Financial Education and Savings Outcomes in Individual Development Accounts

Individual Development Accounts (IDAs) are subsidized savings accounts. Unlike other subsidized savings accounts such as Individual Retirement Accounts (IRAs) or 401(k) plans, IDAs are targeted to the poor, provide subsidies through matches rather than through tax breaks, and require participants to attend financial education. Participants accrue matches as they save for purposes that build assets that increase long-term well-being and financial self-sufficiency. Matched uses of withdrawals typically include home purchase, post-secondary education, and microenterprise. The purpose of this study is to examine the relationship between the hours of financial education attended by IDA participants and savings outcomes. The data are from the Downpayments on the American Dream Policy Demonstration (ADD). The goal of financial education is to make people more aware of financial choices and possible consequences. IDA programs require financial education, but there is no systematic/scientific evidence that this requirement is essential. As of June 30, 2000, 81 percent of the 2,378 participants in ADD had attended general financial-education classes. Most participants (65 percent) had one to twelve hours of attendance recorded, 16 percent had 13 hours or more, and 14 percent were recorded as having no hours. Mean attendance was 10.4 hours, with a low of zero and a high of 35. To measure the association between attendance at financial education and savings outcomes, we used a Heckman two-step regression in which the first step predicted exit from the IDA program (and thus a high likelihood of a low opportunity for attendance at financial education). The second step predicted average monthly net deposit (AMND) for those participants who did not exit, controlling for length of participation and a wide range of other factors that might affect AMND. These results broadly suggest that between 0 and 12 hours of financial education have large, positive effects on savings (in the range of one dollar of AMND for each hour of general financial education up to 12 hours). After that point, the effects leveled off. Results for asset-specific education were similar. In short, financial education seems to have had large effects on savings outcomes.education, financial literacy, savings incentives,Individual Development Accounts

A stable quasi-periodic 4.18 d oscillation and mysterious occultations in the 2011 MOST light curve of TWHya

We present an analysis of the 2011 photometric observations of TW Hya by the MOST satellite; this is the fourth continuous series of this type. The large-scale light variations are dominated by a strong, quasi-periodic 4.18 d oscillation with superimposed, apparently chaotic flaring activity; the former is most likely produced by stellar rotation with one large hot spot created by a stable accretion funnel in the stable regime of accretion while the latter may be produced by small hot spots, created at moderate latitudes by unstable accretion tongues. A new, previously unnoticed feature is a series of semi-periodic, well defined brightness dips of unknown nature of which 19 were observed during 43 days of our nearly-continuous observations. Re-analysis of the 2009 MOST light curve revealed the presence of 3 similar dips. On the basis of recent theoretical results, we tentatively conclude that the dips may represent occultations of the small hot spots created by unstable accretion tongues by hypothetical optically thick clumps.Comment: Printed in MNRA

Quality analysis of traverses

Quality analysis of traverses coordinated and oriented on both ends are done from viewpoint of their station accuracies and internal and external reliabilities. Their configurations were investigated with respect to rules of the Slovak Geodetic Authorities for traverse usability. Conclusions are drawn for application of traverses with engineering purposes

Asset Accumulation in Low-Resource Households: Evidence from Individual Development Accounts

To escape from poverty requires assets, be they human, physical, social, or financial. Individual Development Accounts (IDAs) are designed to help the poor to build assets. Withdrawals from IDAs are matched if used for home purchase, post-secondary education, or self- employment. Participants also receive financial education and support from IDA staff. This paper discusses evidence from the American Dream Demonstration (ADD) on a series of questions. Can the poor save in IDAs? Low-resource people did save and build assets in IDAs in ADD: --Average monthly net deposits per participant were $25.42. --The average participant used two-thirds of match-eligibility. --The average participant made a deposit in 7 of 12 months. --With an average match rate of 2:1, participants accumulated about$900 per year in IDAs. How do IDAs work? Key links between savings and institutional characteristics in ADD were: --Savings increased—up to a point—with more hours of financial education. --Higher match rates were linked with fewer unmatched withdrawals, less risk of exit, but not higher savings. --Higher match caps were associated with better savings outcomes. -- Where do IDA deposits come from? Participants used both new savings and reshuffled assets. Who saves in IDAs? ADD did not necessarily cream only the most-able: --Income was not linked to savings, and the very poor saved a higher rate than the less-poor. --The receipt of public assistance, all else constant, was not associated with savings. --Asian Americans saved about $10 more per month than Hispanics or Caucasians and about$20 more per month than African Americans or Native Americans. What do IDAs cost? So far in ADD, program costs were about $2.70 per dollar deposited. Costs seem to have fallen through time.savings incentives, asset accumulation, Individual Development Accounts

Stable and unstable accretion in the classical T Tauri stars IM Lup and RU Lup as observed by MOST

