bluuebunny/crossref_metadata_2025 huggingface dataset:
Women and Depression: Introduction
Authors: Nolen-Hoeksema Susan , Keita Gwendolyn Puryear
Published: May 2003

Although women's 2 to 1 likelihood of developing a depressive disorder is a well-established fact, research over the last decade has expanded our knowledge of risk factors and issues of treatment and service delivery. The American Psychological Association convened an interdisciplinary Summit in 2000 on Women and Depression to examine these findings and to make recommendations on future research and policy needs, and to highlight treatment implications. This special section contains five articles from the Summit addressing a range of issues, including the relationship between women's depression and their lesser power and status in society (resulting in physical and sexual abuse and poverty), and the menstrual cycle and depression. Additionally, the special section includes articles on the rehabilitation of women with depression and treatment of depressed women in primary care settings.
Depression During the Menopausal Transition
Authors: Avis Nancy E.
Published: May 2003

The perception that menopause leads to mood disturbances such as depression has a long history. How did these beliefs come about, and are they supported by the scientific literature? This article reviews the theories of menopause and depression, the scientific literature, and the implications of these findings for prevention and treatment. Epidemiologic studies of menopausal status and depression do not provide consistent evidence of an association between the menopausal transition and depression among the general population of women. Depression experienced by women transitioning through menopause may be attributed to factors unrelated to menopause. A subset of women, however, may be more vulnerable to the effects of hormonal changes. For some women, short-term estrogen replacement therapy to relieve vasomotor symptoms may be beneficial, although for others psychotherapy or antidepressants may be more appropriate. Additional research is needed to better understand the association between different stages of the menopausal transition and dysphoric mood or depression, and better identification of women potentially at risk for depression during the menopausal transition.
Poverty, Inequality, and Discrimination as Sources of Depression Among U.S. Women
Authors: Belle Deborah , Doucet Joanne
Published: May 2003

Poverty, inequality, and discrimination endanger women's well-being. Poverty is one of the most consistent predictors of depression in women, probably because it imposes considerable stress while attacking many potential sources of social support. Economic inequalities within societies are associated with reduced life expectancy and a variety of negative physical health outcomes. Parallel research on economic inequalities and depression has just begun. Discrimination maintains inequalities, condemns women to lives of lessened economic security, and exposes them to unmerited contempt. Although the mental health impact of poverty is documented and largely understood, the implications of inequality and discrimination are less well known. Much important work remains to be done, particularly research that connects individuals' mental health to ecological characteristics of the communities and societies in which they live.
Improving Services for Women with Depression in Primary Care Settings
Authors: Katon Wayne J. , Ludman Evette J.
Published: May 2003

Women have a higher prevalence of depressive disorders compared to men. The current system of care for women with depressive disorders provides significant financial barriers for patients with lower incomes to access mental health services. Primary care systems are used extensively by women and have the potential to diagnose patients at early stages of mental illness and to provide evidence-based treatments, but this potential is largely unfulfilled because of significant system-level barriers inherent in primary care. Recent effectiveness research provides an excellent framework for cost-effectively improving care of depression using stepped care principles and strategies effective for improving care of other chronic conditions. Psychologists have the potential to help implement stepped care models by providing training, consultation and ongoing quality assurance, as well as by delivering collaborative care models of acute-phase treatment and relapse prevention interventions.
Depression, Disability, and Rehabilitation Services for Women
Authors: Cook Judith A.
Published: May 2003

The purpose of this paper is to review scientific evidence for the co-occurrence of major depressive illness and disability, and to examine this phenomenon specifically for women in the United States today. Following a discussion of different ways of operationalizing the concept of disability, the analysis addresses gender biases in disability measurement as well as in recent research on depression and functional impairment. Next, the results of research regarding co-occurrence of disability and depression are reviewed, highlighting those studies focused specifically on women. Turning to research on rehabilitation services for those with psychiatric disabilities, studies suggest that service delivery models fail to address needs specific to women with mental illness in general, as well as those women experiencing severe depression. Thus, the analysis concludes with a series of suggestions and future directions for investigators seeking to better understand the linkages between depression, disability, and rehabilitation services for women.
Depression and PTSD in Survivors of Male Violence: Research and Training Initiatives to Facilitate Recovery
Authors: Koss Mary P. , Bailey Jennifer A. , Yuan Nicole P. , Herrera Veronica M. , Lichter Erika L.
Published: May 2003

