Time‐Varying Risk Premium in Large Cross‐Sectional Equity Data Sets

We develop an econometric methodology to infer the path of risk premia from a large unbalanced panel of individual stock returns. We estimate the time‐varying risk premia implied by conditional linear asset pricing models where the conditioning includes both instruments common to all assets and asset‐specific instruments. The estimator uses simple weighted two‐pass cross‐sectional regressions, and we show its consistency and asymptotic normality under increasing cross‐sectional and time series dimensions. We address consistent estimation of the asymptotic variance by hard thresholding, and testing for asset pricing restrictions induced by the no‐arbitrage assumption. We derive the restrictions given by a continuum of assets in a multi‐period economy under an approximate factor structure robust to asset repackaging. The empirical analysis on returns for about ten thousand U.S. stocks from July 1964 to December 2009 shows that risk premia are large and volatile in crisis periods. They exhibit large positive and negative strays from time‐invariant estimates, follow the macroeconomic cycles, and do not match risk premia estimates on standard sets of portfolios. The asset pricing restrictions are rejected for a conditional four‐factor model capturing market, size, value, and momentum effects.     

A Dynamic Model of Demand for Houses and Neighborhoods

This paper develops a dynamic model of neighborhood choice along with a computationally light multi‐step estimator. The proposed empirical framework captures observed and unobserved preference heterogeneity across households and locations in a flexible way. We estimate the model using a newly assembled data set that matches demographic information from mortgage applications to the universe of housing transactions in the San Francisco Bay Area from 1994 to 2004. The results provide the first estimates of the marginal willingness to pay for several non‐marketed amenities—neighborhood air pollution, violent crime, and racial composition—in a dynamic framework. Comparing these estimates with those from a static version of the model highlights several important biases that arise when dynamic considerations are ignored.     

Implicit Valuation of the Near-Miss is Dependent on Outcome Context

Gambling studies have described a “near-miss effect” wherein the experience of almost winning increases gambling persistence. The near-miss has been proposed to inflate the value of preceding actions through its perceptual similarity to wins. We demonstrate here, however, that it acts as a conditioned stimulus to positively or negatively influence valuation, dependent on reward expectation and cognitive engagement. When subjects are asked to choose between two simulated slot machines, near-misses increase valuation of machines with a low payout rate, whereas they decrease valuation of high payout machines. This contextual effect impairs decisions and persists regardless of manipulations to outcome feedback or financial incentive provided for good performance. It is consistent with proposals that near-misses cause frustration when wins are expected, and we propose that it increases choice stochasticity and overrides avoidance of low-valued options. Intriguingly, the near-miss effect disappears when subjects are required to explicitly value machines by placing bets, rather than choosing between them. We propose that this task increases cognitive engagement and recruits participation of brain regions involved in cognitive processing, causing inhibition of otherwise dominant systems of decision-making. Our results reveal that only implicit, rather than explicit strategies of decision-making are affected by near-misses, and that the brain can fluidly shift between these strategies according to task demands.     

What shapes plant and animal diversity on urban golf courses?

Recent concern over increasing loss of biodiversity has prompted considerable interest in the role of urban green spaces as reservoirs of local biodiversity. This study assessed the diversity of three indicator taxa - plants, ants and birds - on golf courses spanning a wide range of environmental variation in terms of climate, elevation, course age, size and connectivity to native woodland. Species richness and community composition was further compared between contrasting on-course habitat types that reflect different management intensities. We identified a set of taxon-specific environmental correlates indicating an intricate interplay of landscape- and local-scale variables that affect local species diversity. Our results show that floristic diversity is positively associated with the amount of rainfall, whereas ant and bird diversity are related to local-scale factors, particularly the number of trees and the size of water features on a site. The amount of on-course native habitat was a strong predictor of plant and ant diversity and was also associated with the number of unique species at the site level; this reinforces the value of remnant habitat patches as local biodiversity reservoirs that represent mini hot-spots in an otherwise species-poor urban landscape. Community composition for all three taxa differed markedly between non-playing and playing areas, with boundary and remnant habitats generally having more diverse, species-rich communities. Our results suggest that local floral and faunal biodiversity on urban golf courses can be enhanced by creating woody non-playing areas and, especially, by preserving, restoring or expanding remnant habitats.     

