The Texaco racial discrimination case and shareholder wealth

We analyze the wealth ejfects of the Texaco racial discrimination lawsuit both on the shareholders of Texaco and its major U.S. competitors. Employing a comprehensive data set which included every case docket entry and every Wall Street Journal article on the case as an experimental stimulus, our findings suggest that the overall cost of the case to Texaco shareholders exceeded $500 million, that Texaco's tribulations had little, if any, impact on the share prices of its major competitors, and that Wall Street Journal coverage of the case was highly correlated with significant changes in Texaco stock prices. This last finding provides significant support for Hite 's suppostion that newspaper editors “key ” on ex post stock price changes in selecting the events to be covered in the next day's edition. The authors are grateful to Kee Chung for helpful comments on earlier drafts and also acknowlege the help-ful assistance of the staff of the law library at the Cecil C. Humphreys School of Law at The University of Memphis.     

Girls’ Jobs for the Boys? Men,Masculinity and Non‐Traditional Occupations

Occupational segregation by sex remains the most pervasive aspect of the labour market. In the past, most research on this topic has concentrated on explanations of women’s segregation into low paid and low status occupations, or investigations of women who have crossed gender boundaries into men’s jobs, and the potential impact on them and the occupations. In contrast, this article reports on a small‐scale, qualitative study of ten men who have crossed into what are generally defined as ‘women’s jobs’. In doing so, one of the impacts on them has been that they have experienced challenges to their masculine identity from various sources and in a variety of ways. The men’s reactions to these challenges, and their strategies for developing and accommodating their masculinity in light of these challenges, are illuminating. They either attempted to maintain a traditional masculinity by distancing themselves from female colleagues, and/or partially (re)constructed a different masculinity by identifying with their non‐traditional occupations. This they did as often as they deemed necessary as a response to different forms of challenge to their gender identities from both men and women. Finally, the article argues that these responses work to maintain the men as the dominant gender, even in these traditionally defined ‘women’s jobs’.     

Children Living Away from Home

SUMMARY. Millions of children across the world live away from home; many because of wars, famines, dictatorships and poverty. Children live away from home in Britain because of family breakdown, neglect, abuse and other disadvantages, but also through parental choice and educational need. There is inadequate information about numbers, reasons and outcomes. Three main alternatives to living at home in Britain are boarding schools, residential homes and foster care. Traditional barriers between education and welfare and policies of care placements based on inadequate data have resulted in damaging gaps in services and poor placement decisions for many children living away from home. The early 1990s have brought about a national consensus based on new legislation and a group of Inquiries which provides the opportunity for major changes and improvements in services. International deliberations and action could and should be part of these changes.     

The validity of survey responses on abortion: Evidence from Estonia

This paper presents results of a validation survey of abortion conducted in Tallinn, Estonia in April and May 1992. The sample was drawn from patient records in a maternity hospital. Women who had an abortion in that hospital in 1991 were asked about recent abortions as part of a survey about women’s health. More than 80% of the respondents reported having a recent abortion. Some respondents misreported their abortion as a miscarriage. Moreover, some variation in reporting was associated with respondents’ characteristics. Ethnic Estonians were less likely to report their abortion than were Russians, women over age 40 were less likely to report the abortion than younger women, and women who had the abortion late in the first trimester were less likely to report that abortion. There was some evidence that unmarried women were less likely than married women to report their abortion, and that women who had borne three or more children were less likely to report their abortion than women who had borne fewer children. These differences probably stem from the extent to which pregnancy or abortion is considered stigmatizing for women in different situations.     

A Review of Kyoto Protocol Adoption in Russia: Joint Implementation in Focus

Russia’s role in ‘animation’ of the Kyoto Protocol was crucial. Its initial vacillation on ratification was predominantly due to political bargaining with the EU. Domestic economic rationales [i.e. impacts of emission trading and Joint Implementation (JI) projects] were important to a much lesser extent and environmental motives did not seem to play any role in the decision. Since the Protocol entered into force, there have been significant delays in complete establishment of policy implementation frameworks, which are necessary for Russia to start benefiting from JI and emission trading. Only recently, in 2007, have GHG inventories and a national registry been established and the responsibilities for implementation of the Protocol and JI among the government departments have been distributed only to a certain extent. Some constraints hindering JI projects, such as vague legislation, an unfavourable economic climate, lack of commitment to JI projects, corruption, xenophobia, state and agency ‘capture’ still remain.      

Job Insecurity and the Timing of Parenthood: A Comparison between Eastern and Western Germany

This article contributes to the ongoing debate on the economic determinants of fertility behavior by addressing the role of job insecurity in couples’ intentions concerning parenthood and its timing. It starts from the hypothesis that cultural values moderate individuals’ reactions to job insecurity and the way it is related to family formation. With a systematic thematic content analysis of a set of semi-structured interviews with childless men and women around the age of 30 in eastern and western Germany, we are able to show that there are substantial differences in the consequences of job insecurity on intentions to have a first child. In western Germany, a relatively secure job career is expected to precede family formation, and this sequence of transitions is rather rigid, whereas in eastern Germany job security and family formation are thought of and practiced as parallel investments. We suggest that the lack of convergence in family formation patterns between eastern and western Germany after the unification of the country in 1990 is partially related to different attitudes toward job insecurity in the two contexts.     

A regression-based smoothing spline Monte Carlo algorithm for pricing American options in discrete time

American options in discrete time can be priced by solving optimal stopping problems. This can be done by computing so-called continuation values, which we represent as regression functions defined recursively by using the continuation values of the next time step. We use Monte Carlo to generate data, and then we apply smoothing spline regression estimates to estimate the continuation values from these data. All parameters of the estimate are chosen data dependent. We present results concerning consistency and the estimates’ rate of convergence.