The Social Participation of Blacks: A Proposed Synthesis of Two Competing Theories

Discrepant findings have typified the research concerning the social participation of blacks in America. The bulk of the findings would seem to posit three competing theories, one emphasizing low participation levels on the part of blacks, and the later two emphasizing high levels of social participation. These theories are examined and a synthesis of the "isolation" and "compensation" models is proposed. By examining both formal and informal types of social participation on the part of blacks, it is argued that both theories are viable toward explaining variation within black participation levels in particular and toward mediating the discrepant findings as they have been previously offered in general. Some support is found for such a proposed synthesis.     

An avian urban morphotype: how the city environment shapes great tit morphology at different life stages

Urban Ecosystems - Urbanization is a worldwide phenomenon associated with tremendous modifications of natural habitats. Understanding how city dwelling species are affected by those changes is...     

Conditional Euro Area Sovereign Default Risk

We propose an empirical framework to assess the likelihood of joint and conditional sovereign default from observed CDS prices. Our model is based on a dynamic skewed-t distribution that captures all salient features of the data, including skewed and heavy-tailed changes in the price of CDS protection against sovereign default, as well as dynamic volatilities and correlations that ensure that uncertainty and risk dependence can increase in times of stress. We apply the framework to euro area sovereign CDS spreads during the euro area debt crisis. Our results reveal significant time-variation in distress dependence and spill-over effects for sovereign default risk. We investigate market perceptions of joint and conditional sovereign risk around announcements of Eurosystem asset purchases programs, and document a strong impact on joint risk.     

Comprehensive definitions of breakdown points for independent and dependent observations

Summary. We provide a new definition of breakdown in finite samples, with an extension to asymptotic breakdown. Previous definitions centre on defining a critical region for either the parameter or the objective function. If for a particular outlier configuration the critical region is entered, breakdown is said to occur. In contrast with the traditional approach, we leave the definition of the critical region implicit. Our proposal encompasses previous definitions of breakdown in linear and non-linear regression settings. In some cases, it leads to a different and more intuitive notion of breakdown than other procedures that are available. An important advantage of our new definition is that it also applies to models for dependent observations where current definitions of breakdown typically fail. We illustrate our suggestion by using examples from linear and non-linear regression, and time series.     

On the Internal Structure of Cities

We prove the existence of a symmetric equilibrium in a circular city in which businesses and housing can both be located anywhere in the city. In this equilibrium, firms balance the external benefits from locating near other producers against the costs of longer commutes for workers. An equilibrium city need not take the form of a central business district surrounded by a residential area. We propose a general algorithm for constructing equilibria, and use it to study the way land use is affected by changes in the model's underlying parameters.