ARE WOMEN MORE RISK AVERSE?

We find that single women exhibit relatively more risk aversion in financial decision making than single men. Using U.S. sample data, we examine household holdings of risky assets to determine whether there are gender differences in financial risk taking. As wealth increases, the proportion of wealth held as risky assets is estimated to increase by a smaller amount for single women than for single men. Gender differences in financial risk taking are also influenced by age, race, and number of children. Greater financial risk aversion may provide an explanation for women's lower levels of wealth compared with men's. ( JEL J16, D81, G11)     

MORE MORTGAGES,LOWER GROWTH?

In newly collected data on 46 economies over 1990–2011, we show that financial development since 1990 was mostly due to growth in credit to real estate and other asset markets, which has a negative growth coefficient. We also distinguish between growth effects of stocks and flows of credit. We find positive growth effects for credit flows to nonfinancial business but not for mortgage and other asset market credit flows. By accounting for the composition of credit stocks and for the effect of credit flows, we explain the insignificant or negative growth effects of financial development in recent times. What was true in the 1960s, 1970s, and 1980s when the field of empirical credit‐growth studies blossomed, is no longer true in the 1990s and 2000s. New bank lending is not primarily to nonfinancial business and financial development may no longer be good for growth. These trends predate the 2008 crisis. They prompt a rethink of the role of banks in the process of economic growth. (JEL E44, O16, O40, C33)     

Growing Up in a “WE” Family

SUMMARY

When couples choose to parent as a unit (the couple as WE) rather than as autonomous individuals, they and their children both benefit. The current article details some ways that parents can further expand their “couple as WE” into a “family as WE” with active parents and socially perceptive children. The article also discusses ways that family members can start and maintain a family dialogue.     

SHOULD WE TAKE DON'T KNOW FOR AN ANSWER?

Much attention has been given to the problem of non-attitudes,that is, people expressing opinions while lacking an underlyingattitude (false positives). In comparison, the potential problemof false negatives, people with an attitude who decline to expressan opinion, has been neglected. Using a survey on nuclear powerfrom Sweden, we examine whether people who answer "don't know"but are induced subsequently to give an opinion really haveattitudes. The attitudes these people express on follow-up questionspredict behavior to a significant extent. This implies thatthe usual don't know category includes some false negatives,that is, people who really have attitudes but refrain, at leastinitially, from expressing them.     

‘TODOS SOMOS PRESIDENTES/WE ARE ALL PRESIDENTS’

In light of recent discussions of Jacques Rancière's notion of the political in cultural theory and the ‘left turn’ in Latin America, exemplified in the election of Evo Morales as the first indigenous president, this essay discusses concepts of governance elaborated by Bolivian indigenous intellectuals and media activists. It engages in detail with three examples of thinking through what is arguably a broad de-colonial process: the work of the Andean Oral History Workshop (THOA) and the movement to reconstitute the ayllu; Pablo Mamani's analysis of the micro-governments in El Alto; and CEFREC-CAIB's indigenous media activism. Thinking from the perspective of a long-standing struggle against global capitalism and its colonial legacies, the political constitutes – paradoxically – a complex and dynamic process of institutionalized consensus governance. Levels of community, regional, and national governance are bound into a feedback loop where representation gives way to the ideal of ‘mandar obedeciendo’ (governing by obeying). The Bolivian ‘democratic revolution’ is hence not conceptualized merely as a widening of the citizen base – a form of inclusion that Rancière would call ‘police’-but rather as profoundly reshaping the relation between the social, the cultural, and the state, and thus of democracy itself.     

CITATIONS OR JOURNAL QUALITY: WHICH IS REWARDED MORE IN THE ACADEMIC LABOR MARKET?

