Market Microstructure Invariance: Empirical Hypotheses

Using the intuition that financial markets transfer risks in business time, “market microstructure invariance” is defined as the hypotheses that the distributions of risk transfers (“bets”) and transaction costs are constant across assets when measured per unit of business time. The invariance hypotheses imply that bet size and transaction costs have specific, empirically testable relationships to observable dollar volume and volatility. Portfolio transitions can be viewed as natural experiments for measuring transaction costs, and individual orders can be treated as proxies for bets. Empirical tests based on a data set of 400,000+ portfolio transition orders support the invariance hypotheses. The constants calibrated from structural estimation imply specific predictions for the arrival rate of bets (“market velocity”), the distribution of bet sizes, and transaction costs.     

Young Adult Moral Exemplars: The Making of Self Through Stories

The purpose of our research was to explore the differences between young adult moral exemplars and comparison individuals by studying their life stories. Moral exemplars were nominated for their extraordinary moral commitment to the social organizations where they volunteered or worked. Forty moral exemplars, along with 40 matched comparison individuals (total N=80), participated in a life narrative interview. These interviews were coded for specific narrative features such as narrative tone, awareness of others' suffering, helpers and enemies, agency and communion themes, redemptive experiences, contamination scenes, personal ideology, and future goals. Moral exemplars differed from comparison individuals on agency themes, redemptive experiences, contamination scenes, awareness of others' suffering, enemies, ideological depth, and future goals. These findings are discussed within a narrative identity development framework.     

Male involvement in the abortion decision and college students’ attitudes on the subject

College students’ attitudes concerning male involvement in the abortion decision-making process were investigated with the aid of 94 participants. A t test supported the first hypothesis that no significant difference exists between males and females regarding levels of male involvement. A t test also supported the second hypothesis that pro-life participants will endorse higher levels of male involvement. A Pearson correlation revealing no significant relationship between level of male involvement and number of religious worship services attended during the last month did not support the third hypothesis that more religious participants would endorse higher levels of male involvement. A multiple linear regression was used to investigate the research question, “Do gender, race, and religiosity significantly predict levels of male involvement in abortion decisions?” Regression results indicate that the linear combination of these variables significantly predicted level of male involvement.     

Nature of the Interactions among Organizational Commitments: Complementary,Competitive or Synergistic?*

Although organizational commitment is a multidimensional construct, researchers have tended to examine the independent effects of its different forms. However, doing so creates potential problems of model misspecification and under‐prediction if interactions exist among different commitments. In this paper we discuss theoretically plausible interactions among different commitments, the patterns of which are expected to vary depending on the nature of the criterion and the foci of commitment. We then test these predictions via empirical data. Results revealed a ‘synergistic’ pattern of effects for discretionary outcomes, such that levels of organizational citizenship behaviour and strain were most favourable when employees reported high levels on multiple commitments. Importantly, no evidence was found for competitive effects between commitments, such that high levels on multiple commitments are detrimental. We discuss the implications of our findings for research and practice.     

Invertebrate diversity in newly established mulch habitats in a Midwestern urban landscape

The invertebrate fauna in artificial urban habitats has yet to be systematically investigated. The current field study in central Ohio was undertaken to assess the numbers and types of macroinvertebrates in mulched and unmulched plots during a one-year period. Invertebrates quickly infiltrated the plots with bare soil (control) and any of four types of mulch (shredded hardwood, shredded recycled wood, pine bark mini-nuggets, and pea gravel). One month after establishing the plots, invertebrates were present in numbers comparable to subsequent months. Invertebrates found in the plots were primarily saprophytic taxa: millipedes (32.6%), segmented worms (19.8%), isopods (6.7%), and various beetle families (1.5%). Predatory taxa included centipedes (9.8%), ants (9.7%), carabid beetles and staphylinid beetles (7.3%), and spiders (0.9%). Types of invertebrates were similar in all ground cover types, but numbers of invertebrates differed significantly. Invertebrates were present year-round in mulched plots, and plots with organic mulch harbored significantly more invertebrates than plots mulched with pea gravel. Bare soil always contained the fewest number of invertebrates. There was no significant difference in numbers of invertebrates based on the cardinal side of the building.     

Land grabbing: a preliminary quantification of economic impacts on rural livelihoods

Global demands on agricultural land are increasing due to population growth, dietary changes and the use of biofuels. Their effect on food security is to reduce humans’ ability to cope with the uncertainties of global climate change. In light of the 2008 food crisis, to secure reliable future access to sufficient agricultural land, many nations and corporations have begun purchasing large tracts of land in the global South, a phenomenon deemed “land grabbing” by popular media. Because land investors frequently export crops without providing adequate employment, this represents an effective income loss for local communities. We study 28 countries targeted by large-scale land acquisitions [comprising 87 % of reported cases and 27 million hectares (ha)] and estimate the effects of such investments on local communities’ incomes. We find that this phenomenon can potentially affect the incomes of ~12 million people globally with implications for food security, poverty levels and urbanization. While it is important to note that our study incorporates a number of assumptions and limitations, it provides a much needed initial quantification of the economic impacts of large-scale land acquisitions on rural livelihoods.     

Conflicting or Compatible: Beliefs About Religion and Science Among Emerging Adults in the United States1

A wide‐held assumption is that increased religiousness is associated with stronger perceptions of a conflict between religion and science. This article examines this assumption using four distinct questions asked on the third wave of the National Study of Youth and Religion (NSYR). Results indicate a variety of viewpoints for constructing the relationship between science and religion, rather than a simple conflict‐compatibility continuum. Further, findings suggest that increased religiousness among emerging adults is associated with a stronger agreement in science and religion’s compatibility, rather than conflict. Incorporating New Age or non‐Western spiritual tradition and a strict adherence to fundamentalist Christian doctrine are associated with complex configurations of beliefs on the relationship between religion and science. Collectively, the findings among emerging adults contradict traditional assumptions about how religious experiences influence beliefs, suggesting that such social factors may influence beliefs and attitudes uniquely at different points in the lifecourse or across generations. More broadly, the findings speak to the ongoing debate about the extent to which differing social experiences may produce consistent or discordant sets of beliefs and values, and in turn how particular configurations may impact strategies of action across a range of life domains.     

Collusion With Persistent Cost Shocks

We consider a dynamic Bertrand game in which prices are publicly observed and each firm receives a privately observed cost shock in each period. Although cost shocks are independent across firms, within a firm costs follow a first‐order Markov process. We analyze the set of collusive equilibria available to firms, emphasizing the best collusive scheme for the firms at the start of the game. In general, there is a trade‐off between productive efficiency, whereby the low‐cost firm serves the market in a given period, and high prices. We show that when costs are perfectly correlated over time within a firm, if the distribution of costs is log‐concave and firms are sufficiently patient, then the optimal collusive scheme entails price rigidity: firms set the same price and share the market equally, regardless of their respective costs. When serial correlation of costs is imperfect, partial productive efficiency is optimal. For the case of two cost types, first‐best collusion is possible if the firms are patient relative to the persistence of cost shocks, but not otherwise. We present numerical examples of first‐best collusive schemes.