bluuebunny/crossref_metadata_2025 huggingface dataset:
Translation procedures
Authors: Alwazna Rafat
Published: May 2017

Translation can be seen as a process through which the translator begins with the source text, with an attempt at analyzing this particular text into semantic construction. The translator then reconstructs the semantic construction concerned into proper forms of the target language, seeking to produce an equivalent receptor language text (Larson, 1998: 519). In practice, the translator places himself/herself between the source and target texts, moving from the former to the latter and vice versa. The present paper crucially addresses the stages through which the translator is required to pass in order to achieve an acceptable and appropriate translation. It considers each stage in sufficient detail, showing the significance of these stages for the purpose of achieving a successful translation project. Finally, the present paper argues that the translator has to pass specific steps for the sake of accomplishing an acceptable and appropriate translation and that cognizance of translation theories is crucial in carrying out translation procedures, specifically when adopting the translation strategy on which the whole translation project will generally be based.
La parole poétique de Jean de Breyne dans la traduction croate
Authors: Mikšić Vanda
Published: May 2017

Le livre de poésie C’est quand l’homme parle (2007), de Jean de Breyne, poète français contemporain, condense d´une manière singulière la sonorité, l´oralité et les sensations. La sonorité, étroitement liée à l´oralité, se manifeste tant au niveau superficiel ‒ dans le choix de certains vocables et de leur agencement au niveau syntaxique, qu´au niveau profond, sous-jacent, dans ce qui reste non-dit, tu. L´oralité de la poésie de Jean de Breyne transparaît dans le je et le présent, dans l´hésitation, voire l’auto-correction de son propos, dans l´ellipse, dans la parole suspendue, dans la polyphonie, dans la fréquente bifurcation de ses propos, mais surtout dans le souffle, qui détermine le rythme de son discours poétique. Les sensations que l´énonciateur “présentifie” dans ses vers sont multiples : la vue a une nette prépondérance ‒ ce qui est compréhensible si l´on tient présent le fait que Jean de Breyne fait cohabiter dans sa personne la vocation lyrique avec celle de photographe et celle de critique d´art ‒ mais les autres sens n´en sont nullement exclus. Tenant compte de tous ces éléments, je me propose d´analyser la traduction croate dudit livre de poésie, effectuée par Martina Kramer et moi-même en 2013, en m´appuyant notamment sur des réflexions d´Henri Meschonnic (1970, 1999), d´Antoine Berman (1984, 1999) ainsi que de Jean-Luc Nancy (2001).
Hydrogen redistribution under stress-induced diffusion and corresponding fracture behaviour of a structural steel
Authors: Kan B. , Yang Z. X. , Wang Z. , Li J. X. , Zhou Q. J. , Su Y. J. , Qiao L. J. , Volinsky Alex A.
Published: May 2017

Hydrogen redistribution under stress-induced hydrogen diffusion and corresponding fracture behaviour of a 960 MPa grade martensitic steel were studied. Slow strain rate tensile (SSRT) tests after hydrogen pre-charging were performed and the fracture surface was observed and analysed. The strain rate ranged from 10−6 to 10−4 s−1. In the pre-charged sample with a certain hydrogen content of 0.62 ppm, hydrogen distribution was homogeneous before the SSRT test. After tensile testing, brittle fracture features appeared in the centre of the fracture surface, while ductile features appeared in the surrounding area. Brittle region size increased with the strain rate slowing down in the range from 10−4 to 5 × 10−6 s−1, while it stabilised at the strain rate slower than 5 × 10−6 s−1. Relationship between the strain rate and the brittle region size was established and discussed based on the present data of hydrogen content in the material.

This paper is part of a thematic issue on Hydrogen in Metallic Alloys
Motivational Interviewing
Authors: Kropf Nancy P. , Cummings Sherry M.
Published: May 2017

In Chapter 8, “Motivational Interviewing: Evidence-Based Practice,” the research on the efficacy of motivational interviewing (MI) for achieving behavioral change in older adults is summarized and evaluated. Only meta-analyses and randomized controlled trails (RCTs) were included in the review. Fifteen RCTs were found that investigated the use of MI for enhancing behavioral change in older adults related to substance abuse/misuse, exercise, diet, and smoking. Beginning research on the use of MI with older clients suggests its efficacy for promoting behavioral change in this population. Results of randomized control trials reveal that MI is as effective as, or more effective than, other psychosocial interventions in fostering healthier behavior and improved mood. The studies discussed in this review were conducted in differing formats—face-to-face, telephone, and a combination of the two. The success of the telephone-based format, as well as the face-to-face approach, reveals the utility of MI interventions with homebound elders.
Asset Pricing and Portfolio Choice Theory
Authors: Back Kerry E.
Published: May 2017

