Information theory and risk in capital markets

The present empirical study applies the methodology of information theory to the problem of assessing and separating capital market risk, which is separated into its systematic and unsystematic components. Monthly return relatives for all securities traded on the New York Stock Exchange are examined for the period 1926 to 1971, which is segmented into six 7-year subperiods. The securities are combined into portfolios of various sizes and ranked. It is concluded that although both systematic and unsystematic risks have increased over the 45-year interval—particularly between the pre-1940 and post-1940 periods—they have maintained their relative share of the total risk over the same period.     

Contractors and their Psychological Contracts

It is commonly assumed that contractors are largely calculative, instrumental and self-interested in their relationship with organizations and interface with them accordingly (e.g. low corporate interest and emotional investment). This paper describes a survey involving 117 contractors (62 on 'permanent' agency contracts and 55 on 'temporary' agency contracts) and a comparable (age, job level/grade, years of work experience) group of 86 direct employees (on fixed-term contracts). The survey comprised measures of the psychological contract, of organizational identification, social (corporate) attraction, team spirit and intention to leave. The findings show that contractors are not inevitably 'emotionally' detached from their place of work, in some cases investing in it as much as direct company employees. While transactional (e.g. financial gain, instrumentality) exchange considerations were more salient among contractors than employees, this did not appear to preclude the development of a relational (e.g. corporate integration and long-term investment) contractual orientation. 'Team spirit' and 'organizational identification' predicted the development of relational contracts over and above contractual status. The findings and their management implications are discussed in terms of 'strategic partnership'.     

Cancer risk estimation for mixtures of coal tars and benzo(a)pyrene.

Two-year chronic bioassays were conducted by using B6C3F1 female mice fed several concentrations of two different mixtures of coal tars from manufactured gas waste sites or benzo(a)pyrene (BaP). The purpose of the study was to obtain estimates of cancer potency of coal tar mixtures, by using conventional regulatory methods, for use in manufactured gas waste site remediation. A secondary purpose was to investigate the validity of using the concentration of a single potent carcinogen, in this case benzo(a)pyrene, to estimate the relative risk for a coal tar mixture. The study has shown that BaP dominates the cancer risk when its concentration is greater than 6,300 ppm in the coal tar mixture. In this case the most sensitive tissue site is the forestomach. Using low-dose linear extrapolation, the lifetime cancer risk for humans is estimated to be: Risk < 1.03 x 10(-4) (ppm coal tar in total diet) + 240 x 10(-4) (ppm BaP in total diet), based on forestomach tumors. If the BaP concentration in the coal tar mixture is less than 6,300 ppm, the more likely case, then lung tumors provide the largest estimated upper limit of risk, Risk < 2.55 x 10(-4) (ppm coal tar in total diet), with no contribution of BaP to lung tumors. The upper limit of the cancer potency (slope factor) for lifetime oral exposure to benzo(a)pyrene is 1.2 x 10(-3) per microgram per kg body weight per day from this Good Laboratory Practice (GLP) study compared with the current value of 7.3 x 10(-3) per microgram per kg body weight per day listed in the U.S. EPA Integrated Risk Information System.     

A Simulation Study of Work-in-Process Inventory Drive Systems and their Effect on Operational Measurements

This simulation study compares three operational measures of performance through the exploration of three work-in-process (WIP) inventory drive systems and their associated inventory buffer characteristics. The three drive systems under study are a push, a pull and a hybrid push-pull system. While these systems have many aspects in common, their buffer management systems do not. The data analysis was based on information gathered from three computer-simulated flow shop assembly lines all operating in the same environment. Hypotheses concerning the operational performance measurements were established, independent variables were controlled and manipulated and a conclusion was drawn as to which system would afford the operation optimum results. While inventory has traditionally been considered and is currently being shown as an asset from an accounting point of view, it is obvious from the findings of this study, that excess WIP inventory, above the minimal requirements for production, may have a negative effect on the operational measurements evaluated.     

Professional Social Science: Responsible as Well as Respectable?

Acceptable professional behaviour for social scientists has strayed from traditional ideals. Among other reasons, the predominantly middle-class world view of most social science professionals has contributed to a narrow perspective on social matters which often leaves prevailing societal assumptions unchallenged. The emerging vision of a socially responsible role for social scientists calls into question many currently accepted aspects of professionalism, and the paper argues for a change of emphasis within social science to accommodate this new vision within the fold of professional respectability.     

The Stability of Social Groups in Childhood and Adolescence: The Role of the Classroom Social Environment.

This study provides a developmental analysis of childhood and adolescent social relationships within the school context. The social groups of 220 fourth graders and 475 seventh graders were tracked over a one year interval. The initial results indicated that approximately 30% of the social groups were identified as stable in that they maintained at least 50% of their membership over the one year interval. However, the stability in group affiliations was a function of the stability of the composition of the classroom. When schools did not promote classrooms as a unit, only 6.8% of social groups were stable, as compared to 55% of groups being stable when the school did promote classrooms as a unit. This school effect in group stability was demonstrated by a high correlation (rs = .97) between classroom stability and group stability. Even in unstable classrooms, individuals were more likely to maintain affiliations when group members were assigned to the same classroom. This work suggests that stable environments promote stable relationships, which in turn, may promote greater continuity in the organization of behavioral patterns.     

Hearing the voices of abused older women

This paper focuses on a qualitative research process that gathered responses from 64 older women aged fifty and older on their experience of violence and abuse. What older women said about abuse in their lives supports the use of a feminist framework as well as the age based analysis of the elder abuse field. Some respondents spoke of abuse from childhood into their later years. Some spoke of partners witnessing or experiencing abuse as children. Some women express concern about possible abuse by their adult children of their own children. Abused older women like younger women need a safe environment, emotional support, advocacy, information, and peer support. While it is important to consider the perspectives and knowledge of service providers when developing policy and practice on abuse of older women, it is critical to ask the women survivors of abuse or neglect what they believe would benefit them, and others in similar situations.     

The Proportion of Gaming Revenue Derived from Problem Gamblers: Examining the Issues in a Canadian Context

The legitimacy of government-sponsored gambling and its continued expansion depends in part on the impact that gambling has on society and the extent to which gambling revenue is derived from vulnerable individuals. The purpose of the present article is to try to establish a valid estimate of the proportion of gaming revenue derived from problem gamblers in Canada. Using recent secondary data collected in eight Canadian provinces, we estimate this proportion to be 23.1%, compared to a problem gambling prevalence rate of 4.2%. This estimate must be seen as tentative, however, as self-reported expenditures are 2.1 times higher than actual provincial gaming revenues.