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Daily Archives: September 22, 2015

Walking the Walk: Inside Ownership and Selective Hedging

Jankensgård, Håkan, Walking the Walk: Inside Ownership and Selective Hedging (September 16, 2015). Available for download at SSRN:

“Firms’ derivative portfolios are largely unpredictable, in the sense that the previous year’s portfolio is a poor predictor of the current one. This unpredictability partly reflects a common corporate practice known as ‘selective hedging’, i.e. adjusting the timing and size of hedging programs bases on market views. In this paper I examine if corporate governance arrangements influence the extent of selective hedging using hand-collected data from the oil and gas industry. The most robust result I find is that selective hedging increases in inside ownership, suggesting that entrenched managers hedge more selectively when outside monitoring is weak. It also suggests that overconfidence is real. Since they are betting with their own money, these managers and directors are, in an important sense, not only talking the talk but also walking the walk.”

VW issues statement on emission violations

Follow up to EPA, California Notify Volkswagen of Clean Air Act Violations – see Dissemination of an Ad hoc announcement according to § 15 WpHG: Volkswagen AG has issued the following information, September 22, 2015: “Volkswagen is working at full speed to clarify irregularities concerning a particular software used in diesel engines. New vehicles from… Continue Reading

Federal Financial Institutions Examination Council 2014 Data on Mortgage Lending

“The Federal Financial Institutions Examination Council (FFIEC) today announced the availability of data on mortgage lending transactions at 7,062 U.S. financial institutions covered by the Home Mortgage Disclosure Act (HMDA). Covered institutions include banks, savings associations, credit unions, and mortgage companies. The HMDA data made available today cover 2014 lending activity, and include applications, originations,… Continue Reading

Characterization, Modeling, Monitoring, and Remediation of Fractured Rock

“Fractured rock is the host or foundation for innumerable engineered structures related to energy, water, waste, and transportation. Characterizing, modeling, and monitoring fractured rock sites is critical to the functioning of those infrastructure, as well as to optimizing resource recovery and contaminant management. Characterization, Modeling, Monitoring, and Remediation of Fractured Rock examines the state of… Continue Reading

The Growing Gap in Life Expectancy by Income

“The U.S. population is aging. Social Security projections suggest that between 2013 and 2050, the population aged 65 and over will almost double, from 45 million to 86 million. One key driver of population aging is ongoing increases in life expectancy. Average U.S. life expectancy was 67 years for males and 73 years for females… Continue Reading

The Wood Database

The Wood Database permits users to  Browse By Common Name (browse by scientific name | browse by appearance). There are dozens of contributors to the database that includes photos, videos, features of each wood (texture, grain, ordor, common pricing,  sustainability, rot resistance, related articles, etc.) Continue Reading

2015 Employer Health Benefits Survey

“This annual survey of employers provides a detailed look at trends in employer-sponsored health coverage including premiums, employee contributions, cost-sharing provisions, and employer opinions. The 2015 survey included almost 2,000 interviews with non-federal public and private firms. Annual premiums for employer-sponsored family health coverage reached $17,545 this year, up 4 percent from last year, with… Continue Reading