This book is intended as a textbook for asset pricing theory courses at the Ph.D. or Masters in Quantitative Finance level and as a reference for financial researchers. The first two parts of the book explain portfolio choice and asset pricing theory in single‐period, discrete‐time, and continuous‐time models. For valuation, the focus throughout is on stochastic discount factors and their properties. Traditional factor models, including the CAPM, are related to or derived from stochastic discount factors. A chapter on stochastic calculus provides the needed tools for analyzing continuous‐time models. A chapter on “ex‐plaining puzzles” and the last two parts of the book provide introductions to a number of current topics in asset pricing research, including rare disasters, long‐run risks, external and internal habits, real options, corporate financing options, asymmetric and incomplete information, heterogeneous beliefs, and non‐expected‐utility preferences. Each chapter includes a “Notes and References” section and exercises for students.
Stochastic Discount Factors
Authors: Back Kerry E.
Published: May 2017

SDFs are defined. The first order condition for portfolio choice is interpreted as: an investor’s marginal rate of substitution is an SDF. There is a strictly positive SDF if and only if there are no arbitrage opportunities, and there is some SDF if and only if the law of one price holds. There is a unique SDF if and only if the market is complete. Orthogonal projections are defined. There is a unique SDF in the span of the assets, and it equals the projection of any SDF onto the span of the assets. The Hansen‐Jagannathan bounds are derived. Orthogonal projections are used to show how an investor with quadratic utility hedges labor income risk.
Mean-Variance Analysis
Authors: Back Kerry E.
Published: May 2017

The mean‐variance frontier is characterized with and without a risk‐free asset. The global minimum variance portfolio and tangency portfolio are defined, and two‐fund spanning is explained. The frontier is characterized in terms of the return defined from the SDF that is in the span of the assets. This is related to the Hansen‐Jagannathan bound. There is an SDF that is an affine function of a return if and only if the return is on the mean‐variance frontier. Separating distributions are defined and shown to imply two‐fund separation and mean‐variance efficiency of the market portfolio.
Factor Models
Authors: Back Kerry E.
Published: May 2017

The CAPM and factor models in general are explained. Factors can be replaced by the returns or excess returns that are maximally correlated (the projections of the factors). A factor model is equivalent to an affine representation of an SDF and to spanning a return on the mean‐variance frontier. The use of alphas for performance evaluation is explained. Statistical factor models are defined as models in which factors explain the covariance matrix of returns. A proof is given of the Arbitrage Pricing Theory, which states that statistical factors are approximate pricing factors. The CAPM and the Fama‐French‐Carhart model are evaluated relative to portfolios based on sorts on size, book‐to‐market, and momentum.
Representative Investors
Authors: Back Kerry E.
Published: May 2017

There is a representative investor at any Pareto optimal competitive equilibrium. If investors have linear risk tolerance with the same cautiousness parameter, then there is a representative investor with the same utility function. When there is a representative investor, there is a factor model with the representative investor’s marginal utility of consumption as the factor. If the representative investor has constant relative risk aversion, then the risk‐free return and log equity premium can be calculated in terms of moments of aggregate consumption. The equity premium and risk‐free rate puzzles are explained. The coskewness‐cokurtosis pricing model and the Rubinstein option pricing model are derived.
Brownian Motion and Stochastic Calculus
Authors: Back Kerry E.
Published: May 2017

Brownian motion and concepts of the Itôs calculus are explained, including total variation, quadratic variation, Levy’s characterization of Brownian motion, the Itô integral, the difference between martingales and local martingales, the martingale (predictable) representation theorem , Itô’s formula (Itô’s lemma), geometric Brownian motion, covariation (joint variation) processes, the relationship between variance and expected quadratic variation, the relationship between covariance and expected covariation, and rotations of Brownian motions.
Continuous-Time Portfolio Choice and Pricing
Authors: Back Kerry E.
Published: May 2017

The Euler equation is defined. The static approach can be used to derive an optimal portfolio in a complete market and when the investment opportunity set is constant. In the latter case, the optimal portfolio is proportional to the growth‐optimal portfolio and two‐fund separation holds. Dynamic programming and the Hamilton‐Jacobi‐Bellman equation are explained. An optimal portfolio consists of myopic and hedging demands. The envelope condition is explained. CRRA utility implies a CRRA value function. The CCAPM and ICAPM are derived.
Continuous-Time Topics
Authors: Back Kerry E.
Published: May 2017

The fundamental PDE for valuing cash flows or cash flow streams is explained. In a complete market, an investor’s optimal wealth satisfies the fundamental PDE, and this provides a means of calculating the optimal portfolio. Risk neutral probabilities and Girsanov’s theorem are explained. Jump processes, including Poisson processes, are introduced. The risk premium of an asset with jump risks depends on covariation of its continuous part with the continuous part of an SDF and the covariation of its discontinuous part with the discontinuous part of an SDF. Portfolio choice with internal habits is characterized. The ability of a representative investor model with an internal habit to explain the equity premium puzzle is discussed.
Option Pricing
Authors: Back Kerry E.
Published: May 2017

