A Range-Based Multivariate Stochastic Volatility Model for Exchange Rates

In this paper we present a parsimonious multivariate model for exchange rate volatilities based on logarithmic high–low ranges of daily exchange rates. The multivariate stochastic volatility model decomposes the log range of each exchange rate into two independent latent factors, which could be interpreted as the underlying currency specific components. Owing to the empirical normality of the logarithmic range measure the model can be estimated conveniently with the standard Kalman filter methodology. Our results show that our model fits the exchange rate data quite well. Exchange rate news seems to be currency specific and allows identification of currency contributions to both exchange rate levels and exchange rate volatilities.     

Testing a longitudinal model of distributed leadership effects on school improvement

A central premise in the literature on leadership highlights its central role in organizational change. In light of the strength of this conceptual association, it is striking to note the paucity of large-scale empirical studies that have investigated how leadership impacts performance improvement in organizations over time. Indeed evidence-based conclusions concerning the impact of leadership on organizational change are drawn largely from case studies and cross-sectional surveys. Neither approach satisfies the design requirements for studying the contribution of leadership to performance improvement in organizations. This paper tests a longitudinal, multilevel model of change in distributed leadership, school improvement capacity, and student performance over a four-year period. The results suggest that change in distributed leadership and organizational capacity for improvement make significant contributions to growth in student learning in reading and math.     

THE "BANALITY OF EVIL" REFRAMED: The Social Construction of the "Final Solution" to the "Jewish Problem"

Research on the Nazi Holocaust against the Jews has arguably been dominated by historians. Yet many historians remain confounded by the Holocaust's major paradox: the "banality of evil" that occurred during the Nazi regime. In this article I argue that understanding of the "banality of evil" paradox can be advanced by reframing previously unsynthesized research in terms of a constructionist theory of social problems. I view the "Jewish problem" and its "final solution" as having a "natural history" that is characterized by the development and unfolding of claims about problems and the formulation and implementation of solutions to problems. I trace the construction of the "Jew" throughout history and as it was identified, acknowledged, and applied in a particular sociocultural and political context. By providing the first application of constructionism to a genocidal event, I show that the social processes that construct genocide parallel those that construct other social problems, and that it is precisely this correspondence that makes the construction of the "Jewish problem" and its "final solution" banal.     

Interviewer Effect in a Survey of Drinking Practices*

This study investigates the relationship of interviewer characteristics to the responses of their interviewees in a survey in a relatively sensitive area—drinking practices. Generally, respondents seem to have reacted to easily ascertainable characteristics of the interviewers, such as sex, status (as measured by education, occupation, and clothing), and religion. The attitudes of the interviewer toward his interviewing were also related to respondents' reported drinking. It is concluded that interviewing is a social relationship of brief duration in which the respondent's performance reflects norms that tend to emerge based on the information each of the participants is able to learn about the other.     

Assimilation and Educational Achievement: the Case of the Second Generation Japanese-American*

A review of the literature reveals three conflicting hypotheses concerning Japanese-American educational achievement. Data from a three-generational, national sample of Japanese-Americans are examined to determine the correlates of the second-generation respondents'(the Nisei) educational achievement. Employing four measures of assimilation—cultural, structural, marital, and identificational—the findings suggest that the greater the assimilation of the respondent, the higher the educational achievement. These findings and their implications are discussed.     

The impact of residential placement on child development: research and policy implications

The accumulated knowledge on the development of children in residential settings covers a lot of ground but leaves a great deal unturned. The article summarises what is known about child development in the context of residential settings and concludes that there is little evidence to draw on to make clear recommendations about what types of children are likely to benefit from what types of residential settings. It maintains that, in the absence of evidence, policy and practice regarding residential care often has been guided by ideology. Residence has become a place of last resort for young people who cannot receive the support and/or safety they need from their own families or from foster families, or who pose a danger to others. The article calls for more rigorous evaluations of the impact of residence on child outcomes as well as concerted efforts to apply research evidence to policy and practice.     

Time Preference and Life Cycle Consumption with Endogenous Survival

We provide a structural theory of time preference and derive a functional form of intertemporal preferences by postulating that individuals make their life-cycle consumption choices as if to maximize expected lifetime. This yields a nontime-separable expected utility representation where the inverse of the coefficient of intertemporal substitution exceeds the coefficient of relative risk aversion. The rate of time preference depends on the inverse of expected remaining lifetime and the effect of age on the productivity of consumption in affecting health. The preference formulation is applied in a standard intertemporal consumption model to illustrate the implied life-cycle consumption choices ( JEL D91, B41).