Refined Inference on Long Memory in Realized Volatility

There is an emerging consensus in empirical finance that realized volatility series typically display long range dependence with a memory parameter (d) around 0.4 (Andersen et al., 2001; Martens et al., 2004). The present article provides some illustrative analysis of how long memory may arise from the accumulative process underlying realized volatility. The article also uses results in Lieberman and Phillips (2004, 2005) to refine statistical inference about d by higher order theory. Standard asymptotic theory has an O(n^-1/2) error rate for error rejection probabilities, and the theory used here refines the approximation to an error rate of o(n^-1/2). The new formula is independent of unknown parameters, is simple to calculate and user-friendly. The method is applied to test whether the reported long memory parameter estimates of Andersen et al. (2001) and Martens et al. (2004) differ significantly from the lower boundary (d = 0.5) of nonstationary long memory, and generally confirms earlier findings.     

A simultaneous-equations model of the relationship between public sector bargaining legislation and unionization

This paper estimates a simultaneous-equations model with public sector bargaining laws and union membership treated as jointly-determined variables. The extent of public sector unionization has a significant positive influence on the passage of prolabor bargaining legislation and bargaining legislation has strong, independent effects on the extent of public sector unionization. We gratefully acknowledge the research support provided by Minbo Kim and Parisun Chantonahom.     

Costs and Rewards of Children: The Effects of Becoming a Parent on Adults' Lives

How do new parents differ from their childless counterparts in social and psychological resources, daily strains, and psychological well‐being? Using a nationally representative panel of 1,933 adults who were childless at the first interview, we compare 6 indicators of adults' lives for those who became parents and those remaining childless several years later, controlling for earlier states. Becoming a parent is both detrimental and rewarding. With the exception of social integration, which is greater for all groups of new parents compared with their childless counterparts, the effects of parental status on adults' lives vary markedly by gender and marital status. Unmarried parents report lower self‐efficacy and higher depression than their childless counterparts. Married mothers' lives are marked by more housework and more marital conflict but less depression than their childless counterparts. Parental status has little influence on the lives of married men.     

Feminism,militarism, and attitudes toward the role of women in the military

Attitudes toward the role of women in the military require the reconciliation of two often conflicting beliefs: those toward the roles and rights of women and those toward the military. This article explores the relationships between positive attitudes toward women’s roles throughout society, or feminism, and positive attitudes toward defense spending, or militarism, both with each other and with attitudes toward gender integration in the military. Results of this analysis show there to be a negative relationship between feminism and militarism, a positive relationship between feminism and gender integration, and a negative relationship between militarism and gender integration. The results of multiple regression analysis show that feminism is the strongest predictor of attitudes toward gender integration, while militarism is weak in its predictive ability. The author argues that the issue of women in the military is more one of women’s equality than of national defense and that policy discussions should be structured accordingly. She is currently conducting research which examines how women in the United States military employ strategies to manage gender and sexuality. This research provides evidence for the claim that gender is not simply a role or an attribute, but that gender is created and recreated through our interactions with others.     

Issues in applying recent CPMP ‘Points to Consider’ and FDA guidance documents with biostatistical implications

The International Conference on Harmonisation guideline ‘Statistical Principles for Clinical Trials’ was adopted by the Committee for Proprietary Medicinal Products (CPMP) in March 1998, and consequently is operational in Europe. Since then more detailed guidance on selected topics has been issued by the CPMP in the form of ‘Points to Consider’ documents. The intent of these was to give guidance particularly to non‐statistical reviewers within regulatory authorities, although of course they also provide a good source of information for pharmaceutical industry statisticians. In addition, the Food and Drug Administration has recently issued a draft guideline on data monitoring committees. In November 2002 a one‐day discussion forum was held in London by Statisticians in the Pharmaceutical Industry (PSI). The aim of the meeting was to discuss how statisticians were responding to some of the issues covered in these new guidelines, and to document consensus views where they existed. The forum was attended by industry, academic and regulatory statisticians. This paper outlines the questions raised, resulting discussions and consensus views reached. It is clear from the guidelines and discussions at the workshop that the statistical analysis strategy must be planned during the design phase of a clinical trial and carefully documented. Once the study is complete the analysis strategy should be thoughtfully executed and the findings reported. Copyright © 2003 John Wiley & Sons, Ltd.     

刻意创新

我们大多数人都认同创新是成长的关键途径。问题是如何创新?许多企业依靠突发机遇。也就是说,他们指望某个人提出产品或服务方面的点子,然后从中获利。然而有些时候,企业必须发掘比以往更多的创意,并先于竞争对手将创意化为切实可行的产品与服务。此时,企业便不能再依靠机缘巧合了。我们需要可持续、可重复的创新方法。     

Toward Improved Communication about Wildland Fire: Mental Models Research to Identify Information Needs for Natural Resource Management

The management of natural- and human-induced wildland fires is an intricate process that must balance two considerations: that of fire as a necessary natural disturbance and that of the risks that fire poses. Reconciling tradeoffs between these risks and benefits is contingent upon informed, directed, and two-way communication between wildland fire managers and stakeholders. In an effort to aid with the design of such a communication effort, this study used mental models research to determine the unique wildland fire information and decision-making needs of stakeholders living at the wildland-urban interface of a fire-prone area. While the analysis revealed many similarities in how stakeholders conceptualized the risks and benefits of wildland fire, many misconceptions and important gaps in understanding on the part of both expert and nonexpert respondents were identified.     

Gambling-related problems across life domains: an exploratory study of non-treatment-seeking weekly gamblers

This study uses content analysis to provide a qualitative exploration of how life roles are affected by frequent (i.e. at least weekly) gambling, based on in-depth interviews with a community sample of 161 non-treatment-seeking frequent gamblers. Over half (51.6%) of the participants indicated problems associated with gambling and 131 examples were identified. The majority of problems were relational (50.4%), followed by financial (19.8%), work (13.7%), and school related (8.4%). Slightly less than half of participants (41.7%) reported losses due to gambling and 92 examples were provided. The most frequently reported loss was identity related (54.3%), which included self-esteem/shame (38.0%), estrangement from family (34.0%), estrangement from friends (16.0%), and estrangement from work colleagues (6.0%). Additional losses included health (29.3%) and financial (8.7%). Almost two-thirds of participants (64.6%) reported difficulty concentrating in family (18.4%), work (16.8%), and school (9.6%) activities, whereas general concentration problems comprised an additional 48.8% of the examples provided. Half of participants (49.1%) discussed behavioral withdrawal due to gambling, which included withdrawal from work (44.3%), relationships (24.5%), school (15.1%), and personal (6.6%) activities. These findings paint a complex picture of how gambling interferes with different life roles for some frequent gamblers, identifying important areas for future research and practice.