Options, option portfolios, put‐call parity, and option bounds are explained. Changes of numeraire (measure) are discussed, and the Black‐Scholes formula is derived. The fundamental PDE for an option value is explained. The option greeks are defined, and delta hedging is explained. The smooth pasting condition for valuing an American option is explained.
Term Structure Models
Authors: Back Kerry E.
Published: May 2017

Bond yields and forward rates are defined. The fundamental PDE is derived. Affine term strucure models are explained, including the Vasicek model and the Cox‐Ingersoll‐Ross square root model. Gaussian affine models, completely affine models, and multifactor CIR models are explained. Quadratic models are described. The various versions of the expectations hypothesis are explained. We can fit a given yield curve by adding a deterministic function of time to an interest rate model or allowing model parameters to be time varying. Heath‐Jarrow‐Morton models are explained, and it is shown that drifts of forward rates under the risk neutral probability are determined by their volatilities.
Perpetual Options and the Leland Model
Authors: Back Kerry E.
Published: May 2017

Perpetual options are time‐independent, so the fundamental PDE is actually an ODE. The optimal exercise boundary can be found by directly optimizing over the boundary or by using smooth pasting. The chapter explains the pricing of perpetual calls, perpetual puts, securities that pay a given amount at a hitting time, securities that pay at a hitting time but are knocked out if another boundary is hit first, and securities that pay cash flows continuously prior to a hitting time. The valuation results are applied to analyze the optimal bankruptcy time of a firm with a given debt burden, the optimal amount of debt for the firm, and the optimal time to take on more debt when debt is perpetual (Leland’s model of the trade‐off theory). Finite maturity debt is briey discussed.
Real Options and q Theory
Authors: Back Kerry E.
Published: May 2017

The theory of perpetual options and dynamic programming are applied to analyze the optimal capital investment of a firm. When investment is continuous and capital is the numeraire, the marginal value of capital is called marginal q. The optimal investment rate is a function of marginal q. When investment is irreversible and there is no depreciation, the optimal time to make each marginal investment is given by the theory of perpetual options. The optimal invesment times can also be calculated by dynamic programming. Fluctuations in marginal q add risk to a firm, compared to reversible investment. The Berk‐Green‐Naik model is an example of a model that relates risk and expected return to size and book‐to‐market by endogenizing investment.
Heterogeneous Beliefs
Authors: Back Kerry E.
Published: May 2017

There is a representative investor in a complete single‐period market if all investors have log utility or if all investors have CARA utility, even if investors have different beliefs. This extends to dynamic markets for log utility but not for CARA utility. With CARA and other LRT utility, the concept of a representative investor can be extended to include a random discounting factor that is either a supermartingale or a submartingale. If there are short sales constraints, then assets may be overpriced relative to average beliefs, because pessimistic investors are constrained from trading on their beliefs. The overpricing is an increasing function of the dispersion of beliefs. In a dynamic market with short sales constraints, prices can exceed even the values of optimistic investors (a speculative bubble).
Rational Expectations Equilibria
Authors: Back Kerry E.
Published: May 2017

When differences in beliefs are due to differences in information, investors learn from prices. If there are no risk‐sharing motives for trade, then differences in information do not lead to trade (the no‐trade theorem). Equilibrium prices can fully reveal information, but then there is no incentive to gather information (the Grossman‐Stiglitz paradox). Noisy trades or asset supplies facilitate partially revealing equilibria. In the Grossman‐Stiglitz model and the Hellwig model, prices equal discounted expected values minus a risk premium term that depends on the average precision of investors’ information weighted by their risk tolerances. The chapter explains the mechanics of updating beliefs when fundamentals and signals are normally distributed.
Information, Strategic Trading, and Liquidity
Authors: Back Kerry E.
Published: May 2017

The chapter describes some asymmetric information models of liquidity. In these models, trades move prices because of the possibility that the trades are based on information not known to the market. A strategic trader is one who takes into consideration that her trades move prices. The chapter describes the Glosten‐Milgrom model of the bidask spread, the Kyle model of market depth, the Glosten model of limit‐order markets, and models of auctions. Except for the auction models, prices are set in these models by uninformed market makers who face adverse selection from informed traders. In the auction models, prices are set by informed individuals bidding against one another. The winner’s curse, the revenue equivalence theorem, and related aspects of auctions are explained.
Technology Transfer and Organizational Knowledge Management
Authors: Bhagat Rabi S.
Published: May 2017

To remain competitive on a global scale, global organizations must transfer innovative technologies among various subsidiaries on an ongoing basis. Transferring technologies across nations and borders is complicated. Technologies come in various forms—some can be transferred relatively easily, others take years to transfer. The nature of various types of technologies along with the barriers to their transfer across nations is discussed. The process of creating, absorbing, diffusing, and transferring technologies to various subsidiaries needs to be understood. This chapter considers this topic in detail and moves on to the issue of organizational knowledge management, which has evolved as a major topic in enhancing global competitiveness. The dimensions of organizational knowledge that are important for global managers are discussed, and the various modes of creating and diffusing knowledge are also presented. The implications for managing organizational knowledge and transferring technologies effectively on a worldwide basis are discussed.
The Grammar of Messianism
Authors: Novenson Matthew V.
Published: May 2017

