Unpacking Self-Rated Health and Quality of Life in Older Adults and Elderly in India: A Structural Equation Modelling Approach

The Study on global AGEing and adult health (SAGE) aims at improving empirical understanding of the health and well-being of older adults in low- and middle-income countries. A total of 321 adults aged 50 years and older were interviewed in rural Pune district, India, in 2007. We used Structural Equation Modelling (SEM) to examine the pathways through which social factors, functional disability, risk behaviours, and chronic disease experience influence self-rated health (SRH) and quality of life (QOL) amongst older adults in India. Both SRH and QOL worsened with increased age (indirect effect) and limitations in functional ability (direct effect). QOL, socio-economic status (SES), and social networking had no significant effect on SRH. Smoking was associated with the presence of at least one chronic illness, but this did not have a statistically significant effect on SRH. Higher social networking was seen amongst the better educated and those with regular income, which in turn positively affected the QOL rating. QOL had a direct, but statistically not significant, effect on SRH. In conclusion, the indirect effects of age on SRH mediated through functional ability, and the effects of SES on QOL mediated through social networking, provide new understanding of how age and socio-economic status affect SRH and QOL. By allowing for measurement errors, solving for collinearity in predictor variables by integrating them into measurement models, and specifying causal dependencies between the underlying latent constructs, SEM provides a strong link between theory and empirics.     

Social Movements Through the Gender Lens

Although it is widely acknowledged that many aspects of social life are gendered, only relatively recently have feminist researchers begun to address the ‘gender blindness’ of the social movement theory. Integrating findings from multiple studies, the article considers how gender affects social movement dynamics. It is argued that gender exerts pervasive influence on every aspect of social movement activities. The patterns of mobilisation, political and cultural opportunities, framing process and intra-movement dynamics are all gendered. It is argued that although ample evidence demonstrates that protest is gendered, we do not yet know whether there is any general pattern of influence of gender on social movements, a pattern that enables a systematic explanation of the effects of gender on social movement dynamics. In conclusion, I will examine the reasons for this and suggest avenues for research.     

Robust Lagrange multiplier test for detecting ARCH/GARCH effect using permutation and bootstrap

The Lagrange Multiplier (LM) test is one of the principal tools to detect ARCH and GARCH effects in financial data analysis. However, when the underlying data are non‐normal, which is often the case in practice, the asymptotic LM test, based on the χ²‐approximation of critical values, is known to perform poorly, particularly for small and moderate sample sizes. In this paper we propose to employ two re‐sampling techniques to find critical values of the LM test, namely permutation and bootstrap. We derive the properties of exactness and asymptotically correctness for the permutation and bootstrap LM tests, respectively. Our numerical studies indicate that the proposed re‐sampled algorithms significantly improve size and power of the LM test in both skewed and heavy‐tailed processes. We also illustrate our new approaches with an application to the analysis of the Euro/USD currency exchange rates and the German stock index. The Canadian Journal of Statistics 40: 405–426; 2012 © 2012 Statistical Society of Canada     

SPORTS‐LED TOURISM,SPATIAL DISPLACEMENT,AND HOTEL DEMAND

We analyze the relationship between professional sports events and concerts held in LA's Staples Center and nearby hotel performance. Government‐led economic redevelopment projects often envision sports facilities as tourist magnets. Little evidence exists supporting links between sporting events and hotel demand. An empirical analysis exploiting exogenous daily variation in the timing of games and concerts from 2002 to 2017 shows a small positive impact on room revenue at hotels within one mile and larger room revenue decrease at hotels located one to 4 miles away. The overall impact on hotel room revenue and rooms rented was not positive. Nearby hotel room rates increased during NBA and NHL work stoppages. The city granted four new hotels built very near the arena exemptions from occupancy taxes for 20–25 years; these exemptions reduced hotel tax revenues by a minimum of $4.5 million annually and may not have been needed to spur new hotel development. (JEL H26, H71, Z28)     

Robust Estimation in Binary Choice Models

The binary-response smoothed maximum score (SMS) estimator accommodates heteroskedasticity of an unknown form, but it may be heavily biased when the conditional error density is not differentiable or not bell shaped. We construct a new combined SMS estimator as a linear combination of individual estimators with weights chosen to minimize the trace of estimated mean squared error. This estimator is robust and rate-adaptive under weak assumptions on the density. Results of a Monte Carlo study confirm good performance of the combined estimator.     

Value creation through spin-offs: A review of the empirical evidence

This paper reviews the literature on the factors that influence the wealth effects associated with the announcements of corporate spin-offs (also known as demergers). Meta-analysis is used to summarize the findings of 26 event studies on spin-off announcements. A significantly positive average abnormal return of 3.02% is found during the event window. Returns are higher for larger spin-offs, for divestments that are tax or regulatory friendly and for spin-offs that lead to an improvement of industrial focus. It is also found that spin-offs that are later completed are associated with lower abnormal returns than non-completed spin-offs. The second part of the paper overviews studies on the long-run stock price performance of spin-offs. Even though early studies find a long-run superior performance, this effect is no longer found in later studies that use more refined statistical tests.