Pension Funding, Share Prices, and National Saving

This paper examines empirically the effect of unfunded pension obligations on corporate share prices and discusses the implications of these estimates for national saving, the decline of the stock market in recent years, and the rationality of corporate financial behavior. The analysis uses the information on inflation-adjusted income and assets that large firms were required to provide for 1976 and subsequent years. The evidence for a sample of nearly 200 manufacturing firms is consistent with the conclusion that share prices fully reflect the value of unfunded pension obligations. Since the conventional accounting measure of the unfunded pension liability has a number of problems (which we examine in the paper), it would be more accurate to say that the data are consistent with the conclusion that shareholders accept the conventional measure as the best available information and reduce share prices by a corresponding amount. The most important implication of the share price response is that the existence of unfunded private pension liabilities does not necessarily entail a reduction in total private saving. Because the pension liability reduces the equity value of the firm, shareholders are given notice of its existence and an incentive to save more themselves. For this reason, unfunded private pensions differ fundamentally from the unfunded Social Security pension and the other unfunded federal government civilian and military pensions.

Determination of s(x) and \bar{s}(x) from a global QCD analysis

A new global QCD analysis of DIS data is presented. The \nu Fe and \bar{\nu}Fe differential cross-section data are included to constrain the strange component of the nucleon sea. As a result we found a hard strangeness at high-x and some evidence for an asymmetry between xs(x) and x\bar{s}(x).Comment: 5 pages, 4 figure

Character Strengths and Virtues: A Handbook and Classification (New York: American Psychological Association & Oxford University Press, 2004)

Reviewed by Gordon J. Hilsman

Using wellbeing for public policy: Theory, measurement, and recommendations

Indicators of social progress are the primary drivers of public policy.  If existing economic measures of prosperity are complemented with wellbeing metrics that better capture changes in individuals’ quality of life, decision makers will be better informed to assess and design policy.  The science of wellbeing has yielded extensive knowledge and measurement instruments during more than three decades.  We review the existing wellbeing literature and answer three questions: (1) What is wellbeing? (2) How do we measure wellbeing? And, importantly, distinguishing this review from previous ones, (3) How do we use wellbeing metrics to assess and design policy? We suggest that the science of wellbeing is empirically mature enough to complement economic assessments of national progress.  We build on existing work to provide recommendations on metrics and new, specific policies for societal wellbeing

Happiness Drives Performance

The article of record as published may be found at https://markets.businessinsider.com/news/stocks/happiness-drives-performance-103120049

A QCD analysis of HERA and fixed target structure function data

The parton momentum densities in the proton are obtained from a NLO QCD analysis of structure functions measured by HERA and fixed target experiments. The uncertainties in these parton densities, the structure functions and related cross sections are estimated from the experimental errors, taking into account all correlations. Standard Model predictions for the charged current Born cross sections at large x and Q2 are calculated and compared with recent data from ZEUS.Comment: 4 pages LaTeX, 5 eps figures, uses npb.sty. Presented at DIS99, Zeuthen, Germany, April 19-23, 199

WHY LAWYERS ARE UNHAPPY

[According to the authors of this article, the growing unhappiness of law- yers, particularly young lawyers, stems from three causes: (1) Lawyers are selected for their pessimism (or “prudence”) and this generalizes to the rest of their lives; (2) Young associates hold jobs that are characterized by high pressure and low decision latitude, exactly the conditions that promote poor health and poor morale; and (3) American law is to some extent a zero-sum game, and negative emotions flow from zero-sum games. .. This article has been shared with practitioners as well as academics. It grows out of faculty seminars held at the Benjamin N. Cardozo School of Law in the fall of 1999, which included managing partners of several major New York Law firms, and in spring 2001, as well as a meeting of the New York Chapter of the American Bar Foundation in the spring of 2000. The theory of positive psychology framed the discussion.]

Preventing adolescents’ externalizing and internalizing symptoms : effects of the Penn Resiliency Program

This study reports secondary outcome analyses from a past study of the Penn Resiliency Program (PRP), a cognitive-behavioral depression prevention program for middle-school aged children. Middle school students (N = 697) were randomly assigned to PRP, PEP (an alternate intervention), or control conditions. Gillham et al., (2007) reported analyses examining PRP’s effects on average and clinical levels of depression symptoms. We examine PRP’s effects on parent-, teacher-, and self-reports of adolescents’ externalizing and broader internalizing (depression/anxiety, somatic complaints, and social withdrawal) symptoms over three years of follow-up. Relative to no intervention control, PRP reduced parent-reports of adolescents’ internalizing symptoms beginning at the first assessment after the intervention and persisting for most of the follow-up assessments. PRP also reduced parent-reported conduct problems relative to no-intervention. There was no evidence that the PRP program produced an effect on teacher- or self-report of adolescents’ symptoms. Overall, PRP did not reduce symptoms relative to the alternate intervention, although there is a suggestion of a delayed effect for conduct problems. These findings are discussed with attention to developmental trajectories and the importance of interventions that address common risk factors for diverse forms of negative outcomes.peer-reviewe