Male violence is an enduring feature of women's lives from childhood through old age. The review covers child sexual abuse, rape, and partner violence with emphasis on the prevalence of violence, its mental health consequences, the course of recovery, and mediators and moderators of traumatic impact. The primary focus is depression and posttraumatic stress disorder, the two major diagnostic entities through which postassault emotions and behaviors have been conceptualized and measured. The effects of psychiatric conceptualizations of victimization and patterns of individual recovery are critically reviewed. The PTSD paradigm as the sole foundation for most victimization research is also debated. Following the review, mental health services for victimized women are examined. The article concludes with public policy recommendations to improve the availability and accessibility of mental health services with emphasis on reaching those survivors who are less likely to consult the formal system.
Adult Antisocial Behavior and Affect Regulation Among Primary Crack/Cocaine-Using Women
Authors: Litt Lisa Caren , Hien Denise A. , Levin Deborah
Published: May 2003

The relationship between deficits in affect regulation and Adult Antisocial Behavior (ASB) in primary crack/cocaine-using women was explored in a sample of 80 inner-city women. Narrative early memories were coded for two components of affect regulation, Affect Tolerance and Affect Expression, using the Epigenetic Assessment Rating Scale (EARS; Wilson, Passik, & Kuras, 1989 ). ASB was measured by the adult criteria of Antisocial Personality Disorder on the SCID-SAC ( Spitzer, Williams, Gibbon, & First, 1993 ). Analyses compared primary crack/cocaine-using women with and without ASB on the affect regulation measures. Findings using memories of primary caretakers revealed that women with ASB had significantly poorer capacity for Affect Tolerance and Affect Expression than women without ASB, suggesting that ASB is significantly associated with differences in the capacity to regulate emotional experience among primary crack/cocaine-using women.
Toward a Typology of Abusive Women: Differences Between Partner-Only and Generally Violent Women in the Use of Violence
Authors: Babcock Julia C. , Miller Sarah A. , Siard Cheryl
Published: May 2003

Based on previous typologies of domestically violent men ( Holtzworth-Munroe & Stuart, 1994 ), women who were referred to a treatment agency for abusive behavior ( N = 52) were categorized into two groups based on the breadth of their use of violence: Partner-Only (PO) and Generally Violent (GV). PO women were hypothesized to use reactive violence, for example, out of fear or in self-defense, whereas GV women were hypothesized to use instrumental violence, that is, in order to exert control. Self-defense was assessed in three different ways and convergent validity was demonstrated for these three new measures. GV women reported using instrumental violence more than PO women, in a variety of situations. GV women tended to report more traumatic symptoms than PO women, although they did not experience significantly more abuse. GV women were more likely to witness their mothers' physical aggression. Thus, we theorize that GV women have been socialized to believe that it is acceptable for women to use violence to resolve conflict. Trauma history and violent socialization should be addressed clinically.
Decision to Leave Scale: Perceived Reasons to Stay in or Leave Violent Relationships
Authors: Hendy Helen M. , Eggen Doreen , Gustitus Cheryl , McLeod Kelli C. , Ng Phillip
Published: May 2003

