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AbstractThis paper suggests an alternative method of investing funds managed by endowments and foundations that is largely based on the work of Harry Markowitz, Arnold Zellner, and Nassim Taleb. Recognizing most endowments work around their traditional allocation of capital to bonds and stocks, this paper offers another piece of evidence that alternative methods of protection may be advantageous when their portfolios are constructed with forecasting error in mind. It suggests taking long only positions in two Markowitz optimized long/short funds. This could allow exposure to short positions while under long only constraints, and if done correctly, outperform the typical stock/bond split, providing the needed premium for payout liabilities. While this is frequently done by endowments, these funds typically invest in portfolios that are poorly constructed. The approach discussed in this paper utilizes the covariance of forecasting errors in optimizing each of the before mentioned portfolios; they would also be constructed for performance during normal market conditions and unpredictable Black Swan event. This optimization method can be achieved by using a seemingly unrelated regression system for forecasted returns, thereby providing the theoretically correct variance covariance to be utilized in optimization. Even with the very simplistic forecasting model utilized, application of the correct methodology provides enhanced performance. The result is a portfolio that maintains its value during adverse market conditions without sacrificing annual return. The risk‐adjusted return of a portfolio constructed using the methodology outlined in this paper would be far higher than that of the stock/bond approach foundations and endowments have relied upon, even during a period of extremely good bond performance, by historical standards.

Introduction / Martin Brett and Kathleen G. Cushing -- The Notitia galliarium : an unusual Bavarian version / Roger E. Reynolds -- Useful guilt : canonists and penance on the Carolingian frontier / Abigail Firey -- Authority and the canons in Burchard's decretum and Ivo's decretum / Greta Austin -- The collection in seventy-four titles : a monastic canon law collection from eleventh-century France / Christof Rolker -- Intermediate and minor collections : the case of the Collectio canonum Barberiniana / Kathleen G. Cushing -- Poitevin manuscripts, the Abbey of Saint-Ruf and ecclesiastical reform in the eleventh century / Uta-Renate Blumenthal -- Another re-examination of the Council of Pisa, 1135 / Robert Somerville -- Marital consent in Gratian's decretum / Anders Winroth -- Crimina que episcopis inpingere dicis : the contribution of the Collectio Polycarpus to an early Ordo iudiciorum / Bruce C. Rasington -- Margin and afterthought : the clavis in action / Martin Brett -- The origins of legal science in England in the twelfth century : Lincoln, Oxford, and the career of Vacarius / Peter Landau -- My learned friend : professional etiquette in medieval courtrooms / James Brundage

PurposeThe purpose of this study is to examine the impact of scarcity and the Lifestyles of Health and Sustainability (LOHAS) consumption tendency on the purchase intention of organic foods. The study used the protection motivation theory and the stimulus-organism-response theory to understand the impact of comparatively new variables like "perceived scarcity" and "perceived consumer effectiveness" (PCE) on the consumer's organic food purchase intentions.Design/methodology/approachThe study is using structural equation modeling with 402 organic food consumers. The participants are regular consumers who bought organic food from specialized shops and supermarkets in the previous few months. The data has been collected at organic food specialized shops and supermarkets that sell organic foods.FindingsThe results showed that LOHAS consumption tendency (LCT), scarcity and PCE positively affect attitude. Similarly, LCT and PCE direct affect trust. Scarcity and PCE directly positive impact on purchase intention of organic food products. Interestingly, LCT had no direct impact on the purchase intention of the product. Trust and attitude were found to be significant mediators impacting purchase intention.Originality/valueThe study contributes to the past theoretical literature on LOHAS consumption by analyzing new constructs like scarcity and PCE in the context of organic food consumption. These findings will be crucial for marketers planning to launch organic products in new markets.

Chronic traumatic encephalopathy (CTE) is a neurodegenerative disease associated with repetitive mild traumatic brain injury. It is defined pathologically by the abnormal accumulation of tau in a unique pattern that is distinct from other tauopathies, including Alzheimer's disease (AD). Although trauma has been suggested to increase amyloid β peptide (Aβ) levels, the extent of Aβ deposition in CTE has not been thoroughly characterized. We studied a heterogeneous cohort of deceased athletes and military veterans with neuropathologically diagnosed CTE (n = 114, mean age at death = 60) to test the hypothesis that Aβ deposition is altered in CTE and associated with more severe pathology and worse clinical outcomes. We found that Aβ deposition, either as diffuse or neuritic plaques, was present in 52 % of CTE subjects. Moreover, Aβ deposition in CTE occurred at an accelerated rate and with altered dynamics in CTE compared to a normal aging population (OR = 3.8, p < 0.001). We also found a clear pathological and clinical dichotomy between those CTE cases with Aβ plaques and those without. Aβ deposition was significantly associated with the presence of the APOE ε4 allele (p = 0.035), older age at symptom onset (p < 0.001), and older age at death (p < 0.001). In addition, when controlling for age, neuritic plaques were significantly associated with increased CTE tauopathy stage (β = 2.43, p = 0.018), co-morbid Lewy body disease (OR = 5.01, p = 0.009), and dementia (OR = 4.45, p = 0.012). A subset of subjects met the diagnostic criteria for both CTE and AD, and in these subjects both Aβ plaques and total levels of Aβ1–40 were increased at the depths of the cortical sulcus compared to the gyral crests. Overall, these findings suggest that Aβ deposition is altered and accelerated in a cohort of CTE subjects compared to normal aging and that Aβ is associated with both pathological and clinical progression of CTE independent of age.