Weekly Market Update

UNIVERSITY OF CALIFORNIA SYSTEM CANCELS ELSEVIER SUBSCRIPTIONS

Thursday, March 7, 2019

On Friday, the UC System announced that it would terminate its subscription with Elsevier, one of the largest publishers of scientific, technical and medical information. Others have already taken steps to sever or lessen their ties with Elsevier in recent years; however, with the UC System -- which accounts for nearly 10% of the research output of the U.S. -- taking a stance against the current publishing model, conversations around how to approach the publication of academia research is expected to become more mainstream. Alternative publishing approaches suggested thus far include an open-access model and one similar to that agreed upon by the Massachusetts Institute of Technology and Royal Society of Chemistry, where the latter school is guaranteed access to any MIT-published articles.

An Announcement from Prager & Co., LLC

Please join our Executive Committee in congratulating the following team members on their promotions, effective March 1, 2019.

  • Emily Abrantes has been promoted to Managing Director. Emily joined Prager in June of 2017 as a Director, with over 15 years of experience providing advice to the Higher Education and Healthcare sectors. Throughout the course of her career she has served a broad range of public and private higher education institutions, healthcare institutions and other non-profit institutions located primarily in the southeast. As a senior relationship banker and team leader, Emily advises on capital strategy matters, including capital structure evaluation, risk analysis, rating agency strategy, and transaction execution, as well as developing financial policies to assist in the guidance of long-term debt strategy including debt capacity analysis, liquidity optimization, and risk assessment.
  • Ian Prager has been promoted to Managing Director. Ian joined the Firm in 2006 and serves as the Firm's Head of Analytics and is an integral member of Prager's Strategic Advisory team. Ian is in charge of designing and implementing treasury management policies and central bank structures, strategic financial management analytics, interest rate and derivative portfolio analytics, capital funding and debt portfolio optimization, and short and long-range enterprise financial projection modeling.
  • Bjorn Foster has been promoted to Vice President of Interactive Services. Bjorn joined Prager in 2004 to develop and manage the Firm's proprietary web-based capital planning and debt management platform, which provides clients with the ability to plan project funding, prepare financial analysis and reporting, monitor debt and derivatives portfolios, and collaborate across the institution (budget, finance, development, treasury operations among others).

In Other News

  • Southern Vermont College will close at the end of the academic year following a decision by the New England Commission on Higher Education to withdraw its accreditation. The private liberal arts school, which has struggled with financial challenges and declining enrollment, has set up a transfer agreement with the Massachusetts College of Liberal Arts.
  • The University of Massachusetts System is planning to launch an online college program hoping to reach a broader population and compete with successful online education brands.
  • TechGirlz, a Philadelphia nonprofit that aims to increase gender equity in the technology field through middle-school education, will be acquired by Creating IT Futures, the nonprofit arm of information technology trade organization CompTIA.
  • Beth Israel Deaconess Medical Center, a Harvard Medical School teaching hospital, received a grant from Amazon.com Inc. to collaborate and experiment with machine learning and artificial intelligence to streamline operations.
  • The Mayo Clinic Health System-Franciscan Healthcare in La Crosse, Minnesota received $5 million in donations for its Cancer Center expansion that's scheduled for completion this year.