Children with disabilities and trajectories of parents' unsecured debt across the life course

Prior research shows that having a child with a disability is economically burdensome for parents but we know little about whether this burden extends to unsecured debt. In this study, we examine the link between having a child with a disability that manifests between birth and age 4 and subsequent trajectories in unsecured household debt. We have three key findings. First, we find that having a child with an early-life disabling health condition is associated with a substantial increase in indebtedness in the years immediately following the child's birth, and that this association persists net of a range of potential confounders. Second, we find that parents do not quickly repay this debt, such that parents of a child with a disabling health condition have different trajectories of unsecured debt across the life course than do parents of children without a disabling health condition. Third, we find that the association between early-life child disability and debt is stronger for more severe conditions, such as those that require ongoing medical treatment. The results of this study are informative for understanding an important aspect of economic functioning—indebtedness—for parents of children with disabilities, as well as the causes and correlates of rising unsecured debt in the U.S.     

Self-esteem and self-efficacy in the status attainment process and the multigenerational transmission of advantage

Despite considerable evidence of the importance of self-esteem and self-efficacy for agentic, goal-oriented behavior, little attention has been directed to these psychological dimensions in the status attainment literature. The present research uses data from the longitudinal, three-generation Youth Development Study (N = 422 three-generation triads) to examine the extent to which adolescent self-esteem and economic self-efficacy affect adult educational and income attainment, and whether these psychological resources are transmitted from one generation to the next, accumulating advantage across generations. We present evidence indicating that both self-esteem and economic self-efficacy are implicated in the attainment process. Adolescent economic self-efficacy had a direct positive effect on adult educational attainment and an indirect effect through educational plans. The influence of self-esteem on adult educational attainment was entirely indirect, through school achievement. We also find evidence that economic self-efficacy was transmitted from parents to children. We conclude that future research should more broadly consider psychological resources in attainment processes from a longitudinal multigenerational perspective.     

信用风险:新世纪金融市场的重大挑战

信用风险已经成为当代金融市场的重要风险之一 ,其主要表现为全球债务规模急剧扩张、作为信用主体的商业银行危机四伏、金融衍生品交易快速膨胀带来的巨大不确定性。此外 ,新的债务主体不断增加、新的金融交易品种不断推出等都使得整个社会的信用风险增大了。在这样的金融环境下 ,需要我们对信用风险的测度与管理重新进行定位 ,以防范信用风险 ,保持经济与金融的快速健康发展     

Are there neighborhood effects on young adult neighborhood attainment? Evidence from mixed-logit models

Studies of racial residential attainment show an intergenerational transmission of racial contexts from youth to adulthood, but it is unclear why this transmission is so robust. It is possible that experiences in racial contexts during youth have lasting effects on neighborhood selection in adulthood, but evidence for this claim has come from research using statistical methods that suffer from problems of ecological dependence and conflation of other neighborhood characteristics. In this study, we address these limitations using mixed-logit models, a form of discrete choice analyses, allowing us to control for differences across metropolitan areas and for multiple characteristics of neighborhoods that may affect the selection of destination neighborhoods. Data for the analyses come from the National Educational Longitudinal Study, the 1990 and 2000 Censuses, and other sources. We find that most of the intergenerational process results from young adults moving to neighborhoods short distances from their origin ones, but the models also suggest a contextual effect of youth experiences in racial compositions on neighborhood selection. The latter finding indicates that policies promoting integration among youth can have long-lasting effects on residential attainment.     

A tale half told: State exclusionary and inclusionary regimes,incarceration of fathers,and the educational attainment of children

Paternal incarceration leads to educational disparities among children who are innocent of their fathers’ crimes. The scale and concentration of mass paternal incarceration thus harms millions of innocent American children. Current individuallevel analyses neglect the contribution of macro-level variation in responses of punitive state regimes to this social problem. We hypothesize that state as well as individual level investment in exclusionary paternal incarceration diminishes the educational attainment of children, although state inclusionary investment in welfare and education can offset some – and could potentially offset more - of this harm. Understanding intergenerational educational attainment therefore requires individual- and contextuallevel analyses. We use Hierarchical Generalized Linear Models to analyze the National Longitudinal Survey of Adolescent to Adult Health. Disparities in postsecondary educational outcomes are especially detrimental for children of incarcerated fathers located in state regimes with high levels of paternal incarceration and concentrated disadvantage. This has important implications for intergenerational occupational and status attainment.     