The 30-item Decision to Leave Scale (DLS) was developed with 631 college women and 420 college women and women in shelters. Seven DLS subscales emerged for concerns in deciding to stay or leave: Fear of Loneliness, Child Care Needs, Financial Problems, Social Embarrassment, Poor Social Support, Fear of Harm, Hopes Things Change. Mean internal reliability was .73, mean test-retest reliability was .70. Discriminant validity was demonstrated by expected associations between DLS concerns and self-esteem, children, and violence. Criterion validity was demonstrated by greater DLS concerns for women in shelters than for college women. Women in violent relationships who decided to stay reported more Fear of Loneliness than women who decided to leave.
Students' Quality of Experience and Perceptions of Intolerance and Bias in the Women's and Gender Studies Classroom
Authors: Stake Jayne E. , Malkin Craig
Published: May 2003

Student evaluations of the quality of their women's and gender studies (WGS) experience and predictors of experience quality were studied in a sample of 326 students from 23 WGS classes. Higher initial appreciation/acceptance of diversity, capacity for interpersonal relationships, and class expectations predicted more positive experience ratings. These relationships were mediated by students' alliance with their teacher and cohesion with classmates. A small proportion of students (11.6%), spread across 14 classes, did not rate their experience positively. Perceptions of teacher and classmate intolerance and bias were assessed in this subset of students. Average ratings of intolerance were slightly positive for teachers and neutral for classmates. Implications of the findings for understanding students' WGS experiences are discussed.
The Australian Labour Market in 2002
Authors: Burgess John , Mitchell William , Preston Alison
Published: May 2003

The Australian labour market continues to demonstrate resilience in the face of weaknesses in the international economy and domestic economy. The US economy remains in the doldrums and Japan still remains in recession. Locally, a severe drought has wiped at least one per cent off projected GDP growth. Yet, for the 10th successive year, jobs growth remains strong in Australia. Despite this record, employers and the Federal government continue to call for further reforms in order to ‘free’ up the labour market. With the profits share of Gross Domestic Product (GDP) at historic highs and trade union density at historic lows, the arguments are distinctly hollow. Indeed, there remains a considerable unfinished reform agenda for the Australian labour market. A decade of strong jobs growth has made only modest inroads into labour under-utilisation, it has seen unfettered working time developments, and important issues remain of equality and access to entitlements that confront many women workers.
Industrial Legislation in 2002
Authors: Riley Joellen
Published: May 2003

Legislation proposed and passed in 2002 continued to demonstrate the close alliance between law and politics in this field. While the Federal government pressed on with its Workplace Relations third wave (the Registration and Accountability of Organisations legislation being its only significant success), recently elected Labor governments moved in contrary directions. The Gallop Labor government’s new Western Australian industrial laws feature in this report, and there is also a brief review of the Rann government’s commissioned review of South Australia’s industrial law. New South Wales introduced some protective measures for outworkers—and also restricted access to unfair contracts review to ‘high flyers’.
Major Tribunal Decisions in 2002
Authors: Catanzariti Joe , Shariff Yaseen , Brown Simon
Published: May 2003

The authors review some of the important decisions of the last year, including those relating to redundancy liabilities, transmission of business, union bargaining fees and the parameters of unprotected industrial action. In their review, the authors note the increasing propensity of industrial actors to opt for legally enforced resolutions ahead of industrially negotiated outcomes. The authors also comment that a failure to have regard to such an increasingly legal approach in industrial relations may hold the potential to unravel corporate and commercial transactions. In concluding, the authors express the view that while some of the pressing legal decisions of 2002 remain unresolved, one certainty is that the role of third party tribunals in abating the increasing trend of legalism will continue to be debated.
Wages and Wage Determination in 2002
Authors: Watts Martin J.
Published: May 2003

In this review, we provide a description of the macroeconomic environment prevailing in 2002, as a backdrop to an analysis of movements in wages, with particular reference to the Safety Net Adjustment in May. We conclude that there is no evidence of an acceleration of wage growth in 2002. A number of rulings and legislative changes that impact on wage setting are assessed.
Trade Unionism in 2002
Authors: Cooper Rae
Published: May 2003

