Security-voting structure and equity financing in the banking sector: ‘one head-one vote’ versus ‘one share-one vote’

Using a unique dataset including all rights issues of new shares and other equity-like securities announced by Italian listed banks between 1989 and 2014, and exploiting the ideal setting provided by the Italian Banking Law, which allows for listed co-operative banks, we test if the ‘one head-one vote’ principle of co-operative banks and the ‘one share-one vote’ voting system of joint stock banks imply different costs of equity. Our empirical results, obtained using an event-study methodology, regressions and matching estimators, support our research hypothesis that the one head-one vote principle makes it more difficult raising new capital compared to one share-one vote principle, and contribute to the literature on demutualization and cooperative hybrids.

     

Competitive intensity and quality maximizing seedings in knock-out tournaments

Before a knock-out tournament starts, the participants are assigned to positions in the tournament bracket through a process known as seeding. There are many ways to seed a tournament. In this paper, we solve a discrete optimization problem of finding a seeding that maximizes spectator interest in a tournament when spectators are interested in matches with high competitive intensity (i.e., matches that involve teams comparable in strength) and high quality (i.e., matches that involve strong teams). We find a solution to the problem under two assumptions: the objective function is linear in quality and competitive intensity and a stronger team beats a weaker one with sufficiently high probability. Depending on parameters, only two special classes of seedings can be optimal. While one of the classes includes a seeding that is often used in practice, the seedings in the other class are very different. When we relax the assumption of linearity, we find that these classes of seedings are in fact optimal in a sizable number of cases. In contrast to existing literature on optimal seedings, our results are valid for an arbitrarily large number of participants in a tournament.     

Understanding How Policy and Culture Create Oppressive Conditions for LGBTQ2S Youth in the Shelter System

This study examined the experiences that lesbian, gay, bisexual, transgender, queer, questioning, and two-spirit (LGBTQ2S) homeless youth have in shelters and the disjunctures that occur for this population in Toronto’s shelter system. The attitudes and behaviors of shelter workers and management toward LGBTQ2S youth were also explored. A critical action research approach, informed by critical ethnography and institutional ethnography was employed. Thirty-three people participated in this study in the Greater Toronto Area. The study triangulated data from interviews, focus groups, observations, and document analysis. The systemic enactment of homophobia, transphobia, and hegemonic masculinity are often normalized in shelters and create significant barriers to safe, accessible, and supportive services for LGBTQ2S youth. Excessive bureaucratic regulation and the lack of necessary bureaucratic regulation in highly significant areas play a key role in creating the disjunctures that occur for LGBTQ2S youth in shelters.     

The Political Effects of Immigrant Naturalization

Immigration is transforming the societies of Europe and North America. Yet the political implications of these changes remain unclear. In particular, we lack credible evidence on whether, and how, becoming a citizen of the country of residence prompts immigrants to engage with the political system. This paper used panel data from Germany to test theories of citizenship and immigrant politics. I found that naturalization can promote political integration, but that this is more likely if new citizens have the chance to pick up habits of political engagement during the formative years of early adulthood.     

Development of the Contentment with Life Assessment Scale (CLAS): Using Daily Life Experiences to Verify Levels of Self-Reported Life Satisfaction

On average, Anglo-Americans report that they are satisfied with their lives, but their global evaluations tend to deviate from their daily experiences (e.g., Oishi [2002, Personality and Social Psychology Bulletin 28(10), 1398–1406]). We explored the hypothesis that the average life satisfaction of Anglo-Americans is better characterized as neutral than satisfied. In Study 1 we developed the five-item Contentment with Life Assessment Scale (CLAS), which focuses on contentment, fulfillment and self-discrepancies. Normative data based on three general population samples demonstrated that the CLAS produces a close to normal distribution of scores, has excellent reliability, and is sensitive to differences in life conditions (e.g., income, marital status). In two daily diary studies we tested whether global life satisfaction measures corresponded to people’s daily subjective well-being. The CLAS was the best predictor among three self-report life satisfaction measures of daily escapist behaviors including television watching and alcohol consumption, and daily stress-related physical symptoms (Study 2). In Study 3, participants recorded their level of life satisfaction daily for two weeks. Average daily life satisfaction scores clustered close to the neutral rather than satisfied point of the measurement scale.     

Lost in translation? The hazards of applying social constructionism to quantitative research on sexual orientation development

This article explores the hazards faced by social constructionists who attempt to conduct quantitative research on sexual orientation development. By critically reviewing two quantitative research studies, this article explores the ways in which the very nature of social constructionist arguments may be incongruous with the methodological requirements of quantitative studies. I suggest this conflict is a result of the differing natures of these two modes of scholarly inquiry. While research requires the acceptance of certain analytical categories, the strength of social constructionism comes from its reflexive scrutiny and problematization of those very categories. Ultimately, social constructionists who try to apply their theories/perspectives must necessarily conform to the methodological constraints of quantitative research. The intent of this article is not to suggest that it is futile or self-contradictory for social constructionists to attempt empirical research, but that these are two distinct modes of scholarly inquiry which can, and should, co-exist in a dialectical relationship to each other.     

