Humanities & Society

Panchapagesan”Decimalization” – the pricing of stocks in dollars and cents instead of fractions – lauded by proponents to be a good thing for investors when it was adopted by the U.S. stock markets in early 2001, is under fire. Critics say it costs institutional investors big. But in a study co-authored by Venkatesh Panchapagesan at Washington University’s Olin School of Business, direct institutional trading costs appear to have declined by about 23 basis points (roughly 5 cents a share) after decimalization. In economic terms, this decrease translates to an average monthly savings of about $133 million in institutional trading costs, the study finds.

The U.S. Supreme Court will hold an unusual four-hour session Sept. 8 to hear constitutional challenges to the Bipartisan Campaign Reform Act of 2002; some suggest the case could determine which political party wins the White House in 2004. D. Bruce La Pierre, a law professor who argued a Missouri campaign finance case before the Court in 2000, suggests the Court should use the BCRA case to rethink two recent decisions that have severely eroded First Amendment protection for political speech. It’s time, he argues, for the Court to send a clear message that campaign contributions are firmly protected by the First Amendment.

ParedesWith the final provision of Sarbanes-Oxley now in effect, lawyers are required to report corporate wrongdoing. Although many lawyers are concerned that this may breach attorney/client privilege, Troy Paredes, associate professor of law at the Washington University School of Law, says, “The requirement that lawyers report ‘up the ladder’ if they are aware of a material violation is an important part of the Sarbanes-Oxley reforms.” Paredes notes that lawyers are an important gatekeeper that the market depends on to help oversee management.

PooleIn a wide-ranging analysis of bond market fundamentals, St. Louis Fed President William Poole said the focus should be on long-term interest rate basics. “Longer-run fundamentals tend to get lost in a welter of short-run considerations that fade into oblivion quickly as a new set of short-run concerns dominate the news,” he said. Poole spoke to a group of financial analysts at Washington University’s Olin School of Business on”Prospects and Risks in the Bond Market,” Sept. 4.

The United States Department of Health and Human Services announced today that Washington University School of Medicine in St. Louis will anchor a multi-institutional Midwest Regional Center for Excellence in Biodefense and Emerging Infectious Diseases Research (MRCE). The center will be funded by a five-year, $35 million grant from the National Institute of Allergy and Infectious Diseases (NIAID).

FriedmanSome of the nation’s top scholars will gather in the coming academic year at Washington University to have “Conversations” on such topics as: What kind of international borders will exist in the 21st century? What is the future of freedom? Who are “public intellectuals”? And what purpose do they serve? Where did modern humans come from? In recognition of the sesquicentennial theme, “Treasuring the Past, Shaping the Future,” Arts & Sciences is hosting a series of four “Conversations” among scholars whose disciplines range from anthropology and biology to law and women’s studies. Thomas L. Friedman, a three-time Pulitzer Prize winner, best-selling author and foreign affairs columnist for The New York Times, will participate in the first “Conversation,” to be held from 2 to 3:30 p.m. Sept. 17 in the university’s Graham Chapel.

FriedmanThomas Friedman, three-time Pulitzer Prize winner, best-selling author and foreign affairs columnist for The New York Times, will present his talk, “What Kind of International Borders Will Exist in the 21st Century?” on September 17, 2003, at 11 a.m. in the Athletic Complex Field House, located north of Francis Field on the Washington University campus. Friedman’s lecture is also the Arts & Sciences Sesquicentennial lecture. Assembly Series lectures are free and open to the public. Parking will be limited; check the Assembly Series website for overflow parking information.

Washington University in St. Louis is participating in Independent 529 Plan, a new prepaid college tuition plan tailored specifically for private colleges, announced Benjamin S. Sandler, the university’s special assistant to the chancellor. Independent 529 Plan responds to a national call to make higher education more affordable and more accessible to students, Sandler said. Washington University has joined with more than 200 other private colleges and universities across the country to offer this tax-advantaged way for families to save for tuition.

Photo by David Kilper / WUSTL PhotoMore than half of college students now own a cell phone, according to the authors of *Letting Go*.The author of a book offering advice to parents sending a child off to college says that the ubiquitous cell phone makes it easier for parents and students to keep in touch, but it also offers a challenge to the “letting-go” process. Karen Levin Coburn, assistant vice chancellor for students and associate dean for the freshman transition at Washington University in St. Louis, is co-author of Letting Go: A Parents’ Guide to Understanding the College Years, which provides a comprehensive, down-to-earth guide for parents experiencing the varying emotions of parenting a college student. The book, now in its newly released fourth edition, has sold more than 300,000 copies since first being released in 1988. “When we wrote our 1997 edition, very few people used cell phones. They just weren’t an issue,” Coburn says. “Now the majority of students have a cell phone and they’ve made a huge difference, pro and con, in the communication patterns between parents and students.”

Photo by Mary Butkus / WUSTL PhotoFor some people, exercise can turn into an addiction.Since the 1980s, Americans have recognized the importance of exercise as part of a healthy lifestyle. But for some people, exercise can turn into an addiction. According to a recent study at the George Warren Brown (GWB) School of Social Work at Washington University in St. Louis, symptoms of exercise dependence are common among college-age adults, and significantly higher in college-age women. “Exercise dependence in individuals with eating disorders can pose serious health risks, but perhaps just as important are those individuals with primary exercise dependence,” says Matthew O. Howard, Ph.D., associate professor at GWB and co-author of the study. “These people include those who work out in the gym for hours at a time, those who always seem to be at the gym, and those who routinely cancel events with family, friends and co-workers so that they can complete their strenuous workout routines.”