In 2002, the Australian Council of Trade Unions (ACTU) celebrated its 75th anniversary. During this year, the peak council made it clear that its two key priorities were; first, to rebuild the union movement by strengthening workplace organisation and growing membership and, second, to put in place strategies to enable workers to better cope with the dual pressures of work and family. Workplace Relations Minister, Tony Abbott, spent much of 2002 trying to convince employers to go to ‘war’ with the union movement and throughout the year, the Royal Commission into the construction industry continued hearing evidence amid union accusations that it was simply pushing the government’s anti-union agenda. There were some interesting internal machinations within Australian unions in 2002, none more so than in the Australian Manufacturing Workers Union (AMWU) Victorian branch. This article reviews Australian trade union matters in 2002.
Employer Matters in 2002
Authors: Sheldon Peter , Thornthwaite Louise
Published: May 2003

Employers and their associations found themselves in a more complex environment largely of their own making. Desired change through the federal system appeared too incremental yet repeated association calls for a hardening of the Workplace Relations regime fell foul of the Senate. At state level, policy backlashes have all but removed neo-liberal gains of the last decade. Developments in the building industry present an anti-union federal government, associations and adversarial companies with their best chance to extend the effects of the 1996 Act. In general, associations indulge in a neo-liberal form of rentier policy pleading while unions continue to make gains in unlikely circumstances.
Distant voices: the views of the field workers of NGOs in Bangladesh on microcredit
Authors: Ahmad Mokbul Morshed
Published: May 2003

Recently, microcredit has become a fashionable cure‐all for most non‐governmental organizations (NGOs) in Bangladesh. The provision of services to the poor is by definition always difficult, and even NGOs have problems. NGOs in Bangladesh define the poor in different ways when creating their target groups. The policies of nearly all NGOs in Bangladesh are formulated by their senior managers, and field workers are rarely consulted. This paper will explore the opinions on microcredit of selected field workers of four types of NGOs in Bangladesh – on how the problem of microcredit might be solved. Problems of microcredit programmes, they say, include non‐accessibility to the poorest, low return, misuse and overemphasis on repayment. Field workers discuss what level of importance should be given to microcredit as against services like education, health or awareness creation. Most conclude that NGOs are overemphasizing microcredit, which leaves little time and few resources for other problems of the poor, so bringing the whole ‘development’ effort of the NGOs into question. Most field workers think that many microenterprises are not sustainable and that in many cases clients will remain dependent on the NGOs for credit.
The use of historical bathymetric charts in a GIS to assess morphological change in estuaries
Authors: Van Der Wal Daphne , Pye Kenneth
Published: May 2003

Navigational charts are a valuable data source for the study of morphological change in estuaries, as they provide bathymetric information of many estuaries, and span a vast period of time. Charts are suitable for studying patterns of morphological change, such as shoal and channel migration. In addition, sequential bathymetric charts or bed surveys can be used to calculate sedimentation and erosion rates. However, a number of problems arise when using these data to identify morphological change. Sources of error and uncertainty are associated with surveying techniques used, density of depth sampling points, interpolation and averaging during compilation of the chart. Large systematic errors may stem from the non‐uniformity or poorly defined levels to which the depths on the charts are reduced. Errors propagate in spatiotemporal operations using such charts. Analysis of historical bathymetric charts from the Ribble estuary (north‐west England) illustrates the difficulties involved in assessing morphological change in a quantitative manner. The pattern of morphological development within the Ribble estuary over the last 150 years was clear, and a significant long‐term net accretional trend was found. However, temporal variations in the rate of sedimentation on a decadal scale were generally not significant.
Relief assistance to 1998 flood victims: a comparison of the performance of the government and NGOs
Authors: Paul Bimal Kanti
Published: May 2003