Labor Market and Socioeconomic Effects on Marital Stability

This paper reports an investigation of the effects of socioeconomic and labor market factors on the dissolution of marriages since the mid 1960s. We examine the effects of possible sources of marital disruption, including poor labor market opportunities for young adults; the economic independence and improved labor market opportunities of women; and changes in the labor market roles and expectations of women within marriage. Using the National Longitudinal Surveys of Young Men, Young Women, and Youth, we estimate the effects on marital stability of husbands′ and wives′ levels, differences and changes in educational attainment, income, and annual weeks worked. Our results suggest that average levels of couples′ educational attainment and recent work experiences positively affect marital stability. The degree to which husbands and wives differ on educational attainment and income does not affect marital stability, but the more that wives work relative to their husbands, the greater the chances of disruption. Positive changes in wives′ socioeconomic and labor force characteristics over the course of their marriages increase the odds of marital disruption.     

Skin color,sex, and educational attainment in the post-civil rights era

We assess the relationship between skin color and educational attainment for native-born non-Hispanic Black and White men and women, using data from the Coronary Artery Risk Development in Young Adults (CARDIA) Study. CARDIA is a medical cohort study with twenty years of social background data and a continuous measure of skin color, recorded as the percent of light reflected off skin. For Black men and women, we find a one-standard-deviation increase in skin lightness to be associated with a quarter-year increase in educational attainment. For White women, we find an association approximately equal in magnitude to that found for Black respondents, and the pattern of significance across educational transitions suggests that skin color for White women is not simply a proxy for family background. For White men, any relationship between skin color and attainment is not robust and, analyses suggest, might primarily reflect differences in family background. Findings suggest that discrimination on the basis of skin color may be less specific to race than previously thought.     

A lifecourse study on education and health: The relationship between childhood psychosocial resources and outcomes in adolescence and young adulthood

Lifecourse models have been popular in several disciplines as a way to study health. Such models view health as the product of long-term influences that begin in early-life and continue their direct and indirect effects over time, beginning in gestation and following through childhood, adolescence, adulthood, and late-life. This paper uses a lifecourse framework to examine the effects of childhood psychosocial development on young adult health and education outcomes, with special interest paid to potential pathway effects of health and education outcomes in adolescence. Child psychosocial development is measured by constructs of locus of control and self-esteem. Both locus of control and self-esteem exhibit significant yet modest associations with young adult health, net of adolescent outcomes. Only locus of control is significantly associated with education outcomes. These results are discussed in the context of previous lifecourse research and implications for policy.     

Self-Esteem and Mastery Trajectories in High School by Social Class and Gender

Using longitudinal data from 769 white adolescents in the Midwest, this research applies a social structure and personality perspective to examine variation in self-esteem and mastery trajectories by gender and SES across the high school years. Analyses reveal that high SES adolescents experience significantly steeper gains in self-esteem and mastery compared to low SES adolescents, resulting in the reversal of SES differences in self-esteem and the emergence of significant SES differences in mastery. Pre-existing gender differences in self-esteem narrow between the 9th and 12th grade because self-esteem increases at a faster rate among girls than boys during high school. These SES and gender differences in self-concept growth are explained by changes in parent-adolescent relationship quality and stress exposure. Specifically, boys and adolescents with lower SES backgrounds experienced steeper declines in parent-adolescent relationship quality and steeper gains in chronic work strain compared to girls and low SES adolescents, respectively.     

