Stationary bootstrapping for realized covariations of high frequency financial data

This paper studies the stationary bootstrap applicability for realized covariations of high frequency asynchronous financial data. The stationary bootstrap method, which is characterized by a block-bootstrap with random block length, is applied to estimate the integrated covariations. The bootstrap realized covariance, bootstrap realized regression coefficient and bootstrap realized correlation coefficient are proposed, and the validity of the stationary bootstrapping for them is established both for large sample and for finite sample. Consistencies of bootstrap distributions are established, which provide us valid stationary bootstrap confidence intervals. The bootstrap confidence intervals do not require a consistent estimator of a nuisance parameter arising from nonsynchronous unequally spaced sampling while those based on a normal asymptotic theory require a consistent estimator. A Monte-Carlo comparison reveals that the proposed stationary bootstrap confidence intervals have better coverage probabilities than those based on normal approximation.     

The Paradox of Integration: Work-Integration Social Enterprises (WISE) and Productivist Welfare Regime in Hong Kong

After the Asian Financial Crisis, the government of Hong Kong embraced the model of work-integration social enterprise (WISE) to sustain its facilitative and productivist welfare regime. Using the WISE of Pro-Love for marginalized women as a case study, the article examines the meaning of employment and social disadvantage in the organization. The ethnographic data reveal that while the WISE encourages women to participate in the paid labor market, it constructs employment in the social enterprise as part-time jobs for supplementary family income, restricts the extension of social networks for the female workers, and reinforces the cultural stereotypes of marginalized women. The study reflects on the mechanisms of the project of WISE in the welfare contexts of Hong Kong, and argues that programs targeted at labor participation cannot be automatically translated into reduction of exclusion in other domains. Long-term planning, policy coordination, and social advocacy are necessary to achieve social integration.     

Assessing Participation and Effectiveness of the Peer-Led Approach in Youth Sexual Health Education: Systematic Review and Meta-Analysis in More Developed Countries

Sexual health education for young people is crucial not only for development of norms but also for protection against vulnerabilities during this stage in life. Although several systematic reviews have examined the effectiveness of peer-led sex education, none have focused on the extent of peer participation. The purpose of this review was to evaluate peer-led sexual health education interventions in more developed countries (MDCs). Electronic and manual searches across five social science, education, and medical databases were conducted. Fifteen articles were selected in total. Most (10 of 15) studies gave low or no responsibility to peers. The majority of articles found improvements in sexual health knowledge (13 of 14) and attitudes (11 of 15) at postintervention stages. Two studies showed improved self-efficacy, and three showed behavioral changes. A preliminary synthesis of effectiveness and level of participation was done. Meta-analysis revealed a large effect on knowledge change (Hedges’ g = 0.84, 95% confidence interval [CI]: 0.43 to 1.25) and a medium effect on attitude change (Hedges’ g = 0.49, 95% CI: 0.19 to 0.80). Peer-led interventions could be a powerful tool. This review shows that this approach is effective in changing knowledge and attitudes but not behaviors. Further research and action are needed to understand optimal implementation.     

Estimating Abundance from Presence–Absence Maps via a Paired Negative‐Binomial Model

The estimation of abundance from presence–absence data is an intriguing problem in applied statistics. The classical Poisson model makes strong independence and homogeneity assumptions and in practice generally underestimates the true abundance. A controversial ad hoc method based on negative‐binomial counts (Am. Nat.) has been empirically successful but lacks theoretical justification. We first present an alternative estimator of abundance based on a paired negative binomial model that is consistent and asymptotically normally distributed. A quadruple negative binomial extension is also developed, which yields the previous ad hoc approach and resolves the controversy in the literature. We examine the performance of the estimators in a simulation study and estimate the abundance of 44 tree species in a permanent forest plot.     

Did State Children’s Health Insurance Program Affect Married Women’s Labor Supply?

While the relationships between health insurance and the labor supply of women have been explored in the literature, little is known about the effects of offering public health insurance on the labor supply decisions of married women. This paper examines how the enactment of the State Children’s Health Insurance Program (SCHIP) affected the labor supply decisions of married women. Our empirical analysis showed that certain groups of married women reduced their number of hours worked upon SCHIP implementation. The results imply it is possible that some wives decreased their labor supply in order to make their children eligible for public health insurance.

