LEARN TO CARE

IN April, the Beijing Education Commission, Beijing Women's Federation and the China Institute of Family Education jointly decided the theme of China's family education for 1997: Learn to care and teach good behavior. This theme reminds us of the requirement of young generations in many other countries: Learn to survive, learn to care. It reveals that learning to care about others is not only a problem faced by Chinese children, most of whom grow up as an only child, but is a common problem in children's education     

LETTERS TO THE EDIT

In your Sept, 1993 issue, your photographs of the Kong family mansion were beautiful beyond words. I have a Chinese photography book that features the Yi He Yuan (Summer Palace). I have always trea-     

LETTERS TO THE EDITOR

In the November 1993 issue of Woman of China, Chang Ying and Xiao Huan wrote a historical piece called "A Breakthrough in China's Feudal Tradition" translated by Liu Xiaohong. This was an excellent article. It is very important for women to know their history. The picture of the women students in France was wonderful: a picture is worth a thousand words: In two short pages I learned a great deal. But now there are many more things I want to know about the history of the education of women in China.     

LETTERS TO THE EDITOR

Dear Friends at Women of China, I have been a reader of your magazine for many years and I have at different times written to you, either to congratulate you on some excellent pieces, or even to be a little critical when I've felt that an article was not quite up to your usual standard of     

TO LEAN OR NOT TO LEAN AGAINST AN ASSET PRICE BUBBLE? EMPIRICAL EVIDENCE

Since the Global Financial Crisis of 2007–2009, economists are reconsidering the appropriate role of monetary policy towards equity bubbles. This paper contributes to these deliberations by estimating the response of the stock market to monetary policy tightening by using a Bayesian time-varying VAR model. By introducing the cyclically adjusted price/earnings ratio, we propose a method that estimates its fundamental and bubble components. We find that asset prices will initially fall and eventually rise again but without the risk of feeding the bubble. Counterfactual policy experiments provide additional evidence that monetary policy can lean against equity and housing prices. (JEL E50, E52, E58)     

SOLUTION TO THE SINO-BRITISH DISPUTE OVER HONG KONG

As late as 6000 B.C. Hong Kong island and Kowloon Peninsula were still connected to the mainland. A large number of cultural relics dating back to the middle and late stages of the New Stone Age and the Bronze Age have been unearthed on Hong Kong Island, Kowloon Peninsula     

WHAT DO UNIONS DO TO PENSION PERFORMANCE?

Unions can have either positive or negative effects on risk‐adjusted returns in pension plans. On the positive side, a union can improve monitoring of pension advisors and asset managers. On the negative side, the union may sacrifice returns by making investments that promote union goals. This paper discusses how the structure of the pension plan affects the union's ability and willingness to sacrifice returns to promote union goals. Using panel data on over 38,000 pension plans drawn from IRS Form 5500 filings between 1988 and 2008, we find the lowest performing plans are unionized multi‐employer plans. Among defined contribution plans, the underperformance of multi‐employer union plans disappears when the pension is controlled by individual participants. (JEL J32, J51)     

THE PATH OF CHINESE WOMEN TO PARTICIPATE IN POLITICS

In 1994, there were two Vice-Chairwomen of the Standing Committee of the NPC, one woman State Councillor, 19 women ministers and vice ministers, 18 women provincial governors and vice governors and 308 women mayors and vice mayors.     

职业经纪人是怎样炼成的HOW TO Do

郭士纳从纳内斯克到IBM，陈永正从摩托罗拉到微软、NBA，唐骏从微软到盛大、新华都……这些耀眼的商业明星的每一次职业转换，都必然与一个特定的人群紧密地联系在一起，他们就是职业经纪人。     

DOES RAIDING EXPLAIN THE NEGATIVE RETURNS TO FACULTY SENIORITY?

