Incorrect Impression Research Articles

A Reevaluation of Tax Sheltered Annuity Cost and Performance Measurement Techniques

New complex deferred annuity contracts render most past consumer comparison efforts simplistic and unrealistic. A questionnaire solicited data from thirty different insurers concerning their annuity offerings. Variable annuity prospectuses and fixed annuity policies are analyzed. Performance measurement techniques are then developed and applied to past and current performance. Portfolio beta analysis as well as a risk-free fee-sensitive efficiency ratio are suggested as methods for evaluating variable annuities, while portfolio rate of return and effective annual yield methods are suggested for analyzing fixed annuity performance. The surge in demand for tax sheltered annuities by employees of 501(c) (3) organizations, by the self employed under the Keogh Act and by those eligible for individual Retirement Accounts, has been met by increasing numbers of insurers offering and constantly modifying qualified plans [1]. Many studies have been conducted for various groups interested in assisting their members make intelligent choices among alternative plans.' In general, however, the prospective purchaser of a tax sheltered annuity is faced with two basic problems: (1) accurate and complete data are not available through any competent, unbiased source; and (2) methods for comparing costs and surveys are only in their formative stages, leaving the prospect with many unanswered questions and often some incorrect impressions. Weisenberger provides some limited data, but not nearly enough to make an informed choice [2]. This study has two main purposes: (1) to reexamine methods currently used to compare alternative annuities, especially in light of changing and unusual practices of insurers; and (2) to suggest improvements in methods of comparison by utilizing some accepted as well as some new financial analysis techniques. It is not the purpose to provide a shoppers guide to tax sheltered annuities. It is assumed that the reader already is familiar with one or more of these types of studies. Concern is with techniques for analysis, rather than current plan comparisons. The paper is divided into three primary sections: techniques for analyzing (1) fixed annuity performance, (2) variable annuity performance, and (3) fee schedules. Jerry D. Todd is Associate Professor of Insurance, Graduate School of Business, The University of Texas at Austin. Several studies have remained unpublished; those published include [3], [4], and [6].

Shaw In The Hispanic World: A Bibliography

OF THE BIBLIOGRAPHIES CONCERNING George Bernard Shaw which have been so far compiled, none of them adequately reveals the attention which has been accorded his works in Spain and Latin America. As a result, the non-Spanish Shavian is left with the incorrect impression that the Irish dramatist is relatively unknown in the Hispanic world. The New Cambridge Bibliography of English Literature, for example, lists only two Spanish items on Shaw, and the two part bibliography of books and articles on Shaw from 1945 to 1955 compiled by Earl Farley and Marvin Carlson (in Modern Drama, September and December 1959) contains only four items. More recent articles and studies on Shaw are chronicled in the annual bibliography of PMLA., but even there one only rarely finds the contributions of Spanish critics.

On: “Variations of Vertical Gravity Gradient in New York City and Alpine, New Jersey” by John T. Kuo, Mario Ottaviani, and Shri K. Singh (GEOPHYSICS, April 1969, p. 235–248).

In their paper, Kuo et al, following the footsteps of Hammer (1938), reported interesting vertical gradient observations in high buildings with a gravity meter. However, conclusion (5) drawn by Kuo et al should be discussed briefly in order to avoid an incorrect impression.

Comments on "Energy Considerations for Attitude Stability of Dual-Spin Spacecraft"

