Editorial

Ohne Zusammenfassung

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Editorial

     

A Hausman test for Brownian motion

New tests are proposed for the specification of the intraday price process of a risky asset, based on open, high, low, and close prices. Under the null of a Brownian process we derive two stochastically independent, unbiased volatility estimators. For a Hausman specification test we prove its equivalence with an F-test, consider its robustness against variation in drift and volatility, and analyze the power against an Ornstein–Uhlenbeck process, as well as a random walk with alternative distributions.     

Sicherheitsäquivalente zur risikoadjustierten Bewertung: Unternehmensexterne Bewertungssicht vs. unternehmensinterne Steuerungssicht Replik zu den Anmerkungen „Zum Verhältnis von Wertadditivität bei Sicherheitsäquivalenten und Risikoanalyse“ von <Emphasis Type="Italic">Reichling et al.</Emphasis> (2008)

Die Forderung nach schwacher Wertadditivit?t von Sicherheits?quivalenten ist in Abh?ngigkeit des jeweiligen Bewertungszwecks zu diskutieren. W?hrend in der unternehmensexternen Bewertungssicht, z.B. bei der Unternehmensbewertung, die Forderung nach schwacher Wertadditivit?t gut begründbar ist, stellt sie im Bereich der unternehmensinternen Steuerungssicht eine „Nice to have“-Anforderung dar. Darüber hinaus werden in der bisherigen Literatur zur Anwendbarkeit von Sicherheits?quivalenten die Kernherausforderungen der unternehmensinternen Steuerung vernachl?ssigt. Insbesondere die ad?quate Berücksichtigung stochastischer Abh?ngigkeiten im Portfolioverbund bei der Bewertung von Einzelgesch?ften mittels Sicherheits?quivalenten stellt eine Forschungslücke dar.     

Supervision als Fortbildungsangebot für stellvertretende schulleiter

Supervision as further education of vice-headmasters Our offer of further education aims at an improvement of executive activities of viceheadmasters. With the help of their first experiences with our concept they’ll become acquainted with the various processes of change in schools and can use it as an opportunity to support them. That’s our contribution to the development of the executive personnel in the schools of Sachsen-Anhalt.     

Emotional Empathy as Related to Mimicry Reactions at Different Levels of Information Processing

The hypotheses of this investigation were based on conceiving of facial mimicry reactions in face-to-face interactions as an early automatic component in the process of emotional empathy. Differences between individuals high and low in emotional empathy were investigated. The parameters compared were facial mimicry reactions, as represented by electromyographic (EMG) activity, when individuals were exposed to pictures of angry or happy faces. The present study distinguished between spontaneous facial reactions and facial expressions associated with more controlled or modulated emotions at different information processing levels, first at a preattentive level and then consecutively at more consciously controlled levels: 61 participants were exposed to pictures at three different exposure times (17, 56, and 2350 ms). A significant difference in facial mimicry reactions between high- and low-empathy participants emerged at short exposure times (56 ms), representing automatic, spontaneous reactions, with high-empathy participants showing a significant mimicking reaction. The low-empathy participants did not display mimicking at any exposure time. On the contrary, the low-empathy participants showed, in response to angry faces, a tendency to an elevated activation in the cheek region, which often is associated with smiling.     

Consequences and Costs of Closing a Publicly Funded Methadone Maintenance Clinic

Objective. We examine volunteering to support the relief effort after the bombing of the Murrah Federal Building. We address two issues: (1) how widespread was volunteering and what forms did it take, and (2) does Wilson and Musick’s (1997a) “integrated theory of volunteer work” help to explain variation in volunteering in this disaster situation? Methods. We use data from the 1996 Oklahoma City Survey (OKC Survey). The 1996 OKC Survey is based on a random sample of the adult population of Oklahoma City and was administered 10 months after the bombing. Results. Nearly 75 percent of the sample respondents volunteered to support the relief effort in at least one way; giving money and donating nonprofessional goods or services were the two most prevalent volunteer activities. Socioeconomic status, knowing someone killed or injured in the bombing, belonging to voluntary organizations before the bombing, and being affiliated with a religious denomination were predictors of volunteering, depending on the type of volunteer activity considered. Conclusions. The magnitude of volunteering after the Murrah Building bombing was in line with volunteer efforts after other disasters. The integrated theory of volunteer work is a useful framework for studying volunteering after disasters.     

A note on the correlation betweenS 2 and the least squares estimator in the linear regression model

The online version of the original article can be found at     

Risk Perceptions and Alcohol Consumption among Young People

Swedish cross-sectional survey data on young individuals was used to analyse the determinants of perceived risks of alcohol use and how these perceptions relate to drinking behaviour. Three major conclusions were drawn: (1) that people overestimate the risks of alcoholism, (2) that these risk perceptions fall substantially with age, but nevertheless imply risk overestimation, and (3) that education about alcohol, narcotics and tobacco leads individuals to perceive risks more correctly and to have lower risk beliefs. An additional finding was that individuals with higher perceived risks were less likely to consume alcohol. Equations were estimated both separately and simultaneously.