Monetary Policy Announcements and Stock Returns: Evidence from the Pakistani Market

Objective of this paper is to analyze the impact of monetary policy announcements on stock returns. Event window of 31 days and an estimation window of 250 days was constructed. ARIMA model is applied to calculate the estimated returns from estimation window (t ? 250). Abnormal returns were calculated by taking the difference between actual and estimated returns. Then abnormal returns were aggregated as cumulative abnormal returns (CAR). CAR at 30% showed an impact of monetary policy announcements on stock returns. Null hypothesis of zero abnormal returns was rejected since the results were found in critical region under normal distribution. Further, we decomposed the interest rate into expected and un-expected to analyze their impact on stock returns. After checking for stationarity, Engle–Granger co-integration test were applied to check long run relationship between interest rates and stock return. A significant effect of interest rates (expected and un-expected) was observed in the short run. These results are in line with Kuttner’s (J Monet Econ 47:523–544, 2001), Bernanke and Kuttner’s (J Financ 60:1221–1257, 2005), Bredin et al.’s (US stock returns the impact of domestic monetary policy shocks, http://www.ucd.ie/t4cms/wp0604.pdf, 2007) and Ehrmann and Fratzscher’s (Equal size, equal role? Interest rate interdependence between the Euro Area and the United States, European Central Bank Working Paper 342, 2004). The study finds evidence of LR relationship between un-expected interest rates and whereas expected interest rates and stock returns have short term relationship.     

What is the Melody of That Voice? Probing Unbiased Recognition Accuracy with the Montreal Affective Voices

The present study aimed to clarify how listeners decode emotions from human nonverbal vocalizations, exploring unbiased recognition accuracy of vocal emotions selected from the Montreal Affective Voices (MAV) (Belin et al. in Trends Cognit Sci 8:129–135, 2008. doi: 10.1016/j.tics.2004.01.008). The MAV battery includes 90 nonverbal vocalizations expressing anger, disgust, fear, pain, sadness, surprise, happiness, sensual pleasure, as well as neutral expressions, uttered by female and male actors. Using a forced-choice recognition task, 156 native speakers of Portuguese were asked to identify the emotion category underlying each MAV sound, and additionally to rate the valence, arousal and dominance of these sounds. The analysis focused on unbiased hit rates (H_u Score; Wagner in J Nonverbal Behav 17(1):3–28, 1993. doi: 10.1007/BF00987006), as well as on the dimensional ratings for each discrete emotion. Further, we examined the relationship between categorical and dimensional ratings, as well as the effects of speaker’s and listener’s sex on these two types of assessment. Surprise vocalizations were associated with the poorest accuracy, whereas happy vocalizations were the most accurately recognized, contrary to previous studies. Happiness was associated with the highest valence and dominance ratings, whereas fear elicited the highest arousal ratings. Recognition accuracy and dimensional ratings of vocal expressions were dependent both on speaker’s sex and listener’s sex. Further, discrete vocal emotions were not consistently predicted by dimensional ratings. Using a large sample size, the present study provides, for the first time, unbiased recognition accuracy rates for a widely used battery of nonverbal vocalizations. The results demonstrated a dynamic interplay between listener’s and speaker’s variables (e.g., sex) in the recognition of emotion from nonverbal vocalizations. Further, they support the use of both categorical and dimensional accounts of emotion when probing how emotional meaning is decoded from nonverbal vocal cues.     

Treating Problem Gambling Samples with Cognitive Behavioural Therapy and Mindfulness-Based Interventions: A Clinical Trial

The problem gambling (PG) intervention literature is characterised by a variety of psychological treatments and approaches, with varying levels of evidence (PGRTC in Guideline for screening, assessment and treatment in problem and pathological gambling. Monash University, Melbourne, 2011). A recent PG systematic review (Maynard et al. in Res Soc Work Pract, 2015. doi: 10.1177/1049731515606977) and the success of mindfulness-based interventions to effectively treat disorders commonly comorbid with PG suggested mindfulness-based interventions may be effective for treating PG. The current study tested the effectiveness of three interventions to treat PGs: 1. case formulation driven Cognitive Behaviour Therapy (CBT); 2. manualised CBT; and 3. mindfulness-based treatment. All three interventions tested returned large effect size improvements in PG behaviour after seven sessions (Cohen’s d range 1.46–2.01), at post-treatment and at 3 and 6-month follow-up. All of the interventions were rated as acceptable by participants at post-treatment. This study suggests that the mindfulness-based and TAU interventions used in the current study appear to be effective at reducing PG behavior and associated distress and they also appear to generalise to improvements in other measures such as quality of life-mental functioning and certain mindfulness facets more effectively than the manualised form of CBT utilised used here. Secondly, a brief mindfulness intervention delivered after psycho-education and a brief CBT intervention may be a useful supplement to traditional CBT treatments by addressing transdiagnostic processes such as rumination and thought suppression. Thirdly, CBT interventions continue to report effectiveness in reducing PG behaviour and associated distress consistent with the prevailing literature and clinical direction.     

