DIVERSIFICATION GAINS FROM INCLUDING REAL ESTATE IN MIXED-ASSET PORTFOLIOS*

Diversification gains in mean-variance efficiency derived from including real estate in financial asset portfolios are examined. Optimal financial and mixed-asset portfolios were generated by selecting from an investment universe including several distinct financial and real estate media. Deficiencies of previous studies were overcome by employing data with improved representativeness and comparability. The efficient mixed-asset portfolios dominated the efficient financial asset portfolios implying that purely financial asset diversification is inefficient. The optimal mixed-asset portfolio prescribed that approximately two-thirds of the investment wealth be allocated to real estate and one-third to the financial media.     

What shapes plant and animal diversity on urban golf courses?

Recent concern over increasing loss of biodiversity has prompted considerable interest in the role of urban green spaces as reservoirs of local biodiversity. This study assessed the diversity of three indicator taxa - plants, ants and birds - on golf courses spanning a wide range of environmental variation in terms of climate, elevation, course age, size and connectivity to native woodland. Species richness and community composition was further compared between contrasting on-course habitat types that reflect different management intensities. We identified a set of taxon-specific environmental correlates indicating an intricate interplay of landscape- and local-scale variables that affect local species diversity. Our results show that floristic diversity is positively associated with the amount of rainfall, whereas ant and bird diversity are related to local-scale factors, particularly the number of trees and the size of water features on a site. The amount of on-course native habitat was a strong predictor of plant and ant diversity and was also associated with the number of unique species at the site level; this reinforces the value of remnant habitat patches as local biodiversity reservoirs that represent mini hot-spots in an otherwise species-poor urban landscape. Community composition for all three taxa differed markedly between non-playing and playing areas, with boundary and remnant habitats generally having more diverse, species-rich communities. Our results suggest that local floral and faunal biodiversity on urban golf courses can be enhanced by creating woody non-playing areas and, especially, by preserving, restoring or expanding remnant habitats.     

The Influence of Maternal Socialization on Infants’ Social Evaluation in Two Cultures

Although a growing body of research has explored the early development of social evaluation, no research has directly compared social evaluations of infants between different cultures. In addition, there has been little understanding regarding socialization's effects on this ability. The goal of this study was to expand on earlier findings on social evaluation in infants by investigating a broader sample from two cultures, and to explore the influence of maternal socialization on infants’ social evaluation. Using the violation of expectations and the preferential reaching paradigm, four groups aged 6‐, 9‐, 12‐, and 15–18 months and their mothers from Japan and the United States (159 dyads) were compared in terms of spontaneous social evaluations. Japanese and European American infants showed similar performance in dishabituation to the inconsistent behavior and in their reaching preference for prosocial over antisocial agents, indicating that the emergence of spontaneous social evaluation is not culture‐specific. Furthermore, our study provides a novel finding regarding the relationship between mothers’ socially evaluative speech and infants’ preference for prosocial over antisocial agents. These results suggest that the development of sociomoral understanding results from complicated interactions among evolutionary, cognitive, and social factors.     

Critically assessing digital documents: materiality and the interpretative role of software

As a contribution to the ongoing tradition of critically assessing documents for research, this paper aims to highlight materiality as a key factor in the co-shaping of knowledge derived from digital documents. The paper first builds upon prior debates in document studies with work from the fields of Science and Technology Studies, and Communication Studies, to establish the role of document materiality in the interpretative process. By first establishing digital documents’ material reality as electrical signal, the paper then discusses the interpretative role of software, in both the representation of that signal for human interpretation and the production of the document through software tools. Finally, the paper considers the implications for persistence and access to digital documents posed by their material reality and the private archival contexts in which they often reside.     

Life satisfaction in China and consumption and income inequalities

This research uses nationally representative data to study how economic resources and inequalities are associated with life satisfaction of Chinese residents. We construct economic resource and inequality measures from expenditure rather than from income, after confirming that expenditure inequality is a better measure in the Chinese context. We find that economic inequalities in general are negatively associated with life satisfaction, and that this association is larger for inequalities in the lower half of the distribution than those in the upper half of the distribution. We further explore the mechanisms under which inequality can be associated with life satisfaction, and find that aspiration is potentially one important channel.     

Agreement and discrepancy between children,parents, and social workers on school‐based effort avoidance in child welfare services

A multiperspective approach is beneficial for obtaining reliable and multifaceted pictures of child behaviour problems. The goal of the present study is to examine interrater agreement on school‐based effort avoidance between children receiving child welfare services, parents, and social workers. Given previous findings, interrater agreement is expected to be low. Self‐reported data on school‐based effort avoidance were gathered for children and adolescents in child welfare services. Additionally, social workers (using the Teacher‐Report Checklist for social and learning behaviour) and parents (using the parallel version of the self‐rating questionnaire on school‐based effort avoidance) were asked to complete an external assessment tool to compare children's perspectives with the ratings of significant adults. The results confirmed significant discrepancies between parents' and children's ratings on effort avoidance tendencies. Furthermore, there were only small to moderate correlations between children's self‐ratings and the adults' assessments; however, the consensus between adults was higher than the interrater agreement between children and social workers. Discrepancies in ratings from multiple informants underline the importance of integrating multiple perspectives, especially children's perspectives, in the diagnostic process in order to plan and adapt appropriate care and treatment.     

Named social workers – better social work for learning disabled people?

In 2016, the Department of Health in England announced that it would pilot the role of Named Social Worker. We chose to be part of the pilot because we regularly witness too many people’s lives being defined by restrictions imposed by professionals. Erroneous associations between the concepts of risk and danger have become the norm in how learning disabled people’s decision-making is perceived and managed. However, we believe social workers educated in the social model of disability and grounded more generally in disability studies offer an alternative perspective. The pilot is an opportunity to test our hypothesis that social work practice rooted in social model thinking can successfully challenge oppressive practice and disabling barriers, thus providing the opportunity for social workers to genuinely be ‘servants not masters’ in the lives of disabled people.     

Mass-mediated surveillance: borders,mobility, and reality television

This article analyzes the social construction of border surveillance and policing in reality-based television. Utilizing content analytic methods to document and decode popular images of borders, mobility, and insecurity, it assesses three programs from Australia, the UK, and the United States. Despite claims of offering accurate and unfiltered depictions, the programs are ideological and provide visions of enforcement that reinforce stereotypes regarding the risks of permeable borders and exonerate intensive regimes of surveillance and securitization. Our findings suggest this occurs in three ways. First, the programs inflate the extent and seriousness of lawlessness associated with cross-border movement. Second, they offer individualistic explanations of crime that cite personal choices and pathologies as determinants. Finally, alongside neglecting their perspectives and interpretations of events, when compared to the reality of official statistics, the programs disproportionately feature suspected offenders as members of marginalized groups. The social and political implications of these findings are discussed.