Messianism is one of the great themes in intellectual history. But, precisely because it has done so much important ideological work for the people who have written about it, the historical roots of the discourse itself have been obscured from view. What did it mean to talk about “messiahs” in the ancient world, before the idea of messianism became a philosophical juggernaut? In fact, for the ancient Jews and Christians who used the term, a messiah was not an article of faith, but a manner of speaking. It was a scriptural figure of speech, one among numerous others, useful for thinking kinds of political order: present or future, real or ideal, monarchic or theocratic, dynastic or charismatic, and other variations beside. The early Christians famously seized upon the title “messiah” (in Greek, “Christ”) for their founding hero and thus molded the sense of the term in certain ways, but this is nothing other than what all ancient messiah texts do, each in its own way. If we hope to understand the ancient texts about messiahs, then we must learn to think in terms not of a world–historical idea, but of a language game, of so many creative reuses of an archaic Israelite idiom.
The Grammar of Messianism
Authors: Novenson Matthew V.
Published: May 2017

In this concluding, synthetic chapter the findings of the previous chapters are brought together to illustrate a new, alternative research program for the study of ancient messiah texts. In a detailed comparison with the idiomatic use of the fasces (“bundles” of rods) in Roman imperial literature and art, it is proposed that the idiomatic use of “anointing” discourse among ancient Jews and Christians is a similarly influential and similarly parochial symbol of political authority. On this alternative account, the future of the study of messianism lies not in vain attempts to measure the vigor of the phenomenon, nor in pedantic quarrels over the definition of “messiah,” nor in lightly revised taxonomies of redeemer figures, but rather in fresh expeditions into the primary sources to trace the grammar of messianism.
Emerging Adult Essay
Authors: Iannello Nicolò Maria
Published: May 2017

My name is Nicolò and I am a 30-year-old white Italian. I am attending my last year of the doctoral program in behavioral and social sciences at the Department of Psychological, Educational, and Training Sciences at the University of Palermo. At the moment, I live in the United States, spending my training period abroad, as expected by my doctoral program. I am a visiting student at Brigham Young University in Provo, Utah, in the Department of Psychology....
Healthy Transitions to Family Formation
Authors: Holmes Erin Kramer , Brown Geoffrey , Shafer Kevin , Stoddard Nate
Published: May 2017

The chapter “Healthy Transitions to Family Formation” focuses on two features of family formation: preparing to build long-term partnerships and preparing to become parents. The chapter pays special attention to dating and sexuality, cohabitation, growing up in a stepfamily, and transitioning to parenthood. The discussion of becoming parents includes pre-birth preparations for parenthood, sharing childrearing responsibilities, and implications of parenthood for mental and physical health. Aside from exploring the diversity of growing up in a stepfamily, the chapter also highlights differences by gender, race, and ethnicity (when available in the literature) that may better help scholars understand how a variety of emerging adults form families and flourish in the process. Directions for future research are included throughout the chapter.
Emerging Adult Essay
Authors: Alemán-Padilla Norberto
Published: May 2017

My name is Norberto Alemán-Padilla. I am an 18-year-old Mexican American currently living in Evanston, Illinois. I have attended public school my whole life, always earning high grades and earning respect and accolades. I am of sound health and good temperament; I have been in a healthy, loving relationship since 2013; and overall I am doing quite well in life. My life might seem like a teenage life highlighted in a feel-good movie, or a young-adult book. However, despite my achievements, my life is not easy—It has not been easy since I was 5 years old. My parents had become fed up with butting heads, and they got divorced, leaving me and my younger brother to travel between their two houses every other week. At 18, it’s still hard having to go back and forth every week. How my younger brother has had the strength to do this for 13 years, I don’t know. My 5-year-old mind didn’t quite comprehend the gravity of what a divorce was, so I was somewhat numb to the whole experience....
Environmental Activism in Emerging Adulthood
Authors: Matsuba M. Kyle , Alisat Susan , Pratt Michael W.
Published: May 2017

This chapter, “Environmental Activism in Emerging Adulthood” reviews what is known about the personality and lives of environmental activists, paying particular attention to the emerging adulthood years. The chapter adopts a developmental framework by positioning the paper within Erikson’s psychosocial theory. Hence, the focus is on the important stages of identity and generativity, which, it is argued, shape the life trajectory of environmental activists. The chapter also draws on the authors’ own longitudinal data, highlighting the importance of identity, political ideology, and generativity variables in predicting later environmental behaviors, and provides narrative excerpts to illustrate the influence of these variables. Finally, the chapter ends by making a plea for the scientific community to draw greater attention to understanding people’s environmental actions and inactions given the current state of the planet.
Emerging Adult Essay
Authors: Mutungi Emmanuel , Ruganzu Bruno
Published: May 2017

