Primary care and the power of prayer

Article Abstract:

Intercare Group is one of the most successful providers of mobility, optical and medical products to the primary healthcare market in Britain. In 1992, the company achieved a post-tax profit of 3.6 million pounds sterling on a turnover of 29.2 million pounds, a remarkable 100% increase from 1991 profit and revenue figures. The medical services group is composed of such ex-privately owned companies as occupationalhealth products firm SAFA, incontinence supplies distributor NWOS, laboratory A-Z Dental and Birmingham Optical. Managing director Peter Cowan admits that integrating small companies into a synchronic whole can be difficult and that small-scale acquisitions can be costly. Thus, Intercare plans to concentrate onacquiring less frequently but on a greater scale in the future.

Health and allied services, not elsewhere classified, Management, Health care industry, Intercare Group PLC

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Idiosyncratic variation of Treasury bill yields

Article Abstract:

I document a dramatic increase in the importance of two types of variation in Treasury bill yields beginning in the early 1980s. The first is idiosyncratic variation in individual short-maturity (less than three months) bill yields. The second is a common component in Treasury bill yields that is not shared by yields on other instruments, such as short-maturity privately-issued instruments or longer-maturity Treasury notes and bonds. Some evidence suggests the first type reflects increased market segmentation. These results have important implications for the calibration and testing of no-arbitrage term structure models and interpreting tests of the expectations hypothesis. (Reprinted by permission of the publisher.)

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Are US treasury bills underpriced in the primary market?

Article Abstract:

The US Treasury bill market is examined with regard to underpricing of debt securities in the primary market as compared with the secondary market. Both markets are stylized as auctions and a market bid-ask spreadsheet shows that the difference of bill prices of the two markets are natural considering their respective set-ups. The environmental parameters such as size of the population in the primary market and the perceived value of the bills are factors that affect the prices.

Prices and rates, Prices, United States economic conditions

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