Noninformative priors for the between-group variance in the unbalanced one-way random effects model with heterogeneous error variances

For the unbalanced one-way random effects model with heterogeneous error variances, we propose the non-informative priors for the between-group variance and develop the first- and second-order matching priors. It turns out that the second-order matching priors do not exist and the reference prior and Jeffreys prior do not satisfy a first-order matching criterion. We also show that the first-order matching prior meets the frequentist target coverage probabilities much better than the Jeffreys prior and reference prior through simulation study, and the Bayesian credible intervals based on the matching prior and reference prior give shorter intervals than the existing confidence intervals by examples.     

Values and happiness among Asian adolescents: a cross-national study

Despite policy efforts to increase adolescent happiness, their impact has been unsatisfactory. Their limited impact may be rooted from a discrepancy between values that adolescents pursued and those that the policies were based on. To provide policy implications, our study aims to identify prevailing values for South Korean, Japanese, and Chinese adolescents and to examine the relationship between the values and self-rated happiness (SRH). A cross-sectional study was conducted using survey data collected on approximately 2000 middle and high school students (7th to 12th school grade) from each country in 2008. Firstly, an explanatory factor analysis was conducted to identify salient adolescent values from each country. Subsequently, a multiple logistic regression analysis was conducted for each population group to examine the relationship between the identified values and adolescent SRH after controlling for sociodemographic characteristics. We found that benevolence and altruism were positively associated with adolescent SRH in all three population groups. Patriarchy was associated with SRH positively in Chinese yet inversely in Japanese. Success pursuit was inversely associated with SRH in Korean. Policy efforts based on values of communities or social harmony may benefit adolescents’ SRH in these three countries.     

Social Harmony in Hong Kong: Level,Determinants and Policy Implications

This study aims at ascertaining how Hong Kong people perceive Hong Kong as a harmonious society. It also identifies the elements that are most conducive to social harmony in Hong Kong, so that the government could take reference when formulating new policies. 1,062 adults residents were asked to rate their perceived level of social harmony and their satisfaction with 36 items (divided into three dimensions: public governance, society, and economy, family and work) for which the research team believes would be influencing the perceived level of social harmony. Results show that the average rating of social harmony was 5.57 (out of 10), delineating a moderate level of social harmony. Subsequent multivariate factor analysis and regression analysis show that the four extracted factors (from the three dimensions) had significant impacts on the level of social harmony. These were, in order of significance: (a) public governance, (b) social solidarity and respect, (c) economy/family/work and, (d) social tolerance and progressiveness. According to the factor loadings of each significant factor, we identified four core values which we hope the government would consider when formulating new policies, as follows: (1) A Justice Government with Sincerity on Communication, (2) Mutual Support and Respect with Integrity and Dedication, (3) Dedication to One’s Job and Community by Helping the Needed and, (4) Creativity and Progressiveness with Tolerance. Implications for policy making are discussed. The study was conducted under the direction and guidance of the Fostering Social Harmony Task Force of the Hong Kong Professionals and Senior Executives Association (HKPASEA). The authors acknowledge the kind support and assistance provided by the Council Members of HKPASEA and staff members of the Centre for Corporate Governance and Financial Policy at Hong Kong Baptist University. We are also grateful to Prof. Alex Michalos and Prof. P. K. Ip for their comments and suggestions given at the International Conference on National Well-Being held in November 2006 at the National Central University, Taiwan.     

Noninformative priors for the common mean in the bivariate normal distribution

In this paper, we consider some noninformative priors for the common mean in a bivariate normal population. We develop the first-order and second-order matching priors and reference priors. We find that the second-order matching prior is also an HPD matching prior, and matches the alternative coverage probabilities up to the second order. It turns out that derived reference priors do not satisfy a second-order matching criterion. Our simulation study indicates that the second-order matching prior performs better than the reference priors in terms of matching the target coverage probabilities in a frequentist sense. We also illustrate our results using real data.