Urban Social Movements and the Right to the City: An Introduction to the Special Issue on Urban Mobilization

This paper introduces the special issue and explains the diversity as well as common features of mobilization practices present in cities around the world. The paper starts with presenting the specificity and history of urban movements worldwide, as well as the development of ‘right to the city’ frame. Drawing on the existing literature, it focuses on presenting different forms of urban activism and interpretations of ‘right to the city’ slogan. This paper strives to fuse the framework of social movements as networks (Diani, in: Diani, McAdam (eds) Social movements and networks, Oxford University Press, Oxford, pp 299–318, 2003) of challengers (Gamson in The strategy of social protest, Wadsworth Publishing, Belmont, 1990) with the concepts of diffusion and translation of ideas, borrowed from Finnemore and Sikkink (Int Org 52(4):887–917, 1998). It also illustrates the application of the theoretical concepts of incumbents and challengers (Gamson 1990), organizational platform and norm life cycle (Finnemore and Sikkink 1998) as well as the development on movement networks within and between localities (Diani in The cement of civil society: studying networks in localities, Cambridge University Press, New York, 2015). The theoretical model helps to explain the rapid global spread of the notion of the ‘right to the city.’ The paper concludes with a discussion of the urban context, both ‘glocal’ and global, as an arena of social mobilization around different aspects of the ‘right to the city.’     

The Temporal Stability and Predictive Ability of the Gambling Outcome Expectancies Scale (GOES): A Prospective Study

Previous research using the Gambling Outcome Expectancies Scale (GOES; Flack and Morris in J Gambl Stud, 2015. doi: 10.1007/s10899-014-9484-z) revealed the instrument has excellent psychometric properties and differentially predicts gambling frequency and problem gambling scores. However, like the existing gambling motivation scales, the GOES psychometric properties and predictive utility have not been tested outside of cross sectional studies. The current study used a prospective survey design to redress this issue. Eight hundred and ninety-three participants, drawn from the general community, completed the second wave of the gambling survey. Temporal invariance testing revealed the GOES was reliable. Furthermore, the ability of the GOES to predict gambling behaviour using baseline and concurrent measures of gambling outcome expectancies was demonstrated. Specifically, consistent with the Wave 1 results, the gambling outcome expectancies that reflect diverse reasons for gambling (e.g., social, escape, and money) preferentially predicted gambling frequency whereas the narrower range of emotion focused reasons (e.g., excitement, escape, and ego enhancement) predicted gambling problems. Considered in light of the Wave 1 findings, these results underscore the need for gambling harm minimisation initiatives to take into account the emotion-oriented reasons for gambling.     

Advanced Concentration Macro Competencies for Social Work Practitioners: Identifying Knowledge,Values, Judgment and Skills to Promote Human Well-Being

The Association of Community Organization and Social Administration (ACOSA) was formed in 1987–88; thereafter, the annual ACOSA meetings became part of the Council on Social Work Education's (CSWE) Annual Program Meeting (Roberts-DeGennaro, 2002 Roberts-DeGennero, M. (2002). History of ACOSA. http://www.acosa.org/history.html (http://www.acosa.org/history.html)  [Google Scholar]). ACOSA's purpose is “to promote teaching, research, and social work practice in the areas of community organization and social administration” (ACOSA, 2011a Association of Community Organization and Social Administration. (2011a). Goals and Focus for the Decade, Approved by the ACOSA Board of Directors, January 11, 2011. http://www.acosa.org/CO_ACOSA_Goals_Focus.pdf (http://www.acosa.org/CO_ACOSA_Goals_Focus.pdf)  [Google Scholar]). Most schools of social work have some required content for students in the areas of policy practice, program development, community planning, organizational development, administration, management, and community and neighborhood organizing. Organizational members sought to support these areas with research, best practice identification, and effective teaching/learning strategies.     