We track faculty for 30 yr at five PhD‐granting departments of economics. Two‐thirds of faculty who take alternative employment move downward; less than one‐quarter moves upward. We find a substantial penalty for seniority, even after richly controlling for faculty productivity, and the penalty is little changed when we allow wages and returns to seniority to differ by mobility status. Faculty who end up moving to better or comparable positions were penalized as severely for seniority while they were in our sample as faculty who stay. These results are incompatible with the raiding hypothesis. Faculty from top 10 programs are also punished for seniority but to a lesser degree than other faculty, which could reflect reduced monopsony power against such faculty if they are more marketable. All results persist when we control for prospective publications and allow lower returns for older publications. Match‐quality bias has dissipated in the post‐internet period, which may be the consequence of greater availability of information. (JEL J62, J44, J42)     

WHEN SHOULD DRIVERS BE ENCOURAGED TO CARPOOL IN HOV LANES?

Policies to encourage carpooling in high‐occupancy vehicle (HOV) lanes have been adopted in the United States to lower congestion and reduce air pollution. We analytically model highway congestion and other vehicle‐related externalities. Encouraging carpooling decreases total costs when congestion relief in mainline lanes outweighs increased HOV lane congestion. Importantly, entry of new drivers via induced demand can negate the benefits of increased carpooling. Using 10 years of traffic data from Los Angeles we estimate time and route‐specific marginal external costs. Because costs vary substantially across routes, hours, and days, current policies to promote carpooling will often increase social costs. (JEL R41, R48, Q53)     

MARCH MADNESS? UNDERREACTION TO HOT AND COLD HANDS IN NCAA BASKETBALL

The hot hand bias is the widely documented bias toward overestimation of positive serial correlation in sequential events. We test for the hot hand bias in a novel real‐world context, the seeding of National Collegiate Athletic Association (NCAA) basketball tournament teams. That is, we examine whether teams that perform relatively well heading into “March Madness” are seeded too high, and/or teams with poor recent performance are seeded too low. The seeds are determined by a 10‐member committee that only has implicit incentives, but these incentives are still substantial as the committee's decisions are highly scrutinized by the media, fans, and other stakeholders. We find that, contra the hot hand bias, the committee underreacts to signals of momentum heading into the NCAA tournament. Various results indicate this behavior can be attributed to both: (1) inattention to relatively detailed information indicating momentum; and (2) under‐appreciation of the predictive value of this information. Betting markets incorporate this information efficiently, but neglect some additional information that is predictive of winning NCAA tournament games but not of beating the spread. We note that the NCAA tournament has been highly popular and lucrative partly due to the “madness” (high frequency of wins by lower‐seeded teams), which the bias we document contributes to, making the persistence of bias less surprising. (JEL D83, L83)     

WHATEVER HAPPENED TO SOCIAL PATHOLOGY? CONCEPTUAL FASHIONS AND THE SOCIOLOGY OF DEVIANCE

Social scientific concepts go in and out of fashion. Social pathology was once a popular title for undergraduate sociology courses and textbooks, but it fell out of favor about fifty years ago. Similarly, there is evidence that fewer contemporary sociologists are using the concept of deviance in their analyses. This article sketches a natural history of sociological concepts that denote categories of troubling conditions; it argues that such concepts pose definitional problems that make them pedagogically helpful but analytically problematic.     

FROM OLD SOUTH TO NEW SOUTH? BLACK-WHITE RESIDENTIAL SEGREGATION IN MICROPOLITAN AREAS

This article examines black-white residential segregation in micropolitan areas across the South. Micropolitan areas are newly defined urban clusters with a core population that ranges from 10,000 to 50,000. By shifting the focus to the nonmetropolitan South, we take debates about the “American dilemma” back to a historically important terrain of black-white relations that few scholars have systematically examined in the post-Civil Rights era. Using the most recent census, we find that the dynamics of residential segregation in our sample of micropolitan areas reflect both important opportunities and constraints. In contrast to their counterparts in metropolitan areas, blacks in the nonmetropolitan South face “only” moderate levels of segregation. Surprisingly, southern micropolitan areas afford greater opportunities for spatial assimilation to the least economically advantaged blacks as well as those who are more advantaged. Perhaps most importantly, this finding holds for micropolitan areas located in the historic Black Belt as well as elsewhere; however, several patterns emerge that suggest a set of barriers to spatial assimilation similar to those facing African Americans in metropolitan areas. In sum, our analysis clarifies the complexities of black-white segregation in the “New South/Old South,” pushing scholars to more systematically map the distinct trajectories of “American Apartheid” across time and place in the United States.     