基于成长性的公司债务融资与投资相关性研究——来自我国上市公司的经验证据

以我国A股市场上市公司为研究对象,分析不同成长性以及不同股权性质企业中负债及其结构与投资的相关性及其差别,结果表明:负债融资总体上减少了我国上市公司的投资,债务发挥了治理作用,但在低成长性企业中,负债融资比例与投资规模并没有显著的负相关关系,负债没有发挥治理作用;债务期限结构(短期负债/总负债)与投资规模在低成长性企业中显著正相关,说明短期债务比重较少的债务期限结构约束了低成长性企业的过度投资;在国有控股上市公司中,债务来源结构(银行借款/总负债)与投资规模显著正相关,说明其银行借款不仅不能发挥出负债应有的治理作用,反而还加重了过度投资。因此,应关注企业的成长阶段对于其融资方式选择的影响;深化企业和银行的改革,尤其要注重国有企业银行贷款的合理性;并通过加强对债权权益的保护来进一步规范企业融资行为。     

The persistence of white flight in middle-class suburbia

Scholars have continued to debate the extent to which white flight remains racially motivated or, in contrast, the result of socioeconomic concerns that proxy locations of minority residence. Using 1990–2010 census data, this study contributes to this debate by re-examining white flight in a sample of both poor and middle-class suburban neighborhoods. Findings fail to provide evidence in support of the racial proxy hypothesis. To the contrary, for neighborhoods with a larger non-white presence, white flight is instead more likely in middle-class as opposed to poorer neighborhoods. These results not only confirm the continued salience of race for white flight, but also suggest that racial white flight may be motivated to an even greater extent in middle-class, suburban neighborhoods. Theoretically, these findings point to the decoupling of economic and racial residential integration, as white flight may persist for groups even despite higher levels of socioeconomic attainment.     

地方政府投融资平台债务风险形成与化解对策

地方政府投融资平台是中国缓解地方政府融资约束金融创新的产物,它为中国走出金融危机困境,GDP实现快速增长、消化经济过剩,改善民生等做出了重要贡献。但由于地方政府投融资平台自身的缺陷及当前法律法规的缺失导致平台资金运营管理混乱,加大了其债务风险。从地方政府投融资平台的组建、平台融资渠道及资金使用等运营状况入手,指出小财政与大城建矛盾、地方政府超负荷融资与超负荷提供信用担保、信息的不对称、偿债责任主体不明确、资金运用收益考虑匮乏、银行的流动性风险加大等等因素造成了地方政府投融资平台债务积累,提出了需要以项目收益为还款来源的贷款,强化项目管理,对低收益和无收益的公益性项目,建立财政补偿机制,拓宽融资渠道,逐步建立资产证券化的投融资平台等化解平台风险的措施。     

Exposure to science,perspectives on science and religion,and religious commitment in young adulthood

Social scientists know very little about the consequences of exposure to scientific knowledge and holding different perspectives on science and religion for individuals' religious lives. Drawing on secularization and post-secular theories, we develop and test several hypotheses about the relationships among exposure to scientific knowledge, perspectives on religion and science, and religious commitment using panel data from the National Study of Youth and Religion. Our findings indicate that religious faith is strongest among young adults who: (1) accommodate scientific knowledge into their religious perspective, or (2) reject scientific knowledge that directly contradicts their religious beliefs about the origins of the world. Young adults are also more likely to have lower religious commitment when they view science and religion as independent institutions, lending support to secularization ideas about how social differentiation secularizes individuals. We further find that mere exposure to scientific knowledge, in terms of majoring in biology or acknowledging conflict between the teachings of religion and science, is usually not sufficient to undermine religious commitment.     

少年中国与青春中华——20世纪初知识分子对中国形象的重构

世纪更替容易强化对时间流逝和历史变迁的紧迫感.20世纪初爱国知识分子竞相以“少年中国”和“青春中华”为题重塑中国形象,集中反映了这一代人世纪更替的自觉意识.“少年中国”和“青春中华”既区别于以“天下中心”自居的古典中国,更一扫“老大帝国”的暮气沉沉,追求的是中华民族精神的青春化.     

