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.     

Morbidity measures in the presence of recurrent composite endpoints

The analysis of recurrent event data in clinical trials presents a number of difficulties. The statistician is faced with issues of event dependency, composite endpoints, unbalanced follow‐up times and informative dropout. It is not unusual, therefore, for statisticians charged with responsibility for providing reliable and valid analyses to need to derive new methods specific to the clinical indication under investigation. One method is proposed that appears to have possible advantages over those that are often used in the analysis of recurrent event data in clinical trials. Based on an approach that counts periods of time with events instead of single event counts, the proposed method makes an adjustment for patient time on study and incorporates heterogeneity by estimating an individual per‐patient risk of experiencing a morbid event. Monte Carlo simulations demonstrate that, with use of a real clinical study data, the proposed method consistently outperforms other measures of morbidity. Copyright © 2003 John Wiley & Sons, Ltd.     

A 20-Year Retrospective of The Career Development Quarterly

A review of The Career Development Quarterly was conducted for a 20-year period (Volumes 23 through 42). A total of 791 articles were classified into the 14 substantive areas of career research and practice devised by Fitzgerald and Rounds (1989). Author institutional affiliation, geographic location, and leading contributors were also computed. Two principle areas of research activity and publication were evident (life-span perspectives on career development, and career development interventions), which accounted for 51.2% of the articles examined. Overall, Quarterly content has remained stable and no clearly definable trends across the years were apparent in any given topic.     

The mourning after Hillsborough

There are continuing claims that in our society death is a taboo subject, and that bereaved people have lost touch with mourning rituals. This view seems to be challenged by the extensive mourning rituals on Merseyside in the fortnight in April 1989 following the Hillsborough tragedy, and by the simultaneous media debates about what would constitute appropriate mourning. The article analyses both the media debates and the rituals in order to ascertain whether these contradict the ‘taboo’ thesis, or whether they were unique to Merseyside and/or to a particular disaster.     

Can sociology be a science?: The issue of gender and sex-dimorphic characteristics

In spite of the fact that much of the work done by sociologists is of high quality, there appears to be a pervasive sense among sociologists that as a field sociology is not developing an accumulating base of knowledge that involves a combination of theory and empirical “facts.” Social constructs are a basic component of most human behavior, and such behaviors cannot be understood without attention to the nature of those social constructs. However, humans are also biological beings, their biological attributes are relatively stable, and variations in these attributes often have a strong effect on behavior. It is also the case that what persons experience and how they behave has an effect on their biological attributes. We suggest that if sociologists were attentive to the interactions of biological attributes and social constructs, sociologists would be in a position to develop a constantly expanding base of scientific social knowledge. As an illustrative example, we have focused on the issue of how gender and sex-dimorphic characteristics are intrinsically interrelated.     

Revisiting corporate governance through the lens of the Spanish evidence

The purpose of this study is to illustrate the characteristics of the Spanish corporate governance system and especially describe the diffusion of each mechanism among listed firms, in comparison with other industrialized countries. In doing so, we identify idiosyncratic traits of the Spanish corporate governance model that points up how the dichotomy between outsider- and insider-oriented models is simplistic and does not fit with the Spanish context. We argue, instead, that corporate governance has evolved in Spain towards a hybrid model that is situated in an intermediate position between the two aforementioned systems. The result of this hybridization is a system characterized by a new role for the state as a regulator, the presence of large blockholders, and a higher free float of capital on the stock market. Still, it is a very weak market for corporate control, and has reduced incorporation of Anglo-Saxon practices such as information transparency, board independence, or variable compensation packages for the management.     

Carrières et contradictions en sciences de la vie : réponses du corps académique aux transformations de la connaissance et de ses utilisations

Drawing on interviews with more than 80 scientists on two university campuses, we create a typology that offers insights into how transformations in the nature and locus of life science innovation influence academic careers and work practices. Our analyses suggest that a strong outcome of increased academic concern with research commercialization is the appearance of new fault lines among faculty, between faculty and students, and even between scientists' interests and those of their institutions. We argue that life science commercialization is driven by a mix of new funding opportunities, changing institutional mandates for universities, and novel research technologies that bring basic research and product development into much closer contact. The rise of patenting and commercially motivated technology transfer on U.S. campuses is altering faculty work practices and relationships, while transforming the criteria by which success is determined and rewards are allocated. Through close analysis of interviews with four researchers who typify a range of academic responses to commercialism, we demonstrate emerging patterns of conflict and agreement in faculty responses to commercial opportunities in the life sciences.     

The Role of Rehearsal in Joint Control

Behavior analysts have offered accounts of the behavior involved in matching to sample and delayed matching to sample. But until recently have not offered a behavioral analysis of generalized matching-to-sample. The concept of joint control, however, seems especially suited to such an analysis The present study used a joint-control procedure to train five adult women to acquire a generalized sequencing behavior using an unfamiliar language. After joint-control training the participants were able to produce untrained picture sequences, and blocking the mediating response during the sequencing task resulted in a reduction in the number of accurate sequences. These results clearly support response mediation as a precurrent to various kinds of complex human behavior.