A wavelet Whittle estimator of generalized long-memory stochastic volatility

We consider a k-GARMA generalization of the long-memory stochastic volatility model, discuss the properties of the model and propose a wavelet-based Whittle estimator for its parameters. Its consistency is shown. Monte Carlo experiments show that the small sample properties are essentially indistinguishable from those of the Whittle estimator, but are favorable with respect to a wavelet-based approximate maximum likelihood estimator. An application is given for the Microsoft Corporation stock, modeling the intraday seasonal patterns of its realized volatility.     

Participation in Athletics and Academic Achievement: A Replication and Extension*

Accumulating research based upon cross-sectional designs has shown relationships between involvement in athletics and academic achievement and aspiration. These results have been interpreted as contrary to Coleman's early conclusion that athletics diverted talent from academic programs. However, more recent study of this relationship in five metropolitan high schools seriously questions the causal interpretation of the effects of high school athletics upon academic achievement. Athletes have higher GPAs at the end of their high school career than at the start, but they do not gain as much as nonathletes over the years of high school, thus experiencing a relative decline in achievement. These results replicate an earlier study in twenty Wisconsin high schools. These similar results obtained in schools separated in time and space support Coleman's original view of the effect of athletics.     

The ups and downs of managing employed physicians

The number of employed physicians is growing, posing new challenges to physician executives. Managing employed physicians begins during the hiring process. Once the new physician is on board, an organization should appoint a mentor to help the new employee adjust. Compensation remains a consistent challenge in most organizations with employed physicians. One of the most popular compensation models involves a market-based salary with the opportunity for a performance bonus.     

Predicting adult health and mortality from adolescent facial characteristics in yearbook photographs

Several important longitudinal studies in the social sciences have omitted biomarkers that are routinely recorded today, including height and weight. To account for this shortcoming in the Wisconsin Longitudinal Study (WLS), an 11-point scale was developed to code high school senior class yearbook photographs of WLS participants for relative body mass (RBM). Our analyses show that although imperfect, the RBM scale is reliable (α = .91) and meets several criteria of validity as a measure of body mass. Measured at ages 17–18, the standardized relative body mass index (SRBMI) was moderately correlated (r = .31) with body mass index (BMI) at ages 53–54 and with maximum BMI reported between ages 16 and 30 (r = .48). Overweight adolescents (≥ 90th percentile of SRBMI) were about three times more likely than healthy-weight adolescents (10th–80th percentile of SRBMI) to be obese in adulthood and, as a likely consequence, significantly more likely to report health problems such as chest pain and diabetes. Overweight adolescents also suffered a twofold risk of premature death from all nonaccidental causes as well as a fourfold risk of heart disease mortality. The RBM scale has removed a serious obstacle to obesity research and lifelong analyses of health in the WLS. We suggest that other longitudinal studies may also be able to obtain photos of participants at younger ages and thus gain a prospectively useful substitute for direct measures of body mass.     

Is Any Job Better than No Job? Life Satisfaction and Re-employment

Using data for West Germany from the German Socio-Economic Panel, we analyse the impact of transitions from unemployment to full-time employment on life satisfaction, with special focus on the influence of job quality. We apply various indicators of job quality (self-reported job satisfaction, wages, type of contract, and indicators of the fit between the worker and job requirements). We control for the influence of income changes and other factors affecting life satisfaction, using a conditional logit estimator. Results suggest that job quality only matters to some extent, and often people in bad jobs are still better off than those who remain unemployed. This effect is statistically significant for most indicators of job quality, except for workers with low job satisfaction and for those whose new job is much worse than their pre-unemployment job.     

Cotton‐Top Tamarins' (Saguinus oedipus) Expectations About Occluded Objects: A Dissociation Between Looking and Reaching Tasks

Recent work with human infants and toddlers suggests a dissociation between performance on looking and reaching tasks. Specifically, infants appear to generate accurate representations of occluded objects and their actions when tested in expectancy violation looking tasks but often fail to use this information when reaching for occluded objects. We explore a similar dissociation in cotton‐top tamarin monkeys (Saguinus oedipus). We presented adult tamarins with an event in which a piece of food rolled behind an occluder and into a solid barrier. In Experiment 1, subjects were required to retrieve the hidden food using the location of the solid barrier. Like human toddlers, adult tamarins failed to take into account solidity information when reaching for an invisibly displaced object. In Experiments 2 and 3, we presented subjects with expectancy violation looking versions of the same solidity problem using an identical apparatus and setup. We presented subjects with an event in which a piece of food appeared to roll unexpectedly through a solid barrier or stopped at the appropriate spot. Although tamarins failed to locate the food in Experiment 1, the same subjects successfully detected violations of solidity in these 2 looking studies. This performance dissociation is discussed in light of similar dissociations in human toddlers and other primate species.     

Socioeconomic Indexes for Occupations: A Review, Update, and Critique

Following a review of the history and sources of socioeconomic indexes for occupations, we estimate a new set of indexes for 1990 Census occupation lines, based on relationships between the prestige ratings obtained by Nakao and Treas in the 1989 General Social Survey and characteristics of occupational incumbents in the 1990 Census. We also investigate theoretical and empirical relationships among socioeconomic and prestige indexes, using data from the 1994 General Social Survey. Many common occupations, especially those held by women, do not fit the typical relationships among prestige, education, and earnings. The fit between prestige and socioeconomic characteristics of occupations can be improved by statistical transformation of the variables. However, in rudimentary models of occupational stratification, prestige-validated socioeconomic indexes are of limited value. They give too much weight to occupational earnings, and they ignore intergenerational relationships between occupational education and occupational earnings. Levels of occupational education appear to define the main dimension of occupational persistence across and within generations. We conclude that composite indexes of occupational socioeconomic status are scientifically obsolete.