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Daily Archives: June 19, 2014

Do Hedge Funds Possess Private Information in IPO Stocks? Evidence from Post-IPO Holdings

Qian, Hong and Zhong, Zhaodong, Do Hedge Funds Possess Private Information in IPO Stocks? Evidence from Post-IPO Holdings (June 15, 2014). Available at SSRN: http://ssrn.com/abstract=2456025

Using hedge funds’ holdings of IPO stocks, we find that stocks with hedge fund holdings beyond what can be explained by publicly available information yield abnormal returns, suggesting that hedge funds possess private information in IPO stocks. Moreover, compared to other investors, hedge funds have more predictive ability for future stock returns in post-IPO trading and are able to sell IPO stocks before underperforming periods start. Finally, hedge funds earn higher abnormal returns in “connected” stocks when their prime brokers serve as the IPO underwriters, indicating that such connection is an important source of private information for hedge funds.”

HSA Balances, Contributions, Distributions, and Other Vital Statistics

“Fronstin, Paul, HSA Balances, Contributions, Distributions, and Other Vital Statistics — A First Look at Data from the EBRI HSA Database on the 10th Anniversary of the HSA (June 2014). EBRI Issue Brief, Number 400 (June 2014). Available for download at SSRN: http://ssrn.com/abstract=2456259 “This year marks the 10th anniversary of the creation of health savings accountsContinue Reading

Supervisory guidelines for identifying and dealing with weak banks – consultative report

“The Basel Committee is publishing for comment the consultative document Supervisory guidelines for identifying and dealing with weak banks. Once final, the guidelines will replace the 2002 Committee guidance on the topic. Comments are invited on all aspects of this consultative document by Friday 19 September 2014. All supervisors face the problem of dealing with weak banks. Early identification andContinue Reading

Immigrants No Longer the Majority of Hispanic Workers – Pew

Latino Jobs Growth Driven by U.S. Born – Rakesh Kochhar: “For the first time in nearly two decades, immigrants do not account for the majority of Hispanic workers in the United States. Meanwhile, most of the job gains made by Hispanics during the economic recovery from the Great Recession of 2007-09 have gone to U.S.-born workers,Continue Reading

RAND – An Examination of the Cybersecurity Labor Market

An Examination of the Cybersecurity Labor Market by Martin C. Libicki, David Senty, Julia Pollak “There is a general perception that there is a shortage of cybersecurity professionals within the United States, and a particular shortage of these professionals within the federal government, working on national security as well as intelligence. Shortages of this nature complicate securing the nation’sContinue Reading

Nature Outlook – Cancer

Free full access “Cancer kills millions of people across the globe every year. But the development of targeted medicines, novel drug delivery technologies and clinical research data offer a glimpse towards a cancer-free future. This Outlook – a joint publication by Nature and Scientific American – examines the scientific advances that are needed to propel us into a world whereContinue Reading

Sunlight Foundation Announcement – We finally gave Congress email addresses

Via Tom Lee: “On OpenCongress, you can now email your representatives and senators just as easily as you would a friend or colleague. We’ve added a new feature to OpenCongress. It’s not flashy. It doesn’t use D3 or integrate with social media. But we still think it’s pretty cool. You might’ve already heard of it. Email. This may not soundContinue Reading

DHS Releases Second Quadrennial Homeland Security Review

“The Department of Homeland Security (DHS) released its second Quadrennial Homeland Security Review (QHSR), taking an important foundational step toward one of Secretary of Homeland Security Jeh Johnson’s highest priorities: strengthening Departmental unity of effort.  The DHS unity of effort initiative is focused on ensuring that the Department invests and operates in a cohesive, unifiedContinue Reading

Telling Visual Stories About Data – CBO

Presentation by Peter Fontaine, CBO’s Assistant Director for Budget Analysis, to a Global Network of Parliamentary Budget Offices Community Meeting Sponsored by the World Bank Institute. Peter Fontaine is CBO’s Assistant Director for Budget Analysis: “Last week, I attended a meeting in Ottawa, Ontario, of the Global Network of Parliamentary Budget Offices, which was sponsoredContinue Reading

New GAO Reports – Defense Inventory, Controls Over Processes for Consolidated Financial Statements

DEFENSE INVENTORY: Actions Needed to Improve the Defense Logistics Agency’s Inventory Management, GAO-14-495: Published: Jun 19, 2014. Publicly Released: Jun 19, 2014: “The Defense Logistics Agency (DLA) developed and met goals for reducing on-hand inventory and on-order excess inventory (i.e., already purchased items that may be excess due to subsequent changes in the services’ requirements) and has madeContinue Reading

New study finds Internet not responsible for dying newspapers

“[A] recently published study finds that we may be all wrong about the role of the Internet in the decline of newspapers. According to research by University of Chicago Booth School of Business Professor Matthew Gentzkow, assumptions about journalism are based on three false premises. In his new paper, Trading Dollars for Dollars: The Price of Attention Online and Offline, which was publishedContinue Reading

Federal Reserve issues FOMC statement

News release, july 18, 2014 – “Information received since the Federal Open Market Committee met in April indicates that growth in economic activity has rebounded in recent months. Labor market indicators generally showed further improvement. The unemployment rate, though lower, remains elevated. Household spending appears to be rising moderately and business fixed investment resumed itsContinue Reading