The Texaco racial discrimination case and shareholder wealth

We analyze the wealth ejfects of the Texaco racial discrimination lawsuit both on the shareholders of Texaco and its major U.S. competitors. Employing a comprehensive data set which included every case docket entry and every Wall Street Journal article on the case as an experimental stimulus, our findings suggest that the overall cost of the case to Texaco shareholders exceeded $500 million, that Texaco's tribulations had little, if any, impact on the share prices of its major competitors, and that Wall Street Journal coverage of the case was highly correlated with significant changes in Texaco stock prices. This last finding provides significant support for Hite 's suppostion that newspaper editors “key ” on ex post stock price changes in selecting the events to be covered in the next day's edition. The authors are grateful to Kee Chung for helpful comments on earlier drafts and also acknowlege the help-ful assistance of the staff of the law library at the Cecil C. Humphreys School of Law at The University of Memphis.     

Bayesian averaging of classical estimates in asymmetric vector autoregressive models

The estimated vector autoregressive (VAR) model is sensitive to model misspecifications, resulting to biased and inconsistent parameter estimates. This article extends the Bayesian averaging of classical estimates, a robustness procedure in cross-section data, to a vector time-series that is estimated using a large number of asymmetric VAR models. The proposed procedure was applied to simulated data from various forms of model misspecifications. The results of the simulation suggest that, under misspecification problems, particularly if an important variable and moving average (MA) terms were omitted, the proposed procedure gives robust results and better forecasts than the automatically selected equal lag-length VAR model.     

Pharmaceutically-Made Men: Masculinities in Chad’s Emergent Oil Economy

This article explores masculinities and changes in men’s lives in the rural oil fields of Chad during the period of an oil and pipeline project described by the World Bank as a “model” for oil-as-development. In many parts of Africa, private sector investment is concentrated in the extractive industries, especially oil and gas projects. Africa’s emerging oil economies entail new institutional configurations, or what Michael Watts called an “oil complex,” that challenge antecedent norms and forms of identity. In this article, I describe the expectations, desires, and experiences of three distinct groups of men—those who found temporary employment on the project, those who continued to make a living from farming while contending with land expropriation, and those who migrated to oil field towns in search of work—to make three general points about the oil complex and masculinities in Chad. The structure of the global oil industry meant that local men who found jobs on the project could act as breadwinners and patriarchs, but only temporarily; local workers struggled post-employment with their exclusion from the possibilities associated with the project. Men who never found jobs continued to eke out a living from the land, but state-of-the-art policies governing land expropriation led simultaneously to conflict in families and greater economic interdependence among family members. Finally, in the low-media environment of the oil field region, ideas and images about sex, sexuality, and love emanating from the transient and hyper-masculine global oil industry workforce served as models for landless young men who migrated to oil field towns and who, in the absence of work, sought to transform themselves into objects of desire through the mediation of pharmaceuticals.

     

From the Mouths of Mothers: Can Drama Facilitate Reflective Learning for Social Workers?

This article explores and evaluates a cross-disciplinary small-scale project using applied theatre in social work education. The aim was to provide an ‘Affective Encounter’ where students could practice empathic engagement, understanding of the needs of children who have been sexually abused and their protective parents/carers and engage in the complexities of working with family members who may be resistant. The workshop took place five times over a period of three years and was attended by children and families social workers on a one year post-qualifying graduate diploma course. While the use of verbatim theatre does not offer a guarantee of factual truth, it provided the students with some performed moments of personal testimony which was taken word-for-word from mothers whose children had been sexually abused. This allowed the social workers to hear the marginalised narratives of the protective mothers and to practice without a negative impact on the service user. The evaluation identified from self-report the development of emotional and practical skills and knowledge of available resources. This paper focuses on the emotional skills reported and two emerging themes are discussed: learning for humane practice, and the use of this pedagogical approach to encourage affective reflection.     

Federal Financial Aid and Family Formation: Examining the Social Security Student Benefit Program

A broad empirical literature asks if social policies designed to provide benefits to low-income families also affect family formation patterns. While most of the evidence suggests that family formation effects are small at best, and often nonexistent, recent research argues that policies that alter budget constraints considerably should have greater family formation impacts. We tested this hypothesis by investigating the Social Security Student Benefit Program (SSSBP), a program designed to provide large higher education subsidies for the children of disabled, retired, or deceased parents. Conditions for receipt of SSSBP created strong incentives to delay marriage. Utilizing data from the National Longitudinal Survey of Youth, 1979, and a difference-in-differences model, we found that women potentially qualifying for the SSSBP were much less likely to marry before age 22 and were older when they had children, while the program did not influence the probability of women ever marrying or having children. Impacts on men, however, were negligible.