Research quality can be evaluated from citations or from the prestige of journals publishing the research. We relate salary of tenured University of California (UC) economists to their lifetime publications of 5,500 articles and to the 140,000 citations to these articles. Citations hardly affect salary, especially in top‐ranked UC departments where impacts of citations are less than one‐tenth those of journals. In lower ranked departments, and when journal quality is less comprehensively measured, effects of citations on salary increase. If journal quality is just measured by counting articles in journal tiers, apparent effects of citations are overstated. (JEL A14, J44)     

DO WE REALLY UNDERSTAND? AN EXPERIENTIAL EXERCISE FOR TRAINING FAMILY THERAPISTS

This paper presents an experiential exercise for training beginning marriage and family therapists, as well as several adaptations of the format. The basic exercise consists of role playing a therapy session in which the people playing the clients speak a language that is not understood by the therapist-in-training. Although the therapist cannot understand the clients, the clients can understand the therapist. This exercise assists students to become more cognizant of the need to be cautious and curious in the cocreation of meaning in therapy. In addition, this exercise builds confidence and clinical skills, such as learning about nonverbal communication while observing process.     

FAMILY STRUCTURE AND COLLEGE GRADUATION: IS THE STEPPARENT EFFECT MORE NEGATIVE THAN THE SINGLE PARENT EFFECT?

We use data from the National Longitudinal Education Study (NELS) to build upon previous research that considered the negative effects of living in mother-only families and stepparent families on the subsequent educational attainment of children. Our results break new ground in finding that although those who lived in a mother-only family are not less likely overall to graduate college than those who lived with two biological parents, they are significantly less likely to graduate college given four-year college attendance even when other important factors are controlled. In addition, we find that those who lived in a stepparent family are less likely overall to graduate college than those who lived with two biological parents when other important factors are controlled. This difference for those who lived in a stepparent family is due to lower chances of four-year college attendance given high school graduation and of college graduation given four-year college attendance.     

HOW MANY MORE CITES IS A $3,000 OPEN ACCESS FEE BUYING YOU? EMPIRICAL EVIDENCE FROM A NATURAL EXPERIMENT

We analyze the effect of open access (OA) status of journal articles on citations. Using cross‐sectional and panel data from mathematics and economics, we perform negative binomial, Poisson, and generalized method of moments/instrumental variable methods regressions. We benefit from a natural experiment via hybrid OA pilot agreements. Citations to pre‐prints allow us to identify the intrinsic quality of articles prior to journal publication. Overall, our analysis suggests that there is no hybrid OA citation benefit. However, for the subpopulation of articles without OA pre‐ or post‐prints, we find positive hybrid OA effects for the full sample and each discipline separately. (JEL L17, O33, A11)     

ARE SMALL FIRMS MORE BEAUTIFUL OR IS BIGGER BETTER? A Study of Compensating Differentials and Law Firm Internal Labor Markets

Research on the size–job rewards relationship emphasizes extrinsic rewards that are typically more prevalent in large, complex organizations. We examine whether certain intrinsic rewards are more characteristic of small firms and shift the focus from manufacturing industries to professional service (law) firms. We find that small is not entirely beautiful. Smaller firms offer more autonomy but no more challenging work or better coworker relations, whereas larger firms offer lucrative salaries, enhanced benefits, and greater promotional opportunities. Our results challenge the compensating differential explanation whereby large firms offer superior extrinsic rewards to compensate for a shortfall of instrinsic job rewards.     

SHOULD WE GET MARRIED? THE EFFECT OF PARENTS' MARRIAGE ON OUT‐OF‐WEDLOCK CHILDREN

Using a representative sample of children all born to unwed parents drawn from the Fragile Families and Child Wellbeing Study and a potential outcome approach to account for self-selection into marriage, we investigate whether marriage after childbearing has a causal effect on early child development. Comparing children with similar background characteristics and parental mate-selection patterns who differ only in terms of whether their parents marry after childbirth, we find that marriage after childbirth significantly increases a child's early cognitive performance but there is no evidence that it affects child asthma risk or behavioral outcomes.     

‘WE ARE SCATTERED LIKE SEEDS AND THE WORLD IS FULL OF US’ (N. A. FROM AFGHANISTAN)1

This article does not have an abstract