Born in the hills of Kabale, Uganda, Bruno Ruganzu grew up with his mother. After being introduced to community art using waste material while undertaking his bachelor’s degree at Kyambogo University, Bruno discovered his talent in art, which he had practiced as a child in the hills of Kabale. He has since won several accolades and his journey is unstoppable....
Emerging Adult Essay
Authors: Jackson D. Simon
Published: May 2017

I was 7 years old when I was lucky enough to discover my passion for bears and learned firsthand, through a lemonade stand and a couple of letters in support of protecting Alaska’s Kodiak bears, that all people—no matter their age—can make a difference for all life. By the age of 13, with my passion growing and my belief in the power of one fortified, I embarked on a journey that I thought would last a week, but has instead come to define my young life....
Cultural Immersion as a Context for Promoting Global Citizenship and Personal Agency in Young Adults
Authors: Sokol Bryan W. , Donnelly Katie Gauthier , Vilbig Justin M. , Monsky Katie
Published: May 2017

Immersive educational experiences are a form of experiential learning that typically involve intensive instruction, reflection, and exposure to complex social issues, often taking participants outside of their “comfort zones” to critically examine their own preconceived notions and biases. This chapter argues that well-designed, intercultural immersion experiences capitalize on key developmental areas in emerging young adults who are navigating diverse perspectives, exploring new identities, and searching for deeper meaning and responsibility. Emerging adults are primed to take advantage of such intercultural immersion opportunities, making even short-term experiences a viable option for intense personal reflection and growth. In addition to promoting healthy developmental pathways in young people, such experiences also benefit the civic well-being of communities by encouraging youth to become agents of social change.
Military Service in Midlife
Authors: Kleykamp Meredith , Kelty Ryan , Segal David R.
Published: May 2017

This chapter examines the role of military experience on positive or negative development and functioning in early adulthood. It reviews the demographic composition of the military in the United States, with attention to the diversity of those who serve. It reviews how military service influences the transition to adulthood, now serving as a pathway toward, rather than an interruption of, adulthood. It summarizes the wealth of research connecting military service to midlife outcomes, with a special focus on how military experiences may generate positive growth and resilience. Although some who serve may experience trauma, military service can also provide material and psychosocial benefits, including post-traumatic growth. Notably, the benefits of military service tend to accrue most for individuals who come from more disadvantaged backgrounds, making the military a potentially important institutional setting for a successful transition to adulthood for those who need such supports the most.
Emerging Adult Essay
Authors: Chism Joanna
Published: May 2017

My name is Joanna Chism. I am currently a 28-year-old Caucasian female with a Bachelor of Science degree in psychology. I was raised in a lower-middle-class family by my mother and father, and I have one younger brother. I grew up in a suburb five minutes outside of northeastern Philadelphia. At the age of 18 I enlisted in the United States Air Force, where I served as a Korean Cryptologic Operator for seven years. The majority of my enlistment was spent learning the Korean language in Monterey, California, and performing translation duties in Seoul, South Korea....
Emerging Adult Essay
Authors: Lott Melanie
Published: May 2017

My name is Melanie. I am a 23-year-old Caucasian female, currently attending Brigham Young University. I grew up in Idaho in a very religious and conservative community. When I turned 20, I left school, friends, and family to serve an 18-month mission for the Church of Jesus Christ of Latter-day Saints in Sweden. I spent this time teaching others about Christ and providing service. Before this opportunity, I had never really traveled or experienced another culture. While there, this country stole my heart....
Emerging Adult Essay
Authors: Afumbom Akom Delbert
Published: May 2017

I am a young African male, aged 29. I am a native of Kom, Belo subdivision, Boyo division of the Northwest Region of Cameroon, commonly known as the grass fields. I come from a very humble family of four children (two boys and two girls) and am the third in line after the first two girls. My father was a nurse and worked with the then missionaries, today called the Cameroon Baptist Convention, for four decades up to the time of his retirement more than a decade ago. My mother was a housewife for close to a decade after marriage, but she got a job as a ward helper or aide with the Baptist Convention hospital, where she has worked for close to three decades. She presently serves as a pharmacy aide, after having received short training courses within said field....
Emerging Adult Essay
Authors: Vernon David
Published: May 2017

Five a.m. is early, and 4:30 a.m. is even earlier. At the mere age of 11, a 4:30 a.m. wake up was commonplace on a Saturday morning. Growing up in mining towns, literally the middle of nowhere, made it near on impossible to pursue my dreams of playing professional cricket. Especially when the game started at 7:30 in the morning, 300 kilometers from where I lived. Though mornings were tough for me, I can’t imagine the pain and struggle my parents went through. I’m sure that after working 80 hours all week, the last thing they wanted to do was jump in a car at 4:30 on a Saturday morning. I was extremely fortunate to grow up in Australia in the 1990s as part of a very supportive, working middle-class family....
Emerging Adult Essay
Authors: Cherry Manny
Published: May 2017

