Influence diagnostics in the capital asset pricing model under elliptical distributions

In this paper we consider the Capital Asset Pricing Model under Elliptical (symmetric) Distributions. This class of distributions, which contains the normal distribution, t, contaminated normal and power exponential, among others, offers a more flexible framework for modelling asset prices or returns. In order to analyze the sensibility to possible outliers and/or atypical returns of the maximum likelihood estimators, the local influence method was implemented. The results are illustrated by using a set of shares from companies who trade in the Chilean Stock Market. Our main conclusion is that symmetric distributions having heavier tails than those of the normal distribution, especially the t distribution with small degrees of freedom, show a better fit and allow the reduction of the influence of atypical returns in the maximum likelihood estimators.     

Educational responses to immigrant students in Madrid

During the last few years, changes in the Spanish educational system have had a far reaching impact. Several factors have been critical: (1) the progressive decentralization of education by the government, now a responsibility of regional governments; (2) the extension of compulsory education to the age of 16; and finally (3) the increase in the number of immigrant students, which has significantly added to the existing cultural diversity. The enrolment of immigrant students in Spanish schools is a relatively recent phenomenon (starting 15 years ago) when compared with other European countries. Madrid is the region in Spain with the largest number of students. As most of these students were born outside of Spain, we cannot yet speak of a second generation. The research described here investigated how the educational system in Madrid confronted the challenge of an increasing number of immigrant students. The institutional response was the Madrid Regional Government’s Compensatory Education Regional Plan. This encompasses several measures, which are described here. After a critical analysis of educational policies pertaining to immigrant pupils, the paper suggests ways of overcoming a purely compensatory approach. Intercultural education plays a key role is such considerations.     

Transitions to adulthood in contexts of economic crisis and post-recession. The case of Argentina

The possibilities that are available to youth in contemporary Western societies are highly sophisticated and related mostly to the transition between secondary school and higher education, the first job placement, independent housing, lifestyle construction and the consumption of goods produced by cultural industries in a globalist world. Secondary education represents a main factor in terms of socialisation, training, access to employment, citizenship and youth identity construction, making it a key for public policies aimed at youth in Latin America. The article presents the initial results of a research project on transition processes from secondary school to employment in Argentina. The findings are based on statistical information and the empirical analysis of data gathered in two very different economic and social contexts: the first was one of the worst social and economic crisis in the country's history (1999–2003), and the second was a long period of economic growth and increased social welfare (2004–2012). The data are presented in response to the following question: How do different economic contexts influence the transitions of youth in different social class contexts? By answering this question, the significant role of public policies in generating better living conditions for youth becomes clear.     

Cost of Living Variation,Nonmetropolitan America,and Implications for the Supplemental Poverty Measure

Population Research and Policy Review - Poverty scholarship in the United States is increasingly reliant upon the Supplemental Poverty Measure (SPM) as opposed to the Official Poverty Measure of...     

University Students’ Attitudes Toward Same-Sex Parenting and Gay and Lesbian Rights in Portugal

The purpose of this study was to explore university students’ attitudes toward same-sex parenting and toward gay and lesbian rights. A total of 292 participants, aged between 18 and 27 (M = 21) responded to a questionnaire measuring attitudes toward parenting by gay men and lesbians, gay and lesbian rights, and beliefs about the etiology of homosexuality. Results revealed that the majority of students were against gay and lesbian parenting, gay and lesbian equal rights, and believed that homosexuality has a social/environmental basis. It was found that sexual prejudice is highly prevalent in Portuguese university students, and implications of these findings are discussed.