Risk-Reducing Legal Documents: Controlling Personal Health and Financial Resources

Every adult can eliminate the risk of losing control of personal health decisions and financial resources by having a last will and testament, health proxy, power of attorney, and living trust. Yet evidence suggests that less than a majority of adult Americans have these documents. We surveyed 900 adult Americans (25 plus years old) to determine what factors predict the possession of these risk-reducing documents. In total, 46% had a living will and testament, 32% a durable power of attorney, 30% a health proxy, and 18% a living trust. Events that prompt people with wealth to secure these documents, such as increasing age, getting married, having children, and experiencing a life-threatening event were the strongest predictors of having a will. These were also among the strongest predictors of having a health proxy, along with a personal history of being proactive, and a family history that fostered trust of attorneys. Affluence, age, and education were the strongest predictors of having a living trust, and the strongest correlate of having a durable power of attorney was having faced a life-threatening event, positive experiences with attorneys, and higher educational achievement.     

F?rdern aktienkursbasierte Vergütungsinstrumente langfristig orientierte Unternehmensentscheidungen? Lehren aus der Kreditkrise

The question whether stock-based management incentives encourage long-term oriented management decisions is the topic of a controversial public debate. Also, the existing academic literature provides no clear picture, mainly due to endogeneity problems. In this paper, we reexamine the issue in the context of the recent credit crises, which allows us to solve the endogeneity problem. In the empirical analysis we find that firms, which have awarded stock-based incentives to their executives prior or during the financial crises, face substantially lower cuts in investment spending. These firms also show higher levels of R&D investments during the financial crises. Overall, our results suggest that stock based long-term incentives promote long-term oriented management decisions.     

Competency-Based Training: Objective Structured Clinical Exercises (OSCE) in Marriage and Family Therapy

The field of marriage and family therapy (MFT) has recently engaged in the process of defining core competencies for the profession. Many MFT training programs are adapting their curriculum to develop more competency-based training strategies. The Objective Structured Clinical Examination (OSCE) is widely used in the medical profession to assess clinical competence. These examinations involve using simulated clinical situations as a tool in conducting summative evaluations of trainee competence. This article describes an adaptation of the OSCE procedures for competency-based training of MFT students. Instead of using the procedures as a summative examination as is typical in medical education, this article proposes how to use them as formative exercises in the development of student competence. The development of the OSCE is discussed, including “blueprinting,” focused competencies, procedures, and feedback protocols. The article concludes with suggestions of how to continue the development of the OSCE for evaluation in MFT education.     

Spatial distribution of structure infesting ant species inhabiting urban housing developments of different ages

The distribution of ant colonies within a community is often well defined, yet this distribution can change due to changing environmental conditions, resource availability, and colony growth. In this study, structure infesting ant communities were sampled for one year within three Puerto Rican housing developments of different ages. These developments represented environments in different stages of recovery after a disturbance (secondary succession). Spatial mapping was used to plot the distribution and abundance of ant communities within these developments. At the beginning of the study, the youngest housing development (1 year since construction), had the fewest number of species present (ave. 1.6 per house). The second housing development (4 years old) had a greater number of species (ave. 2.6 per house), and a greater sampling frequency (the same species collected at multiple houses) than Site 1. The oldest development (8 years old) had both the greatest number of species (ave. 2.7 per house), and sampling frequency of the three sites. In all developments, the number of species, sampling frequency, and ant biomass increased throughout the year as colonies grew and foraging ranges expanded. It was observed in all developments, that species coexistence also increased throughout the year. As colony populations increased, there was a greater occurrence of multiple species being collected at the same sample house. In the youngest development, the two most dominant species increased in numbers during the year and began to be collected from the same sample houses. Spatial diagrams documented that multiple species in the older housing developments (later stages of succession), also shared a common distribution. Even the most dominant species (S. invicta) in all three sites, did not exclude additional species from foraging within its established range.     

Agency Problems between Managers and Employees in Nonprofit Organizations: A Discrete Choice Experiment

Most principal–agent literature of nonprofit organizations has focused on the relationship between board members and managers. However, in addition to the role as an agent of the board, the manager also performs a role as principal with respect to the nonprofit employees. By using a discrete choice experiment, we identify the objectives of managers and employees in nonprofit organizations and assess the presence of agency problems in this relationship. Our sample consists of 76 headmasters, 161 teachers, and 39 administrative employees in 74 secondary nonprofit schools in Belgium. We find that the six objectives set out in the experiment play an important role for both headmasters and subordinate staff. However, the results also indicate that some of these objectives are significantly more important for the headmasters. In sum, our results suggest that agency theory and stewardship theory are not necessarily in conflict with each other but can be combined into a more general governance framework for nonprofit organizations. Consequently, we argue that incentive structures that incorporate different types of objectives can facilitate the recruitment and retention of employees in nonprofit organizations.     

The Impact of Immigrant Status on Home Ownership in Australia

This paper examines the impact of immigrant status on home ownership in Australia. It shows that the rate of home ownership for most groups of immigrants is comparable to that of the Australian born. As expected, recently arrived immigrants have relatively low probabilities of owning their own home. These results hold for both analyses pooled across movers and non‐movers, and for analyses restricted to those, both immigrants and the native born, who moved residence in the previous five years. A decomposition of the estimated coefficients of the model of tenure choice is developed. This is shown to enhance understanding of variations in rates of home ownership across birthplace groups.     

IS BOWEN THEORY VALID? A REVIEW OF BASIC RESEARCH

In the last 15 years, a substantial number of studies have tested the theoretical validity of Bowen family systems theory. A review of this basic research provided empirical support for the relationship between differentiation and chronic anxiety, marital satisfaction, and psychological distress. Bowen's assumption that couples with the same level of differentiation marry was not supported. His specific theories of sibling position and triangulation also received little empirical support. Research on multigenerational transmission has generally ignored Bowen's theoretical perspective, and more research needs to test Bowen's claim that his theory is universal. In addition, researchers still need to examine the effect of differentiation on child functioning, physical health problems, and adaptability.