The Texaco racial discrimination case and shareholder wealth

We analyze the wealth ejfects of the Texaco racial discrimination lawsuit both on the shareholders of Texaco and its major U.S. competitors. Employing a comprehensive data set which included every case docket entry and every Wall Street Journal article on the case as an experimental stimulus, our findings suggest that the overall cost of the case to Texaco shareholders exceeded $500 million, that Texaco's tribulations had little, if any, impact on the share prices of its major competitors, and that Wall Street Journal coverage of the case was highly correlated with significant changes in Texaco stock prices. This last finding provides significant support for Hite 's suppostion that newspaper editors “key ” on ex post stock price changes in selecting the events to be covered in the next day's edition. The authors are grateful to Kee Chung for helpful comments on earlier drafts and also acknowlege the help-ful assistance of the staff of the law library at the Cecil C. Humphreys School of Law at The University of Memphis.     

Bayesian averaging of classical estimates in asymmetric vector autoregressive models

The estimated vector autoregressive (VAR) model is sensitive to model misspecifications, resulting to biased and inconsistent parameter estimates. This article extends the Bayesian averaging of classical estimates, a robustness procedure in cross-section data, to a vector time-series that is estimated using a large number of asymmetric VAR models. The proposed procedure was applied to simulated data from various forms of model misspecifications. The results of the simulation suggest that, under misspecification problems, particularly if an important variable and moving average (MA) terms were omitted, the proposed procedure gives robust results and better forecasts than the automatically selected equal lag-length VAR model.     

Pharmaceutically-Made Men: Masculinities in Chad’s Emergent Oil Economy

This article explores masculinities and changes in men’s lives in the rural oil fields of Chad during the period of an oil and pipeline project described by the World Bank as a “model” for oil-as-development. In many parts of Africa, private sector investment is concentrated in the extractive industries, especially oil and gas projects. Africa’s emerging oil economies entail new institutional configurations, or what Michael Watts called an “oil complex,” that challenge antecedent norms and forms of identity. In this article, I describe the expectations, desires, and experiences of three distinct groups of men—those who found temporary employment on the project, those who continued to make a living from farming while contending with land expropriation, and those who migrated to oil field towns in search of work—to make three general points about the oil complex and masculinities in Chad. The structure of the global oil industry meant that local men who found jobs on the project could act as breadwinners and patriarchs, but only temporarily; local workers struggled post-employment with their exclusion from the possibilities associated with the project. Men who never found jobs continued to eke out a living from the land, but state-of-the-art policies governing land expropriation led simultaneously to conflict in families and greater economic interdependence among family members. Finally, in the low-media environment of the oil field region, ideas and images about sex, sexuality, and love emanating from the transient and hyper-masculine global oil industry workforce served as models for landless young men who migrated to oil field towns and who, in the absence of work, sought to transform themselves into objects of desire through the mediation of pharmaceuticals.

     

The life-course origins of mastery among older people

In this article, we aim to identify the sources of mastery--the understanding that individuals hold about their ability to control the circumstances of their lives. The sample for our inquiry was drawn from the Medicare beneficiary files of people 65 and older living in Washington, DC, and two adjoining Maryland counties. We find that past circumstances, particularly those reflecting status attainment and early exposure to intractable hardships, converge with stressors experienced in late life to influence elders' level of mastery. The impact of past conditions, however, does not necessarily directly affect the current mastery of older people. Instead, the effect of prior experiences on current mastery is mediated by what we refer to as life-course mastery: one's belief that one has directed and managed the trajectories that connect one's past to the present. Our analyses show that life-course mastery largely serves as the mediating channel through which individuals connect their past to their present.