When people think of queer emerging adults (QEAs), they may use terms such as risk, binge drinking, multiple partners, unsafe sex, and stress. In reality, these aspects do not exist for all QEAs, especially not myself. In this essay, I will provide you a brief introduction about myself and explain the positive experiences that are associated with my development as a QEA, and explain how these experiences influenced the direction of my life for both the present and future....
Emerging Adults and Migration: Diversity and Social Contributions
Authors: Seif Hinda , Jenkins Jason
Published: May 2017

This chapter reviews the literature on and outlines research and policy directions toward shaping emerging adulthood migration to produce positive outcomes in an era of globalization. As the most likely demographic to migrate, emerging adults cross borders to mitigate family poverty and seek education and employment, to flee prejudice and violence, and to gain higher status. They migrate to find partnership and start new families, to seek self-actualization as women and sexual minorities, and for adventure. They are more likely to flourish when they retain a bicultural orientation, maintain healthy relationships with families and communities of origin, and receive government, social, and co-ethnic support and mentoring in countries of destination. In postindustrial nations with aging populations, emerging adult migrants may be welcomed as assets. They arrive at a life stage when they are capable of learning a new language and primed for the challenges of adapting to a new culture.
Corporate Executives, Directors, and Boards
Authors: Nofsinger John R. , Chatjuthamard Pattanaporn
Published: May 2017

This chapter assesses the behavior of corporate managers and boards of directors within the framework of agency theory, stewardship theory, and psychological biases. In agency theory, a chief executive officer (CEO) is motivated to act in his or her own best interests rather than those of shareholders. Stewardship theory posits that a CEO is a self-actualizing individual seeking to grow and reach a higher level of achievement through leading an organization. A CEO exhibits self-interested behavior in managing the firm. The CEO also exhibits optimism, overconfidence, and risk-aversion behaviors that are not optimal for the company. In the context of agency theory, the board of directors should enact incentive structures and monitoring to control these behaviors. However, directors also suffer from self-interests and cognitive biases. Specifically, boards may suffer from group-dynamic problems such as social loafing, poor information sharing, and groupthink.
Portfolio Managers
Authors: Devos Erik , Spieler Andrew C. , Tenaglia Joseph M.
Published: May 2017

In the oversight of most funds, the portfolio manager holds the key decision-making power. Often regarded as foundational to the investment process, a few select managers can attract billions of dollars from investors, giving the managers increased prominence, credibility, and compensation. Despite their stature, portfolio managers are not immune to the behavioral biases that other investors exhibit, which can distort the portfolio management process. This chapter offers an overview of portfolio management and compares characteristics of the fund types that portfolio managers oversee. It also reviews several important behavioral biases that portfolio managers display, as well as the consequences that each has on portfolio construction: overconfidence, herd mentality, risk-taking behavior, and disposition effect. The chapter also contrasts the gender differences of portfolio managers and reviews the ramifications for their respective portfolios.
The Psychology of Traders
Authors: Martelli Duccio
Published: May 2017

In recent decades, trading has become very popular among retail investors, mainly owing to widespread use of technology and a reduction in transaction costs. However, the growing information available to individuals and the higher complexity of financial markets have led investors to make psychological mistakes more easily. This chapter describes the main types of behavioral bias that affect individual investors, especially retail traders who frequently churn their portfolios. The chapter compares momentum and contrarian trading strategies used by such traders. It also discusses the impact of new information on market sentiment and its effect on trader psychology. Finally, the chapter examines the main behaviors of novice traders, followed by a summary of various studies that analyze the conduct of novice investors in the course of investment challenges and trading simulations.
The Psychology of Millennials
Authors: Rudin April , McBreen Catherine
Published: May 2017

This chapter focuses on the financial mindset and behaviors of Millennials, and how they interact with financial advisors. Millennials have surpassed Baby Boomers as the productive generation and are projected to be the wealthiest. At 80 million strong, millennials are poised to leave their footprint on the financial services industry, which will have to adapt if it wants to engage a generation that communicates and invests differently from its forebears. Millennials are identified with unflattering and stereotypical media portrayals, but financial advisors ignore them at their peril. Advisors and service providers can engage this generation, which currently is more apt to conduct its financial and investment affairs, by ignoring the stereotypes. Millennials have a stake in the American Dream and are laying the groundwork for a secure financial future.
Individual Biases in Retirement Planning and Wealth Management
Authors: Brewer James E. , Self Charles H.
Published: May 2017