With increasing support from the international community, non‐governmental organizations (NGOs) have played an important role in Bangladesh since the early 1970s in providing emergency assistance to disaster victims. After observing widespread corruption and misuse of relief aid by the Bangladesh government in 1974 and subsequent years, external sources began to channellize emergency assistance to the victims through NGOs. Realizing that NGOs were usurping its authority over external disaster assistance, the government looked for opportunities to demonstrate its ability to deliver services to victims. An opportunity came in July 1998 when Bangladesh experienced a devastating flood. Using data collected from 348 households in 11 villages, this paper compares support received by the respondents from the Bangladesh government and NGOs during and immediately after the flood. Respondent opinions regarding emergency relief distribution suggest that both sources performed satisfactorily and an overwhelming majority of them thought that the government performed better than it had previously in distributing relief assistance to flood victims. Following an analysis of the survey data, this paper discusses the policy implications for future disaster assistance efforts in Bangladesh and elsewhere.
The Knysna Basin, South Africa: geomorphology, landscape sensitivity and sustainability
Authors: Marker Margaret E
Published: May 2003

The Knysna Basin, a southern Cape catchment, drains into the Knysna estuary. The landscape characteristics are the product of a long geomorphic evolution resulting in high sensitivity to change. Consideration of the geomorphology is followed by examples of impacts on the estuary and adjacent areas. The need for sustainability in the context of development is argued. The paper is a southern African contribution to the landscape sensitivity issue.
Managed relocation: an assessment of its feasibility as a coastal management option
Authors: Mcglashan Derek J
Published: May 2003

Managed relocation is explained and examined as an option to add to the usual categories considered in relation to managing coastal erosion. The paper considers the relocation of buildings in one unit, as opposed to demolition and re‐construction. The standard coastal erosion management options are briefly noted and how managed relocation can fit into these options is explained. This paper focuses on four case studies. Two examples are from the USA and two from the UK; of these, two (one in each of the UK and USA) took place during the nineteenth century. Managed relocation is proposed as being feasible in particular cases, particularly where there are isolated historic or high value buildings.
Geopolitics, water and development in South Asia: cooperative development in the Ganges–Brahmaputra delta
Authors: Brichieri‐Colombi Stephen , Bradnock Robert W
Published: May 2003

In light of the new cooperative water development agreements in South Asia since 1996 and, in particular, the 1996 Ganges Waters Treaty between India and Bangladesh, this paper explores the geopolitical obstacles to cooperation between states in the joint development of large‐scale river systems and current opportunities for successful development. The general problems of cooperation faced by the riparian states which share successive rivers are examined with reference to the geopolitical obstacles to cooperation in the Bengal delta since the Partition of the Indian subcontinent through which India and Pakistan gained Independence as separate states in 1947. Against the background of repeated attempts to resolve water‐sharing issues between India and East Pakistan and its successor state, Bangladesh, this paper concludes that for cooperation to succeed contemporary large‐scale river development has to meet a wide range of criteria which go beyond conventional engineering or economic cost‐benefit analyses to include geopolitical criteria. These range from global‐scale environmental concerns to micro‐scale issues of mutual regional benefit. This paper proposes a major new development on the Brahmaputra and Ganges which the authors argue could break the log‐jam of a zero‐sum game approach to surface water development in the Bengal delta. Unlike most large‐scale dam‐building proposals, the barrage construction outlined would cause negligible population displacement, and making maximum use of existing river channels would minimize the environmental impacts associated with the large canal or dam construction envisaged in earlier Ganges–Brahmaputra–Meghna (GBM) schemes. Yet the paper also recognizes that while such a proposal could bring economic, environmental and political advantages to all users in the GBM basin, new thinking on the management of international rivers is less in favour of supply‐side solutions, and the case would need to be substantiated by detailed evaluation.
Curbing Global Warming the Easy Way: An Alternative to the Kyoto Protocol
Authors: Verweij Marco
Published: May 2003

Global Warming Poses the Gravest of Ecological Risks, and presents numerous hurdles to international environmental agreement. A major initiative to pre-empt this threat is the Kyoto Protocol to the United Nations Framework Convention on Climate Change. In this article, I argue that this treaty constitutes an ineffective attempt to curb global warming, and should be replaced by an alternative set of domestic and international policies.
Americans in the Dark? — Recent Hollywood Representations of the Nation's History
Authors: King Desmond
Published: May 2003

