Influence diagnostics in the capital asset pricing model under elliptical distributions

In this paper we consider the Capital Asset Pricing Model under Elliptical (symmetric) Distributions. This class of distributions, which contains the normal distribution, t, contaminated normal and power exponential, among others, offers a more flexible framework for modelling asset prices or returns. In order to analyze the sensibility to possible outliers and/or atypical returns of the maximum likelihood estimators, the local influence method was implemented. The results are illustrated by using a set of shares from companies who trade in the Chilean Stock Market. Our main conclusion is that symmetric distributions having heavier tails than those of the normal distribution, especially the t distribution with small degrees of freedom, show a better fit and allow the reduction of the influence of atypical returns in the maximum likelihood estimators.     

Educational responses to immigrant students in Madrid

During the last few years, changes in the Spanish educational system have had a far reaching impact. Several factors have been critical: (1) the progressive decentralization of education by the government, now a responsibility of regional governments; (2) the extension of compulsory education to the age of 16; and finally (3) the increase in the number of immigrant students, which has significantly added to the existing cultural diversity. The enrolment of immigrant students in Spanish schools is a relatively recent phenomenon (starting 15 years ago) when compared with other European countries. Madrid is the region in Spain with the largest number of students. As most of these students were born outside of Spain, we cannot yet speak of a second generation. The research described here investigated how the educational system in Madrid confronted the challenge of an increasing number of immigrant students. The institutional response was the Madrid Regional Government’s Compensatory Education Regional Plan. This encompasses several measures, which are described here. After a critical analysis of educational policies pertaining to immigrant pupils, the paper suggests ways of overcoming a purely compensatory approach. Intercultural education plays a key role is such considerations.     

Transitions to adulthood in contexts of economic crisis and post-recession. The case of Argentina

The possibilities that are available to youth in contemporary Western societies are highly sophisticated and related mostly to the transition between secondary school and higher education, the first job placement, independent housing, lifestyle construction and the consumption of goods produced by cultural industries in a globalist world. Secondary education represents a main factor in terms of socialisation, training, access to employment, citizenship and youth identity construction, making it a key for public policies aimed at youth in Latin America. The article presents the initial results of a research project on transition processes from secondary school to employment in Argentina. The findings are based on statistical information and the empirical analysis of data gathered in two very different economic and social contexts: the first was one of the worst social and economic crisis in the country's history (1999–2003), and the second was a long period of economic growth and increased social welfare (2004–2012). The data are presented in response to the following question: How do different economic contexts influence the transitions of youth in different social class contexts? By answering this question, the significant role of public policies in generating better living conditions for youth becomes clear.     

Cost of Living Variation,Nonmetropolitan America,and Implications for the Supplemental Poverty Measure

Population Research and Policy Review - Poverty scholarship in the United States is increasingly reliant upon the Supplemental Poverty Measure (SPM) as opposed to the Official Poverty Measure of...     

University Students’ Attitudes Toward Same-Sex Parenting and Gay and Lesbian Rights in Portugal

The purpose of this study was to explore university students’ attitudes toward same-sex parenting and toward gay and lesbian rights. A total of 292 participants, aged between 18 and 27 (M = 21) responded to a questionnaire measuring attitudes toward parenting by gay men and lesbians, gay and lesbian rights, and beliefs about the etiology of homosexuality. Results revealed that the majority of students were against gay and lesbian parenting, gay and lesbian equal rights, and believed that homosexuality has a social/environmental basis. It was found that sexual prejudice is highly prevalent in Portuguese university students, and implications of these findings are discussed.     

Materialism in Pedagogy Students in Chile

Many studies have used Richins and Dawson’s (J Consum Res 19: 303–316, 1992) Material Values Scale (MVS), applying it to different types of populations that exhibit a particular psychometric behavior, and showing little stability in their factorial structure. In the present study, 1,070 pedagogy students from the northern, central and southern regions of Chile answered the MVS. This sample was randomly divided in two. Using the first sub-sample (N = 539), an exploratory factorial analysis was carried out, from which a structure of nine items was grouped into two factors called “Social Success” and “Personal Happiness”, which presented adequate reliability. Later, with the second sub-sample (N = 531), the factorial structure indicated above was put to the test through a confirmatory factorial analysis. The data from the model show that the scale contains 8 items in total, grouped into two dimensions. The factorial loads are significant at the level of 1 %, which indicates that the 2-factor structure can be confirmed. Finally—using the proposed structure—the presence of the students’ material values was evaluated.     

Lifespan Dispersion in Times of Life Expectancy Fluctuation: The Case of Central and Eastern Europe

Central and Eastern Europe (CEE) have experienced considerable instability in mortality since the 1960s. Long periods of stagnating life expectancy were followed by rapid increases in life expectancy and, in some cases, even more rapid declines, before more recent periods of improvement. These trends have been well documented, but to date, no study has comprehensively explored trends in lifespan variation. We improved such analyses by incorporating life disparity as a health indicator alongside life expectancy, examining trends since the 1960s for 12 countries from the region. Generally, life disparity was high and fluctuated strongly over the period. For nearly 30 of these years, life expectancy and life disparity varied independently of each other, largely because mortality trends ran in opposite directions over different ages. Furthermore, we quantified the impact of large classes of diseases on life disparity trends since 1994 using a newly harmonized cause-of-death time series for eight countries in the region. Mortality patterns in CEE countries were heterogeneous and ran counter to the common patterns observed in most developed countries. They contribute to the discussion about life expectancy disparity by showing that expansion/compression levels do not necessarily mean lower/higher life expectancy or mortality deterioration/improvements.