N a recent Note,1 Prof. Fang obtains criteria for stability of an equilibrium motion of a dual-spin spacecraft by determining whether equilibrium motion corresponds to minimum energy state of permissible motions. The equations he employs to determine minimum energy state treat dual-spin spacecraft as consisting of a rigid symmetric rotor, body S, which rotates relative to a rigid asymmetric body, body A, in a force-free field. The axis of relative rotation between two bodies corresponds to axis of symmetry of rotor and to a principal axis of body A. It is assumed that no net torque is exerted about this axis between two bodies. Although admittedly not modeled in his equations, he states that analysis is made with assumption that the bodies A and S possess some degree of flexibility and some internal dissipative mechanism, and leaves reader with incorrect impression that his results are generally valid for this case (possibly excepting highly flexible spacecraft). In fact, it is possible to make conclusive statements about stability of equilibrium solution only for particular equations being examined regardless of method of analysis. Extending results for this case to same equilibrium solution for other, more complex, equations (multibody or flexible body equations) is at best an intuitive and heuristic procedure and can be only approximate. Even though this type of analysis is not rigorous, stability criteria gained thereby are still useful as a rule of thumb to guide more exact analyses or spacecraft design choices. Similar forms of this type of analysis have been performed by lorillo 2 and Likins3 for dual-spin spacecraft. Fang references Likins' paper and employs his spacecraft model and, to a large extent, notation. His results, however, differ from those of Likins (and lorillo, whom Likins has followed). Fang's results are those that would be obtained for energy dissipation on body A only, and agree with those of Likins for this special case only. The stability of equilibrium solution coi = 0, co2 = 0, cos5 = const, co3A = const (1) is examined. The stability criterion is given by Likins as (PA/XA) + (Pa/X fl) < 0

Protection against Gas Attacks

THE Socialist Medical Association has issued a booklet entitled “Gas Attacks: Is there any Protection ?” (London: Lawrence and Wishart, Ltd. Qd.). It is maintained that air-raiders are certain to penetrate our defences, and will not hesitate to employ a combination of high explosives, fire and gas in their attacks, against which the only efficient protections are respirators and gas- and bomb-proof self-contained dug-outs. The booklet issued by the Home Office, “Anti-Gas Precautions and First Aid for Air-Raid Casualties”, is criticized, and is considered to give an incorrect impression of the dangers of war gases and possibilities of protection, and that the defences proposed, even if they could be generally adopted, would be inadequate. Dr. Sommerville Hastings contributes an introduction, the nature of the gases employed and their effects are described, and the available means of protection and the treatment of gas casualties are discussed.

Methods of experimentation in animal nutrition

In a recent article on the above subject by Dunlop (1) reference was made to a method suggested by Sheehy and Senior (2) for the purpose of “making an adjustment in tlie weight cuive, where, through accident or other cause not arising out of feeding, the weight of a particular animal on an exceptional occasion deviated widely from the general trend of its live weight record. A slight injury, for instance, would on occasion cause an animal either to lose weight or merely to maintain its previous weight for a week, thus placing the group to which it belonged at a disadvantage during that week” (2). Since Dunlop asserts that the method suggested “is based on a fallacy” by which is implied that it is inaccurate, the necessity arises, so as to prevent the formation of a wrong impression, to show that Dunlop's reasoning in this connection is based on incorrect impressions.

On the formation of water waves by wind (second paper)

In a previous paper I investigated the problem of the formation of waves on deep water by wind, and found that the available data were consistent with the hypothesis that the growth of the waves is due principally to a systematic difference between the pressures of the air on the front and rear slopes. Lamb had already discussed the maintenance of waves against viscosity by an approximate method, but without obtaining numerical results. Being under the incorrect impression that Lamb’s approximation would not hold for the short waves I was chiefly considering, I proceeded on more elaborate lines. It now appears, however, that Lamb’s method is not only applicable to the problem of waves on deep water, but is readily extended to cover the case when the water is comparatively shallow, and to allow for surface tension. The fundamental approximations are first, the usual one that squares of the displacements from the steady state can be neglected, and second, that viscosity modifies the motion of the water to only a small extent. The motion of the water can then, to a first approximation, be considered as irrotational. With the previous notation, let ζ be the elevation of the free surface x, y, z the position co-ordinates, t the time, U the undisturbed velocity of the water, h the depth, and φ the velocity potential. Also let σ, p, q , and ϑ denote respectively ∂/∂ t , ∂/∂ x , ∂/∂ y , and ∂/∂ z , and write p 2 + q 2 = - r 2 .

