LOG-PERIODOGRAM ESTIMATION OF LONG MEMORY VOLATILITY DEPENDENCIES WITH CONDITIONALLY HEAVY TAILED RETURNS

Many recent papers have used semiparametric methods, especially the log-periodogram regression, to detect and estimate long memory in the volatility of asset returns. In these papers, the volatility is proxied by measures such as squared, log-squared, and absolute returns. While the evidence for the existence of long memory is strong using any of these measures, the actual long memory parameter estimates can be sensitive to which measure is used. In Monte-Carlo simulations, I find that if the data is conditionally leptokurtic, the log-periodogram regression estimator using squared returns has a large downward bias, which is avoided by using other volatility measures. In United States stock return data, I find that squared returns give much lower estimates of the long memory parameter than the alternative volatility measures, which is consistent with the simulation results. I conclude that researchers should avoid using the squared returns in the semiparametric estimation of long memory volatility dependencies.     

Stjepan Metrović and Michel Maffesoli's 'implosive' defence of the Durkheimian tradition: theoretical convergences around Baudrillard's thesis on the 'end' of the social

This paper critically examines Metrovi? and Maffesoli's attempt to understand postmodernity through Émile Durkheim's nonrational link between society, religion and morality. Metrovi? (1991, 1997) and Maffesoli's (1996) work draws upon this emotional element when attempting to refute Baudrillard's (1983) cognitively focused, if implicit, critique of the Durkheimian tradition. Despite their best intentions, Metrovi? and Maffesoli still fail to exploit the partialities of Baudrillard's critique to the full. While both have some appreciation of the link between emotion and religion as found in Durkheim's The Elementary Forms of Religious Life (1912) they, nevertheless, fall short of grasping its full conceptual importance. This leads them to an implicit acceptance of Baudrillard's thesis on the ‘end’ of the social. This pitfall could have been avoided if Metrovi? and Maffesoli had built their respective analyses of the postmodern condition on a closer reading of The Elementary Forms. Reading this text alongside those other insights on emotion and social life as contained within Durkheim and Mauss's Primitive Classification (1903) and Talcott Parsons's subsequent writings on the sociological problem of religion, would have helped to distance the work of Metrovi? and Maffesoli from that of Baudrillard, and allowed them to offer a stronger and more comprehensive defence of the said tradition.     

Refugee Children in Wales: Coping and Adaptation in the Face of Adversity

This article aims to makes a contribution to redressing a methodological and theoretical imbalance in existing research on refugee and asylum‐seeking children. It draws on two qualitative studies from Wales with children and young people. The samples include unaccompanied minors and children living with families as well as both children who are supported in the asylum system and those who have been granted refugee status. The focus on ecological post‐migratory stressors and coping processes that young people identify as being integral to their well‐being and, once granted status, to how they adapt to settlement includes a selective study of some of the sources of resilience referred to in the children's talk. Recognising the interplay between individual and environment leads to a discussion of both personal attributes and collective cultural identities.     

Poor children1

This article explores trends in child poverty in the UK since 1979 and examines the extent to which the government is making progress in pursuit of its objective to abolish child poverty in 20 years. The spatial distribution of child poverty is examined by country, local authority and ward. The characteristics of households containing poor children are presented and research on the dynamics of child poverty reviewed. Child poverty in the UK trebled during the 1980s and has only just begun to fall slowly. Child poverty is heavily spatially concentrated and the risks of child poverty are concentrated in certain types of household. Copyright © 2003 John Wiley & Sons, Ltd.     

Monitoring and evaluation of loveLife's AIDS prevention and advocacy activities in South Africa, 1999–2001

loveLife is the largest effort ever launched in South Africa to change adolescent sexual behaviour with the aim of reducing the rate of HIV infection among 15–20 year olds by 50%, reducing other STIs, and reducing the incidence of teenage pregnancy. loveLife combines high-powered media awareness and education, development of adolescent-friendly reproductive health services, and outreach and support programmes. The 5-year research and evaluation plan includes a multi-year comprehensive observational study, tracking change in a range of behavioural indicators and in sexual health outcomes. In its first 2 years, loveLife reached more than 4 million youth. Sixty-two percent of youth and 59% of their parents/guardians recognize the brand, while the vast majority of parents (97%) and youth (89%) exposed to loveLife, identified loveLife as being positive. Challenges in the next years are the continued roll out of the programme, and the development of institutional support and behaviour change.     

Regulating Land Development: Local Market Structures and Structured Markets

Current rounds of economic restructuring together with the changing priorities accorded to agricultural production are leading to significant shifts in rural property and tenure relations. This paper analyzes these processes with reference to rural Britain; it reports on empirical evidence collected in the county of Buckinghamshire in southeast England. Two significant types of new rural land development are considered—small-scale industrial units arising out of the conversion of agricultural buildings and golf course developments and their ancillary leisure-based activities. Post-war productionist forms of regulation and particularly established types of agricultural tenure are now being modified by farmers and nonagricultural interests committed to the development of rural land. New demands and market structures are requiring more diversity and flexibility by which land is owned, occupied, and used. These emergent, more flexible macro tenures are based on new sets of social and political alliances between farmers, developers, and local planning systems. Agricultural land is increasingly being viewed as a capital rather than as a productive asset associated with more volatile and regionally defined markets whose regulation is formative.     

British Constructions with Constitutions: The Formal and Informal Nature of 'Island' Relations on Montserrat and Gibraltar

This article explores social, economic and political relations on two British Dependent Territories (BDTs) -- Montserrat and Gibraltar. This article notes that though BDTs are British colonial constructions, created, sustained and modelled upon and by Britain, they differ from Britain in that they have political constitutions. They also exhibit an ambiguous dependence and independence upon and with Britain. This article goes on to look at social and economic relations on Montserrat and Gibraltar before comparing and contrasting the political climates on each BDT. Throughout this article, it is suggested that there is a dynamic tension between formal and informal aspects to managing life. Finally, this article concludes with a discussion about the suitability of the split between Executive and Legislative Councils in these two BDTs.     

Racism in three dimensions: South African architecture and the ideology of white superiority

What has been the effect of three hundred and fifty years of colonialism and apartheid on South African architecture? What role has architecture played in reinforcing and perpetuating racist ideology? Can a building or a space be racist? Racism in Three Dimensions explores these questions and others pertaining to the relationship between race, racism and architecture in post‐apartheid South Africa and seeks to define a role for the architectural profession in the struggle to heal the wounds of apartheid