Anatomy of a Market Failure: NYSE Trading Suspensions (1974–1988)

A cross-sectional analysis of all trading suspensions that occurred during the period 1974–1988 in the New York Stock Exchange reveals that, though the desire to maintain price continuity remains an important motivation to suspend trade, inventory-imbalance fears are pronounced for large firms. Adverse-selection concerns afflict all news-related suspensions irrespective of firm size. Furthermore, we find substitutability among the various dimensions of liquidity: Although large- cap stocks have lower bid-ask spreads, they halt more often. A time series analysis shows that the resiliency of the exchange—its ability to absorb severe volatility shocks—has improved in this period.     

Audience Influence on EGM Gambling: The Protective Effects of Having Others Watch You Play

One component of social facilitation on gambling is the potential for an audience of people to observe the play of Electronic Gaming Machine (EGM) gamblers and influence their behaviour without participating directly in gambling themselves. An experiment was conducted with an audience of onlookers, purported to be students of research methods, taking notes while watching the participants play an EGM. Forty-three male and 82 female participants (N = 125), aged 18–79 (M = 49.2, SD = 15.6), played a laptop simulated 3-reel EGM using a $20 stake in three conditions: (1) alone, (2) watched by a simulated audience of six persons, or (3) watched by an audience of 26. Outcomes on the poker machine were rigged with a fixed sequence of five wins in the first 20 spins and indefinite losses thereafter. The results found smaller bet-sizes associated with larger audiences of onlookers, and this outcome is consistent with a hypothesized motivation to display more wins to the audience. Moreover, final payouts were greater in the audience conditions compared to the control, further suggesting that an audience may be a protective factor limiting player losses.     

Understanding Race and Ethnicity in Rural America1

Abstract Rural sociologists have an opportunity to make a significant contribution to the race and ethnic relations literature by focusing on the unique social position of minority communities in rural areas. Reservations, colonias, and rural African-Americans in the South are located in close proximity to the historic institutions established for their exploitation and oppression—slavery, for example. As such, these communities represent a legacy from which much can be learned. The potential impact of this work is readily seen in the context of the past contributions of rural sociologists. This discussion concludes with a review of the work of scholars studying race and ethnicity in rural areas in the early, middle, and later years of the discipline of rural sociology.     

Religion that strengthens democracy: An analysis of religious political strategies in Israel

Theory and Society -     

Sociopolitical Development and Vocational Expectations Among Lower Socioeconomic Status Adolescents of Color

The well‐documented aspiration‐expectation gap refers to lower socioeconomic status (SES) adolescents of color expecting to attain occupations with lower pay and status than the occupations to which they aspire. Sociopolitical inequity, such as structural racism and asymmetrical access to resources, may explain this gap. This article examines the capacity to cope with sociopolitical inequity (i.e., sociopolitical development) and its relationship to vocational expectations among this population. Analyses revealed that sociopolitical development was associated with higher vocational expectations and may contribute to reducing the vocational aspiration‐expectation gap among lower SES adolescents of color. Furthermore, career counseling, guidance, and psychosocial interventions may be augmented by incorporating sociopolitical development.     

Sociological Knowledge and Scientific Knowledge

Some significant insights in relation to science and its claims emerged in early sociology. However, sociologies of knowledge and science remained separate until the late 1960s. Questioning scientific knowledge raised questions about career interests, language, interaction, class and gender in shaping scientific claims. Offering insights, this new sociology tended towards 'epistemological polarisation'. New waves further distanced themselves from the validity claims of 'scientists'. Insulating within a self-referential field of peers, journals, conferences and subdisciplinary norms, epistemological polarisation, emulated natural sciences, but had a marginalising effect. Attention to symmetry in the social study of scientific beliefs, such that social causation of belief is not said to invalidate such belief, was often ignored, and the sociology of scientific knowledge tended towards debunking. This article challenges this spiral and suggests a 'reflexive epistemological diversity' that recognises the value of many forms of explanation, promoting interaction between different explanations, at different levels of causation, and across the divide between natural and social sciences. Recent feminist science studies go furthest in developing this trend. In line with recent developments in the natural sciences, such an approach does not suggest that 'anything goes', yet opens up explanation beyond narrow conceptions of expertise, reductionism and relativism.     

Building Citizenship: How Student Voice in Service-Learning Develops Civic Values

Objective . Though many decry the decline in political participation and interest, few academic studies present a clear approach to help reverse these trends. This paper examines the impact of service-learning programs on students' self-concept, political engagement, and attitudes toward out-groups. Methods . The data come from a pre and post survey given to more than 200 high school students in 10 different schools. We use Huber regression to assess the impact of student voice in the service-learning project on six dependent variables. Results . We show that if students are involved in service-learning projects in which they have a high degree of voice and ownership, their self-concept and political engagement will improve, and they become more tolerant toward out-groups. Conclusion . In short, having a voice in service-learning programs builds citizenship.     

Stochastic volatility modelling in continuous time with general marginal distributions: Inference,prediction and model selection

We compare results for stochastic volatility models where the underlying volatility process having generalized inverse Gaussian (GIG) and tempered stable marginal laws. We use a continuous time stochastic volatility model where the volatility follows an Ornstein–Uhlenbeck stochastic differential equation driven by a Lévy process. A model for long-range dependence is also considered, its merit and practical relevance discussed. We find that the full GIG and a special case, the inverse gamma, marginal distributions accurately fit real data. Inference is carried out in a Bayesian framework, with computation using Markov chain Monte Carlo (MCMC). We develop an MCMC algorithm that can be used for a general marginal model.     

“党派实在论”的结构诠释学

如果政治宣传,意识形态以及党派性等概念真的从这些概念本身的内涵来界定自身,那么,在追逐某个政治议程时,这些概念由于存在明显的偏见,从而会导致自相驳斥的结果。因此,毫不奇怪,这些沟通类型的显明特征之一就是宣称它们在精准和公平地再现实在,并且否认存在政治偏见的丑恶内涵。笔者称这种类型为“党派实在论”,即被政治驱动的媒体演出,它们象征性地把自己呈现为是在实在论类型下运作的。本文的问题是,党派性媒体报导是如何在追逐自身的政治议程的同时创造出一种中立且无偏见的实在论表象的。为此,本文借用文化社会学的结构诠释学方法,以“奥莱利实情”这档非常流行的美国电视新闻节目作为党派实在论的分析案例。本文认为,“奥莱利实情”是通过如下几个范畴来生产一种用以诠释新闻的“党派实在论”框架的：主持人形象建构、围绕二元对立符码形成复杂的潜在意义结构,以及一套精致奥妙的修辞技巧。虽然这档节目自诩是一扇投射现实的简单窗户,但事实上,它启用一套精妙的党派文化系统来确证观众通过这扇明显中立的窗户所看到的东西能够支持节目制作人的政治利益。为了让新闻呈现在一定程度上暗合各种党派结论但又看起来依然是实在论,而非充斥着偏见,节目的每个情节和片段都依据一个意义结构来搭建问题。这个意义结构虽然具有强烈的党派结论导向性,但又能给人一种对各方观点都进行过理性思考的外表。本文认为,这种针对意义结构的深度分析对于理解作为政治沟通类型的“党派实在论”具有重要意义。