This article examines how Hollywood blockbuster movies made since the 1970s have commonly presented a distorted and conventional narrative of American history, in respect both to domestic incidents and to engagements abroad. Equally distorting is the image of America as a highly homogeneous society projected through popular television shows. These patterns are investigated in the following way. First, the article presents an overview of how early Hollywood movies dealt with the country's immigrant and racial diversity. Secondly, the effect of mobilization in both the Second World War and the cold war in inducing a narrow sense of national identity in movies is examined. Thirdly, these two sections provide a prelude to the analysis of historical distortion and ideology in selected major Hollywood blockbusters.
Local Government Reform In Britain 1997–2001: National Forces and International Trends
Authors: Cole Michael
Published: May 2003

This article considers the origins of the local government reform agenda of the 1997 to 2001 Labour government. The analysis identifies a wide range of factors including recurring themes in the debate about local government, market mechanisms, Labour Party politics, the traditions of the British state, the constitutional reform agenda and the international context. This study also develops the notion of shifting constraints to explain this process and the agenda of the current Labour administration.
Labour Politics and Democratic Transition in South Korea and Taiwan
Authors: Buchanan Paul G. , Nicholls Kate
Published: May 2003

Labour Politics and Democratisation in South Korea and Taiwan

The article explores the evolution of labour politics during the transition from authoritarian to electoral rule in South Korea and Taiwan during the last decade and a half. It argues that labour politics is a crucial aspect of democratic consolidation because it facilitates the reproduction of contingent mass consent to the new regime. To this end, organized labour must be re-positioned as a political and economic actor, something that requires institutional and structural reform away from the authoritarian experience. Based on analysis of the pattern of political insertion and the legal framework governing the interaction between organized labour, business and the state before and after the electoral transition, as well as data on strikes, union density and membership, the essay concludes that substantive change in the labour politics partial regime is minor in both countries and that in fact, democratic consolidation remains an unachieved goal in each.
Democratization Studies: Citizenship, Globalization and Governance
Authors: Grugel Jean
Published: May 2003

Democratization studies has tended to understand democracy a pro-Western political regime build around liberal norms and government. This approach provides clarity, but cannot explain the varied political experiences and outcomes within contemporary processes of ‘democratization’. At the same time, it fails to capture the range of meanings invested in the term ‘democracy’. Starting from the premise that democracy's appeal rests on its emancipatory potential, this article proposes reconceptualzing what is meant by democratization, drawing in ideas from identity politics and citizenship studies while, at the same time, placing the impetus for democratization in the framework of global transformation.
Corporate Financing: An Artificial Agent‐based Analysis
Authors: Noe Thomas H. , Rebello Michael J. , Wang Jun
Published: May 2003

We examine corporate security choice by simulating an economy populated by adaptive agents who learn about the structure of security returns and prices through experience. Through a process of evolutionary selection, each agent gravitates toward strategies that generate the highest payoffs. Despite the fact that markets are perfect and agents maximize value, a financing hierarchy emerges in which straight debt dominates other financing choices. Equity and convertible debt display significant underpricing. In general, the smaller the probability of loss to outside investors, the more likely the firm is to issue the security and the smaller the security's underpricing.
Idiosyncratic Risk Matters!
Authors: Goyal Amit , Santa‐Clara Pedro
Published: May 2003

This paper takes a new look at the predictability of stock market returns with risk measures. We find a significant positive relation between average stock variance (largely idiosyncratic) and the return on the market. In contrast, the variance of the market has no forecasting power for the market return. These relations persist after we control for macroeconomic variables known to forecast the stock market. The evidence is consistent with models of time‐varying risk premia based on background risk and investor heterogeneity. Alternatively, our findings can be justified by the option value of equity in the capital structure of the firms.
Good Day Sunshine: Stock Returns and the Weather
Authors: Hirshleifer David , Shumway Tyler
Published: May 2003