Using ordinal variables to measure multidimensional poverty in Egypt and Jordan

This paper examines the empirical relevance of recent methodological refinements to the “counting approach” to multidimensional poverty measurement. It provides an empirical illustration based on data available in the Demographic and Health Surveys of Egypt and Jordan. The paper relies on the general framework proposed by Silber and Yalonetzky (2013) to compare multidimensional poverty measures, such as the Multidimensional Poverty Index (MPI) and others that are sensitive to the distribution of deprivation counts among individuals. It thus computes the measures introduced by Chakravarty and D’Ambrosio, 2006 and Rippin (2010) as well as indices based on the extension of the Aaberge and Peluso (2012), suggested by Silber and Yalonetzky (2013). It appears that it is useful to consider several multidimensional poverty measures when analyzing national poverty trends and when making a distinction between urban and rural areas.     

Exploring the Adaptive Capacities of Shared Jewish–Arab Organizations in Israel

Nonprofits have unique strategic concerns, including their dependence on external resources, the management of multiple stakeholders, perceptions about their organizational legitimacy as well as their primary focus on the social value of their organizational mission (Stone and Brush 1996). For shared Jewish–Arab organizations in Israel that are seeking to promote a ‘shared society,’ the obstacles in navigating these various challenges are particularly pronounced and require a very unique kind of adaptive capacity (see Letts et al. 1999; Connolly and York 2003; Strichman et al. 2007). Often operating outside of the general consensus, these organizations are faced with the significant challenge of promoting values of partnership, equality and mutual interests among two populations that are often at odds. This research seeks to shed light on how shared Arab–Jewish nonprofits are continually working to strengthen organizational capacities to more effectively carry out their particular organizational mission, given the myriad of challenges they face.     

The Co-production of a Community: Engaging Citizens in Derelict Neighbourhoods

In order to deal with “wicked problems” like inequality and social exclusion, one needs the support of committed citizens (Brandsen et al. in Manufactured civil society: practices, principles and effects, Palgrave, London, 2014). A promising setting to examine to what extent this is the case is that of community development projects in derelict neighbourhoods where the largest representation of ‘marginalised’ citizens can often be found (Head in Community development: theory and method of planned change, Vikas Publishing House, New Delhi, 1979; Needham in Personal co-production, 2009). In this article, we examine to what extent citizens are actually involved in local co-productive community development projects (in the city of Ghent, Belgium), and how professional field workers influence this engagement. We focus on three different potential effects of co-productive community development (inclusion and empowerment of citizen co-producers and the equity in the benefits they receive), and whether professional support can influence these effects. We find that co-production in community development projects may lead to more inclusion, empowerment and equity. Moreover, it is posited that the presence of professionals in their different roles does have a positive impact on co-productive community development.     

Social Enterprise Innovation: A Quantitative Analysis of Global Patterns

Social enterprise and innovation are inextricably linked in the literature (Chell et al. in Entrepr Reg Dev 22(6):485–493, 2010; Dees in Harv Bus Rev 76:54, 1998; Light in Stanf Soc Innov Rev 4(3):47–51, 2006). To date, research on social enterprise innovation has predominantly focused on micro-level factors, such as the social entrepreneur or organizational attributes. Inversely, recent empirical advances on social enterprise find a country’s social enterprise sector is influenced by macro-institutional factors, including form of government, stage of economic development, culture and model of civil society (Monroe-White and Coskun, in: Shaping social enterprise: understanding institutional context and influence, Emerald Publishing Limited, London, pp 27–48, 2017). Given the link between social enterprise and innovation, recent empirical findings around social enterprise beg the question, do macro-institutional factors similarly predict innovation by social enterprises? This paper uses a hierarchical linear model to examine the influence of national-level variables on social enterprise innovation. Results indicate that similar to social enterprise, macro-institutional factors predict social enterprise innovation. More specifically, macro-institutional factors influence the various types of innovations (product, process and marketing) differently. Moreover, country-level innovation is traditionally defined by economic factors, such as R&D funding and STEM workforce, however, these factors do not help explain social enterprise innovation. Given the social aspects of social enterprise innovation, to capture the full scope of innovation within countries, expanded definitions of national-level innovation should be considered.     

Social support and children affected by parental HIV

While HIV and AIDS continue to decimate the population of sub-Saharan Africa, HIV remains an issue of major concern for those working with children and families throughout Europe. The combined impact of intravenous drug use by young adults and heterosexual transmission means that increasing numbers of children and young people in many countries in Europe are growing up in families where one or both parents is HIV positive (EuroHIV Report 2001 EuroHIV Report December 2001 www.eurohiv.org/AidsSurv/comments.htm  [Google Scholar]). This paper draws on findings of a recently completed qualitative study of children and young people in Scotland with a parent or carer with HIV. It is argued that social support is especially necessary and yet highly problematic for children and young people with a parent or carer with HIV.     