Quality of Life in Older Adults: Benefits from Caring Services in Hong Kong

Many older adults are in need of care. Therefore, older people would generally benefit from the use of caring services, notably including home care, residential care, nursing, and medical services. The contributory factors underlying caring services tend to be a caring perspective that aspires to sustain older peoples social relationships and real-life involvement. To gauge the benefits from various social and health services, the present study relies on a large-scale survey of 3000 older adults in Hong Kong, using quality of life as a criterion. Results showed that an older adult who had used (ordinary or enhanced) home care services for a longer time turned out to have appreciably more improvement in quality of life. Besides, those who joined an interest group more frequently were higher in quality of life, including the health domain. On the other hand, frequent use of medical and meal-to-home services were signals that reflected problems detrimental to the older users quality of life. Despite this, the quality of clinics or hospitals, as perceived by the older adult, was the most beneficial. As such, caring services that foster older adults interests, cater to their health care needs, and embody quality can have principal contribution to their users quality of life.     

Quality of Life of Some Under-Represented Survey Respondents: Youth, Aboriginals and Unemployed

Examining an aggregated sample (N=8800) of residents who responded to one of 16 surveys undertaken in Prince George, British Columbia in the period from November 1997 to February 2005, it was found that satisfaction with the quality of life of unemployed residents is lower than that of residents with Aboriginal backgrounds and that satisfaction with the quality of life of the latter is still lower than that of young people. Nevertheless, satisfaction with the quality of life of young people was significantly lower than that of the total sampled population, as well as that of the selected mid-life and retirement groups. Regarding predictors of our three global dependent variables (satisfaction with life as a whole and with the overall quality of life, and happiness) for the three groups (unemployed, Aboriginals and youth) and the total population, we found that the Aboriginal group was most different from all others. Satisfaction with one’s own self-esteem was the most influential predictor of each global indicator for every group except Aboriginal residents. For the latter, self-esteem satisfaction was only the strongest predictor of satisfaction with the overall quality of life. The strongest predictor of life satisfaction for the Aboriginal group was satisfaction with friendships, and there were two domain satisfaction scores tied (friendships and living partner) for most influential predictors of happiness. Self-esteem satisfaction ranked second in strength of influence on Aboriginal happiness and life satisfaction.     

The Relationship between Health Survey and Medical Chart Review Results in a Rural Population

The objective of this study was to understand the relationship between health survey and medical chart based information. The study population consisted of adult patients (17 years of age and older) attending the Bella Coola Medical Clinic who also completed a detailed Health and Quality of Life Survey. A total of 674 adults completed the Health and Quality of Life Survey. Demographically there was excellent agreement between self-report and clinic data for age, sex, height, weight and Aboriginal ancestry. For morbidity, there was excellent agreement between self-reported and clinically recorded diabetes. Good agreement was observed for diagnoses of cancer, heart problems, hypertension, arthritis and breathing problems. Poor agreement was observed for diagnoses of depression, back/neck problems, eye problems, walking problems, stroke, hearing problems and bone/joint problems. There was poor agreement between the number of self-reported and charted clinic visits. Excellent agreement was shown between self-reported height and weight and clinic height and weight. When BMI was calculated good agreement was achieved between self-report and chart data. It can be concluded that the relationship between chart review and self-report health information observed in this rural population is similar to findings from other populations. Researchers who use self-report data on co-morbidity and obesity measures should be aware of possible error in their estimates and how these errors could affect their findings.     

"Barebacking": intentional condomless anal sex in HIV-risk contexts. Reasons for and against it

Intentional condomless anal sex in HIV-risk contexts ("barebacking") has been heatedly debated in gay circles, the gay media, and, to a lesser degree, the mainstream media. Yet it has received little attention in the scientific literature. In order to better understand the reasons behind this behavior, we conducted a content analysis of messages posted on an Internet message board following Gay.com's decision to close a company-sponsored bareback chat room. Individuals posting messages self-identified in their online profiles as being mostly White/ European gay men residing in the US, with an average age of 35 years. Out of 130 messages, 62 (48%) were pro-barebacking, 55 (42%) were against barebacking, and 13 (10%) referred to other topics. The content analysis of the messages showed that both those in favor of and against barebacking felt well-informed about HIV/AIDS and the risks of HIV transmission. Those in favor considered condomless sex more enjoyable than sex with condoms (both in actual experience and in erotic imagery), felt that condomless sex conferred a sense of freedom, minimized the risks involved in barebacking (assuming that practitioners were already HIV infected and that the risk of superinfection was small), and ultimately believed that barebacking was a personal decision and responsibility. Those against barebacking believed the behavior was dangerous, advocated for condom use and personal and social responsibility, and felt barebackers needed to be sensitized to the burdens of HIV disease. Implications of these results are discussed, pointing out the need for further scientific inquiry in this area.