Inference for Continuous Semimartingales Observed at High Frequency

The econometric literature of high frequency data often relies on moment estimators which are derived from assuming local constancy of volatility and related quantities. We here study this local‐constancy approximation as a general approach to estimation in such data. We show that the technique yields asymptotic properties (consistency, normality) that are correct subject to an ex post adjustment involving asymptotic likelihood ratios. These adjustments are derived and documented. Several examples of estimation are provided: powers of volatility, leverage effect, and integrated betas. The first order approximations based on local constancy can be over the period of one observation or over blocks of successive observations. It has the advantage of gaining in transparency in defining and analyzing estimators. The theory relies heavily on the interplay between stable convergence and measure change, and on asymptotic expansions for martingales.     

Outsourcing in the public refuse collection sector: exploiting old certainties or exploring new possibilities?

An outsourcing process in a medium-size city, by Norwegian standards, provided the background for our study. In 1996, the city council decided to contract out the refuse collection in half of its total area (the western part of the city), and to let the public refuse collection enterprise continue to collect in the other half of the area. The public enterprise also participated in the competitive tender, without success, however. The bid submitted by the public refuse collection enterprise was used as the basis for a benchmarking process performed by the chief administrative officer of the city in May 1999. The process resulted in the requirement that the public enterprise downsize its number of refuse collectors by 27 per cent. The city thus acquired a more cost-effective refuse collection system both in the western part, now run by a private company, and in the rest of the city, where the collection remained the responsibility of the public enterprise, in its newly pared-down and reorganized version. Detectable changes in the refuse collectors' health status in the three-year period immediately following the outsourcing constitute our main focus in this study. We found that the downsizing and reorganization of the public enterprise had a negative impact on the refuse collectors' health status. One year after the downsizing, six of the 27 refuse collectors remaining in the public enterprise had been diagnosed with heart problems or musculoskeletal pains that were sufficiently serious to form the basis of their individual approaches to secure a disability pension, which all six were in the process of acquiring. The registered sick leave among the refuse collectors showed a dramatic increase during the same period. We found clear indications that the refuse collectors remaining in the employment of the public enterprise had no alternatives in the labour market. Although not the focus of this study, we found that the totality of costs and benefits, not only for the enterprise in question, but also for local and national authorities, needs to be considered in any realistic assessment of the impact of public sector outsourcing of activities.     

Improvement culture in the public mental healthcare sector: evaluation of implementation efforts

Abstract

The Danish public healthcare system has been forced to improve performance in terms of better service and lower costs. One regional Danish public healthcare organization has systematically implemented an improvement culture in its psychiatry sector. This research paper contains an evaluation of the organization’s transformation journey towards continuous improvement in psychiatry. The study was based on twenty-five personal interviews, two group interviews and four focus group interviews with centre managers, doctors, psychologists, psychiatrists, nurses and medical personnel in two of the ten psychiatry centres in the region. The objectives of implementing an improvement culture were to create better service for patients and to improve efficiency. Findings indicate that a number of critical success factors and barriers exist in mental healthcare and that even though a number of resources was invested up front, adjustments of the implementation process were needed from centre to centre. Furthermore, the implementation of a lean culture had some positive effects on treatments. In particular, internally, efficiency improved in some areas, creating a common view of what creates value and how to make improvements. Involving different groups of specialists in the implementation of an improvement culture is important. However, the achievement of continuous improvement efforts could be challenging, as results can be difficult to quantify. The novelty of the paper lies in the fact that data is collected from different groups of employees (from both managers’ and employees’ perspectives) on the effects of a full-scale implementation of an improvement culture in public mental healthcare.     

The Effects of Random and Discrete Sampling when Estimating Continuous–Time Diffusions

High–frequency financial data are not only discretely sampled in time but the time separating successive observations is often random. We analyze the consequences of this dual feature of the data when estimating a continuous–time model. In particular, we measure the additional effects of the randomness of the sampling intervals over and beyond those due to the discreteness of the data. We also examine the effect of simply ignoring the sampling randomness. We find that in many situations the randomness of the sampling has a larger impact than the discreteness of the data.     