Psychological evidence and casual intuition predict that sunny weather is associated with upbeat mood. This paper examines the relationship between morning sunshine in the city of a country's leading stock exchange and daily market index returns across 26 countries from 1982 to 1997. Sunshine is strongly significantly correlated with stock returns. After controlling for sunshine, rain and snow are unrelated to returns. Substantial use of weather‐based strategies was optimal for a trader with very low transactions costs. However, because these strategies involve frequent trades, fairly modest costs eliminate the gains. These findings are difficult to reconcile with fully rational price setting.
Internal versus External Financing: An Optimal Contracting Approach*
Authors: Inderst Roman , Müller Holger M.
Published: May 2003

We study optimal financial contracting for centralized and decentralized firms. Under centralized contracting, headquarters raises funds on behalf of multiple projects. Under decentralized contracting, each project raises funds separately on the external capital market. The benefit of centralization is that headquarters can use excess liquidity from high cash‐flow projects to buy continuation rights for low cash‐flow projects. The cost is that headquarters may pool cash flows from several projects and self‐finance follow‐up investments without having to return to the capital market. Absent any capital market discipline, it is more difficult to force headquarters to make repayments, which tightens financing constraints ex ante. Cross‐sectionally, our model implies that conglomerates should have a lower average productivity than stand‐alone firms.
Long‐run Performance after Stock Splits: 1927 to 1996
Authors: Byun Jinho , Rozeff Michael S.
Published: May 2003

We measure the postsplit performance of 12,747 stock splits from 1927 to 1996 using two methods to measure abnormal returns: size and book‐to‐market reference portfolios with bootstrapping, and calendar‐time abnormal returns combined with factor models. Between 1927 and 1996, neither method applied to splits 25 percent or larger finds performance significantly different from zero. Over selected subperiods, subsamples of 2–1 splits restricted by book‐to‐market availability requirements display positive abnormal returns using some methods. However, these samples show small or negligible abnormal returns using the calendar‐time method. Overall, the stock split evidence against market efficiency is neither pervasive nor compelling.
Too Busy to Mind the Business? Monitoring by Directors with Multiple Board Appointments
Authors: Ferris Stephen P. , Jagannathan Murali , Pritchard A. C.
Published: May 2003

We examine the number of external appointments held by corporate directors. Directors who serve larger firms and sit on larger boards are more likely to attract directorships. Consistent with Fama and Jensen (1983), we find that firm performance has a positive effect on the number of appointments held by a director. We find no evidence that multiple directors shirk their responsibilities to serve on board committees. We do not find that multiple directors are associated with a greater likelihood of securities fraud litigation. We conclude that the evidence does not support calls for limits on directorships held by an individual.
DotCom Mania: The Rise and Fall of Internet Stock Prices
Authors: Ofek Eli , Richardson Matthew
Published: May 2003

This paper explores a model based on agents with heterogenous beliefs facing short sales restrictions, and its explanation for the rise, persistence, and eventual fall of Internet stock prices. First, we document substantial short sale restrictions for Internet stocks. Second, using data on Internet holdings and block trades, we show a link between heterogeneity and price effects for Internet stocks. Third, arguing that lockup expirations are a loosening of the short sale constraint, we document average, long‐run excess returns as low as −33 percent for Internet stocks postlockup. We link the Internet bubble burst to the unprecedented level of lockup expirations and insider selling.
Convertible Securities and Venture Capital Finance
Authors: Schmidt Klaus M.
Published: May 2003

This paper offers a new explanation for the prevalent use of convertible securities in venture capital finance. Convertible securities can be used to endogenously allocate cash‐flow rights as a function of the state of the world and the entrepreneur's effort. This property can be used to induce the entrepreneur and the venture capitalist to invest efficiently into the project. The result is robust to renegotiation and to changes in the timing of investments and information flows. The model is consistent with the observations that conversion is often automatic and that convertible securities are rarely used by outside investors.
Integration of Lending and Underwriting: Implications of Scope Economies
Authors: Kanatas George , Qi Jianping
Published: May 2003

