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.     

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.     

Calculating the density and distribution function for the singly and doubly noncentral F

Simple, closed form saddlepoint approximations for the distribution and density of the singly and doubly noncentral F distributions are presented. Their overwhelming accuracy is demonstrated numerically using a variety of parameter values. The approximations are shown to be uniform in the right tail and the associated limitating relative error is derived. Difficulties associated with some algorithms used for exact computation of the singly noncentral F are noted.     

Racial identity, racial discrimination, perceived stress, and psychological distress among African American young adults

This study examines the direct and indirect relationships among racial identity, racial discrimination, perceived stress, and psychological distress in a sample of 555 African American young adults. A prospective study design was used to assess the influence of two dimensions of racial identity attitudes (i.e., centrality and public regard) on other study variables to investigate the relationship between racial identity attitudes and psychological distress. The results show some evidence of a direct relationship between racial centrality and psychological distress, as well as evidence of indirect relationships for both centrality and public regard through the impact of racial discrimination and perceived stress. In addition, racial centrality was both a risk factor for experiencing discrimination and a protective factor in buffering the negative impact of discrimination on psychological distress. Results are discussed within the context of identifying multiple pathways to psychological well-being for African American young adults within the context of racial discrimination.     

Daubert v. Merrell Dow pharmaceuticals: Toward a better relationship between law and science

[Scientists] are neither Gods nor charlatans; they are merely experts, like every other expert on the political stage. They have, of course, their special area of expertise, the physical world, but their knowledge is no more immaculate than that of economists, health policy makers, police officers, legal advocates, weather forecasters, travel agents, car mechanics, or plumbers. The expertise that we need to deal with them is the well‐developed expertise of everyday life; it is what we use when we deal with plumbers and the rest. Plumbers are not perfect-far from it‐but society is not beset with anti‐plumbers because being anti-plumbing is not a choice available to us.1     

Expressing Induced Emotions Through Free Dance Movement

The aim of this study was to examine the effect of two basic emotions, happiness and sadness, on dance movement. A total of 32 adult participants were induced to feel emotional states of either happiness or sadness and then danced intuitively to an emotionally ‘neutral’ piece of music, composed specifically for the experiment. Based on an Effort-Shape analysis of body movement, full body movement was captured and seven different movement cues were examined, in order to explore whether differences in corporeal articulations between the happy and sad condition existed. Results revealed that in the happy condition, participants moved faster, with more acceleration, and made more expanded and more impulsive movements than in the sad condition. Results are discussed with respect to possible consequences for future research on human movement.     

Is Poker a Game of Skill or Chance? A Quasi-Experimental Study

Due to intensive marketing and the rapid growth of online gambling, poker currently enjoys great popularity among large sections of the population. Although poker is legally a game of chance in most countries, some (particularly operators of private poker web sites) argue that it should be regarded as a game of skill or sport because the outcome of the game primarily depends on individual aptitude and skill. The available findings indicate that skill plays a meaningful role; however, serious methodological weaknesses and the absence of reliable information regarding the relative importance of chance and skill considerably limit the validity of extant research. Adopting a quasi-experimental approach, the present study examined the extent to which the influence of poker playing skill was more important than card distribution. Three average players and three experts sat down at a six-player table and played 60 computer-based hands of the poker variant “Texas Hold’em” for money. In each hand, one of the average players and one expert received (a) better-than-average cards (winner’s box), (b) average cards (neutral box) and (c) worse-than-average cards (loser’s box). The standardized manipulation of the card distribution controlled the factor of chance to determine differences in performance between the average and expert groups. Overall, 150 individuals participated in a “fixed-limit” game variant, and 150 individuals participated in a “no-limit” game variant. ANOVA results showed that experts did not outperform average players in terms of final cash balance. Rather, card distribution was the decisive factor for successful poker playing. However, expert players were better able to minimize losses when confronted with disadvantageous conditions (i.e., worse-than-average cards). No significant differences were observed between the game variants. Furthermore, supplementary analyses confirm differential game-related actions dependent on the card distribution, player status, and game variant. In conclusion, the study findings indicate that poker should be regarded as a game of chance, at least under certain basic conditions, and suggest new directions for further research.     

A Longitudinal Study of Depressive Symptoms and Marijuana Use in a Sample of Inner‐City African Americans

The association between marijuana use and depressive symptoms was examined longitudinally in a sample of 622 African American youth, interviewed on six occasions, using hierarchical linear modeling (HLM). We considered whether depressive symptoms predicted changes in marijuana use and vice versa from high school through the transition into young adulthood. We also examined gender differences in these behaviors over time. The results indicated that depressive symptoms predicted later marijuana use only for males. Marijuana use did not predict later depressive symptoms for females or males. These findings are consistent with a unidirectional hypothesis indicating that marijuana use may play a role as mood regulator among young males, but not among females. Research findings also indicate that females with lower depressive symptoms use more marijuana than females who report high depressive symptoms. These findings did not change even after controlling for the effects of using other substances at previous stages, school achievement, and demographics factors. These results suggest that depressive symptoms may be an antecedent of marijuana use among African American males.