Indicators of healthy work environments--a systematic review

The purpose of this study was to systematically review the scientific literature and search for indicators of healthy work environments. A number of major national and international databases for scientific publication were searched for research addressing indicators of healthy work environments. Altogether 19,768 publications were found. After excluding duplicates, non-relevant publications, or publications that did not comply with the inclusion criteria 24 peer-reviewed publications remained to be included in this systematic review. Only one study explicitly addressing indicators of healthy work environments was found. That study suggested that the presence of stress management programs in an organization might serve as indicator of a 'good place to work', as these organizations were more likely to offer programs that encouraged employee well-being, safety and skill development than those without stress management programs. The other 23 studies either investigated employee's views of what constitute a healthy workplace or were guidelines for how to create such a workplace. Summarizing, the nine most pronounced factors considered as important for a healthy workplace that emerged from these studies were, in descending order: collaboration/teamwork: growth and development of the individual; recognition; employee involvement; positive, accessible and fair leader; autonomy and empowerment; appropriate staffing; skilled communication; and safe physical work.     

Between art therapy and disability aesthetics: a sociological approach for understanding the intersection between art practice and disability discourse

What emerges as art and how it is categorised are parts of a collective process taking place in art worlds and involving a wide array of social actors. In this article, the relation between four ways of framing the intersection of disability and art is discussed. These frames are art therapy, outsider art, disability art, and disability aesthetics. The article suggests the frames and the way they relate to each other as important discourses in organising the relation between disability and art. The discourses’ relevance is demonstrated by discussing three cases of art practice among disabled people. The discussion of the cases demonstrates the importance of including more than one of the four identified discourses when analysing art practice involving disability. The concluding part discusses how the intersections of disability and art can be more closely linked to the mainstream art world through the concept of social practice art.     

The Development of an Internet-Based Treatment for Problem Gamblers and Concerned Significant Others: A Pilot Randomized Controlled Trial

Problem gambling creates significant harm for the gambler and for concerned significant others (CSOs). While several studies have investigated the effects of individual cognitive behavioral therapy (CBT) for problem gambling, less is known about the effects of involving CSOs in treatment. Behavioral couples therapy (BCT) has shown promising results when working with substance use disorders by involving both the user and a CSO. This pilot study investigated BCT for problem gambling, as well as the feasibility of performing a larger scale randomized controlled trial. 36 participants, 18 gamblers and 18 CSOs, were randomized to either BCT or individual CBT for the gambler. Both interventions were Internet-delivered self-help interventions with therapist support. Both groups of gamblers improved on all outcome measures, but there were no differences between the groups. The CSOs in the BCT group lowered their scores on anxiety and depression more than the CSOs of those randomized to the individual CBT group did. The implications of the results and the feasibility of the trial are discussed.     

STATEHOOD EXPERIENCE,LEGAL TRADITIONS,AND CLIMATE CHANGE POLICIES

This study investigates how the implementation of modern climate change policies is related to former colonies' length of state history and their legal heritage. We argue that countries with longer statehood experience around the time of colonization were better equipped to implement the legal philosophies transplanted by their colonial powers. Therefore, the implications of receiving British common law versus French civil law should be particularly important in countries with a greater accumulated history of statehood. Using a cross‐section of up to 78 former colonies, our results provide support for this hypothesis. In particular, our estimates demonstrate that common law countries have weaker modern climate change policies than civil law countries and the difference is inflated by a longer statehood experience, measured by the length of state history from 1 to 1800 AD. Legal origin has no effect in areas which, by the time of colonization, had no statehood experience. Finally, we report similar results for the pattern of labor market regulations. (JEL K15, K31, K32, O44, Q54, Q58)     

EU Children in Brexit Britain: Re-Negotiating Belonging in Nationalist Times

This article contributes to debates on identification, home and belonging by focusing on EU children in Brexit times.¹ The article combines attention to the emotional and affective side of integration with a focus on the effects of the discursive practices of the state on these processes. The article explores how Italian children and their parents navigate the increasingly neo-assimilationist pressures in Britain. Specifically, it looks at children's ways of accommodating their parents’ values of mobility, multilingualism and transnationalism with the revived nationalist logic now dominant. The article argues for renewed scrutiny into the role of public discourses on migrants’ experiences, which illuminate the redrawing of the boundaries between inclusion and exclusion at moments of crisis.     

Employer attitudes towards refugee immigrants: Findings from a Swedish survey

Based on a large‐scale survey of Swedish firms, the authors identify significant heterogeneity in their attitudes towards refugee hiring, job performance, wage setting and discrimination, though experience of employing refugees reduces negative attitudes. Firms’ reasons for discontinuing their employment of refugees are not related to discrimination by staff or customers, but rather to refugees’ suboptimal job performance. While the majority of firms do not regard the collectively agreed minimum wages as an important obstacle to the hiring of refugees, firms with a large share of refugees on the payroll report that reducing those wage rates would enhance employment substantially.