What the 2008 stock market crash means for retirement security

The 2008 stock market crash raises concerns about retirement security, especially since the increased prevalence of 401(k) and similar retirement saving plans means that more Americans are now stakeholders in the equity market than in the past. Using a dynamic microsimulation model, this paper explores the ability of alternate future stock market scenarios to restore retirement assets. The authors find that those near retirement could fare the worst because they have no time to recoup their losses. Mid-career workers could fare better because they have more time to rebuild their wealth. They may even gain income if they buy stocks at low prices and get above-average rates of return. High-income groups will be the most affected because they are most likely to have financial assets and to be invested in the stock market.     

Research in economics and management in France: A bibliometric study using the h-index

This paper presents an application of new measures of research excellence, namely Hirsch's index (2005) and derived indexes. It gives a ranking of French departments of Economics, departments of Management and Business schools based on the quality of the academic environment offered by these institutions using these measures. It argues that, since the bulk of the research is done by a very small number of researchers, a greater concentration of the best researchers seems necessary for France to achieve international visibility in Economics and Management.     

Making Rape Education Meaningful for Men: The Case for Eliminating the Emphasis on Men as Perpetrators,Protectors, or Victims

Analysis of college men's responses to a fictional woman revealing a rape experience indicate that men want to know how to support women who have experienced rape, however, they feel unprepared to do so. Additionally, men reported their previous education on rape as insufficient, inappropriate, and irrelevant leading us to conclude that rape prevention strategies that focus on men as perpetrators, potential victims, and/or protectors are less than ideal for reaching men. However, based on the men's responses in the interviews and reflective writing pieces, we suggest that teaching men to be supporters or allies of raped women holds promise for making rape education relevant to the men. The paper concludes with suggestions for practitioners on how to meet current rape prevention goals while shifting the focus of the training for men and encourages further empirical testing.     

Social Capital and Wages: An Econometric Evaluation of Social Networking's Effects

Abstract. The goal of this paper is to get an econometric evaluation of the effects of the social network's mobilization, as a job search strategy, on wages. We make use of switching regression models to deal simultaneously with an endogenous selection issue in the network's choice and the existence of two different regimes of wage determination. Econometric estimates provide evidence for the existence of a selection effect on the choice of network but, after correcting the selection bias on the wage equations, the effect of social network on wages is negative.     

Estimating Long Memory in Volatility

We consider semiparametric estimation of the memory parameter in a model that includes as special cases both long‐memory stochastic volatility and fractionally integrated exponential GARCH (FIEGARCH) models. Under our general model the logarithms of the squared returns can be decomposed into the sum of a long‐memory signal and a white noise. We consider periodogram‐based estimators using a local Whittle criterion function. We allow the optional inclusion of an additional term to account for possible correlation between the signal and noise processes, as would occur in the FIEGARCH model. We also allow for potential nonstationarity in volatility by allowing the signal process to have a memory parameter d^*1/2. We show that the local Whittle estimator is consistent for d^*∈(0,1). We also show that the local Whittle estimator is asymptotically normal for d^*∈(0,3/4) and essentially recovers the optimal semiparametric rate of convergence for this problem. In particular, if the spectral density of the short‐memory component of the signal is sufficiently smooth, a convergence rate of n^2/5−δ for d^*∈(0,3/4) can be attained, where n is the sample size and δ>0 is arbitrarily small. This represents a strong improvement over the performance of existing semiparametric estimators of persistence in volatility. We also prove that the standard Gaussian semiparametric estimator is asymptotically normal if d^*=0. This yields a test for long memory in volatility.     

Post-neonatal mortality in Rural India: Implications of an economic model

In this paper we develop and test a theory of childhood mortality after the first month of life. Parents are assumed to have well-defined family size and sex composition objectives and to face severe budget constraints. In this set of circumstances, it is understandable that they will make allocative decisions that will affect the survival probabilities of children. These decisions and the environmental influences on mortality are the basic forces which determine whether a child will survive through the post-neonatal period. The model is tested with survey data from rural Uttar Pradesh, India. The results are consistent with the hypothetical framework discussed above. The burden of this pattern of choice is felt particularly strongly by female births.     

Survival estimation and the effects of dependency among animals

Survival models assume that fates of individuals are independent, yet the robustness of this assumption has been poorly quantified. We examine how empirically derived estimates of the variance of survival rates are affected by dependency in survival probability among individuals. We used Monte Carlo simulations to generate known amounts of dependency among pairs of individuals and analyzed these data with Kaplan-Meier and Cormack-Jolly-Seber models. Dependency significantly increased these empirical variances as compared to theoretically derived estimates of variance from the same populations. Using resighting data from 168 pairs of black brant ( Branta bernicla nigricans ), we used a resampling procedure and program RELEASE to estimate empirical and mean theoretical variances. We estimated that the relationship between paired individuals caused the empirical variance of the survival rate to be 155% larger than the empirical variance for unpaired individuals. Monte Carlo simulations and use of this resampling strategy can provide investigators with information on how robust their data are to this common assumption of independent survival probabilities.     

The ‘greening’ of organizational change: A case study

There are many emerging corporate strategies designed to make large, complex business enterprises more responsive to environmental concerns. One major corporate innovation that has a direct environmental impact is the increased use of telework options for employees. These programmes significantly reduce the amount of employee travel, thereby reducing air pollution. However, adoption of telework programmes requires a change in organizational management strategies. The prevailing attitude of “If I can't see them, how do I know they are working” must be changed. This attitudinal change, coupled with the structural move towards the ‘virtual corporation’ can be managed using existing organizational development strategies and tactics. The paper reports the results of several field studies in California which examined the phenomenon of telework. The studies consistently report increases in worker productivity of 16 per cent and a significant reduction of personal automobile travel of between 20–40 per cent while engaged in telework. The paper concludes with a set of recommendations for a management strategy for managing this change and highlights areas for future research.