By Peter Wildeblood
In March 1954 Peter Wildeblood, a London journalist, used to be one in every of 5 males charged with gay acts within the infamous Montagu Case, because it got here to be recognized. Wildeblood used to be sentenced to eighteen months for gay offences, besides Lord Montagu and significant Michael Pitt-Rivers. the opposite males have been let out after turning Queen's facts. during this booklet, first released in 1955, Peter Wildeblood tells the tale of his adolescence and schooldays, his conflict provider and collage days, his existence as a journalist, his arrest, trial and imprisonment, and eventually his go back to freedom. In its honesty and reticence it really is eloquent testimony to the inhumanity of the remedy of homosexuals in Britain just a iteration in the past. most likely the 1st ebook on homosexuality to arrive a mass viewers in Britain, a crime had an immediate impact at the Wolfenden Committee, whose document in 1957 urged that gay acts among consenting adults in deepest be legalised, proposals which have been eventually handed into legislations in 1967.
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It supports the conclusion that the municipal market is segmented, with different investor clienteles at short and long maturities. These results shed some light on the likely effects of two proposed changes in municipal borrowing practices. The first reform calls for increased state and local use of short-term borrowing with a concommitant reduction in long-term bond issues. l7 This proposal is motivated by the upward-sloping nominal term structure of tax-exempt interest rates. In 1983, for example, the average yield on one-year prime municipal bonds was only 60% of that on twenty-year bonds.
For municipals, which are typically sold in blocks including bonds of varying maturities, the yield curve may give slightly erroneous estimates for some yields. Since the dependent variable in (17) depends on the difference in yields in two consecutive months, errors in the yield data will induce a moving average error. The reported equations were all corrected for MA(1) errors using a maximum-likelihood procedure. Second, the residuals from OLS estimation of (17) were clearly heteroscedastic over time.
This effect seems unimportant for short-maturity debt, where the coefficient on AUNEMPR is positive but statistically insignificant. The other variable that controls for risk, the share of state and local revenues financed through federal grants, proved insignificant in all of the estimated equations. Experiments with other risk measures, such as the yield spread between BAA and AAA corporate bonds or good- and prime-rated municipals, produced similarly insignificant results. The indicator variables designed to measure risk events generally had their predicted signs, but most were statistically insignificant.