Over‐the‐Counter Markets

We study how intermediation and asset prices in over‐the‐counter markets are affected by illiquidity associated with search and bargaining. We compute explicitly the prices at which investors trade with each other, as well as marketmakers' bid and ask prices, in a dynamic model with strategic agents. Bid–ask spreads are lower if investors can more easily find other investors or have easier access to multiple marketmakers. With a monopolistic marketmaker, bid–ask spreads are higher if investors have easier access to the marketmaker. We characterize endogenous search and welfare, and discuss empirical implications.     

Binge drinking in female college students: the association of physical activity, weight concern, and depressive symptoms

As an initial step in building gender-specific binge drinking intervention programs, the authors investigated the relation of potentially modifiable factors (physical activity level, weight concern, and depressive symptoms) to binge drinking while controlling for the effects of previously established correlates of binge drinking (tobacco and marijuana use, GPA, and perception of peer alcohol use). Four-hundred-twelve college women completed an in-class survey. Multivariate analyses revealed that tobacco and marijuana use, GPA, and physical activity were significantly associated with binge drinking, whereas tobacco use and perception of peers' alcohol use were associated with more frequent binge drinking. The findings suggested that the variables associated with any binge drinking and frequency of binge drinking may differ and that binge drinking can be associated with positive health behaviors (ie, greater physical activity) as well as risky health behaviors (eg, tobacco use).     

Transform Analysis and Asset Pricing for Affine Jump‐diffusions

In the setting of ‘affine’ jump‐diffusion state processes, this paper provides an analytical treatment of a class of transforms, including various Laplace and Fourier transforms as special cases, that allow an analytical treatment of a range of valuation and econometric problems. Example applications include fixed‐income pricing models, with a role for intensity‐based models of default, as well as a wide range of option‐pricing applications. An illustrative example examines the implications of stochastic volatility and jumps for option valuation. This example highlights the impact on option ‘smirks’ of the joint distribution of jumps in volatility and jumps in the underlying asset price, through both jump amplitude as well as jump timing.     

A Multi-Trait,Multi-Method Analysis of Three Career Development Measures

Campbell and Fiske's (1959) multi-trait, multi-method analysis was applied to three popular measures of career development. College students completed the Attitude Scale of the Career Maturity Inventory (Crites, 1978a), the Vocational Preference Inventory (Holland, 1978), and the Decision-Making Scale of the Career Development Inventory (Super, Thompson, Lindeman, Jordaan, & Myers, 1981). Participants also took part in a structured interview to assess their career development. The table of multi-trait, multi-method correlation coefficients for the three measures of career development supported their construct validity. Implications and ideas for future research are discussed.     

Institutional Sexism in the Underworld: A View From the Inside

In this report we examine the views of male thieves toward women as potential accomplices or partners in crime. Our interviews revealed, in general, that females are perceived as lacking the qualities for being good thieves (e.g., heart, trust), exhibit specific deficiencies which limit their actual or perceived ability to perpetrate crimes, and tend to be relegated to subservient roles if and when they are involved in mixed-sex crime activities unless special opportunities or circumstances exist in which a female partner is distinctly an advantage to the male for pulling off the crime. This institutionalized sexism in the underworld narrowly restricts the illegitimate opportunities available to females and helps explain why females are seldom involved in lucrative criminal enterprise. We conclude by suggesting: that the study of female criminality has been retarded by an inaccurate conception of crime as an isolated act committed by a person, without regard to that person's relationships with other people, groups, and organizations.