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This paper reports findings from a series of laboratory asset markets. Although stakes in these markets are modest, asset prices display a substantial equity premium…
This paper reports findings from a series of laboratory asset markets. Although stakes in these markets are modest, asset prices display a substantial equity premium (risky assets are priced substantially below their expected payoffs) – indicating substantial risk aversion. Moreover, the differences between expected asset payoffs and asset prices are in the direction predicted by standard asset-pricing theory: assets with higher beta have higher returns. This work suggests ways to separate the effects of risk aversion from competing explanations in other experimental environments.
A forward thrust drives the theoretical narrative of disability-in-society, as told by scholars of recent decades. Consider these titles (with emphases added): From Stigma…
A forward thrust drives the theoretical narrative of disability-in-society, as told by scholars of recent decades. Consider these titles (with emphases added): From Stigma to Identity Politics: Political Activism among the Physically Disabled and Former Mental Patients by Anspach (1979); From Good Will to Civil Rights by Scotch (1984); Moving Disability Beyond Stigma a collection edited by Asch and Fine (1988); The Disability Rights Movement: From Charity to Confrontation by Fleischer and Zames (2001). Each title is like a revved-up engine. Together, they convey a message of forward movement in the status of people with disabilities. The road they all travel starts from a negative starting point and ends at a clear and a more desirable, if not yet perfect, destination. The starting point is the subordinated and powerless status of persons with disabilities – a status based on stigma wrapped in pity. The destination: empowerment. These analyses focus on the United States; their authors, while not all sociologists, are close enough for our purpose. The road they all cover starts (chronologically speaking) around the 1940s, and extends – in the case of the earliest – up to the late 1970s; two others cover up to the mid- and late 1980s; and the last one, to the current century.
Like many industrial nations over the last four decades, the Japanese economy has undergone a number of regime shifts, making parameter estimations difficult. One of the…
Like many industrial nations over the last four decades, the Japanese economy has undergone a number of regime shifts, making parameter estimations difficult. One of the most significant shifts occurred in inflation in the mid 1970s as OPEC suddenly raised oil prices. This abrupt change likely caused consumers' expectations of future inflation to deviate significantly from realized (ex‐post) inflation. Using a Markov chain model, inflation forecasts that take into consideration changing regimes are employed to derive a unique set of real stationary variables that are likely to better represent consumers' expectations and are an alternative to the standard approach of adjusting nominal variables with ex‐post inflation. We employ these real variables in the consumption‐based capital asset pricing model (CCAPM). Estimates of the representative investor's coefficient of relative risk aversion (CRRA) are derived within the framework typically used to examine the equity premium puzzle. Our tests confirm that the equity premium puzzle, if it exists in Japan, is not as significant as previously thought.
This chapter describes the democratic philosophy and progressive education writing of John Dewey as sources of wisdom and guidance for the development of schools and…
This chapter describes the democratic philosophy and progressive education writing of John Dewey as sources of wisdom and guidance for the development of schools and classrooms where diverse groups of students live and learn together. The primary emphases are Dewey’s concept of moral equality, his understanding of democracy as a way of life, and his work with the teachers at the University of Chicago Lab School on a curriculum that analyzed tackled the central challenges of community life. Dewey offered useful theoretical work on liberal democratic communities while developing a relevant curricular example of how schools can focus learning activities on the promise and problems of society.
In the 1970s, the United States Congress enacted two statutes that have had dramatic and far‐reaching effects on the education of handicapped children by public schools…
In the 1970s, the United States Congress enacted two statutes that have had dramatic and far‐reaching effects on the education of handicapped children by public schools. These two laws, Section 504 of the Rehabilitation Act of 1973 and the Education For All Handicapped Children Act of 1975 (known as Public Law 94–142), have required local public school agencies to provide new eductional programs for thousands of handicapped children not previously served by the public schools. Counselors, principals, and teachers were quickly informed of the law's requirements and willingly began the task of main‐streaming and assimilating these children into various curricula. Their physical needs were attended to rapidly; their societal and emotional needs, unfortunately, lagged behind. Within the past seven years, there has been an increase in books, articles, and films specifically addressed to counseling the handicapped. Unlike past literature which focused only on the vocational aspect of rehabilitation counseling, current writing emphasizes personal counseling meant to assist a disabled child to participate fully in the problems and joys of daily living.
