A Dynamic Structural Model for Stock Return Volatility and Trading Volume

This paper seeks to develop a structural model that lets data on asset returns and trading volume speak to whether volatility autocorrelation comes from the fundamental that the trading process is pricing or, is caused by the trading process itself. Returns and volume data argue, in the context of our model, that persistent volatility is caused by traders experimenting with different beliefs based upon past profit experience and their estimates of future profit experience. A major theme of our paper is to introduce adaptive agents in the spirit of Sargent (1993) but have them adapt their strategies on a time scale that is slower than the time scale on which the trading process takes place. This will lead to positive autocorrelation in volatility and volume on the time scale of the trading process which generates returns and volume data. Positive autocorrelation of volatility and volume is caused by persistence of strategy patterns that are associated with high volatility and high volume. Thee following features seen in the data: (i) The autocorrelation function of a measure of volatility such as squared returns or absolute value of returns is positive with a slowly decaying tail. (ii) The autocorrelation function of a measure of trading activity such as volume or turnover is positive with a slowly decaying tail. (iii) The cross correlation function of a measure of volatility such as squared returns is about zero for squared returns with past and future volumes and is positive for squared returns with current volumes. (iv) Abrupt changes in prices and returns occur which are hard to attach to 'news.' The last feature is obtained by a version of the model where the Law of Large Numbers fails in the large economy limit.

Protein Payments Now?

Early in 1967 a dye technique for measuring the amount of protein in fluid milk was granted official, first action approval by the Association of Analytical Chemists. Since the fluid milk conversion factor also gives excellent results in tests on finished products, manufacturers can now account for all protein purchased. The dye technique thus removes the main technical barriers to widespread adoption of systems of direct protein payments to dairy farmers

Blind spots in IPE : marginalized perspectives and neglected trends in contemporary capitalism

Which blind spots shape scholarship in International Political Economy (IPE)? That question animates the contributions to a double special issue—one in the Review of International Political Economy, and a companion one in New Political Economy. The global financial crisis had seemed to vindicate broad-ranging IPE perspectives at the expense of narrow economics theories. Yet the tumultuous decade since then has confronted IPE scholars with rapidly-shifting global dynamics, many of which had remained underappreciated. We use the Blind Spots moniker in an attempt to push the topics covered here higher up the scholarly agenda—issues that range from institutionalized racism and misogyny to the rise of big tech, intensifying corporate power, expertise-dynamics in global governance, assetization, and climate change. Gendered and racial inequalities as blind spots have a particular charge. There has been a self-reinforcing correspondence between topics that have counted as important, people to whom they matter personally, and the latter’s ability to build careers on them. In that sense, our mission is not only to highlight collective blind spots that may dull IPE’s capacity to theorize the current moment. It is also a normative one—a form of disciplinary housekeeping to help correct both intellectual and professional entrenched biases

Dividing by Too: Extremophilia and Environmental Education

Words do not stand alone. As humans we make meaning of language and have the choice to wield it as a tool of inclusivity and justice, or as a tool of division and subjugation. To that end, language should be used with thought and intention. This paper examines the word “too” and its place in interpersonal and intrapersonal power struggles. “Too” has an inherently anthropocentric bias and serves to separate us from each other and from the natural world. Environmental education also suffers from “too,” but there exists the potential for the field to be bolstered by it instead. If environmental education can embrace the “too” nature of its students and learn from the earth’s unconditional acceptance, we as educators may teach the whole person in an authentic and engaged way

Multigenerational Modeling of Money Management

This study is about implicit financial socialization within families. It specifically examines how parental modeling facilitates the intergenerational transmission of healthy financial behaviors. This qualitative, multi-generational, multi-site study begins to answer the following research question: What financial behaviors are parents modeling for their children? The sample for this study (N=115) included 90 undergraduate students (ages 18-30) enrolled in family finance classes at three U.S. universities, 18 of their parents, and 7 of their grandparents. Using a team-based approach to qualitative data collection, analysis, and coding, four consensus themes related to parental financial modeling were distilled: (1) Working for a living (2) Managing money wisely (3) The importance of generosity and (4) Sacrificing for children. These ideas can be used by parents, family life educators, financial therapists, and others to help improve the quality of financial socialization within families

Handover patterns: an observational study of critical care physicians

Abstract Background Handover (or 'handoff') is the exchange of information between health professionals that accompanies the transfer of patient care. This process can result in adverse events. Handover 'best practices', with emphasis on standardization, have been widely promoted. However, these recommendations are based mostly on expert opinion and research on medical trainees. By examining handover communication of experienced physicians, we aim to inform future research, education and quality improvement. Thus, our objective is to describe handover communication patterns used by attending critical care physicians in an academic centre and to compare them with currently popular, standardized schemes for handover communication. Methods Prospective, observational study using video recording in an academic intensive care unit in Ontario, Canada. Forty individual patient handovers were randomly selected out of 10 end-of-week handover sessions of attending physicians. Two coders independently reviewed handover transcripts documenting elements of three communication schemes: SBAR (Situation, Background, Assessment, Recommendations); SOAP (Subjective, Objective, Assessment, Plan); and a standard medical admission note. Frequency and extent of questions asked by incoming physicians were measured as well. Analysis consisted of descriptive statistics. Results Mean (± standard deviation) duration of patient-specific handovers was 2 min 58 sec (± 57 sec). The majority of handovers' content consisted of recent and current patient status. The remainder included physicians' interpretations and advice. Questions posed by the incoming physicians accounted for 5.8% (± 3.9%) of the handovers' content. Elements of all three standardized communication schemes appeared repeatedly throughout the handover dialogs with no consistent pattern. For example, blocks of SOAP's Assessment appeared 5.2 (± 3.0) times in patient handovers; they followed Objective blocks in only 45.9% of the opportunities and preceded Plan in just 21.8%. Certain communication elements were occasionally absent. For example, SBAR's Recommendation and admission note information about the patient's Past Medical History were absent from 22 (55.0%) and 20 (50.0%), respectively, of patient handovers. Conclusions Clinical handover practice of faculty-level critical care physicians did not conform to any of the three predefined structuring schemes. Further research is needed to examine whether alternative approaches to handover communication can be identified and to identify features of high-quality handover communication.http://deepblue.lib.umich.edu/bitstream/2027.42/112680/1/12913_2011_Article_1919.pd

Shalom bayit—Peace of the Home: Ritual and Tradition in American Jewish Families

Utilizing a sample of 30 regionally diverse families (N=75 individuals) belonging to various branches of Judaism, we qualitatively explored how Judaism enhanced and facilitated participants' general life strengths and relational strengths (i.e., marriage and parenting). Based on our findings, Jewish rituals, traditions, and observances had a positive influence on participants' personal lives and family relationships. A sense of duty and responsibility felt toward Jewish observance and to family relationships seemed to facilitate much of this influence.12 month embargo; published online: 02 Jul 2018This item from the UA Faculty Publications collection is made available by the University of Arizona with support from the University of Arizona Libraries. If you have questions, please contact us at [email protected]

Formation of Common Investment Networks by Project Establishment between Agents

We present an investment model integrated with trust-reputation mechanisms where agents interact with each other to establish investment projects. We investigate the establishment of investment projects, the influence of the interaction between agents in the evolution of the distribution of wealth, as well as the formation of common investment networks and some of their properties. Simulation results show that the wealth distribution presents a power law in its tail. Also, it is shown that the trust and reputation mechanism presented leads to the establishment of networks among agents, which present some of the typical characteristics of real-life networks like a high clustering coefficient and short average path length