DO BETTER INFORMED INVESTORS ALWAYS DO BETTER? A BUYBACK PUZZLE

We explore the value of private investment information using data from a singular source: auctions of yearling racehorses. Horse breeders possess superior information about their own horses and have strong financial incentives to buy the best of these back at auction. However, those they repurchase subsequently perform significantly worse on average, earning 30% less at the racetrack than horses purchased by outsiders. Moreover, this underperformance is concentrated in male horses, despite these being purchased exclusively for racing purposes. These puzzling findings cannot be explained by differences in horse risk or breeder abilities, or by nonfinancial objectives, or by behavioral or selection biases. (JEL G02, G11, G14, L83, D44)     

An Empirical Approach to Sufficient Similarity: Combining Exposure Data and Mixtures Toxicology Data

When assessing risks posed by environmental chemical mixtures, whole mixture approaches are preferred to component approaches. When toxicological data on whole mixtures as they occur in the environment are not available, Environmental Protection Agency guidance states that toxicity data from a mixture considered “sufficiently similar” to the environmental mixture can serve as a surrogate. We propose a novel method to examine whether mixtures are sufficiently similar, when exposure data and mixture toxicity study data from at least one representative mixture are available. We define sufficient similarity using equivalence testing methodology comparing the distance between benchmark dose estimates for mixtures in both data‐rich and data‐poor cases. We construct a “similar mixtures risk indicator”(SMRI) (analogous to the hazard index) on sufficiently similar mixtures linking exposure data with mixtures toxicology data. The methods are illustrated using pyrethroid mixtures occurrence data collected in child care centers (CCC) and dose‐response data examining acute neurobehavioral effects of pyrethroid mixtures in rats. Our method shows that the mixtures from 90% of the CCCs were sufficiently similar to the dose‐response study mixture. Using exposure estimates for a hypothetical child, the 95th percentile of the (weighted) SMRI for these sufficiently similar mixtures was 0.20 (i.e., where SMRI <1, less concern; >1, more concern).     

Texting among United States young adults: An exploratory study on texting and its use within families

The current study examines general text messaging tendencies, patterns of and reasons for texting family members, and the impact of texting on familial relationships among a young U.S. adult sample. Participants were recruited through Facebook; they then completed an online questionnaire. Data from 127 young adults (men: 38; women: 87; unidentified: 2) are analyzed and compared by gender. Findings suggest that young adults text at high rates per month. Participants generally report a prompt response to texts and their ability to honestly express feelings within these messages. Results also suggest participants text family members for a variety of reasons, such as to convey information, plan activities, and engage in general conversation. Distinct gender differences, however, are evident regarding who men and women text as well as texting's effects on familial relationships. Overall, these findings expand researchers’ understanding of texting in general and its impact within the family.     

Integrative Family Therapy With Childhood Chronic Illness: An Ethics of Practice

A challenge for contemporary family therapists is negotiating differences between modern and postmodern frameworks in the practice context. Modernists espouse a systemic metaphor; use evidence‐based and interventive approaches, including strategic, structural‐ or solution‐focused techniques, and believe in the therapist's knowledge, expertise and power to influence individuals or families to change. On the other hand, postmodernists follow a social constructionist, dialogical or narrative paradigm, which identifies the main ingredient of therapy as language, conversation, understanding and the therapist's ‘not knowing’ stance in eliciting a person's expertise and story Yet many practitioners adopt a middle way between these paradigm polarities, one that is less theory‐driven and more pragmatic, flexible, integrative and practice‐based. This is consistent with evidence‐based practice and research demonstrating common factors across all therapies. The value of preserving systemic thinking in family therapy is recognised while reaching forward to a postmodern social constructionist and dialogical approach. The article describes this integrative stance in family therapy as paramodern based on an ethics of practice. This is illustrated by a detailed case study of integrative family therapy, which addresses anxiety, anger and sleeping issues associated with a chronic childhood illness called Perthe's disease.     