Professionalization through attrition? An event history analysis of mortalities in citizen journalism

ABSTRACT

Despite both scholarly and popular claims that citizen journalism (CJ) represents a growing democratizing force in the journalistic field, recent scholarship in the area has noted the decline of the organizational population of CJ. In this paper, we investigate how individual characteristics of sites and the dynamics of larger organizational population affect a CJ site’s risk of experiencing a mortality. Drawing on the largest sample to date of US-based English-language CJ sites, this study examines the risk of site mortality through an event history framework. Findings indicate that the strongest predictor of a site’s mortality is the age of the site, consistent with organizational population theory’s ‘liability of newness.’ We also find that for-profit and community-based sites have lower rates of site mortality, indicating that adopting legitimate conventions of journalism may serve as a protective buffer to site death. The results offer mixed evidence on whether CJ has become more professionalized via attrition.     

Family support in practice: voices from the field

This paper revisits core family support messages for social work practice in working with children and families, linking to findings from high-profile child protection cases in the UK and the Republic of Ireland. Drawing on a comparative study where these identified practice messages were explored through the lens of testimony of family support workers in the UK and Ireland, these core messages are examined. Operating with hard-to-engage children and parents, we hear how families and family support worker colleagues now view the core functions of child and family work across both jurisdictions (Ireland and England). The authors argue that by naming a more detailed set of practices that are deemed as most useful by families, based on the benefits and challenges of intensive family support work, key messages arise that have major resonance for social work and multiagency practice into the future. A basic message from this study is that valuable lessons on engagement and intervention with families can be drawn for professionals by examining the practice elements of this group of paraprofessionals in the child and family arena. This paper adds to debates on the role of support and intervention in social work and family support work.     

Towards a sociology of risk work: A narrative review and synthesis

In this article, we define the concept of “risk work,” which aims to make visible working practices to assess or manage risk, in order to subject these practices to sociological critique. This article reviews and synthesizes existing published literature to identify components of risk work: (a) translating risk into different contexts, (b) minimizing risks in practice, and (c) caring in the context of risk. We argue that these three components of risk work raise important tensions for workers that have been inadequately explored in the literature to date. We propose that future research should additionally focus on practitioner subjectivity and identity in risk work. In addition, we argue that comparative research—across type of risk and different contexts—and methodological and theoretical diversity would enhance this emerging field of research.     

An Evaluation of Capacity Sensitive Order Review and Release Procedures in Job Shops

We investigate the performance of capacity-sensitive order review and release (ORR) procedures in job shop environments that have not been previously explored. Previous research has ignored the case of job shops which must perform to very tight due-dates because of time-sensitive customers. We propose and test a new capacity sensitive ORR procedure called path based bottleneck (PBB) in such environments, along with the modified infinite loading (MIL) procedure which has been shown to work well in several studies. We compare the performance of these two controlled release rules with that of immediate release rule under different conditions of capacity utilization and customer specified exogenous duedates. Our results indicate that PBB performs well in lowering total costs when due-dates are tight, while MIL is a better procedure with relatively loose to medium due-dates. We also show that in many cases, the shortest processing time (SPT) dispatching rule is a superior performer than a due-date based rule like critical ratio (CR); a conclusion which is contrary to the existing research in this area. In addition, the shop floor control policies recommended are shown to be sensitive to the cost structure of the firm. The managerial implications of this research in providing effective shop floor control in job shops operating under tight due-date conditions are also discussed.     

Protecting the paediatrician: responding to recrimination

Doctors involved in child abuse proceedings may be subjected to much blame and pressure because of their role as ‘messenger’. They frequently need assistance with complaints procedures, disciplinary proceedings, public inquiries, litigation, media problems and other threats to their professional integrity and reputation. The medical model of support which may be offered by the defence organizations has much to commend it to other workers in the field. The author is a medico-legal adviser at the Medical Defence Union, and was extensively involved in assisting doctors at the Cleveland and Orkney Inquiries. From this privileged position he surveys the various procedures which may be used by parents and others to challenge paediatricians, and sets out possible ways in which practical support may be given.     

Do marriages forget their past? Marital stability in post-Khmer Rouge Cambodia

This paper assesses the impact of three main destabilizing factors on marital stability in Cambodia: the radical reformation of marriage under the Khmers Rouges (KR); the imbalanced gender ratio among marriageable adults resulting from gendered mortality during the KR regime; and, after decades of isolation from the West, a period of rapid social change. Although there is evidence of declining marital stability in the most recent period, marriages contracted under the KR appear as stable as adjacent marriage cohorts. Thesefindings suggest that the conditions under which spouses were initially paired matter less for marital stability than does their contemporaneous environment.