WHAT IS HAPPENING TO THE IMPACT OF FINANCIAL DEEPENING ON ECONOMIC GROWTH?

Although the finance‐growth relationship is now firmly entrenched in the empirical literature, we show that it is not as strong in more recent data as it was in the original studies with data for the period from 1960 to 1989. We consider several explanations. First, we find that the incidence of financial crises is related to the dampening of the effect of financial deepening on growth. Excessive financial deepening or too rapid a growth of credit may have led to both inflation and weakened banking systems which in turn gave rise to growth‐inhibiting financial crises. Excessive financial deepening may also be a result of widespread financial liberalizations in the late 1980s and early 1990s in countries that lacked the legal or regulatory infrastructure to exploit financial development successfully. However, we find little indication that liberalizations played an important direct role in reducing the effect of finance. Similarly, there is little evidence that the growth of equity markets in recent years has substituted for debt financing and led to a reduced role of financial deepening on growth. (JEL E44, G10, O40)     

SO,HOW DID BOURDIEU LEARN TO PLAY TENNIS? HABITUS,CONSCIOUSNESS AND HABITUATION

Bourdieu's development of the notion of ‘habitus’ has proved a rich vein for cultural theory. Habitus has been useful, with the growing interest in processes of embodiment, in countering the cognitive and representational bias in much cultural analysis, and in providing a basis for avoiding the dualisms - of mind and body, structure and agency - that trouble social theory. However, in stressing the unconscious nature of embodiment, and refusing to engage with the question of consciousness, an implicit form of mechanistic determinism has crept into Bourdieu"s implementation of habitus. By returning to the Spinozan monism that informs Bourdieu's work, this paper elaborates a productive conceptualization of habitus that attends to the various intensities of consciousness, the relations between multiple mind-bodies and processes of habituation through a focus on the literature of sports training.     

DOES THE RIVER SPILL OVER? ESTIMATING THE ECONOMIC RETURNS TO ATTENDING A RACIALLY DIVERSE COLLEGE

This article evaluates the frequently argued but heretofore little tested hypothesis that increasing minority representation in elite colleges generates tangible benefits for majority‐race students. Using data on graduates of 30 selective universities, we find only weak evidence of any relationship between collegiate racial composition and the postgraduation outcomes of white or Asian students. Moreover, the strongest evidence we uncover suggests that increasing minority representation by lowering admission standards is unlikely to produce benefits and may in fact cause harm by reducing the representation of minority students on less selective campuses. While affirmative action may still be desirable for the benefits it conveys to minority students, these results provide little support for “spillover” effects on majority‐race students. (JEL I2, J15, J24)

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Boutros Boutros-Ghali MESSAGE OF THE SECRETARY-GENERAL TO THE WOMEN OF CHINA ON INTERNATIONAL WOMEN'S DAY 1995

THIS year's International Women's Day has special significance, for it takes place during the fiftieth anniversary year of the United Nations. The purposes of International Women's Day: to celebrate past achievements, to highlight continuing problems, and to stimulate thought about the future, will this year be conducted in the context of a similar effort focused on the entire United Nations system. But the connection between International Women's Day 1995 and the Fiftieth Anniversary of the United Nations goes far deeper than similarity of purpose. There is increasing recognition that the problems     

THE INTERACTION BETWEEN MARITAL STANDARDS AND COMMUNICATION PATTERNS: HOW DOES IT CONTRIBUTE TO MARITAL ADJUSTMENT?

Couples' cognitions about marriage and their communication patterns have both been found to be highly associated with marital distress. To examine the relationships among marital cognitions, communication, and marital adjustment, we had a sample of 387 community couples complete three self-report measures: the Dyadic Adjustment Scale, the Inventory of Specific Relationship Standards, and the Communication Patterns Questionnaire. Results indicated that the correlation of communication with marital adjustment is higher for women with more relationship-focused standards than for women with less relationship-focused standards; this interaction does not occur for men. The implications of the interaction and the gender difference as well as the importance of teaching communication skills, and working with associated cognitions are discussed.