galley proof before it is published in its final citable form. Please note that during the production(More)