A Depository Institution's Optimal Currency Supply Network Under the Fed's New Guidelines: Operating Policies,Logistics, and Impact

The overuse of its currency processing operations by depository institutions (DIs) has motivated the Federal Reserve (Fed) to propose new currency recirculation guidelines. The Fed believes that DIs should play a more active role in recirculating fit (i.e., usable) currency so that the societal cost of providing currency to the public is minimized. The Fed characterizes the overuse by the extent of cross shipping, a practice in which the same DI deposits and withdraws currency of the same denomination within five business days in the same geographic region. The Fed's proposal encourages DIs to fit sort and reuse deposited currency through two components: a custodial inventory program and a recirculation fee that would be charged on withdrawals of cross‐shipped currency. Given the geographical network of the various branches of a DI, the extent of its participation in the proposed programs depends on a variety of factors: the nature of demand and supply of currency, number and locations of the processing centers, and the resulting fit‐sorting, holding, and transportation costs. The interrelated nature of these decisions motivates the need for an integrated model that captures the flow of currency in the entire network of the DI. Based on our work with Brink's Inc., a leading secure‐logistics provider, we develop a mixed‐integer linear programming (MILP) model to provide managers of DIs with a decision‐making tool under the Fed's new guidelines. Broadly, we analyze the following questions: (i) Over all typical practical realizations of the demand for currency that a DI may face, and over all reasonable cost implications, is there a menu of “good” operating policies? (ii) What is the monetary impact of fit‐sorting and custodial inventories on a DI? and (iii) To what extent will the Fed's new guidelines address its main goal, namely, a reduction in the practice of cross shipping by encouraging DIs to recirculate currency?     

On the Link between Academia and the Practice of Social Work

The dualism of knowledge and values as well as of the objective and the subjective views has accompanied the social work profession from its inception and presents a particular dilemma for the link between academia and practice. It is either that academia is split off from the practice of social work, or that these two fields of professional activity merge into each other. Either of these solutions impoverishes the profession. The key for the understanding of this dilemma as well as its resolution rests with the particular ontological definitions adhered to by the profession. It is proposed that by fostering the moral ontology the dualism inherent in the nature of the profession may enrich it and a fruitful link between academia and the practice of social work will evolve. The arguments presented as well as the resolution proposed are illustrated by theoretical explanations, empirical studies and clinical practice in the area of the parent-infant relationship.     

Business ethics,company value and ownership structure

This paper examines the effect of ethical performance on the value of a company and the attractiveness of its stocks for major owners; institutional investors and insiders. Using the Ethisphere^® Institute Ethics Quotient to distinguish between ethical and unethical companies, results show that good ethical performance enhanced company value for a sample of 240 large US companies. Furthermore, strong evidence is found that institutional investors are attracted to ethical companies, but that insiders do not show any investment preferences based on the ethical performance of a company.

     

Differential in Pattern and Risk Factors of Marital Dissolution Among Better Developed and the Poorly Developed States in India

The objective of this study is to determine the differentials in the prevalence and risk factors of marital dissolution in poorly developed (i.e., empowered action group [EAG]) and better developed (i.e., non-empowered action group [non-EAG]) states in India. Data from the India Human Development Surveys (IHDS) Round 2, conducted in 2011 and 2012 in India, are used for the study. Multiple logistic regression analysis has been carried out. Higher education is related to elevated risks of marital dissolution in EAG states, whereas an inverse relationship is observed in non-EAG states. For EAG and non-EAG states, staying with one’s parents and staying alone without a parent after marriage, working, and residing in urban areas significantly increase the risk of marital disruption for women. Lower marital dissolution risk is observed among women who have at least 1 child in both EAG and non-EAG states.     

The Family and Work in the Post-socialist Transition of Serbia: 1991–2006

For a long period of time, the family and the household have not been considered agents in the economic sphere. However, in contemporary theoretical and research practice we are witnessing a rehabilitation of this aspect of family activity. The importance of the broader social and economic impact of this activity of families and households is legitimated through the concepts of social capital and household strategies in the labor sphere. This paper presents the results of three successive representative empirical studies of households in Serbia between 1991 and 2006. The main goal of these studies was to observe the problems households and families are facing in the transition process. The specific profile of Serbia's transition path, determined by numerous societal disturbances, is emphasized. The relation between the work sphere and the family sphere is viewed through five forms of the working status and activities of household members. Research results show a remarkable proliferation of informal work activities, which enable the survival of households in the circumstances of high unemployment and low wages in the formal labor sector.     

疾患的表达及文学治疗的生命力

文章通过论述文学治疗的对象、机制和方法,探讨了文学治疗作为一种医疗手段所存在的价值,疗愈是文学发生的原初功能之一,文学和治疗在科学发展的繁荣表象下被割裂,但在实际的治疗过程中又不可避免地发生合流。文章试图从文学和医学两方面加以阐述和例举,提出＂文医＂的概念,为文学治疗探求一个合适的存在空间     

The Determinants of Parenthood: Power and Responsibility

The conception of parental adaptation in termsof the complexity of the balance between the parent'sresponsibility and the infant's power is presented. Amethod based on this conception is proposed as a way to describe and assess parentaladaptation. The adaptational view is compared with theclinical approach to parenthood, and its advantages forthe detection of parental vulnerability and earlyintervention in the parent infant relationship isillustrated. In addition, the conception of parentalresponsibility, in terms of the parent's evaluation ofthe balance between his/her responsibility and theinfant's power, is compared with the conception of thelegal approach which views parental responsibility interms of accountability and the parent's duties andrights. The evolving change in the societal view of parental responsibility, brought about bythe Children Act, requires a shift in theconceptualization of parenthood such as the one proposedby the adaptational conception. This could constitute abridge between the helping professions and the legalapproaches.     

Pricing and Logistics Decisions for a Private‐Sector Provider in the Cash Supply Chain

We study a problem faced by a secure‐logistics provider (SLP) of maximizing profit by jointly pricing the services of fit‐sorting and transporting cash along with the design of the supporting logistics network, in a market consisting of a population of Depository Institutions (DIs). The need to jointly price the services assumes significance because they are partial substitutes of one another. Our study finds that the influence of the logistics network on prices is especially strong when there are non‐linearities in the cost of provisioning the logistics services. Furthermore, the impact of logistics decisions on different types of pricing schemes (e.g., volume discount, bundled pricing) is different, both in its structure and extent. In present times, when the market for the fit‐sorting service is relatively immature, our findings have major implications to the way an SLP's business is managed.