Advisers and the Fiduciary Duty Debate

This work concerns itself with the debate taking place in the United States about the duty of care financial advisers owe investors. On one side it is argued that advisers need only concern themselves with recommendations which meet certain suitability standards. On the other side, there are those who argue the suitability standard is not strong enough to adequately protect investor interests. Instead of ensuring investment recommendations are merely suitable, financial advisers owe their investors a fiduciary duty to “act in the best interest of the customer without regard to the financial or other interests … of the investment adviser providing the advice.” (SEC, 2011). In applying a properly understood conception of what fiduciary means I argue that regulations should not be harmonized but that fiduciary duty should apply to all who provide personalized investment advice to retail customers. I will further argue that even if the regulations are harmonized as proposed, because of exemptions for broker‐dealers as envisioned in the proposal, and which currently apply to Registered Investment Advisers, the efficacy of fiduciary duty is diluted to the point of rendering its current application, much less its potential uniform imposition, irrelevant.     

How Employed Mothers in Australia Find Time for Both Market Work and Childcare

Time use studies find that employed mothers reduce their parental childcare time by much less than an hour for every hour they spend in market work. This paper uses data from the Australian Bureau of Statistics Time Use Survey 1997 (4,059 randomly selected households) to investigate how employed mothers manage to avoid a one-for-one trade-off between work and childcare. It compares the time allocation of employed fathers, employed mothers and non-employed mothers and finds that parents use non-parental childcare to reschedule as well as to replace their own childcare, that employed mothers reschedule activities from weekdays to weekends or to earlier or later in the day, and spend less time than other mothers in housework, childfree leisure and personal care.

Airline Negotiations and the New Concessionary Bargaining

I ask whether the highly confrontational collective bargaining in the airlines is unique to that industry or a sign of a deepening crisis in union–management relations nationally. First, airline labor relations are reviewed in the context of extremely contentious negotiations, intense industry competition, complex and fragmented bargaining structures, frequent bankruptcies, and unpredictable external shocks. Next, concessionary bargaining in the airlines is discussed, and a new and extreme form of concessionary bargaining is identified. The emergence of the new concessionary bargaining in the airlines and its spread to the automobile sector is then interpreted as the early signs of a fundamental transformation of collective bargaining. The implications of the new concessionary bargaining are then described at the workplace, company, union, and societal levels.

Death by survey: Estimating adult mortality without selection bias from sibling survival data

The widely used methods for estimating adult mortality rates from sample survey responses about the survival of siblings, parents, spouses, and others depend crucially on an assumption that, as we demonstrate, does not hold in real data. We show that when this assumption is violated so that the mortality rate varies with sibship size, mortality estimates can be massively biased. By using insights from work on the statistical analysis of selection bias, survey weighting, and extrapolation problems, we propose a new and relatively simple method of recovering the mortality rate with both greatly reduced potential for bias and increased clarity about the source of necessary assumptions.     

Master Production Rescheduling Policy in Capacity-Constrained Just-In-Time Make-To-Stock Environments

This paper describes a simulation experiment to evaluate the relative effectiveness of rescheduling policies in capacity-constrained, just-in-time (JIT) make-to-stock production environments. Three performance measures were analyzed: average finished goods inventory, total units of sales lost, and a measure of schedule instability. Among the three loading methods we studied (level loading, front loading, and back loading), none was superior across all three performance measures. Level loading was the most robust, while back loading had an interaction effect with forecasting model and capacity level. Time fence scenario was found not to be as significant a factor in system performance as reported by previous research. Once an acceptable time fence scenario is selected, attempts to optimize this factor do not appear to offer significant improvement. It was found that higher demand variation, larger forecast errors, and tight capacity lead to the degradation of system performance. Judicious use of slack capacity helps a system to incorporate the periodic schedule changes typical of JIT systems.     

Disruption and the theory of the interaction order

Micro-sociological theory has traditionally stressed interactional pressures towards alignment: actors’ attempts to co-construct a shared definition of the situation. We argue that this model provides an insufficient account of the coordination of action and of the emergence of intersubjectivity among actors. To complement the focus on alignment, we develop a theory of disruption—a perceived misalignment of the dramaturgical structure of interaction in coordinating expected lines of action. We develop a theory of the interaction order that takes the interplay between interactional alignment and disruption as a foundational challenge both for sociology and for actors in their everyday lives. We focus on the practical ways in which actors negotiate both interactional breaches and wider relational ruptures, and how they differentiate between disruptions-of relations and disruptions-for them. By doing so, we connect the interaction order to a wider relational order, providing a bridge between micro-level interactionism and the sociology of culture.

     

Occupational mobility and cognitive ability: A commentary on Betthäuser,Bourne and Bukodi

This commentary critiques Betthäuser, Bourne and Bukodi's (2020) paper which finds that cognitive ability does not substantially mediate class of origin effects on educational and occupational outcomes. From these results, they conclude that cognitive ability is only of minor importance for social stratification, reasserting their view of the primacy of class origins for social stratification. The central issue surrounding cognitive ability in social stratification is its effects on socioeconomic attainments vis-à-vis socioeconomic origins, not the extent that cognitive ability mediates classorigin effects. Their analytical strategy of estimating the extent that cognitive ability mediates class origineffects is misleading because: it ignores the only moderate associations of socioeconomic origins with educational and occupational outcomes; the stronger direct effects of cognitive ability; the associations of parents’ ability with their own socioeconomic attainments; and the genetic transmission of cognitive ability and other traits relevant to social stratification from parents to their children.