Breastfeeding,overweight status,and inflammation

Research documents a host of health benefits of breastfeeding for infants and children, including long-term health conditions arising from inflammation. Here, we provide new evidence about this association, focusing on the link between breastfeeding in infancy and inflammation in early adulthood. Our study is based on the National Longitudinal Study of Adolescent to Adult Health (Add Health) which allows us investigate a potentially important mediating pathway – overweight status from early adolescence into young adulthood. Results from pathway analyses in a structural equation modeling framework indicate that, in addition to a direct pathway linking breastfeeding and inflammation, an indirect pathway through overweight status across adolescence into young adulthood partially explains the association between breastfeeding and inflammation. Overweight status, moreover, links breastfeeding to inflammation not only through proximal timing of overweight status, but also through an indirect cascading process of overweight status over the life course that is evident in adolescence. Overall, this study highlights the importance of considering breastfeeding, overweight status and inflammation as dynamic life course processes that contribute to development of health inequalities.     

Economic sector,public employment,and income attainment in France

The development of the structural approach to the study of social stratification suggests that economic, organizational, and personal characteristics may be defined as resources that workers can grasp in order to improve their relative position in the stratification system. Recent emphasis on the role of the state in influencing the environment where negotiations between employers and workers take place has led us to examine income attainment in a country where state intervention is fairly extensive (France). We examine the ability of the state to alter the effects of relevant individual and structural characteristics on income attainment using a sample of 16,066 employed adults surveyed by the French Census Bureau in 1970. Our empirical results support several conclusions. First, the intervention of the state in France is of particular benefit to women, though men continue to receive greater returns to managerial authority, especially in the service sector of the French economy where public sector jobs are most prevalent. Further, the intervention of the state does not eliminate the economic benefits men receive from social origins in France. We conclude that the state has benefited women's attempts to gain a greater share of the economic “pie,” but that the distinctiveness of French culture continues to play an important role in determining stratification outcomes.     

Leaving late: Understanding the extent and predictors of college late departure

Research on college dropout has largely addressed early exit from school, even though a large share of students who do not earn degrees leave after their second year. In this paper, we offer new evidence on the scope of college late departure. Using administrative data from Florida and Ohio, we conduct an event history analysis of the dropout process as a function of credit attainment. Our results indicate that late departure is widespread, particularly at two- and open-admission four-year institutions. We estimate that 14 percent of all entrants to college and one-third of all dropouts completed at least three-quarters of the credits that are typically required to graduate before leaving without a degree. Our results also indicate that the probability of departure spikes as students near the finish line. Amidst considerable policy attention towards improving student outcomes in college, our findings point to promising new avenues for intervention to increase postsecondary attainment.     

不同人群社会整体信用评价研究

社会信用是构建和谐社会的基本要素,了解不同人群对社会信用的评价则可以为构建和谐社会提供相应的参考体系。本文以实证调研数据为基础,对不同社会人群当前的信用观念、信用评价态度、信用认知、信用期望及信用改变信度作了广泛的定量研究。     

The effect of late-life debt use on retirement decisions

This paper examines parallel shifts in late life debt use and retirement behaviors. After discussing the conceptual linkages between credit and labor markets, I use data from the 1992 to 2008 waves of the Health and Retirement Study to examine the temporal patterning of retirement and debt behaviors. I rely on the longitudinal structure of the data to estimate the effects of debt accumulation on retirement behaviors, using alternative specifications to identify treatment and control groups. The findings suggest that debt accumulation in later life has a significant effect on decisions to remain in the workforce in later years.     

国外负债期限结构对投资行为的影响研究综述

文章以负债期限结构为研究视角,对负债期限结构与企业投资行为之间的关系的相关理论和文献进行系统地梳理和分析,对研究现状进行了简要的评述,结合我国上市公司负债融资实践,对负债期限结构与企业投资行为之间关系的深入研究提出了意见和建议。