Price bias and common practice in option pricing

Generally, the semiclosed-form option pricing formula for complex financial models depends on unobservable factors such as stochastic volatility and jump intensity. A popular practice is to use an estimate of these latent factors to compute the option price. However, in many situations this plug-and-play approximation does not yield the appropriate price. This article examines this bias and quantifies its impacts. We decompose the bias into terms that are related to the bias on the unobservable factors and to the precision of their point estimators. The approximated price is found to be highly biased when only the history of the stock price is used to recover the latent states. This bias is corrected when option prices are added to the sample used to recover the states' best estimate. We also show numerically that such a bias is propagated on calibrated parameters, leading to erroneous values. The Canadian Journal of Statistics 48: 8–35; 2020 © 2019 Statistical Society of Canada     

Influence of competition level on referees’ decision-making in handball

The influence of competition level on referees’ decision-making was investigated. Referees’ decisions in 90 handball games (30 games X 3 competition levels) were observed in different situations related to the advantage rule, and 100 referees from two different levels of expertise were subsequently asked to offer explanations for the competition-level effects from the first part of the study. Results revealed that at the highest level of competition referees intervened less frequently with sporting sanctions, but more frequently with disciplinary sanctions. These effects were apparent mainly in immediate intervention situations and unsuccessful advantage situations, but not in successful situations. Referees explained these effects of competition level in terms of a player competence stereotype, in addition to referees’ different expertise across competition level. The implications of the findings for understanding how status-related stereotypes impact on intervention behavior are discussed.     

When Passion Leads to Problematic Outcomes: A Look at Gambling

Vallerand et al. (2003) have proposed that individuals can have two distinct types of passion toward an activity. Harmonious passion, an internal force leading one to choose to engage in the activity, is proposed to be associated with positive consequences. Obsessive passion, an internal pressure forcing one to engage in an activity, is posited to be associated with negative consequences. The present study sought to determine the role of the two types of passion in various cognitive and affective states associated with dependence and problems with gambling. Participants (n = 412) were recruited at the Montréal Casino and given a questionnaire measuring passion toward gambling, as well as consequences associated with dependence and problem gambling. Results showed that obsessive passion for gambling predicted poorer vitality and concentration in daily tasks, as well as increased rumination, anxiety, negative mood, guilt, and problem gambling. These relations were not found for harmonious passion for gambling. Results are discussed in light of the motivational approach to passion (Vallerand et al., 2003).     

Child custody issues and co‐occurrence of intimate partner violence and child maltreatment: controversies and points of agreement amongst practitioners

The situation of families undergoing separation in a context of co‐occurrence of intimate partner violence (IPV) and child maltreatment raises certain issues related to child custody. The results presented in this paper were collected and analysed within the framework of a qualitative study aiming to identify the principal points of agreement and the main controversies amongst practitioners in several different types of organizations. Focus groups were held with a total of 43 practitioners from six different settings concerned with child custody in cases of co‐occurrence of IPV and child maltreatment. Although they agreed on the importance of ensuring the safety of victims of violence, their views diverged on three points: (1) the importance of preserving the father–child relationship; (2) collaboration between voluntary organizations and semi‐voluntary or legal agencies; and (3) consideration of cultural differences.     

Key decisions in child protection services in cases of domestic violence: maintaining services and out‐of‐home placement

This paper looks at the response of the child protection services (CPS) system in cases where exposure to domestic violence occurs alone or together with abuse or neglect, focusing on the factors involved in decisions to maintain the case open for ongoing services or remove children from the home. The study is based on an analysis of clinical and administrative data from the files on children reported to a CPS agency in Montreal, Canada. A total of 1 071 substantiated reports were documented, including 337 cases of co‐occurrence (32%). Analysis of the data shows that domestic violence does not by itself constitute a factor liable to lead to more intrusive intervention. The CPS response appears to be influenced more by the existence of other forms of maltreatment and risk factors. Additionally, while domestic violence may be associated with more severe individual and family problems, it does not influence the decision to keep the case open because the child still need services. The lack of any connection between domestic violence and this decision is a cause for concern, as results indicate that such families need help. Knowing how to respond to their needs therefore remains a major challenge.     