"THE DANGER OF PITUITARY EXTRACT"

To the Editor: —Through an abstract that appeared inThe Journal(May 12, 1923, p. 1418) our attention has been directed to the article of Pouliot and Truchard, criticizing our article: The Dangers of Pituitary Extract (The Journal, May 21, 1921, p. 1390). Unfortunately, we have not yet been able to secure a copy of the journal containing Pouliot and Truchard's paper; but, assuming that the abstract correctly represents it, we feel that the statements contained in it create an incorrect impression and should not be passed unchallenged. In the abstract, it appears that the entire basis for the criticism of Pouliot and Truchard consists of the inadequacy of our case reports of clinical rupture of the uterus following the employment of pituitary solution. As a matter of fact, the mention of such cases in our paper was merely incidental, and constituted only a portion of the argument against the

The Constitution of Molecules

THE remarks attributed to me in NATURE of October 13 (p. 219) give an incorrect impression of what I intended to convey to the meeting. The statement that the molecular heats “are inconsistent with the arrangement which has been adopted to account for chemical valency” was not made.

RECKLINGHAUSEN'S DISEASE: ITS RELATION TO THE ENDOCRINE SYSTEM

Throughout this article the term Recklinghausen's disease is used for all cases presenting the varying syndrome usually indicated by the name generalized neurofibromatosis. Von Recklinghausen 1 and Adrian 2 have both long since objected to the latter term as giving an incorrect impression of the nature of the growths characteristic of the disease. Many French physicians have also made the equally valid objection that the name generalized neurofibroma has thrown undue emphasis on only one aspect of the syndrome and has thus limited the disease, in the minds of many, to its most common forms, to the exclusion of the unusual and incomplete forms, formes frustes, which are not so unusual as one is led to believe. The latter, of which the author's case is an example, almost invariably shows pigmentation, and the accompanying psychic, nervous, and trophic disorders frequently play a more important part in the life of the

Chemistry for Photographers

THE more of chemistry and physics the photographer knows the better is he able to understand his work, to overcome difficulties, and to meet new contingencies. It is impossible to set forth the main facts of chemistry in so small a volume as this, even if the matter is restricted to those subjects that have an immediate bearing on photography; but it is possible to do something useful in this direction even within so few pages. The author commences with burettes and pipettes, and goes on, rather unnecessarily, to gallipots and jampots. We do not think that such expressions as “The iron, as it were, says to the silver, ‘You've got my NO3; drop it!’ And the silver has to drop it,” assist in representing the subject clearly, and in this case the description would appear to give an incorrect impression. From about the middle of the book the chenistry almost disappears in favour of practical and empirical formulæ, with short instructions for various photographic operations. Some of the author's statements are open to criticism. We read, on p. 62, that “all chemical reactions are reversible.” That as, when a photographic plate is exposed to light “there is no outlet for the products of decomposition-the excess of bromide or other halogen set free on reduction in this case-a state of equilibrium is reached at a certain point. If decomposition is carried beyond this point, reversal sets in, which may go the whole way until the original compounds are re-formed.” At p. 86 we read that carbon tissue is thin, and at p. 94, in the five and a half lines devoted to Dr. Smith's “Uto” paper, that “it is rendered colour sensitive by means of anethol.” Other misleading or unpractical statements might be quoted. A photographer who wishes to know something about combining proportions, the general properties of acids and alkalies, and a few other elementary chemical matters, will probably find what he wants here, with a good many items of miscellaneous information added.

Dr. Liebreich on Turner and Mulready

DR. R. LIEBREICH, in a lecture delivered at the Royal Institution on Friday, the 8th inst., “On the effects of certain faults of vision on painting, with special reference to Turner and Mulready,” successfully vindicated the title of physical science to extend its researches into the domain of art criticism by applying optical laws to painting. The lecture may be said to consist of three parts, the first of which demonstrates, by the example of Turner, that there are certain conditions of the eye which alter the appearance of nature, whilst they leave the impression a picture produces upon the eye unchanged. The second part of the lecture proves, by the example of a French artist yet living, whose name, therefore, was withheld, that there is another defect of the eye, which produces an incorrect impression of the picture as well as of nature, the error, however, being dissimilar, and affecting the picture and nature in opposite ways. The third part of the lecture shows, by the example of Mulready, that there is yet another disease of the eye affecting colours in such a manner that pigments used in painting are influenced by the disease, whilst natural colours continue unaltered.