Engaging with happy-sounding music promotes helping behavior in 18-month-olds

Engaging with music fosters prosocial responding in infants and toddlers. In this pilot study, we examined whether music that expresses contrasting emotions (happy vs. sad) was associated with toddlers’ helpfulness. Seventy-five 18-month-olds from Hong Kong China were randomly assigned to engage with music with an experimenter in one of two conditions: happy- or sad-sounding music. After the musical engagement task, toddlers from both conditions completed the same set of helping tasks. For instrumental (action-based) helping, toddlers were significantly more helpful after engaging with happy-sounding music than with sad-sounding music. Our initial findings suggest that cues linked to happy- and sad-sounding music influence toddlers’ prosocial responses.     

Portfolio value-at-risk estimation for spot chartering decisions under changing trade patterns: A copula approach

Evolving geopolitical relationships between countries (especially between China and the United States) in recent years have highlighted dynamically changing trade patterns across the globe, all of which elevate risk and uncertainty for transport service providers. In order to mitigate risks, shipowners and operators must be able to estimate risks appropriately; one potentially promising method of doing so is through the value-at-risk (VaR) method. VaR describes the worst loss a portfolio is likely to sustain, which will not be exceeded over a target time horizon at a given level of confidence. This article proposes a copula-based GARCH model to estimate the joint multivariate distribution, which is a key component in VaR estimation. We show that the copula model can capture the VaR more successfully, as compared with the traditional method of calculation. As an empirical study, the expected portfolio VaR is examined when a shipowner chooses among Panamax soybean trading routes under a condition of reduced trade volumes between the United States and China due to the ongoing trade turmoil. This study serves as one of the very few papers in the literature on shipping portfolio VaR analysis. The results have significant implications for shipowners regarding fleet repositioning, decision making, and risk management.