Real Estate Taxation and Commercial Mortgage Underwriting

Recent disclosures about problem commercial real estate loans have exposed the underwriting process to intense scrutiny. This study focuses on mortgage loan underwriters of life insurance companies. After a review of the tax changes that affected commercial real estate from 1969 through 1988, the study tests how loan underwriters reacted to changes in tax benefits. To overcome the interdependent effects of interest rates and capitalization rates, a variation of the Black-Scholes pricing model is used to test the impact of changes in tax benefits. The results indicate that the underwriters do not fully incorporate the value of tax benefits in the underwriting decision. During the period of the largest tax benefits, 1982 to 1986, underwriters became more conservative and increased their equity requirements.     

‘Coming Out Tales’: Adult Sons and Daughters' Feelings About Their Gay Father's Sexual Identity

Coming out to their children is a dilemma that concerns many gay, bisexual, and lesbian parents with children from previous heterosexual relationships. How children found out about having a father who identified himself as gay, and their feelings about their father's sexual identity, were explored through qualitative analysis of semi‐structured interviews with 36 sons and daughters (aged 19 to 36 years) whose gay fathers participated in the Gay & Bisexual Parenting Survey (Barrett and Tasker, 2001). Interpretative Phenomenological Analysis revealed that awareness of their father's sexual identity was often left unspoken for various reasons, and that acceptance came about through gradual understanding as well as direct discussion. Interview data indicated the complexity of the relationship between the young adult's personal acceptance of their father's gay identity and their consideration of social context when deciding how open to be to others about their father's sexual identity. This research has varied implications for therapeutic work with gay and bisexual fathers coming out to their children from previous heterosexual relationships.     

青年流动人口就医流向选择的影响因素与测度分析——基于北京、上海和深圳调查

通过探讨和研究青年流动人口就医流向,为认识和分析青年流动人口就医问题提供数据和依据,为提高我国青年流动人口的健康水平、优化卫生资源配置、促进卫生资源分配的公平合理、完善我国青年流动人口异地就医政策提供理论基础。故此,根据消费者选择效用最大化原理,应用就医地点对就医者的效用满足函数,构建基于效用最大化的青年流动人口就医行为选择及影响因素评估模型,从就医机构选择的预测概率、离散变化和Odds Ratios等角度对影响因素的重要程度及影响大小进行定量测度和分析,结论显示:青年流动人口的个体特质人口学因素、经济支持因素和生理因素对青年流动人口的就医流向影响具有统计显著性,但对不同就医方式选择的影响大小不尽相同,教育程度和在业状况对就医流向的影响最大,并根据影响因素程度的不同,提出了相应的对策和建议。     

Examining the interrelation dynamics between option and stock markets using the Markov-switching vector error correction model

This study examines the dynamics of the interrelation between option and stock markets using the Markov-switching vector error correction model. Specifically, we calculate the implied stock prices from the Black–Scholes 6 Black, F. and Scholes, M. 1973. The pricing of options and corporate liabilities. J. Polit. Econ., 81: 637–659. [Crossref], [Web of Science ®] [Google Scholar] model and establish a statistic framework in which the parameter of the price discrepancy between the observed and implied prices switches according to the phase of the volatility regime. The model is tested in the US S&P 500 stock market. The empirical findings of this work are consistent with the following notions. First, while option markets react more quickly to the newest stock–option disequilibrium shocks than spot markets, as found by earlier studies, we further indicate that the price adjustment process occurring in option markets is pronounced when the high variance condition is concerned, but less so during the stable period. Second, the degree of the co-movement between the observed and implied prices is significantly reduced during the high variance state. Last, the lagged price deviation between the observed and implied prices functions as an indicator of the variance-turning process.     

Assessment of older adults’ satisfaction with adult protective services investigation and assistance

This study examined elder self-neglect client satisfaction with services provided by an Adult Protective Services (APS) program. A total of 77 community-dwelling older adults with APS-substantiated self-neglect responded to the standardized and widely used 8-item Client Satisfaction Questionnaire. Approximately 75% of the participants reported being satisfied with the overall services. They felt that the services provided were responsive to their need(s) and helped them deal with their problem(s). Greater than 80% responded that they would refer a friend, would utilize APS in the future if necessary, and were at least satisfied with the amount of help received. The extent to which their needs were met received the lowest satisfaction scores. Future studies are needed to examine elder self-neglect client satisfaction in relation to specific services.     

Cultural,individual, and familial risk and protective factors associated with depressive symptoms in Pacific youth living in New Zealand

ABSTRACT

This article examines cultural, individual, and familial risk and protective factors associated with depressive symptoms in Pacific youth living in New Zealand. At ages 11 (n = 950) and 14 (n = 931), Pacific youth participated in multidisciplinary interviews that included the Children’s Depression Inventory. Across time points, factors significantly associated with higher depressive symptoms were involvement in bullying and gang activities. Positive parenting was significantly associated with lower depressive symptoms, and Tongan youth were significantly less likely to report depressive symptoms than Samoan youth. Time-varying factors were gender, problem behaviour syndromes, and maternal education. Gaining more knowledge about modifiable risk and protective factors that contribute to depression in Pacific youth is an important tool to support new approaches that promote adaptive psychological adjustment during adolescence.     

Migration is the Driving Force of Rapid Aging in Puerto Rico: A Research Brief

Population Research and Policy Review - The combined effects of declining fertility and increased longevity have accelerated population aging in different parts of the world. Unlike other...