When Financial Intermediaries are Corporate Owners: An Agency Model of Institutional Ownership

Increasingly, the equity investments of individual investors are being channeled through financial institutions. This article posits that the role of institutional owners as financial intermediaries, and the resulting complexity that institutions bring to ownership, distinguish institutional ownership from individual ownership. I develop a model of institutional ownership, referred to as the nexus agency model (NAM), which reflects this complexity. The model provides a framework for identifying the potential additional agency costs to beneficial owners that are associated with owning via financial institutions. The degree to which owning via institutions benefits individual owners depends on the adequacy of the legal and regulatory environment and governance mechanisms in protecting individual owners' interests. The applicability of the nexus model to different institutional owner types is then demonstrated in a discussion of U.S. public and private pension plans and mutual funds, leading to the generation of a NAM-based research agenda for each type and across the types. The article ends with discussion of the model's applicability to non-U.S. institutional environments.     

Integrationspotenziale des Internets für türkische Jugendliche in Wien am Beispiel von Online-Spielen und digitalen Freundschaftsnetzwerken

Based on a cohort of young Austrians of Turkish descent, this paper links the debate on the integration of the second generation (or the lack thereof) with the controversial discourse about the potential usefulness and risks of new media and technologies, specifically the Internet. Various studies have concluded either that the new media and technologies are positive integrative aspects of the society or have devastating impacts on different groups. On the one hand, the Internet allows young people to discover new experiences and gain additional often unorthodox knowledge; on the other hand, observers have warned about the segregating effects of new technologies. A ?digital divide“ has been opened between privileged users and the underprivileged masses, according to these more cautious voices. This divide has caused social deprivation and disintegration amongst the most vulnerable groups, in particular, older people, economically insecure groups and immigrants. Thus, various media life-styles establish a continuum between a media and information elite on the one end and the entertainment under-class on the other. Semi structured interviews with young Turks in Vienna show the positive and negative effects of playing Online Role Playing Games on the Internet in opposition to so-called Social Network Sites such as Netlog.     

Understanding the Role of Puberty in Structural and Functional Development of the Adolescent Brain

Over the past two decades, there has been a tremendous increase in our understanding of structural and functional brain development in adolescence. However, understanding the role of puberty in this process has received much less attention. This review examines this relationship by summarizing recent research studies where the role of puberty was investigated in relation to brain structure, connectivity, and task‐related functional magnetic resonance imaging (fMRI). The studies together suggest that puberty may contribute to adolescent neural reorganization and maturational advancement, and sex differences also emerge in puberty. The current body of work shows some mixed results regarding impact and exact direction of pubertal influence. We discuss several limitations of current studies and propose future directions on how to move the field forward.     

Body Image for Women: Conceptualization, Assessment, and a Test of its Importance to Sexual Dysfunction and Medical Illness

The content and valence of women's body image attitudes, general and enduring positive or negative feelings about the body, are studied with psychometric analyses of measures and contrasted groups. Data from two frequently used measures (Body Image Scale, Derogatis & Melisaratos, 1979; Body Satisfaction Scale, Berscheid, Walster & Bohrnstedt, 1973) provided an evaluation of the construct and the assessment of body image. Two studies are provided. The construct analyses suggest two contents for body attitude measures: a general factor of body, facial, and sexual (genital and breast) items, and a second factor assessing weight and/or its body correlates-the hips, thighs, and buttocks. Also, a method factor, a response style of negativity, may be important. Body image attitudes are correlated with some conceptually relevant criteria, such as interest in engaging in sexual activity; however, these relationships do not appear sufficiently strong to predict behavior, such as the occurrence or resolution of sexual dysfunction. Generalized body image disturbance as currently conceptualized and assessed may be difficult to document, particularly when item content and response styles are considered.     

A NOTE ON RISK AVERSION AND PREFERENCES

The relationship between Arrow-Pratt measures of risk aversion and the standard income and substitution effects in certainty problems is presented. Particular emphasis is placed on the relationship between curvature properties of indifference maps and properties of relative risk aversion. The results are applied to the demand for insurance and in models with asymmetric information.     

A simple measure of fertility control

We describe a simple measure of fertility control: the proportion of all births from the age-specific fertility schedule that occurs among women by age 35. This measure has broad applicability because it does not require information on marital fertility rates. When both the proportion of births by age 35 and the most commonly used measure of fertility control, m, are calculated for a population over time, they are correlated very highly. Because of increasing levels of nonmarital fertility in several developed countries, measures of fertility control that are based on marital fertility are less appropriate now than in the past.     

Improving Scientists'Judgments of Risk

Scientists disagree in their risk analyses because they use intuitive judgments to generalize results from the laboratory to circumstances not yet studied. If this assertion is correct, techniques intended to reduce intuitive judgments and increase analytical cognition should reduce scientific dispute. The results of a test case involving allegedly high risk and sharp dispute among scientists are described.