Information theory and risk in capital markets

The present empirical study applies the methodology of information theory to the problem of assessing and separating capital market risk, which is separated into its systematic and unsystematic components. Monthly return relatives for all securities traded on the New York Stock Exchange are examined for the period 1926 to 1971, which is segmented into six 7-year subperiods. The securities are combined into portfolios of various sizes and ranked. It is concluded that although both systematic and unsystematic risks have increased over the 45-year interval—particularly between the pre-1940 and post-1940 periods—they have maintained their relative share of the total risk over the same period.     

Race and exits from white collar jobs: Differences in downward mobility processes among African American, Latino, and White males

Does race affect the route to downward mobility from white collar occupations? Data from Panel Study of Income Dynamics are used to assess the minority vulnerability thesis, which maintains there are race-specific processes of down ward occupational mobility among males from white collar occupations. Findings indicate that, consistent with theory, a racialized continuum exists across six years of the work-career. For Whites, the path to downward mobility is relatively narrow and structured by traditional stratification-based causal factors, namely, human capital, back ground socioeconomic status, and job/labor market characteristics. For African Americans, the route to downward mobility is broad-based and not captured by traditional stratification factors and Latinos occupy an intermediate ground between Whites and African Americans. Further, as predicted by theory, the racial gap in mobility processes between Whites and racial minorities is pronounced at the lower-tier of white collar employment. Finally, implications of the findings for understanding labor market inequalities on the basis of race are discussed.     

Impact of low fertility and early age at sterilisation on women’s formal education and skill development in South India

This paper examines the impact of low fertility and early age at sterilisation on women’s formal education and skill development in South India. Multilevel ordered-logit modelling of pseudo-cohort data re-organised from the three rounds of National Family Health Survey, and thematic analysis of qualitative data collected from Tamil Nadu and Kerala states showed no evidence of women’s resumption of formal education or uptake of skill development training in the post-sterilisation and post-childcare period. While resuming formal education in the post-sterilisation and post-childcare period is harder to achieve for various individual, household, community and policy reasons, there is greater preparedness and support for women to undertake skill development training. As low fertility and early age at sterilisation are widely regarded as the emerging reproductive norm in India, post-sterilisation and -childcare women will be a significant population group both in number and in proportional terms. No government policies or programs have so far recognised this group. India’s new government should consider targeted skill development programs for post-sterilisation and -childcare women appropriate to their social, economic and educational levels. An important contribution of the family planning program, particularly female sterilisation, for the economic and social development of the family and the wider society will otherwise be lost.     

The Indirect Effect of Child Maltreatment Severity on Adult PTSD Symptoms through Anxiety Sensitivity

Although the rate of posttraumatic stress disorder (PTSD) among survivors of child maltreatment is high, individuals differ in symptom severity and many do not experience clinically significant levels of psychopathology. The present study tested the indirect effects of child maltreatment severity on adult PTSD, suicidal ideations, and alcohol dependence via anxiety sensitivity. A sample of 336 participants (mean age of 22.81 years, SD = 8.93; 70.2% female) completed an online survey of child abuse and neglect, anxiety sensitivity, PTSD symptom severity, suicidal ideation severity, and alcohol dependence severity. The results revealed significant indirect effects of child maltreatment on PTSD symptom severity through cognitive and social concerns, but not physical concerns. No direct or indirect effects were demonstrated for suicidal ideations or alcohol dependence severity. These findings elucidate mechanisms in the robust relationship between child maltreatment and adult PTSD symptoms and can potentially inform future research on mechanisms of change in psychotherapy.     

‘Power Differences’ and ‘the Power of Difference’: The Dominance of Secularism as Ontological Injustice

Abstract

Recent religious studies and international relations scholarship has highlighted secularism as a critical element in dominant modes of identity, power, and exclusion in global politics. Yet, the implications of these insights for global justice theory and practice have rarely been considered. This article suggests that the current dominance of secularism within global justice theory and practice risks undermining the global justice project. Specifically, I argue that secularism’s dominance constitutes an ontological injustice, where both alternative non-secular visions of the world and visions of alternative non-secular worlds are subordinated to secular ontologies. However, this argument raises a crucial question: if, despite secularism’s claim to neutrality and universality, the dominance of secular ontologies contributes to rather than ameliorates injustice, the question that remains is: what are the alternatives? The article concludes by exploring some preliminary responses to this question.     

Insights from the Evaluation of Past Local Area Population Forecasts

Local area population forecasts have a wide variety of uses in the public and private sectors. But not enough is known about the errors of such forecasts, particularly over the longer term (20 years or more). Understanding past errors is valuable for both forecast producers and users. This paper (i) evaluates the forecast accuracy of past local area population forecasts published by Australian State and Territory Governments over the last 30 years and (ii) illustrates the ways in which past error distributions can be employed to quantify the uncertainty of current forecasts. Population forecasts from the past 30 years were sourced from State and Territory Governments. Estimated resident populations to which the projections were compared were created for the geographical regions of the past projections. The key features of past forecast error patterns are described. Forecast errors mostly confirm earlier findings with regard to the relationship between error and length of projection horizon and population size. The paper then introduces the concept of a forecast ‘shelf life’, which indicates how far into the future a forecast is likely to remain reliable. It also illustrates how past error distributions can be used to create empirical prediction intervals for current forecasts. These two complementary measures provide a simple way of communicating the likely magnitude of error that can be expected with current local area population forecasts.     

Quality of Life in Intentional Communities

The present study was initiated to investigate levels and predictors of wellbeing among inhabitants of intentional communities (ICs). An anonymous, Internet-based questionnaire was distributed to US and Canadian ICs. Responses were obtained from 913 members. Wellbeing was measured by the widely used satisfaction with life scale (SWLS). Hierarchical linear regression analyses were run to test the predictive validity of Social support, Identity fusion, Meaning in life, Community satisfaction and Life change, and Religious activity above and beyond demographic variables and personality traits. Mean scores on the SWLS were estimated to 5.27 and 5.47 (1–7 scale) for men and women, respectively. The full model explained 41.4% of the variance for men and 38.2% for women. Personality explained 13.4 (men) and 14.4% (women) of the variation, while demographic variables only had a minor impact. Overall, presence of Meaning in life and Social support were the most important predictors. The IC inhabitants reported wellbeing on par with the highest scores previously published. The findings support the contention that sustainability, in the form of a communal lifestyle of low ecological footprint, may be promoted without forfeiting wellbeing.