Determinants of attitudes held by Irish catholic and protestant women towards gender roles,maternal employment and social perceptions of women in Irish society

This paper is drawn from my doctoral thesis, which analyses similarities and differences in the social and religious attitudes of modern Catholic and Protestant (Church of Ireland) women in the Republic of Ireland.

My work is new in that it studies the attitudes of a female sample that is stratified according to religious tradition (Catholic/Protestant). The sample is also stratified by age (21–46/47–70 years) and location (rural/urban). Irish sociological and feminist scholarship has produced diverse work concerning many facets of Irish women's lives, but little research has specifically focused on the attitudes of Irish Protestant and Catholic women as distinct groups.

Qualitative and quantitative questionnaires were used to study the social and religious attitudes of respondents living in 12 counties throughout the Republic of Ireland. Twelve distinct attitudinal factors emerged from factor analysis. Themes contained in these factors included: 1. ?Perception's of social attitudes to women in Irish society

2. ?Attitudes to Article 41.2.1/2 of the 1937 Constitution1 41.2.1 “In particular, the State recognises that by her life within the home, woman gives to the State a support without which the common good cannot be achieved.” View all notes 41.2.2 “The State shall, therefore, endeavour to ensure that mothers shall not be obliged by economic necessity to engage in labour to the neglect of their duties in the home.” View all notes

3. ?Attitudes to maternal employment

4. ?Perception of the role of the Catholic/Protestant churches in women's lives

5. ?Religiosity

6. ?Attitudes to majority Catholic/minority Protestant status

7. ?Attitudes toward women clergy

8. ?Attitudes to moral issues (divorce and abortion)

9. ?Attitudes to Church influence in moral issues

The emergence of these factors are a significant contribution to sociological and feminist research because they have not previously been specifically researched from the perspective of Catholic and Protestant women.

The effects of religion, age and location on the 12 factors were then examined by means of analysis of variance, which identified those variables having significant main effects and interaction effects on respondent attitudes. Results emerging from percentage distributions and analysis of variance are presented for respondent attitudes to gender roles, maternal employment and perceptions of social attitudes towards women in Irish society.     

Devil in the Details: A Critical Review of “Theoretical Loss”

In their review of Internet gambling studies, Auer and Griffiths (J Gambl Stud 30(4), 879–887, 2014) question the validity of using bet size as an indicator of gambling intensity. Instead, in that review and in a response (Auer and Griffiths, J Gambl Stud 31(3), 921–931, 2015) to a previous comment (Braverman et al., J Gambl Stud 31(2), 359–366, 2015), Auer and Griffiths suggested using “theoretical loss” as a preferable measure of gambling intensity. This comment extends and advances the discussion about measures of gambling intensity. In this paper, we describe previously identified problems that Auer and Griffiths need to address to sustain theoretical loss as a viable measure of gambling intensity and add details to the discussion that demonstrate difficulties associated with the use of theoretical loss with certain gambling games.     

Environmental Factors in the Choice of EGMs: A Discrete Choice Experiment

EGMs are a form of entertainment, and the gambling environment is an important contributor to the overall experience. Logically, to select a play-environment, EGM gamblers must choose the platform through which to access the EGM (e.g., internet, mobile application or land-based venue), a particular provider (e.g., specific website, app vendor or branded casino), and the game itself (e.g., based on graphical theme or bonus features; Thorne et al. in J Gambl Stud, 2016. doi: 10.1007/s10899-016-9601-2). A discrete choice experiment was conducted to identify the features of the platform, provider and game that are most strongly preferred by EGM gamblers. Participants were 245 EGM gamblers from clubs in Victoria, Australia and 7516 EGM gamblers from an Australian online panel. Results indicate that the ideal environment for the average gambler consists of: gambling at a club that is close to home; with a group of friends; in a relatively quiet place that has air conditioning, cheap food and a large space to play in; on a classic game with quality animations and small bet sizes; where you feel safe and secure; and where there is a wide variety of other games to play when you are done. Segmenting these results by problem-gambler status highlights important differences in preferences between problem and non-problem gamblers. Problem gamblers are less likely to give weight to the company they share and have a preference for larger venues. Using a powerful paradigm from marketing research, the present study was able to determine the relative value of different features of the EGM gambling environment, and also contributes important insight towards what constitutes a safer environment for recreational play.     

