Order preferencing, adverse-selection costs, and the probability of information-based trading

Although prior studies offer various conjectures on the causes and consequences of order preferencing, there is only limited empirical evidence. In this study, we show that the extent of order preferencing is significantly and negatively related to both the adverse-selection component of the spread and the probability of information-based trading. This result is consistent with the prediction of the clientele-pricing hypothesis that dealers (brokers) selectively purchase (internalize) orders based on information content. Our results suggest that order preferencing may not be as harmful as some researchers have suggested and offer some rationale for its prevalence in securities markets with heterogeneously informed traders. JEL Classification G18 · G19     

Continuous prophylaxis with recombinant factor IX Fc fusion protein and conventional recombinant factor IX products: comparisons of efficacy and weekly factor consumption

Background: Continuous prophylaxis for patients with hemophilia B requires frequent injections that are burdensome and that may lead to suboptimal adherence and outcomes. Hence, therapies requiring less-frequent injections are needed. In the absence of head-to-head comparisons, this study compared the first extended-half-life-recombinant factor IX (rFIX) product—recombinant factor IX Fc fusion protein (rFIXFc)—with conventional rFIX products based on annualized bleed rates (ABRs) and factor consumption reported in studies of continuous prophylaxis.

Methods: This study compared ABRs and weekly factor consumption rates in clinical studies of continuous prophylaxis treatment with rFIXFc and conventional rFIX products (identified by systematic literature review) in previously-treated adolescents and adults with moderate-to-severe hemophilia B. Meta-analysis was used to pool ABRs reported for conventional rFIX products for comparison. Comparisons of weekly factor consumption were based on the mean, reported or estimated from the mean dose per injection.

Results: Five conventional rFIX studies (injections 1 to >3 times/week) met the criteria for comparison with once-weekly rFIXFc reported by the B-LONG study. The pooled mean ABR for conventional rFIX was slightly higher than but comparable to rFIXFc (difference=0.71; p?=?0.210). Weekly factor consumption was significantly lower with rFIXFc than in conventional rFIX studies (difference in means?=?42.8–74.5?IU/kg/week [93–161%], p?Conclusion: Comparisons of clinical study results suggest weekly injections with rFIXFc result in similar bleeding rates and significantly lower weekly factor consumption compared with more-frequently-injected conventional rFIX products. The real-world effectiveness of rFIXFc may be higher based on results from a model of the impact of simulated differences in adherence.     

Using the Consumer Expenditure Survey to Teach Poverty Measurement

Poverty measurement is often controversial, but good public policy relies crucially on a broadly supported and understood poverty measure. In 2010, the U.S. Census Bureau announced it would begin regular reporting of a new supplemental poverty measure in October 2011. The present article provides background information for a student exercise (available, on request, from the author) on alternative poverty measurement techniques. The exercise allows students to use current data from the Consumer Expenditure Survey (available through the Bureau of Labor Statistics at http://www.bls.gov/cex/; U.S. Department of Labor 2010 U.S. Bureau of the Census. 2011. Developing a Supplemental Poverty Measure Federal Register. May 26, Vol. 75, No. 101, http://edocket.access.gpo.gov/2010/pdf/2010-12628.pdf (accessed May 15, 2011) [Google Scholar]) and other sources to calculate and compare several absolute and relative poverty thresholds. The exercise invites students to draw their own conclusions about the pros and cons of different measures, including the new supplemental measure. Data sources are easily updated as new information becomes available.     

Produce Retail Price Volatility and Perceptions in the Canadian Market: Nutrition Security Variances

Nutrition security has been studied but rarely in the context of a developed economy. Furthermore, few studies have looked at how fluctuating produce process may influence nutrition security and how consumers cope with abrupt macro-economic changes. Between 2014 and 2015, Canadian consumers saw produce prices jump by more than 25% in a year in some cases. This exploratory survey looks at socioeconomic factors and evaluates how price increases influence produce consumption and substitution. A total of 1007 respondents participated in a cross national survey over a two-week period. Results show that lower income households are more vulnerable than higher income respondents. Results also explore a few more behavioral factors such as where produce shopping occurs and how market data is gathered before purchases. Respondents who consult flyers and use apps are more likely to behave rationally and cope with changing prices. Some limitations are presented. And finally, future research thrusts related to produce price fluctuations and nutrition security are suggested.