Communication apprehension and reactions to proxemic violations

An experiment was designed to examine the role of a person's predispositions toward communication in reactions to violations of proxemic expectations. Working with Burgoon's (1983) violations of nonverbal expectations model, Buller and Burgoon (1986) predicted that predispositions may bias evaluations of initiator reward and violation valence. Apprehensive individuals should unfavorably evaluate the initiator, negatively valence a violation and comply less, while nonapprehensive individuals should favorably evaluate the initiator, positively valence a violation, and comply more. Alternately, this paper proposes that predispositions may affect arousal-induction rather than initiator evaluation and violation valencing. Following Patterson (1983), apprehensives should experience more arousal and comply more to reduce the arousal, whereas nonapprehensives should experience less arousal and comply less. Four initiators engaged 90 subjects in experimental conversations which ended with a request for the subjects' signature on a petition. Initiators either remained at the normative distance, moved one seat closer, or moved one seat farther from the subject. Results showed that apprehensives and subjects experiencing close violations complied more, suggesting that communication apprehension influences arousal-induction. Communication apprehension had no main effect on perceptions of initiator attractiveness and similarity, implying that arousal not perceptions of the initiator is affected by predispositions toward communication. Initiator gender again emerged as an important characteristic which influences a subject's perceptions of initiator reward.     

Ropes course training for youth in a rural setting: “At first I thought it was going to be boring ...”

Outdoor structured activities, such as Ropes Challenge Courses, are typically utilized as interventions for youth coming from urban settings. Evaluation of such programs is scanty at best. In this instance, the course experience is used as a prevention tool for high risk youth in a remote, rural setting of high unemployment, alcohol problems, and low income. The authors discuss the effectiveness of this approach, and the intended and unintended consequences for the rural community at large. The evaluation design relies on extensive qualitative methodology as well as quantitative methods to capture the unique nature of this rural project.     

Produktdesign und Semi-Statische Absicherung von Turbo-Zertifikaten

Zusammenfassung  Turbo-Zertifikate geh?ren derzeit zu den beliebtesten strukturierten Produkten für Privatanleger. Sie lassen sich als Spezialformen von Barrier-Optionen auffassen. In Bezug auf das Produktdesign ist das Verh?ltnis von Kursschranke und Basispreis von Bedeutung. Unter Ausnutzung der Put-Call-Symmetrie wird gezeigt, dass eine geeignete Wahl der Ausstattungsmerkmale dem Emittenten eine semi-statische überabsicherung in Standard-Optionen erm?glicht, die bezüglich einer ganzen Modellklasse gültig ist. Im Gegensatz zu der in der Praxis g?ngigen Preisstellung kann eine Absicherung der Zahlungsverpflichtungen im Allgemeinen nicht unabh?ngig von der Volatilit?t erfolgen.

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Product design and semi-static hedging of turbo-certificates

Summary  Turbo-Certificates are one of the most popular structured equity products for private investors in Germany. They can be regarded as special forms of barrier options. For the design of these products, the relation between the barrier level and the strike price is especially important. By using the put-call-symmetry, we show that by a certain choice of these parameters, the issuer is able to obtain an almost static (super-) hedge in standard option contracts which is valid for a general class of models. It turns out that in contrast to the pricing rule which is often used in practice, the issuer can neither hedge a single certificate nor a portfolio of certificates independent of the volatility.

     

Rapid Trading bei deutschen Aktienfonds: Evidenz aus einer großen deutschen Fondsgesellschaft

This paper is the first to examine rapid trading among German equity mutual fund investors. Using data on inflows and outflows provided by a large German mutual fund company for all of its equity funds, we find strong evidence for rapid trading. It is particularly pronounced for small funds, risky funds, funds with low nominal prices, and international funds. However, we find no evidence of market timing activities. Furthermore, unlike in the US, rapid trading is less pronounced for funds with high loads. This shows that rapid trading among German fund investors is not explained by churning due to brokers’ advice. Rather, our results are consistent with the view that some investors use mutual funds for short-term, speculative purposes. The funds among which we observe the strongest rapid trading show lottery-like characteristics. Regarding fund performance, we find (at most) only very weak evidence for a negative impact of rapid trading on fund performance before the fund scandal of 2003, and no evidence afterwards.