CHANGES IN THE COMOVEMENT OF EUROPEAN EQUITY MARKETS

This paper investigates the impact that the removal of exchange controls within major European economies has had on the interdependence of European equity markets. For five years prior to the removal of exchange controls and five years following their removal, we use impulse responses and variance decompositions from vector autoregressions to illustrate that European equity markets have become substantially more integrated after the removal of exchange controls. We undertake further tests that demonstrate that, even if we allow for parallel macroeconomic harmonization, the removal of exchange controls has been a major cause of increased equity market integration within Europe. ( JEL F33, F36, G15)     

Validating Grant-Making Processes: Construct Validity of the 2013 Senior Corps RSVP Grant Review

Accountability in grant-making requires a valid, fair and transparent selection process. This study proposes a four-step framework for validating such a process: determine standards for qualified applicants, assess inter-reviewer reliability, assess factorial validity, and assess reliability. This framework is applied to the Corporation for National and Community Service’s 2013 RSVP grant-making process. The standards were close to the highest points of reliability. Inter-reviewer reliability was above 0.90, a common threshold for high-stakes measurement. After conducting confirmatory factor analysis, the final model merged two of the original five domains of selection criteria, resulting in four domains. The final model was found to have strict measurement invariance, high convergent validity, and measurement reliability between 0.88 and 0.93 for all domains. The results validate the 2013 review process and indicated that the scores exhibited high degrees of reliability, giving public assurance that the process was sufficiently objective and accurately reflected program priorities.     

Toward a Sociology of Knowledge of Land Surveys: The Influences of Societies and States

Although land surveys can be viewed as accomplishments of strong states, this paper shows that they are successful not because of state power, but because of two social factors, lay knowledge and the alignment of social interests. Land surveyance is a strategic research site because it is technologically and labor intensive, so it is difficult to complete. The paper uses historical methodologies of comparison and narrative to show that a national land survey was never completed in the case with the strong state, England/Great Britain/the United Kingdom, while such surveys were completed in the cases with the weak states, the United States and Italy. Where the surveys were completed, there was widespread social knowledge about them and support for surveyance.     

Infants Experience Perceptual Narrowing for Nonprimate Faces

Perceptual narrowing—a phenomenon in which perception is broad from birth, but narrows as a function of experience—has previously been tested with primate faces. In the first 6 months of life, infants can discriminate among individual human and monkey faces. Though the ability to discriminate monkey faces is lost after about 9 months, infants retain human face discrimination, presumably because of their experience with human faces. The current study demonstrates that 4‐ to 6‐month‐old infants are able to discriminate nonprimate faces as well. In a visual paired comparison test, 4‐ to 6‐month‐old infants (n = 26) looked significantly longer at novel sheep (Ovis aries) faces, compared to a familiar sheep face (p = .017), while 9‐ to 11‐month‐olds (n = 26) showed no visual preference, and adults (n = 27) had a familiarity preference (p < .001). Infants’ face recognition systems are broadly tuned at birth—not just for primate faces, but for nonprimate faces as well—allowing infants to become specialists in recognizing the types of faces encountered in their first year of life.     

Equal Learning Does Not Result in Equal Remembering: The Importance of Post‐Encoding Processes

Explanations of variability in long‐term recall typically appeal to encoding and/or retrieval processes. However, for well over a century, it has been apparent that for memory traces to be stored successfully, they must undergo a post‐encoding process of stabilization and integration. Variability in post‐encoding processes is thus a potential source of age‐related and individual variance in long‐term recall. We examined post‐encoding variability in each of two experiments. In each experiment, 20‐month‐old infants were exposed to novel three‐step sequences in each of three encoding conditions: watch only, imitate, and learn to criterion. They were tested for recall after 15 min (as a measure of the success of encoding) and either weeks (1, 2, or 3: Experiment 1) or days (1, 2, or 4: Experiment 2) later. In each experiment, differential relative levels of performance among the conditions were observed at the two tests. The results implicate post‐encoding processes are a source of variance in long‐term recall.     

International Social Work Research: Issues and Prospects

Abstract

This article reports on qualitative research that examined the experiences of 25 Australian participants aged over 60 years who were estranged from at least one adult child. When participants were asked about their perceptions of the cause of the estrangement they described events prior to and at the time of the estrangement, possibly perceived as a form of parental rejection or relational devaluation by the estranged children. Findings suggested a complex interplay of long-term factors that appeared to contribute to an eroded relationship between parents and children, including divorce, third-party alienation, and multiple family stressors. Ultimately participants said that the adult children responded by: (1) choosing what they perceived to be a less rejecting or less dangerous relationship over a relationship with their parent; (2) choosing to stop contact or reduce emotional interactions with their parent; or (3) using estrangement to punish their parent for the perceived rejection.     

Medical Complications of Female Genital Mutilation

Abstract

More than 130 million women are subjected to genital mutilation. Despite increasing efforts to reduce the practice, there are many obstacles to eliminating this 2,000-year-old practice, which is based on strong cultural traditions. As college health clinicians provide care to more international students from countries where female genital mutilation is performed, increased awareness and knowledge of the procedure will enable clinicians to understand and manage its complications. We report a case of obstructive uropathy resulting in hydronephrosis secondary to female genital mutilation and review the medical literature regarding this and other complications of genital mutilation “surgery.”     

Managers of nonprofit organizations are rewarded for performance

We consider the effect of performance on the compensation of nonprofit executives. Performance is measured as the ratio of revenue from a particular activity (such as fundraising or program services) to the expenditures associated with those services, exclusive of managerial compensation. This is consistent with previous works, which use measures of size, spending, or budget percentages as measures of performance. We also consider whether the compensation received by the executives enhances their performance. The empirical results support the hypothesis that compensation and performance are simultaneously determined.