This paper studies the impact of prior investment experience in an industry on the subsequent purchase of new stocks in the same industry. Using trading records data for households at a large discount broker from 1991 to 1996, I establish that the experience of positive excess returns in a given industry increases the probability of purchasing similar stocks in that industry relative to other i...

Introduction ‘Everybody talks about the weather, but nobody does anything about it’, said Mark Twain. But this famous quote is decidedly inaccurate: people have long contemplated weather modification, and both adapt or adjust to weather conditions, and move towards or away from certain climatic regimes. Southern Africa generally has a high coefficient of rainfall variation, making droughts a fr...

Bone remodeling Our current understanding is that postmenopausal osteoporosis results from a bone remodeling imbalance with bone resorption exceeding bone formation and that the medications approved for osteoporosis treatment all work by modulating bone remodeling in a favorable way. This is almost certainly correct, yet there is much more to be learned about bone remodeling that might enhance ...

A interpretação da escultura urbana de Richard Serra tem sido influenciada pelo debate sobre Tilted Arc. Neste ensaio, analisamos as esculturas Twain, Wright's Triangle e Berlin Block for Charlie Chaplin, assim como o projeto escultórico para P.A.D.C., sugerindo que artista teria gradualmente inrorporado relações entre espaço urbano a sua pesquisa. Nestas análises, consideramos inserção das obr...

MOTIVATION The increased availability of genome sequences of closely related organisms has generated much interest in utilizing homology to improve the accuracy of gene prediction programs. Generalized pair hidden Markov models (GPHMMs) have been proposed as one means to address this need. However, all GPHMM implementations currently available are either closed-source or the details of their op...

Using historical General Land Office record as a reference, this study employed a landscape-scale disturbance and succession model to estimate the future cumulative effects of six alternative management plans on the tree species composition for various physiographic settings for the Mark Twain National Forest in Missouri. The results indicate that over a 200-year horizon, the relative abundance...

The IndustrialR e s e a r c h I n s t i t u t e ; SCIENCE is the official organ of the American Association for the Advancement of Science. Information regard-Reports ing membership in the Association may be secured from the office of the permanent secretary in the Smithsonian Two paintings, "The Alchemical Making of a Medicine in the 16th Century," by Michael Diemer, and the "Elixer of Life" b...

T “ o a man with a hammer, everything looks like a nail” is a popular metaphor attributed to Mark Twain, also known as the “law of the instrument” and presented in Maslow’s The Psychology of Science:AReconnaissance (1). Being ourselves guilty or not of “using only one hammer, and seeing nothing but nails,” we would like to comment on the recent review of Chakkera et al. on new-onset diabetes af...

Abstract Over the past decades psychological theories have made significant headway into economics, culminating in 2002 (partially) and 2017 Nobel prizes awarded for work field of Behavioral Economics. Many insights imported from psychology economics share a common trait: presumption that decision makers use shortcuts lead to deviations rational behaviour (the Heuristics-and-Biases program). ec...