This article examines the economic impact of a major California earthquake, by focusing on the catastrophic damage to residential real estate. It asserts that the damage…
This article examines the economic impact of a major California earthquake, by focusing on the catastrophic damage to residential real estate. It asserts that the damage, although substantial, would be small relative to the U.S. GNP. The author also asserts that the risk can be optimally allocated through reasonably priced insurance contracts and well‐functioning insurance derivative markets.
Stuart Scheingold's path-breaking The Politics of Rights ignited scholarly interest in the political mobilization of rights. The book was a challenge to the reigning…
Stuart Scheingold's path-breaking The Politics of Rights ignited scholarly interest in the political mobilization of rights. The book was a challenge to the reigning popular and scholarly common sense regarding the supposedly self-executing nature of rights (what Scheingold called the “myth of rights”). Rights, Scheingold argued, could be resources for the pursuit of social change; but their realization in court doctrine and legislative output was not itself tantamount to meaningful social change. Thus embedded in The Politics of Rights is skepticism (or at least ambivalence) about the utility of rights politics for social movements. Scheingold was not ambivalent about the moral or normative value of rights themselves, although he did argue that the realization of rights was not by itself enough to overcome the manifold inequalities that structure modern life. The Politics of Rights, accordingly, is clear-eyed, but not cynical about rights advocacy. It is thus surprising, and keenly revealing, that Scheingold's final work – The Political Novel, which is ostensibly not about rights at all – points to mass cynicism, alienation, and the collapse of faith in governing institutions and logics as the animating elements of modern liberal democracies, including especially the United States. That rights are a vital part of the civic mythology whose collapse defines modern times suggests that the civil rights context of aspiration and struggle in which Scheingold, and nearly all of his followers (this author included), have conceived rights may be unnecessarily narrow. Rights may also be embedded, that is, in the modern condition of alienation, despair, and felt powerlessness. Inspired by Scheingold's investigation of how literature points to this modern condition of political estrangement, I offer an alternative backdrop for The Politics of Rights that is rooted in the bleak renderings of the American character found in much 1970's American popular and intellectual culture. Such a contextualization, I will argue, suggests that we envision The Political Novel as a companion piece to The Politics of Rights; together they illuminate both the mobilizing and demobilizing potential of the myth of rights.
The purpose of this study is to present a conceptual framework to guide the design, development, implementation and evaluation of education and human resource development…
The purpose of this study is to present a conceptual framework to guide the design, development, implementation and evaluation of education and human resource development (HRD) efforts in Ghana.
This paper draws on the concept of a tempered radical approach to provide a framework for a critical HRD (CHRD) and explore ways by which this view can contribute to developing HR who possess the requisite tools and character to function efficiently in the 21st century and beyond. This paper followed a multidisciplinary integrated literature review approach. This paper also reviewed relevant models and theories that align with the goals of this research to provide a broader view of the problems with HRD in Ghana and to help develop a framework that seeks to provide a sustainable guide for those involved in HRD activities in Ghana.
A positive outcome from the synergistic alignment between modern science and indigenous ecological knowledge moderated by the principles of CHRD will result in economic growth and development. HRD’s contribution to economic growth and development and its consequential benefit to the actors will depend on how best CHRD goals are accomplished.
The mediating role of the tempered radicalism will help modify the swiftness with which education and HRD programs are executed in Ghana.
This paper presented the tempered radicalism approach as the quintessential model for education and HRD initiatives in Ghana. The application of tempered radicalism in HRD literature is novel.
This study aims to support and extend signalling theory because of information asymmetry. This study also aims to answer the call to further negative signalling and…
This study aims to support and extend signalling theory because of information asymmetry. This study also aims to answer the call to further negative signalling and explore immediate reactions to signals, thus alleviating a gap with regard to temporality of signalling.
The study used two separate data sources, the S&P 500 and 51,500 pages of the public papers between 1981 and 1999, nearly 20 years of data. Inter-rater reliability, controlled for all macroeconomic announcements identified in the literature, is used, and the data are empirically tested using generalized autoregressive conditional heteroscedasticity (GJR-GARCH) modelling.
In accordance with signalling theory and the efficient market hypothesis, the study found that receivers do react to positive signals from a credible insider signaller to obviate information asymmetry. In line with previous research, the study also finds that receivers react much stronger to negative signals.
Investors, financial managers and top executives responsible for their stock price need to focus on presidential signalling as these directly affect market volatility. In particular, investors and financial managers can predict stock price volatility based upon signals from the president.
This is the first research study that explores the correlation between presidential signalling and market volatility. This study is important for investors and financial managers.