A Hybrid Model of Moral Panics: Synthesizing the Theory and Practice of Moral Panic Research

We seek to address criticisms of the concept of moral panics (MPs) by offering a hybrid model of MPs that synthesizes theory and practice of MPs research. A review of the literature on MPs from sociology, media studies and related fields shows a wide variety of usage and lack of conceptual clarity of the term ‘moral panic’. Yet there are few articles explaining how to analyze MPs. We present a theoretical clarification of MPs by addressing elements of scope, intensity and reception, to create distinction from other related theoretical concepts. To develop a working method for researching MPs, one must have an understanding of social conditions that give rise to, sustain and result in the success or failure of MPs, as well as possible lasting effects. We synthesize Cohen’s process-oriented model of MPs and Goode & Ben-Yehuda’s attribution-oriented model of MPs, creating a critical hybrid model of MPs that integrates processes and attributes. We then utilize the hybrid model to offer practical suggestions for researching and analyzing the conditions, processes and effects of MPs, in the hopes of encouraging a more rigorous research agenda for scholars of MPs.     

The residential segregation of occupational groups in central cities and suburbs

The impression of journalists and social critics in the 1950’s that post-war suburbia was uniformly middle-class has been generally rejected by social scientists, but there is a persisting belief in a high degree of residential segregation by social level in suburbia and in a high degree of socio-economic homogeneity within suburban neighborhoods. A comparison of eight central cities with their suburban zones in 1950 and in 1960 revealed, for both dates, (a) small differences in occupational distributions between the central cities and the suburban zones and (b) generally higher Index of Residential Dissimilarity values for pairs of occupational groups in the central cities. These findings indicate that suburban neighborhoods, at least in the eight suburban zones studied, were little, if any, more occupationally homogeneous than the central city neighborhoods. This suggests that the belief in homogeneous suburban neighborhoods should be added to the growing list of discredited “myths of suburbia. ”     

Personality patterns of couples practicing the temperature-rhythm method of birth control.

Psychological data was obtained from 1009 couples located in 5 countries who were practicing the temperature-rhythm method of birth control. In the U.S., survey instruments were distributed to 160 couples by mail with a 58% (92) return rate of completed questionnaires. The educational attainment of both men and women exceeded senior high school. Most wives were not gainfully employed, and 87% of the wives indicated that religious beliefs were considered important. The average couple had employed the rhythm method for 4 years and 9 months at the time of the survey. Independently, both husbands and wives completed a Byrne's Revised Repression-Sensitization scale, Rotter's I-E scale, and Attitude Toward Sex scale, a Reaction to the Temperature-Rhythm Method scale, and a sexual behavior inventory. Data indicated that the rhythm method was acceptable despite difficulties with periods of abstinence, with 84% regarding abstinence as relatively difficult or very diffiucult. Other results indicated that there was a relatively low response concordance between husbands and wives, and that couples who had pregnancies with the method or had abandoned the method had more liberal sexual attitudes than those who did not have pregnancies and continued the method.     

Including siblings in the treatment of child sexual abuse

Siblings are often not included in treatment programs for children who have been sexually abused. This article describes the necessity of including siblings in the treatment of victims of child sexual abuse. Including siblings in treatment permits families to realize the maximum benefits of therapy for the victim as well as each family member. Theoretical and practical reasons to include siblings in treatment are discussed (i.e., preventing future abuse, providing support for siblings, teaching siblings to refrain from victim-blaming). Case examples using a particular intervention approach at The Family Learning Program and results of client satisfaction surveys are described.     

Accounting for unsafe sex: Interviews with men who have sex with men

Semi‐structured one‐on‐one interviews with 102 gay and bisexual men were conducted to examine the reasoning processes men use to exempt themselves from practicing safe sex. Qualitative analysis of the interviews revealed the following recurring themes: (a) Many men who were in couple relationships avoided condom use for reasons involving intimacy or trust, or because both partners were HIV‐negative; (b) unsafe sex sometimes occurred inadvertently or involuntarily; (c) negative moods and self‐images were associated with unsafe sex; (d) by “intuiting” that their partner was HIV‐negative, participants exempted themselves from the need for safe sex; and (e) when the boundary between safe and unsafe was unclear, participants used a combination of unofficial and official guidelines to determine what is safe.