Entry and Exit in OTC Derivatives Markets

We develop a parsimonious model to study the equilibrium and socially optimal decisions of banks to enter, trade in, and possibly exit, an OTC market. Although we endow all banks with the same trading technology, banks' optimal entry and trading decisions endogenously lead to a realistic market structure composed of dealers and customers with distinct trading patterns. We decompose banks' entry incentives into incentives to hedge risk and incentives to make intermediation profits. We show that dealer banks enter more than is socially optimal. In the face of large negative shocks, they may also exit more than is socially optimal when markets are not perfectly resilient.     

Visualization for Large‐scale Gaussian Updates

In geostatistics and also in other applications in science and engineering, it is now common to perform updates on Gaussian process models with many thousands or even millions of components. These large‐scale inferences involve modelling, representational and computational challenges. We describe a visualization tool for large‐scale Gaussian updates, the ‘medal plot’. The medal plot shows the updated uncertainty at each observation location and also summarizes the sharing of information across observations, as a proxy for the sharing of information across the state vector (or latent process). As such, it reflects characteristics of both the observations and the statistical model. We illustrate with an application to assess mass trends in the Antarctic Ice Sheet, for which there are strong constraints from the observations and the physics.     

Response Order Effects in Dichotomous Categorical Questions Presented Orally: The Impact of Question and Respondent Attributes

Using data from 548 experiments in telephone surveys conductedby the Gallup Organization, we explored how attributes of questionsand respondents moderate response order effects in dichotomouscategorical questions. These effects were predominantly recencyeffects and occurred most in questions that were more difficultto comprehend (especially among respondents with the least education),with response choices that were more difficult to comprehend(because they were complete sentences instead of words or phrasesand because they were not mutually exclusive), and that wereasked after many prior questions. Recency effects were alsomore common in questions that explicitly or implicitly encouragedrespondents to wait until they had heard all the answer choicesbefore formulating a judgment than in questions that inducedrespondents to begin formulating a judgment before all the answerchoices had been read (especially among the least educated respondents).A study of interviewer behavior revealed patterns of pausingbetween and within sentences that help to explain why some typesof questions are especially prone to recency effects and othersare not.     

Gambling Behavior of Student-Athletes and a Student Cohort: What are the Odds?

This study investigated the prevalence of gambling, gambling related NCAA violations, and disordered gambling in student-athletes (n = 736) with a comparison cohort of students (n = 1,071) at four universities. Student-athletes reported similar rates of gambling frequency, use of a bookmaker, and disordered gambling as students. After accounting for demographic differences, student-athletes were less likely to engage in sports wagering than students. Several risk factors for disordered gambling were identified, including being male and reporting at least one parent with a history of gambling problems. These findings suggest that problems associated with gambling are a university-wide issue with student-athletes meriting additional attention because of implications for the integrity of intercollegiate sports. Improved prevention and intervention efforts for collegiate gambling are recommended.     

Fractured relationships and the potential for abuse of older men

Elderly men are an understudied population in the area of abuse and neglect. The typical elder abuse or neglect victim is described as a frail woman. The National Elder Abuse Incidence Study shows men to be victims as well and at higher risk than women for abandonment, the most extreme form of neglect. A qualitative study of older widowed men did not specifically explore issues of abuse and neglect, but found several of the men experiencing alienation from one or more of their adult children. This paper explores the dynamics of these "fractured relationships" and finds several patterns that may increase an older man's risk of being neglected when his needs for support increase. Many men are not functioning in a kinkeeper role and are not attempting to repair fractured relationships. Minimizing their own feelings may prevent men from understanding the extent of alienation felt by an adult child.     

The Experience-Earnings Profile: Productivity-Augmenting or Purely Contractual? Evidence from the UK

We test the human capital interpretation of the experience-earnings profile. Does the upward sloping portion of the experience-earnings profile reflect on-the-job training which in turn causes the experience-productivity profile to slope upwards, or do purely contractual factors determine the nature of life-cycle earnings. Herein, we provide additional evidence on the relationship between productivity and earnings by examining earnings differentials in the UK academic labor market for economists. Using a test first suggested by Mincer, we find that the empirical results are consistent with human capital theory. We find that, although the positive relationship between earnings and experience persists when individual productivity measures are included in the salary equations for lecturers and senior lecturers, the positive relationship becomes statistically insignificant when the same productivity measures are included in the salary equations for professors. For lecturers and senior lecturers, the experience-salary profile properly reflects the structure of the national pay scale rather than variations in individual research productivity. At the professor level, where individual salaries are not determined by a pay scale, the data support the human capital explanation of the positive experience-earnings profile.

'The grit in the oyster': Community development workers in a modernizing local authority

This article offers a brief overview of the challenges facingUK local authorities, including the need to enhance public participationin decision making and service delivery, improve service performanceand increase partnership working. It explores the potentialcontribution of community development work to meeting thesechallenges, drawing on a case study of one UK county council.The essential tensions and conflicts in the role of communitydevelopment workers in a local authority are highlighted, showinghow the modernization process introduced by the New Labour governmentis adding further layers of complexity and ambiguity.     

Stress and dress: investigating the relationship between social anxiety and appearance management among gay and straight men

This research project explores the relationship between social anxiety and appearance management behaviors (AMB), including both routine and non-routine, among gay and straight men and women. Prior research had found links between AMB and stress (Reilly & Rudd, 2002), stress and (perceived) discrimination (Lee, 1997; Savin-Williams, 1994), and sexual orientation and weight (Brand, Rothblum, & Solom, 1992). An argument is made that links stress with AMB using the foundation of Social Comparison Theory (Festinger, 1954) as a guide. Research questions investigated were: (1) Is there a correlation between stress and AMB; (2) Is there a significant difference between body mass indices of men and women of differing sexual orientations; (3) How do AMB differ between those with gay and straight orientations; and (4) How do AMB differ between men and women? Using a survey design, a questionnaire was posted on the Internet. Measures included the Rudd/Lennon Appearance Management Scale of Routine and Risky Behaviors and the Liebowitz Social Anxiety Scale. A total of 365 usable forms were completed. Results show that social anxiety is positively correlated with non-routine AMB, or behaviors that carry some risk. Gay and straight participants differed on the routine AMB they practiced. Men and women differed on the non-routine or risky AMB they practiced or would consider practicing. Implications are discussed and further research is suggested.     

“To get the word out”: LGBTQ+ Young adults’ motivations for participating in qualitative research studies

Understanding why socially marginalized individuals, such as lesbian, gay, bisexual, transgender and/or queer (LGBTQ+) people, participate in research can improve qualitative research designs, as well as social services and policies. In providing a participant-centered foundation, we interviewed 65 LGBTQ+ young adults and asked “Why are certain LGBTQ+ young adults motivated to engage in qualitative social science studies?” Many LGBTQ+ young people said they were committed to enacting social change and promoting advocacy. Participants also highlighted supporting scientific research and knowledge production. Finally, LGBTQ?+ participants engaged with research to introspectively analyze their identity development processes. These findings can facilitate access to socially vulnerable and underrepresented groups through a methodological focus on participant benefits.