Aesthetic revolt and the remaking of national identity in Québec, 1960–1969

Based on archival and ethnographic data, this article analyzes the iconic-making, iconoclastic unmaking, and iconographic remaking of national identifications. The window into these processes is the career of Saint John the Baptist, patron saint of French Canadians and national icon from the mid-nineteenth century until 1969, when his statue was destroyed by protesters during the annual parade in his honor in Montréal. Relying on literatures on visuality and materiality, I analyze how the saint and his attending symbols were deployed in processions, parades, and protests. From this analysis, I develop the sociological concept of aesthetic revolt, a process whereby social actors rework iconic symbols, redefining national identity in the process. The article offers a theoretical articulation and an empirical demonstration of how the context, content, and the form of specific cultural objects and symbols—national icons—are intertwined in public performance to produce eventful change, and shows why and how the internal material logic and the social life of these icons shape the articulation of new national identities.     

The Use of Video Modeling,Prompting, and Feedback to Increase Credit Card Promotion in a Retail Setting

We evaluated the use of video modeling, role play, prompting, and feedback to increase credit card promotion by sales associates in a retail setting. We first used the Performance Diagnostic Checklist (Austin, 2000 Austin, J. 2000. “Performance analysis and performance diagnostics”. In Handbook of applied behavior analysis, Edited by: Austin, J. and Carr, J. E. 321–349. Reno, NV: Context Press.  [Google Scholar]) to identify the variables contributing to the poor performance of two sales associates. Based on the results, we developed an intervention package that included a video model, instructional prompt cards, role play, and feedback. During baseline, target employees asked a mean of 26% of customers to enroll in the credit card program. Following intervention, target employees asked a mean of 84% of customers to enroll in the credit card program. Furthermore, employees rated the intervention as enjoyable, as effective, and as a system that they would continue to use. The results illustrate the effectiveness of video modeling, prompting, and feedback in increasing credit card promotions and delivering critical information about the card to daily customers.     

Immigrant Children: Their Experience of Violence at School and Community in Host Country

This article describes our qualitative sociological study of immigrant children's life experiences of violence. We conducted interviews with 42 first‐generation immigrant children from any country, aged 9–13 years old, living in the Quebec City region (Canada). Results from three main themes are presented: representations of violence and concrete violent acts experienced; perceived effects of violence on children health and well‐being; and reactions and coping strategies. Overall, the narratives show that they may experience racist peer violence in school that leads to suffering situations, and they consequently have to develop strategies to maintain their well‐being. Social implications are discussed.     

Broadening the Study of Infant Security of Attachment: Maternal Autonomy‐support in the Context of Infant Exploration

Although security of attachment is conceptualised as a balance between infants' attachment and exploratory behaviours, parental behaviours pertaining to infant exploration have received relatively little empirical attention. Drawing from self‐determination theory, this study seeks to improve the prediction of infant attachment by assessing maternal autonomy‐support during infant exploration, in addition to maternal sensitivity. Seventy‐one dyads participated in two home visits. Maternal sensitivity was assessed when the infants were 12 months old, whereas maternal autonomy‐support and infant attachment were assessed at 15 months. The results revealed that autonomy‐support explained an additional portion of the variance in attachment when maternal socioeconomic status and sensitivity were controlled. These results speak to the relevance of a theory‐driven approach to examining maternal behaviours in the context of child exploration.     

Passion and gambling: on the validation of the Gambling Passion Scale (GPS)

Vallerand and his colleagues (Vallerand & Blanchard, 1999; Vallerand, Blanchard, Koestner, & Gagné, 2001) have recently proposed a new concept of passion. According to these authors, passion refers to a strong inclination toward an activity that we like, find important, and in which we invest time. Vallerand et al. have identified two types of passion: obsessive and harmonious. Obsessive passion refers to an internal pressure that forces an individual to engage in the activity. Harmonious passion, on the other hand, refers to an internal force that leads an individual to choose freely to engage in an activity. While obsessive passion has been shown in some circumstances to lead to negative psychological and physical consequences, harmonious passion generally leads to positive psychological and physical consequences. The purpose of the present research was to validate a measure of passion toward gambling: the Gambling Passion Scale (GPS). The GPS consists of two subscales (obsessive passion and harmonious passion) comprising five items each. Results from two studies involving a total of 340 participants revealed satisfactory internal consistency and temporal stability indices, as well as a two-factor structure supported by exploratory and confirmatory factor analyses. Finally, a series of partial correlational analyses between the two subscales and scales assessing behavioral measures related to gambling supported the construct validity of the GPS. The present results suggest that the GPS is a useful scale for research on gambling.