The effect of asymmetries on stock index return value-at-risk estimates

It is widely accepted that equity return volatility increases more following negative shocks rather than positive shocks. However, much of value-at-risk (VaR) analysis relies on the assumption that returns are normally distributed (a symmetric distribution). This article considers the effect of asymmetries on the evaluation and accuracy of VaR by comparing estimates based on various models

Globalization and diversity in cultural fields: Comparative perspectives on television, music, and literature

Scholarship in the social sciences and the humanities often approaches globalization, particularly that involving that media content, by emphasizing such concepts as "imperialism" and "hybridization." While theoretically rich, this scholarship can sometimes given little attention to how various actors and arrangements can impinge on the global flow and circulation of media content. This special issue seeks to move beyond such limitations by wedding theoretical concerns with an emphasis on empirical evidence-thereby heeding the specific contexts in which globalization unfolds. Our introductory essay thus provides a brief overview of the articles contained within this issue

Intermédiaires et consecration retrospective [Modern Composers and Visual Artists in the US of the 20th and 21st Centuries: The Impact of Intermediary Organizations on Consecration]

__Abstract__ “Cultural consecration” occurs when specific artists or artworks are regarded as truly legitimate representations of their field of production, thus deserving particular esteem and honor (Allen & Lincoln 2004; Schmutz, 2005). Whereas cultural valorization is general and pervasive, consecration produces a rupture (Bourdieu 1991): it separates rare great creators or works from the more frequent, but merely good—highlighting those worthy of long-term recognition and respect from those unworthy. However, consecration is not fixed, but rather evolving. Time often shuffles the deck of history: Formerly revered creators are discarded, while those previously overlooked are rediscovered and glorified (Corse & Griffin 1997; Dowd et al. 2002). Those that enjoy retrospective consecration—where creators are selected from history’s scope rather than just the current landscape—can be deemed more legitimate than those who only enjoy contemporary prestige (Allen & Lincoln 2004; Schmutz 2005). This increased legitimacy is based on the assumption that the very best survive the “test of time” (Becker 1984: 365). Because retrospective consecration designates what and who should merit attention and respect, the ability to confer such status is, in actuality, the power to ascribe social value and privilege. Unsurprisingly, then, sociologists have devoted considerable attention to the endurance of artistic reputation (Dowd & Kelly 2012; Lang & Lang 1988); processes of cultural valorization (Corse & Griffin 1997; Tuchman & Fortin 1984); and retrospective consecration (Allen & Lincoln 2004; Schmutz 2005). Such research demonstrates, among other things, that two types of factors shape the consecration process—both in the short and long-term. On the one hand, cultural organizations—like museums and symphony orchestras—are crucial in the consecration process, as they partially base their existence on discernment and maintenance of evaluative distinctions (DiMaggio 2009; Dowd 2011). On the other hand, social characteristics of the creators themselves are implicated in the consecration process—such as gender (Schmutz and Faupel 2010; Tuchman & Fortin 1980) and nationality (Bevers 2005; Corse 1995). Interestingly, scholars often do not consider those broad factors concurrently. Our chapter builds on a recent exception (Braden 2009) that examines the retrospective consecration of modern visual artists, and we extend its approach to another group—modern composers

Introduction: Fields in transition - Fields in action

The manner in which cultural content is produced, evaluated, and consumed in society is subject to long-term as well as short-term changes. Building on Bourdieu's field concept, the six contributions to this special issue all seek to illuminate such changes, by analyzing the ways individuals and organizations act and interact in larger institutional settings without foregoing the institutionally fueled values and actions that ultimately affect the transition of fields

Diagnosis of follicular thyroid lesions by proton magnetic resonance on fine needle biopsy

Most thyroidectomies are currently performed for diagnostic purposes. It has been established that proton magnetic resonance spectroscopy (MRS) on excised thyroid tissue can distinguish normal thyroid from invasive carcinomas (P < 0.0001). The purpose of this study was to assess whether the same discrimination could be obtained preoperatively from fine needle biopsy (FNB). This has clinical importance because cytological examination of fine needle aspirates cannot distinguish between benign and malignant follicular thyroid lesions. Here we demonstrate a sensitivity of 95% for proton MRS to correctly identify clinically or histologically proven carcinoma. MRS measurements were made on FNB specimens (containing as few as 10(6) cells) from solitary thyroid nodules. MR assessment of FNB was inconsistent with that of the corresponding tissue in only 6.5% of cases. The discrimination between cancer and normal tissue was based on altered cellular chemistry measured as a one-dimensional spectral ratio of resonances from the amino acid lysine and lipid. Benign follicular lesions were separated into two groups: 67% with a spectral ratio similar to malignant thyroid tumors, and 33% with a spectral ratio comparable to that in normal thyroid tissue. Thus, in contrast with histopathology, MRS offers a method for assessment of FNB of follicular lesions with the potential to identify a biologically benign group, which could avoid thyroid surgery for purely diagnostic purposes