Reliability and Validity of the European Portuguese Version of the Social Touch Questionnaire

Social touch is essential for physical and emotional well-being. However, different meanings can be attributed to physical contact during social interactions and may generate bonding or avoidant behaviors. This personal and unique experience is not usually taken into account in health and social care services. The aim of this study is to produce a valid and reliable European Portuguese version of the Social Touch Questionnaire (STQ, Wilhelm et al. in Biol Psychol 58:181–202, 2001. doi: 10.1016/S0301-0511(01)00113-2). The STQ is a self-report questionnaire for adolescents and adults measuring behaviors and attitudes towards social touch. The original version was translated into European Portuguese using a forward-back translation process and its feasibility was examined. To evaluate the psychometric properties, a total of 242 Portuguese university students participated in the study (21.3 ± 3.8 years). The STQ was considered feasible, showed adequate internal consistency (Cronbach’s α = .734), and the test–retest correlation with the STQ items demonstrated a high concordance between the tests over a two-week interval (ICC = .990; n = 50). Validity tests were performed, comparing the total score of the STQ with that of the anxiety and avoidance subscales of the Social Interaction and Performance Anxiety and Avoidance Scale (SIPAAS). A very significant conceptual convergence was confirmed between the STQ and with the SIPAAS-Anxiety (r = .64; p < .0001) and with the SIPAAS-Avoidance (r = .59; p < .0001). The exploratory factor analysis, with Promax rotation, revealed 3 factors: dislike of physical touch, liking of familiar physical touch and liking of public physical touch (Cronbach’s alphas ranged from .68 to .75). Psychometric properties confirmed the adaptation of the STQ to the Portuguese culture. It is a reliable and valid self-report questionnaire and it appears to be a useful tool to assess behaviors and attitudes towards social touch.     

Larregue’s Critique of Cofnas et al. (2017): A Rejoinder

Data from the General Social Survey indicate that conservatives’ self-reported trust in scientists has steadily decreased since 1974. In Cofnas et al. (The American Sociologist, 2017), we suggested that this trend may have been partly driven by the increasing tendency of scientific institutions, and the representatives of such institutions, to distort social science for the sake of liberal activism. Larregue (The American Sociologist, 2017) makes three opposing arguments: (1) It is “very hard” to establish the charge of bias, especially since we did “not state what [we] mean by ‘bias.’” (2) We did not establish a causal relationship between scientists’ (alleged) liberal activism and conservatives’ distrust of science, and we ignored activism by conservative scientists. (3) We were wrong to advocate “affirmative action” for conservatives in academia. We address these arguments in turn: (1) Larregue does not engage with our main arguments that liberal bias exists in social science. (2) In recent years, prominent scientific organizations have, with great publicity, intervened in policy debates, always supporting the liberal side without exception. It is not unreasonable to assume that this would diminish conservatives’ trust in these organizations. Contra Larregue, in Cofnas et al. (The American Sociologist, 2017) we explicitly acknowledged that conservative scientists can also be biased. (3) We never advocated “affirmative action” for conservatives, and in fact we object to such a proposal.     

Dimensions of Capacity in Nonprofit Human Service Organizations

The purpose of this paper is to present and develop a firmer grasp of the underlying dimensions of organizational capacity in nonprofit human service organizations. The paper draws on the resource-based view of the organization (Barney et al. in Journal of Management 37:1299, 2011; Wernerfelt in Strategic Management Journal 5:171, 1984), which recognizes that organizational attributes and capabilities facilitate performance. Interviews were conducted with 66 executives in moderate sized, human service organizations to discuss factors that influence performance. Findings suggest that human, financial, and social capital all contribute to organizational performance. Executives emphasized the quality of people associated with the organization including the role of the board of directors in supporting performance. Many respondents also believed that maintaining healthy and dynamic external relationships was critical to success.     

Concerns About Identity and Services Among People with Autism and Asperger's Regarding DSM–5 Changes

The Diagnostic and Statistical Manual of Mental Disorders (5th ed. [DSM–5]; American Psychiatric Association, 2012 American Psychiatric Association. (2012). DSM–5 development . Retrieved from www.dsm5.org  [Google Scholar]) now includes a new autism spectrum diagnosis (ASD) with previous separate diagnoses of autism removed. This study explores the concerns of people with Asperger's syndrome (AS) and autistic disorder (AD). Discussion forum data of people with AS and AD (N = 76) were analyzed using phenomenological, inductive-content analysis to gather qualitative data about the concerns of people with AS and AD regarding the changes in the DSM–5. People with AS and AD were concerned about identity, community, the cure movement, and services. They also discussed using advocacy and solidarity to address their concerns.