Around the globe, the gradual move from defined benefit pensions to defined contribution pensions has increased the need for individual retirement planning. Examples of this include U.S. savings rates at historic lows, poor retirement prospects for citizens in developed countries, and the disparaging gap between investor returns and market returns. Research indicates that individuals working with a financial advisor generally receive better results than those who do not. Working with a Certified Financial Planner (CFP) gives an added level of security because a CFP takes an oath to keep the client’s interests ahead of his or her own. This chapter puts describes giving nudges to help individuals close the savings, investing, and behavior gaps that will improve their total wealth and wealth-transfer picture.
Current Trends in Successful International M&As
Authors: Hubbard Nancy
Published: May 2017

The worldwide landscape of merger and acquisition (M&A) activity has changed dramatically in the past decade. Acquirers, acquisition trends, and the strategies behind those transactions now differ dramatically. Acquisition success rates also appear to be different, with recent research indicating that international acquisitions are more successful than they were previously. Successful acquiring is a complicated combination of melding systems and employees in an environment of cultural contrasts. Successful acquisitions on an international level require financial rigor and discipline combined with an understanding of human behavior and motivation. This chapter examines both the changing trends and the key success factors for M&As in terms of financial inputs and behavioral elements to better understand the complex M&A process and indicators for future success.
The Psychology of Speculation in the Financial Markets
Authors: Ricciardi Victor
Published: May 2017

This chapter discusses the role of speculation in the financial markets that influences individual and group behavior in the form of bubbles and crashes. The chapter highlights behavioral finance issues associated with bubbles, such as overconfidence, herding, group polarization, groupthink effect, representativeness bias, familiarity issues, grandiosity, excitement, and the overreaction and underreaction to prices. These issues are important for understanding past financial mistakes because history often repeat itself. The chapter also examines the aftermath of the financial crisis of 2007–2008 on investor psychology, including the impact of a severe financial downturn, anchoring effect, recency bias, worry, loss averse behavior, status quo bias, and trust. The aftermath of the financial crisis might have negative long-term effects on investor psychology in which some investors remain overly risk averse, resulting in under-investment in stocks and over-investment in cash and bonds.
Practical Challenges of Implementing Behavioral Finance
Authors: Davies Greg B. , Brooks Peter
Published: May 2017

Behavioral finance is useful only if it can be applied to help people make better decisions. This chapter offers reflections on the good, bad, and ugly of practical applications of behavioral finance in a commercial banking setting. It explores the difficulties of nonexperts experimenting with behavioral finance, and how effective applications require a unique mix of expert knowledge and the ability to effect change through a business. Principles of good applications of behavioral finance are also presented, with information on how to start using behavioral finance within an organization. The importance of senior management’s acknowledging that behavioral finance practitioners do not necessarily know the correct answer and that they will need to use randomized control trials to learn is also discussed.
Horns To Be Heard
Authors: De Souza Jonathan
Published: May 2017

How do listeners relate to musial instruments that they do not play? This chapter investigates technically mediated modes of listening in the context of Haydn’s horn music. The valveless horns in Haydn’s orchestra had distinctive pitch affordances, which gave rise to several idiomatic figures. This instrumental invariance can shape tonal expectations, affecting how the music appears to listeners. Haydn (and other composers) also used horn calls in compositions for other instrumental forces. If situated listeners are attuned to schematic instrumental textures—if, for example, they can hear virtual horns in a string quartet or piano piece—this implies that their perception is grounded in multimodal experiences of instruments. Like performance, then, listening is both embodied and conditioned by technology.
Equilibrium Models in Economics
Authors: Boland Lawrence A.
Published: May 2017

Equilibrium models used in beginning economics classes are based on the equilibrium concept developed by Alfred Marshall, but that concept of an equilibrium does not correspond to the equilibrium concept recognized in modern formal mathematical models taught to graduate students. In both cases, the assumptions needed to produce explanations of economic events are open to question. The assumptions needed to prove the existence of an equilibrium in formal mathematical models are often questioned not only by older model builders but also by today’s formal model builders. This book critically examines both model building cultures by examining the major problematic assumptions employed building equilibrium models with particular attention to the assumptions used to characterize learning, knowledge, and expectations. These assumptions are recognized as essential in any equilibrium model that claims to address the dynamics of decision making. These assumptions are also the object of the critiques provided by those developing evolutionary models and by those promoting the development of complexity economics. Attention is also given to the inadequacies of what is taught to beginning students when it comes to the question of whether equilibrium models can provide a realistic explanation of economic events and objects such as prices, market demands, and market supplies.
Recognizing knowledge and learning in equilibrium models
Authors: Boland Lawrence A.
Published: May 2017

This chapter introduces Part II, discussing the limits of equilibrium models. This chapter discusses how the recognition of time and information within models results in the need to deal with expectations explicitly. This leads to the problem of explaining nature of a decision maker’s knowledge – is it quantity-based or quality based. That is, is knowledge like wealth or like health. The chapter also provides a discussion of the main property that every neoclassical equilibrium must provide. Specifically, an equilibrium model’s explanation of economic events must not violate methodological individualism. The chapter criticizes the presumption that methodological individualism must be compatibility with a psychology-based model of the individual decision maker. Using a psychology-based model of the individual can undermine the idea of completely free choice, which was the original appeal of the equilibrium models.
Equilibrium models vs. realistic understanding
Authors: Boland Lawrence A.
Published: May 2017

