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.     

Elective single mothers and their children: The missing fathers

Elective single mothers are adult, unmarried women who intentionally become mothers. This study utilized longitudinal data about 17 Caucasian, elective single mothers and their children to identify fathers' roles in these families, and to understand children's views of their fathers. These single mothers and their children resided for the first six years of the children's lives in father-absent households. By age six, most of the children had ghost fathers, whom they had never met or knew little about. The data suggest that the father often becomes a family secret, and that children may blame themselves for their fathers' absence.     

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.     

Infants’ Lexical Processing Efficiency is Related to Vocabulary Size by One Year of Age

By 15–18 months, infants’ skill in interpreting familiar words, or lexical processing efficiency (LPE), improves substantially and is correlated with vocabulary size concurrently and several months later. Prior to this age LPE is quite poor, and to date there is little evidence that it is related to vocabulary size. If this relation only emerges once infants have relatively good LPE, and also know a substantial number of words, it could suggest that the processes that support the rapid growth in vocabulary commonly observed as infants approach age 2 may not yet be functional in the earlier stages of lexical development. However, using a modified LPE task we found that 12‐month‐olds with better LPE understood more words at that age and also produced more words several months later. These results suggest that meaningful individual differences in LPE are already emerging by 12 months and may support lexical development across the second year.     

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 cost‐effectiveness of UK parenting programmes for preventing children's behaviour problems – a review of the evidence

Parenting programmes are widely used in the UK, promoted in policy documents as a cost‐effective way for children's services to address behaviour problems and thereby the longer‐term costs associated with conduct disorders, particularly antisocial behaviour and criminality. To explore whether these programmes are a cost‐effective component of family intervention, this paper examines evidence from cost‐effectiveness studies based on randomized controlled trials, modelling studies estimating longer‐term costs and outcomes, and studies estimating costs of UK parenting programmes, including evidence from routine practice. Findings indicate that parenting programmes have the potential to be cost‐saving in the long term; however, gaps in the evidence include: lack of follow‐up of families who drop out of programmes, absence of control groups in longer‐term follow‐ups, and little information about costs and effects of programmes in routine practice. The size of savings resulting from implementation of effective parenting programmes will depend on the extent to which families likely to be most costly to society attend and experience lasting benefit.