Short-Sale Restrictions and Price Clustering: Evidence from SEC Rule 201

We provide a novel test of information-based theories of price clustering by examining trade, order, and the National Best Bid and Offer (NBBO) quote price clustering during periods when information is removed from the market. We use a natural experiment of short-sale restrictions resulting from Securities and Exchange Commission (SEC) Rule 201 to more effectively determine the impact of information on price clustering. We find evidence of increased price clustering for trades, orders, and NBBO prices during short-sale restrictions. Overall, our findings indicate that short-sale restrictions harm the price discovery process and lead to a reduction in market efficiency.     

Credit Risk Research: Review and Agenda

This article provides a comprehensive review of scholarly research on credit risk measurement during the last 57 years applying bibliometric citation analysis and elaborates an agenda for future research. The bibliography is compiled using the Institute for Scientific Information (ISI) Web of Science (WOS) database and includes all articles with citations over the period 1960–2016. Specifically, the review is carried out using 1695 articles across 72 countries published in 442 journals by 2928 authors. The findings suggest that credit risk research is multifaceted and can be classified into six streams: (1) defaultable security pricing, (2) default intensity modeling, (3) comparative analysis of credit models, (4) comparative analysis of credit markets, (5) credit default swap (CDS) pricing, and (6) loan loss provisions. The article contributes through synthesizing and identifying existing as well as emerging research streams.     

Colliery Closures and the Decline of the UK Coal Industry

In the 10 years after the 1984–5 miners' strike, employment by British Coal and the number of pits it operated fell by more than 90%. In this paper data for each of British Coal's collieries are used to analyse the pattern of pit closure. The pits that closed were systematically smaller, less productive and less profitable than those that survived. A model is estimated to capture the degree to which closure decisions reflect performance variables, and it is found that low productivity was the most important indicator of vulnerability to closure. However, closures were by no means exclusively concentrated on the worst performers, and many of the pits that were closed at the end of the period had achieved very large increases in productivity over the years preceding closure.     

SOME FACTORS AFFECTING THE SUCCESS OF 'MANAGEMENT BY OBJECTIVES'

Questionnaire data were obtained from 128 managers representing all levels and functions of a large manufacturer. Variables describing the superior/subordinate relationship were related to respondent's perceptions of the values of management by objectives using correlational methods. These relationships were then moderated using personality and situational characteristics of the respondents.
The involvement of the boss is generally related to positive orientations     

The systems approach to school administration: Some perceptions on the state of the art in 1967

Some of the salient administrative activities consistent with systems are clear delineation of objectives; recognition of the dynamic nature of goals and priorities; generation of alternative means for allocating resources; generation of models of the system under study; utilization of quantitatively oriented tools in analysis; and in decision making, and employment of interdisciplinary teams of specialists in problem analysis. Hard data on the implementation of these systems oriented approaches in education are not available as yet.

School administrators in late 1967 were on the threshold of awareness of concepts, vehicles, and procedures related to systems. They have not as yet perceived systems as an approach to better define, comprehend, or resolve perplexing educational issues or operational problems.

Those aspects of school administration most amenable to operations analysis such as transportation, school plant planning and construction, inventory control or food services are less likely to be classified as crucial problems of administrators. The more significant long-range policy problems in instruction, race relations, adapting the institution to change, teacher militancy, or amelioration of social injustices have been considered by too many to be outside the range of quantitative analysis.

Not everyone talking about systems uses the same data base. The systems approach is more likely to flourish where certain conditions prevail. Some pressing improvements in education are needed to create readiness and use of systems.     

The application of artificial intelligence to medicine

This article reviews current developments in artificial intelligence as they apply to medicine. Initial applications of this approach to medicine are being actively pursued in medical diagnosis, interpretation of data from chemical studies, and the development of computer models of human behavioural processes. Of special interest is a new research programme established at Stanford University called SUMEX, one of whose major goals is the application of artificial intelligence to medicine. Within the framework of SUMEX, research is actively under way in a number of aspects of biomedical research and clinical medicine. Some of the work reviewed includes the DENDRAL and META-DENDRAL programs, the Protein Crystallography System, SECS, MYCIN, DIALOG, CASNET, the Present Illness Program, PARRY, and Believer. Suggestions for future applications of artificial intelligence to medicine will include clinical patient-record information systems, pharmacology, prosthetics, gerontology, and radiology.