Over‐the‐Counter Markets

We study how intermediation and asset prices in over‐the‐counter markets are affected by illiquidity associated with search and bargaining. We compute explicitly the prices at which investors trade with each other, as well as marketmakers' bid and ask prices, in a dynamic model with strategic agents. Bid–ask spreads are lower if investors can more easily find other investors or have easier access to multiple marketmakers. With a monopolistic marketmaker, bid–ask spreads are higher if investors have easier access to the marketmaker. We characterize endogenous search and welfare, and discuss empirical implications.     

Job Strain, Workplace Discrimination, and Hypertension Among Older Workers: The Health and Retirement Study

Job strain has been associated with hypertension among younger workers; however, whether this relationship persists among older workers, particularly older racial/ethnic minorities, is unresolved. This study evaluated whether job strain and workplace discrimination are associated with hypertension and poor blood pressure control among older workers and whether these relationships vary by gender and race/ethnicity. Data were drawn from the Health and Retirement Study, and analysis was restricted to employed participants with complete information on job strain and blood pressure (N = 3,794). In adjusted models, high job strain was associated with lower likelihood of hypertension (odds ratio (OR): 0.75, 95% confidence interval (CI): 0.63, 0.89) relative to low job strain. Stratified analyses indicated this association was only significant among white (OR: 0.71, 95% CI: 0.58, 0.86) and male (OR: 0.61, 95% CI: 0.47, 0.79) workers. High job strain was not significantly associated with hypertension among African American (OR: 1.14, 95% CI: 0.63, 2.07) or Hispanic (OR: 0.56, 95% CI: 0.29, 1.09) workers. Workplace discrimination was not associated with hypertension among any group. Neither job strain nor discrimination was associated with poor blood pressure control. These findings suggest that persistence in work characterized by high job strain in later life may signal resilience to the influence of work-related stressors on health. Future research efforts should examine the factors that contribute to gender and racial differences in these relationships.     

Assessing Water Poverty in China Using Holistic and Dynamic Principal Component Analysis

In 1988, James Coleman observed that “social capital is defined by its function. It is not a single entity but a variety of different entities, with two elements in common: they all consist of some aspect of social structures, and they facilitate certain actions of actors-whether persons or corporate actors-within the structure.” If one looks at the state of social capital research, it is clear that this is truer than ever before. This paper seeks to help researchers overcome the major challenges of social capital research, namely, measuring a concept that is notoriously difficult for measurement and choosing among the exhaustive list of direct, casual and consequential measures. It does so by arguing for a typology of social capital that considers five major types of social capital and then reviewing a diverse selection of data available from national surveys. This provides a resource for scholars wishing to pursue large-scale social capital research. Additionally, it draws six lessons from this body of theory and measurement to improve the study of social capital.     

Binge drinking in female college students: the association of physical activity, weight concern, and depressive symptoms

As an initial step in building gender-specific binge drinking intervention programs, the authors investigated the relation of potentially modifiable factors (physical activity level, weight concern, and depressive symptoms) to binge drinking while controlling for the effects of previously established correlates of binge drinking (tobacco and marijuana use, GPA, and perception of peer alcohol use). Four-hundred-twelve college women completed an in-class survey. Multivariate analyses revealed that tobacco and marijuana use, GPA, and physical activity were significantly associated with binge drinking, whereas tobacco use and perception of peers' alcohol use were associated with more frequent binge drinking. The findings suggested that the variables associated with any binge drinking and frequency of binge drinking may differ and that binge drinking can be associated with positive health behaviors (ie, greater physical activity) as well as risky health behaviors (eg, tobacco use).     

Transform Analysis and Asset Pricing for Affine Jump‐diffusions

In the setting of ‘affine’ jump‐diffusion state processes, this paper provides an analytical treatment of a class of transforms, including various Laplace and Fourier transforms as special cases, that allow an analytical treatment of a range of valuation and econometric problems. Example applications include fixed‐income pricing models, with a role for intensity‐based models of default, as well as a wide range of option‐pricing applications. An illustrative example examines the implications of stochastic volatility and jumps for option valuation. This example highlights the impact on option ‘smirks’ of the joint distribution of jumps in volatility and jumps in the underlying asset price, through both jump amplitude as well as jump timing.     

A Multi-Trait,Multi-Method Analysis of Three Career Development Measures

Campbell and Fiske's (1959) multi-trait, multi-method analysis was applied to three popular measures of career development. College students completed the Attitude Scale of the Career Maturity Inventory (Crites, 1978a), the Vocational Preference Inventory (Holland, 1978), and the Decision-Making Scale of the Career Development Inventory (Super, Thompson, Lindeman, Jordaan, & Myers, 1981). Participants also took part in a structured interview to assess their career development. The table of multi-trait, multi-method correlation coefficients for the three measures of career development supported their construct validity. Implications and ideas for future research are discussed.