In the real world, the process of reaching the assumed equilibrium involves decision makers’ knowledge and their awareness of any disequilibrium. Equilibrium attainment also requires their making the correct decisions required for a ‘stable’ equilibrium. Any model which fails to explicitly address the equilibrium process and its requirements is vulnerable to criticism of the model’s realism. This chapter explores, specifically, whether the knowledge required to reach equilibrium can ever be attained by participants, whether the process of obtaining that knowledge can be consistent with the requirements of achieving an equilibrium. It also explores the ‘ignorant consumer’ who has no way of knowing that he or she is not maximizing.
Macroeconomic equilibrium model building and the stability problem
Authors: Boland Lawrence A.
Published: May 2017

This chapter will consider all major ways of avoiding the methodological questions facing the construction of any equilibrium model that attempts to address the need to explain an equilibrium’s ‘stability’. In this regard, the chapter discusses rational expectations in a microeconomic context followed by a discussion of macroeconomic equilibrium models. Consideration of rational expectations invokes various ideas about learning in macroeconomics. Building macroeconomic models is one of the three basic strategies of avoidance that will be critically examined. A second method involves stochasticism that relies of the use of ‘bounded rationality’, ‘Bayesian learning’, and ‘econometric learning’. The third way of avoiding the methodological questions is to invoke instrumentalism which involves the claim that equilibrium models serve only as instruments for forming policy, and can be judged only on their practical success, not on the logic underlying them.
Frameworks
Authors: Sperino Sandra F. , Thomas Suja A.
Published: May 2017

This chapter discusses another hurdle workers face: the frameworks that courts use to evaluate employment discrimination cases. When Congress enacted the federal discrimination statutes, it appeared to formulate a simple way to determine whether discrimination happened. The words of the statutes ask the fact-finder to decide whether a particular employment outcome occurred because of a worker’s race, sex, or other protected trait. But since the 1970s, the federal courts have not always used that language to analyze discrimination cases. Instead, the Supreme Court has created a set of frameworks to decide whether discrimination occurred. Each framework introduces new terms and phrases into the discrimination inquiry, often making it harder for courts to adjudicate discrimination claims. The frameworks also reduce discrimination law to a rote sorting process. Ultimately, in many cases, the frameworks distract judges from the fundamental question of whether an employer discriminated against an employee.
Politics
Authors: Sperino Sandra F. , Thomas Suja A.
Published: May 2017

Politics might be a reason for the current state of discrimination law. Republicans may want to protect employers’ interests. Democrats may want to protect workers’ interests. Thus, federal judges appointed by Republican Presidents may skew discrimination law in favor of employers, and federal judges appointed by Presidents from the Democratic Party may decide the law to favor workers. This chapter shows how some judges have acted in this partisan way to limit discrimination law. This chapter also shows that the simple dichotomy often fails to explain what is happening in actual cases. Some judges do not discretely fall into categories for or against the discrimination laws. Some employers also do not.
Fakers and Floodgates
Authors: Sperino Sandra F. , Thomas Suja A.
Published: May 2017

The structure of discrimination law, with its many pro-employer inferences and rules, pushes cases toward dismissal. In this chapter, we explore what we call the “fakers and floodgates” argument—the idea that judges must curtail the reach of discrimination law because the federal court system is flooded with unmeritorious employment discrimination suits. It is important that concerns about fakers and floodgates be taken seriously. If fake claims were flooding the federal docket, this would be a significant problem. However, the fakers and floodgates argument is unproven and therefore should not support change to discrimination law. No data shows that the courts are flooded with false claims. If false claims exist, the courts already have an effective way to ameliorate them: they can punish litigants who make false claims. Nonetheless, the “fakers and floodgates” argument plays a powerful role in modern discrimination law.
Introduction: The Black Legend of William O. Jenkins
Authors: Paxman Andrew
Published: May 2017

By 1960, William O. Jenkins was an octogenarian of thrifty habits, still pursuing his love of farming, but leftist leaders and journalists made him a political football, their critiques of his business practices designed to whip up sentiment against the dominant conservative wing of the ruling Institutional Revolutionary Party (PRI). The context was the Cold War, made tenser by the Cuban Revolution, with ideological battles between left and right using increasingly strident rhetoric; thus the name of the infamous gringo became a key rhetorical tool. This episode is a point of departure for laying out the book’s five key themes: the growth of Mexican capitalism in often adverse circumstances; interdependence between business and political elites; the role of the states, such as Puebla, in cultivating that bond and shifting national politics to the right; the evolution and political uses of gringophobia; and similarities between business in the United States and Mexico.