A misspecification test for the higher order co-moments of the factor model

The traditional estimation of higher order co-moments of non-normal random variables by the sample analog of the expectation faces a curse of dimensionality, as the number of parameters increases steeply when the dimension increases. Imposing a factor structure on the process solves this problem; however, it leads to the challenging task of selecting an appropriate factor model. This paper contributes by proposing a test that exploits the following feature: when the factor model is correctly specified, the higher order co-moments of the unexplained return variation are sparse. It recommends a general to specific approach for selecting the factor model by choosing the most parsimonious specification for which the sparsity assumption is satisfied. This approach uses a Wald or Gumbel test statistic for testing the joint statistical significance of the co-moments that are zero when the factor model is correctly specified. The asymptotic distribution of the test is derived. An extensive simulation study confirms the good finite sample properties of the approach. This paper illustrates the practical usefulness of factor selection on daily returns of random subsets of S&P 100 constituents.     

Lighting Effects on Older Adults’ Visual and Nonvisual Performance: A Systematic Review

Lighting plays an important role in daily life: It helps people perform daily activities independently and safely, and also benefits their health. This study assesses the research evidence of lighting’s impacts on older adults in four domains: (a) performance of activities of daily living and instrumental activities of daily living; (b) circadian rhythm; (c) fall prevention and postural stability; and (d) sleep quality. A comprehensive review of lighting studies on older adults’ visual and nonvisual performance was conducted using a modified PRISMA systematic review process. For the first domain, some older adults had difficulty in using the toilet, preparing meals, and doing laundry under lower illuminance. For the second domain, brighter and bluish lighting improved older adults’ circadian rhythm. For the third domain, low-intensity LED lighting affixed on door frames can help older adults maintain postural stability and prevent falling during nighttime movement. Finally, some studies concluded that receiving outdoor daylight during exercise was beneficial to older adults’ sleep quality. This study provides several methodological, theoretical, and collaborative suggestions for developing a more conclusive evidence base for lighting standards and strategies for older adults.     

Does a More Diversified Revenue Structure Lead to Greater Financial Capacity and Less Vulnerability in Nonprofit Organizations? A Bibliometric and Meta-Analysis

VOLUNTAS: International Journal of Voluntary and Nonprofit Organizations - This article explores how and to what extent revenue diversification and concentration strategies affect financial...     

Why spouses depress each other: A cross‐national study to test the shared resource hypothesis in depressive symptom concordance within older adult couples

The shared resource hypothesis suggests that married couples share the same environmental resources, which shape their health concordance. This study tests its cross‐national applicability. Cross‐sectional 2012–2013 Health and Retirement Study data from China, England, Mexico, and the United States were analyzed. Heterosexual couples (age ≥60) who were married or partnered were studied (N = 20,565 pairs). Dyadic data were analyzed by multilevel models to examine the effect of self and spousal social and physical health statuses on depressive symptoms. Regression models were used to test the relationship between couples' shared resources and depressive symptom concordance. Results indicated both husbands and wives' depressive symptoms were associated with their own and spouses' social and health statuses. Most couple‐level resources were insignificant predictors for Chinese and Mexican couples' concordance, but having more social and financial resources was associated with higher concordance among British and American couples. Self‐reported health was the most consistent predictor in all countries. The shared resource hypothesis was more applicable to depressive symptom concordance within couples in the United States and England, but not in China and Mexico. Couple‐centered intervention is suggested for clinical practice, and the spousal effect should be considered in policymaking.     

The Effects of Neighborhood Variables on Needs of Social Care: A Hierarchical Multiple Regression of Senior Residents in China

Community-based elder care has become a dominant model in the world. However, the role of community-level factors in helping or hindering the individuals concerned in obtaining the needed care has not received much attention. This research aims to investigate how community-level factors, including neighborhood disadvantage, residential instability, and social service environment affect the need for instrumental, medical, and emotional services of Chinese senior residents. Employing the hierarchical multiple regression analysis, the results show that instrumental activities of daily living impairment contributed significantly to the need for instrumental, medical and emotional services. Living alone was found to be associated with the need for medical and emotional services. Objective socioeconomic status was only significantly related to the need for medical care. The type of urban community was positively associated with the need for instrumental services and was negatively related to the need for medical care. Residential instability was positively associated with of the need for instrumental services and medical care. Social service environments had heterogeneous effects on the need for social services. However, neighborhood disadvantage had no significant impact on the need for social services. Implications for future research and policy reform were also discussed.     

文化认知中定向思维模式的建构与解构——以中国少数民族文化范式为研究视阈

定向思维模式的建构与解构实际上反映出认知结构的二重性特征,两者在文化认知活动中可互为挹注共存于对立统一关系里。因此,对中国少数民族文化范式的研究,不仅要重视建构之功能催生的符号化文化构成,还应关注解构之功能显现的非常见的文化元素。同时,只有弄清楚定向思维模式的建构与解构在文化认知中的意涵,才能明确定向思维模式的“趋向”和“专注”特点以及“惰化”和“孤立”倾向,从而为牵及民族文化事项的认知固化与迁移提供理论工具并用以指导多元文化实践。     

民族植物学的应用研究溯源

该文追溯了民族植物学的历史渊源,介绍了民族植物学的应用研究现状,森林与植物利用传统知识中隐含的生态学思想,森林与植物利用传统知识中的文化渊源,药用植物和栽培植物的起源及其应用历程研究。文章指出,开展民族植物学研究对总结中华民族优秀的传统知识和经验,寻求保护森林与植物的有效途径,以及促进人类社会特别是少数民族社会的可持续发展具有重要意义。     

环境公益诉讼的原告资格研究

在环境公益诉讼中,原告起诉资格的认定是其关键问题.在对环境公益诉讼的内涵与原告资格范围进行界定的基础上,通过对环境公益诉讼主体及新民事诉讼法中对“有关组织”认定问题的分析,指出环境公益诉讼原告资格扩张的必要性,并结合环境公益诉讼具有公共性、不特定性、预防性的特点,对环境公益诉讼的原告资格加以构建.     

网络与大学生思想政治教育——“慎独”精神在网络环境的作用

互联网技术和高校思想政治教育的有机整合,实现了高校思想政治教育的网络化。文章分析了网络对大学生的双面影响,总结了网络环境下大学生思想政治教育的新特点,提出了弘扬“慎独”精神,加强道德自律的举措,以期拓宽空间,提高思想政治教育的成效。     

住房特征价格模型的改进研究

现有住房价格研究主要划分为基于个体行为的新古典经济学价格理论和基于产品差异的特征价格理论两种分析范式,两者均存在自身无法克服的局限性.以特征价格理论为基础,再结合新古典经济学价格理论,可建立包括住房特征变量和住房市场供求变量的住房价格测度综合模型.