Results of the time variability monitoring of the two classical T Tauri stars, RU Lup and IM Lup, are presented. Three photometric data sets were utilised: (1) simultaneous (same field) MOST satellite observations over four weeks in each of the years 2012 and 2013, (2) multicolour observations at the SAAO in April - May of 2013, (3) archival V-filter ASAS data for nine seasons, 2001 - 2009. They were augmented by an analysis of high-resolution, public-domain VLT-UT2 UVES spectra from the years 2000 to 2012. From the MOST observations, we infer that irregular light variations of RU Lup are caused by stochastic variability of hot spots induced by unstable accretion. In contrast, the MOST light curves of IM Lup are fairly regular and modulated with a period of about 7.19 - 7.58 d, which is in accord with ASAS observations showing a well defined 7.247+/-0.026 d periodicity. We propose that this is the rotational period of IM Lup and is due to the changing visibility of two antipodal hot spots created near the stellar magnetic poles during the stable process of accretion. Re-analysis of RU Lup high-resolution spectra with the Broadening Function approach reveals signs of a large polar cold spot, which is fairly stable over 13 years. As the star rotates, the spot-induced depression of intensity in the Broadening Function profiles changes cyclically with period 3.71058 d, which was previously found by the spectral cross-correlation method.Comment: 14 pages, 7 figures. Accepted by MNRA

O-Band Subwavelength Grating Filters in a Monolithic Photonics Technology

The data communications industry has begun transitioning from electrical to optical interconnects in datacenters in order to overcome performance bottlenecks and meet consumer needs. To mitigate the costs associated with this change and achieve performance for 5G and beyond, it is crucial to explore advanced photonic devices that can enable high-bandwidth interconnects via wavelength-division multiplexing (WDM) in photonic integrated circuits. Subwavelength grating (SWG) filters have shown great promise for WDM applications. However, the small feature sizes necessary to implement these structures have prohibited them from penetrating into industrial applications. To explore the manufacturability and performance of SWG filters in an industrial setting, we fabricate and characterize O-band subwavelength grating filters using the monolithic photonics technology at GLOBALFOUNDRIES (GF). We demonstrate a low drop channel loss of -1.2 dB with a flat-top response, a high extinction ratio of -30 dB, a 3 dB channel width of 5 nm and single-source thermal tunability without shape distortion. This filter structure was designed using elements from the product design kit provided by GF and functions in a compact footprint of 0.002 mm2 with a minimum feature size of 150 nm.Comment: 4 pages, 3 figure

Photometric variability in FU Ori and Z CMa as observed by MOST

Photometric observations obtained by the MOST satellite were used to characterize optical small scale variability of the young stars FU Ori and Z CMa. Wavelet analysis for FU Ori reveals the possible existence of several 2-9 d quasi-periodic features occurring nearly simultaneously; they may be interpreted as plasma parcels or other localized disc heterogeneities revolving at different Keplerian radii in the accretion disc. Their periods may shorten slowly which may be due to spiralling in of individual parcels toward the inner disc radius, estimated at 4.8+/-0.2 R_sun. Analysis of additional multicolour data confirms the previously obtained relation between variations in the B-V colour index and the V magnitude. In contrast to the FU Ori results, the oscillation spectrum of Z CMa does not reveal any periodicities with the wavelet spectrum possibly dominated by outburst of the Herbig Be component.Comment: Accepted by MNRA

Statement Given in Bridging the Gap: How Prepared Are Americans for Retirement? Hearing Before the U.S. Senate Special Committee on Aging

Statement Given in Bridging the Gap: How Prepared Are Americans for Retirement? Hearing Before the U.S. Senate Special Committee on Agin

Ripple oscillations in the left temporal neocortex are associated with impaired verbal episodic memory encoding

Background: We sought to determine if ripple oscillations (80-120Hz), detected in intracranial EEG (iEEG) recordings of epilepsy patients, correlate with an enhancement or disruption of verbal episodic memory encoding. Methods: We defined ripple and spike events in depth iEEG recordings during list learning in 107 patients with focal epilepsy. We used logistic regression models (LRMs) to investigate the relationship between the occurrence of ripple and spike events during word presentation and the odds of successful word recall following a distractor epoch, and included the seizure onset zone (SOZ) as a covariate in the LRMs. Results: We detected events during 58,312 word presentation trials from 7,630 unique electrode sites. The probability of ripple on spike (RonS) events was increased in the seizure onset zone (SOZ, p<0.04). In the left temporal neocortex RonS events during word presentation corresponded with a decrease in the odds ratio (OR) of successful recall, however this effect only met significance in the SOZ (OR of word recall 0.71, 95% CI: 0.59-0.85, n=158 events, adaptive Hochberg p<0.01). Ripple on oscillation events (RonO) that occurred in the left temporal neocortex non-SOZ also correlated with decreased odds of successful recall (OR 0.52, 95% CI: 0.34-0.80, n=140, adaptive Hochberg , p<0.01). Spikes and RonS that occurred during word presentation in the left middle temporal gyrus during word presentation correlated with the most significant decrease in the odds of successful recall, irrespective of the location of the SOZ (adaptive Hochberg, p<0.01). Conclusion: Ripples and spikes generated in left temporal neocortex are associated with impaired verbal episodic memory encoding

Using Individual Development Accounts to Save for a Home: Are There Differences by Race?

Research indicates that homeownership is a key variable in wealth accumulation. Using data from the American Dream Demonstration, this study examines the performance of low-incomeblacks and whites saving for homeownership through Individual Development Accounts (IDAs), a matched saving program. Results show black IDA participants saved smaller amounts and less frequently. Furthermore, findings suggest institutional variables have different associations with savings for blacks and whites. Implications for policymakers and program administrators are discussed regarding differential targeting of race groups in the design and implementation of programs aimed toward increasing savings and assets accumulation for low-income and minority households