The Texaco racial discrimination case and shareholder wealth

We analyze the wealth ejfects of the Texaco racial discrimination lawsuit both on the shareholders of Texaco and its major U.S. competitors. Employing a comprehensive data set which included every case docket entry and every Wall Street Journal article on the case as an experimental stimulus, our findings suggest that the overall cost of the case to Texaco shareholders exceeded $500 million, that Texaco's tribulations had little, if any, impact on the share prices of its major competitors, and that Wall Street Journal coverage of the case was highly correlated with significant changes in Texaco stock prices. This last finding provides significant support for Hite 's suppostion that newspaper editors “key ” on ex post stock price changes in selecting the events to be covered in the next day's edition. The authors are grateful to Kee Chung for helpful comments on earlier drafts and also acknowlege the help-ful assistance of the staff of the law library at the Cecil C. Humphreys School of Law at The University of Memphis.     

The Boston Area Diary Study and the Moral Citizenship of Care

This paper describes the theoretical foundations, empirical findings, and practical and philosophical implications of the Boston Area Diary Study (BADS), a study of the caring behavior of 44 participants over one calendar year. In particular, the paper presents an identification theory of care and discusses how it shaped the conceptualization, collection, and analysis of the data in a year-long diary study of daily voluntary assistance. The findings from the BADS (1) theoretically confirm the identification theory of care; (2) methodologically capture how individuals perceive and carry out caring behavior as a unity; and (3rpar; empirically document the existence of a moral citizenship in America that is substantially more vigorous than is implied by the usual indicators of civic and political citizenship.     

LEARNING ABOUT GRIEF FROM NORMAL FAMILIES: SIDS,STILLBIRTH, AND MISCARRIAGE*

Family therapists can learn a great deal that would be of utility to them in their clinical work from normal families grieving over the death of an infant. When a baby dies, families begin a long and difficult journey, a search for security and meaning in a world that for them has gone insane. The researcher discusses 10 probing, extremely difficult questions family members commonly pose in the aftermath of an infant death and offers guidelines that could be helpful to family therapists hoping to be of service to families in the process of healing and growing through this tragedy.     

AN ALGORITHM FOR THE CONSTRUCTION OF OPTIMAL OR NEAR-OPTIMAL CHANGE-OVER DESIGNS

This paper presents an algorithm for the construction of optimal or near optimal change-over designs for arbitrary numbers of treatments, periods and units. Previous research on optimality has been either theoretical or has resulted in limited tabulations of small optimal designs. The algorithm consists of a number of steps:first find an optimal direct treatment effects design, ignoring residual effects, and then optimise this class of designs with respect to residual effects. Poor designs are avoided by judicious application of the (M, S)-optimality criterion, and modifications of it, to appropriate matrices. The performance of the algorithm is illustrated by examples.     

ON THE INDEPENDENCE OF THE SAMPLE MEAN AND TRANSLATION-INVARIANT STATISTICS FOR MATRIX NORMAL DISTRIBUTIONS

We present an explicit characterization of the joint dependency structure of an n×p matrix normal random matrix such that the p-dimensional sample mean vector is independent of all translation invariant statistics.     

The Independence of Aptitudes,Interests, and Career Beliefs

The importance of client beliefs in career counseling depends on their ability to add unique information about the client over and above that contributed by aptitudes and interests. The Career Beliefs Inventory was administered to 200 Australian students in grade 10 together with measures of Holland's RIASEC interest themes and scholastic aptitudes. The correlations between scales from the three domains showed clearly that beliefs made a contribution distinct from that provided by aptitudes and interests. Even though the results may reflect possible sampling or method variance, career beliefs in this sample added unique information to that traditionally used in career counseling.     

QUESTION WORDING AND PARTISANSHIP: CHANGE AND CONTINUITY IN PARTY LOYALTIES DURING THE 1992 ELECTION CAMPAIGN

Gallup macropartisanship varies more over time than aggregatemeasures of partisanship employing the standard Michigan SurveyResearch Center (SRC) party identification measure, but previousanalyses do not provide direct evidence about why Gallup macropartisanshipis more variable. Although these differences could result fromthe short-term focus of the Gallup party affiliation question,aggregate-level analyses cannot test the effects of questionwording directly. Between March and October 1992, we conducteda series of question-wording experiments, employing six statewidecomputer-assisted telephone interview (CATI) surveys of Michiganadults, including a four-wave panel study. Our analyses stronglysuggest that the Gallup measure responds more to short-termpolitical conditions and clearly demonstrate that the Gallupmeasure is less stable over time. These individual-level resultshelp explain why Gallup macropartisanship varies more over timethan aggregate measures of partisanship employing the standardSRC measure and raise questions about the degree to which onecan generalize from analyses using the Gallup data to the researchliterature on party identification.     

A theory of policy differentiation in single issue electoral politics

Voter preferences are characterized by a parameter s (say, income) distributed on a set S according to a probability measure F. There is a single issue (say, a tax rate) whose level, b, is to be politically decided. There are two parties, each of which is a perfect agent of some constituency of voters, voters with a given value of s. An equilibrium of the electoral game is a pair of policies, b ₁ and b ₂, proposed by the two parties, such that b _i maximizes the expected utility of the voters whom party i represents, given the policy proposed by the opposition. Under reasonable assumptions, the unique electoral equilibrium consists in both parties proposing the favorite policy of the median voter. What theory can explain why, historically, we observe electoral equilibria where the ‘right’ and ‘left’ parties propose different policies? Uncertainty concerning the distribution of voters is introduced. Let {F(t)} _{t ε T} be a class of probability measures on S; all voters and parties share a common prior that the distribution of t is described by a probability measure H on T. If H has finite support, there is in general no electoral equilibrium. However, if H is continuous, then electoral equilibrium generally exists, and in equilibrium the parties propose different policies. Convergence of equilibrium to median voter politics is proved as uncertainty about the distribution of voter traits becomes small.