The Effects of Judicial Strength and Rule of Law on Portfolio Investment in the Developing World*

Objective. Applying existing theories relating to investment risk, this article examines the effects of judicial strength and adherence to the rule of law on portfolio investment in the developing world. We aim to demonstrate that countries with higher levels of judicial strength and rule of law are more able to attract portfolio investment because they provide greater protection of property rights and a better risk environment for investors. Methods. Using time‐series data for 79 developing countries for the period 1996–2005, we employ panel‐corrected standard errors multivariate regressions to demonstrate that higher levels of judicial strength and rule of law are associated with higher levels of portfolio investment. Results. We find that a one standard deviation increase in overall judicial strength and rule of law results in more than a 50 percent increase in portfolio investment. In separate analyses, we show that a one standard deviation increase in specific measures of judicial independence, impartial courts, and protection of property rights leads to increases in portfolio investment ranging from 27 percent to 184 percent. Conclusion. Judicial strength and adherence to the rule of law are important determinants of portfolio investment in the developing world.     

Discriminating positive and negative aspects of pet interaction: Sex differences in the older population

Although pet interacters from a sample of 250 persons over 50 years of age generally report receiving more intense uplifts than hassles from their pets (Chi Square = 26.7, p<0.001), there are also differences seen within this group. More specifically, differences are seen in regard to relationships between reported hassles and uplifts from pets, and socializing, life situation, and gender. For example, pet interacters who report a great deal of uplift from pets also report doing things with friends more frequently than do interacters who report only slight uplift from pets (t=2.38, p<0.05). Importantly, pets also appear to serve different roles for female and for male pet interacters, and for pet interacters in different circumstances. Uplifts from pets are associated with leisure and lack of psychological pressure for females, but are related to hassles with social interactions, time, and money for males. Contrastingly, females who report hassles from pets report hassles in the areas of free time, money, and health, but uplifts from social interactions. Human interactions with pets frequently contribute to quality of life and these interactions merit further study.     

Student well-being: Are they better off now?

Past and present well-being of university students from Canada and the United States are compared. Ratings for the domains of health, recreation, self-esteem, and education decreased significantly between the 1984 measures and the 1992 measures. Canadian students generally rated the domains lower than did students from the United States. Self-discrepancy measures tended to decrease and hope measures for the United States students indicated less hopefulness now than in 1984. In general, student perceptions of well-being seem poorer now than in the past.A path analysis revealed that MDT predicted 39 percent of the variance for satisfaction and 45 percent for happiness. Empirical support is provided for most of the hypothesized paths and for self esteem and social support as conditioners of well-being. The results are consistent with cultural convergence and theories of well-being that incorporate both actual world changes and individual perception of those changes.     

Unpacking Team Familiarity: The Effects of Geographic Location and Hierarchical Role

Examination of team productivity finds that team familiarity, i.e., individuals' prior shared work experience, can positively impact the efficiency and quality of team output. Despite the attention given to team familiarity and its contingencies, prior work has focused on whether team members have worked together, not on which team members have worked together, and under what conditions. In this paper, I parse overall team familiarity to consider effects of geographic location and the hierarchical roles of team members. Using data on all software‐development projects completed over 3 years at a large Indian firm in the global outsourced software services industry, I find that team familiarity gained when team members work together in the same location has a significantly more positive effect on team performance compared with team familiarity gained while members were collaborating in different locations. Additionally, I find that hierarchical team familiarity (a manager's experience with front‐line team members) and horizontal team familiarity (front‐line team members' experience gained with one another) have differential effects on project team performance. These findings provide insight into the relationship between team experience and team performance.     

Hope: An affective cognition

Hope is here operationalized as a predominance of expected future positive feelings over future expected negative feelings. Hope, comprised of both desire and expectation, involves the interaction of affect and cognition. Modifications of Bradburn's Affective Balance Scale were used to measure hope and happiness. Four graphic rating scales were used to measure psychological well-being, perceived health, satisfaction, and happiness. Hope, measured by the Expected Balance Scale correlated as expected with the other measures. A factor analysis further supported the robustness of the hope variable. Hope is offered as an important personality dimension worthy of continued research.     

Division of Labor in German Dual‐Earner Families: Testing Equity Theoretical Hypotheses

On the basis of 52 German dual‐earner couples with at least 1 child younger than 5 years, we tested the effects of an unequal division of labor on relationship satisfaction. We analyzed diary reports of time allocated to productive activities according to the actor‐partner‐interdependence model. Hierarchical linear models showed that rather than individual time allocated to household work, the absolute difference in partners’ contribution to productive activities influenced relationship satisfaction. This reduction in satisfaction disappeared after accounting for perceived social appreciation of individual contributions. Models with gender‐specific slopes showed the effect of input and output to be different for women and men. The findings indicate that a relative equity model best explains the effects of an unequal division of labor.     

Hope and happiness: A comparison of some discrepancies

This paper presents a comparison of Canadian and American university students on happiness and satisfaction as measured by the Satisfaction and Happiness Survey (Michalos, 1985). For the American sample, the findings for other measures of satisfaction and happiness, as well as for hope as measured by the Hope Index (Staats and Stassen, 1986), are also reported. American students had slightly higher means on both overall satisfaction and happiness with life as a whole than the Canadian students. The greatest perceived gap for American students was between what one has now and expects to have in the future while for Canadian students it was between what one has and what one needs. Both Canadian and American students reported greatest satisfaction with health and lowest satisfaction with financial security and paid employment. For the American sample, of the other satisfaction, happiness, and hope measures, a global happiness measure had the highest correlation with both overall satisfaction (r=0.62, p<0.0001) and=" happiness=" with=" life=" as=" a=" whole=">r=0.55, p<0.0001). reasons=" for=" the=" observed=" differences=" between=" the=" two=" samples=" are=" suggested=" and=" future=" research=" directions=" are=">     

A brief report on hope in peace and war,and in good times and bad

The Hope Index is presented as a measure sensitive to significant cultural changes. In this set of case studies, hope was measured in 1988, the weekend of the Gulf ground invasion in 1991, and in the recession of 1992. Hope for peace increased the weekend of the invasion of Iraq during the Gulf War in comparison to hope measured in 1988. Hope for peace increased in college students, in their mothers, and in their fathers. Hope for increased national productivity increased during the 1992 recession, as well as during the Gulf invasion, but only for mothers and fathers. The increased hope and expectation of peace and increased hope and expectations for productivity are discussed in terms of a need theory of hope, the availability heuristic, and in terms of coping strategies.