Informational scope economies provide a cost advantage to universal banks offering “one‐stop shopping” for lending and underwriting that enables them to “lock in” their clients' subsequent business. This market power reduces universal banks' incentive, relative to that of specialized investment banks, to apply costly underwriting efforts; consequently, universal banks are less successful in selling their clients' securities. Our results suggest that an integrated financial services market is less innovative than one with specialized intermediaries. Our analysis also identifies economy, intermediary, and firm characteristics that motivate either the integration or segmentation of bank lending and underwriting.
Managerial Incentives and Internal Capital Markets
Authors: de Motta Adolfo
Published: May 2003

Capital budgeting in multidivisional firms depends on the external assessment of the whole firm, as well as on headquarters' assessment of the divisions. While corporate headquarters may create value by directly monitoring divisions, the external assessment of the firm is a public good for division managers who, consequently, are tempted to free ride. As the number of divisions increases, the free‐rider problem is aggravated, and internal capital markets substitute for external capital markets in the provision of managerial incentives. The analysis relates the value of diversification to characteristics of the firm, the industry, and the capital market.
What if Trading Location Is Different from Business Location? Evidence from the Jardine Group
Authors: Chan Kalok , Hameed Allaudeen , Lau Sie Ting
Published: May 2003

We examine the price behavior and market activity of the Jardine Group companies after they were delisted from Hong Kong in 1994. Although the trading activity of the Jardine Group moved to Singapore, the core businesses remained in Hong Kong and Mainland China. Evidence indicates the Jardine stocks are correlated less (more) with the Hong Kong (Singapore) market after the delisting. This result cannot be explained by various hypotheses, such as relocation of core business, time‐varying betas, migration of trading activity, and currency and tax distortions. We conclude that price fluctuations are affected by country‐specific investor sentiment.
Market Maker Quotation Behavior and Pretrade Transparency
Authors: Simaan Yusif , Weaver Daniel G. , Whitcomb David K.
Published: May 2003

We examine the impact of differing levels of pretrade transparency on the quotation behavior of Nasdaq market makers. We find that market makers are more likely to quote on odd ticks, and to actively narrow the spread, when they can do so anonymously by posting limit orders on Electronic Communication Networks (ECNs). From a public policy perspective, our findings suggest that making the level of pretrade transparency on Nasdaq more opaque by allowing anonymous quotes could improve price competition and narrow spreads further.
The Impact of Jumps in Volatility and Returns
Authors: Eraker Bjørn , Johannes Michael , Polson Nicholas
Published: May 2003

This paper examines continuous‐time stochastic volatility models incorporating jumps in returns and volatility. We develop a likelihood‐based estimation strategy and provide estimates of parameters, spot volatility, jump times, and jump sizes using S&P 500 and Nasdaq 100 index returns. Estimates of jump times, jump sizes, and volatility are particularly useful for identifying the effects of these factors during periods of market stress, such as those in 1987, 1997, and 1998. Using formal and informal diagnostics, we find strong evidence for jumps in volatility and jumps in returns. Finally, we study how these factors and estimation risk impact option pricing.
Founding‐Family Ownership and Firm Performance: Evidence from the S&P 500
Authors: Anderson Ronald C. , Reeb David M.
Published: May 2003

We investigate the relation between founding‐family ownership and firm performance. We find that family ownership is both prevalent and substantial; families are present in one‐third of the S&P 500 and account for 18 percent of outstanding equity. Contrary to our conjecture, we find family firms perform better than nonfamily firms. Additional analysis reveals that the relation between family holdings and firm performance is nonlinear and that when family members serve as CEO, performance is better than with outside CEOs. Overall, our results are inconsistent with the hypothesis that minority shareholders are adversely affected by family ownership, suggesting that family ownership is an effective organizational structure.
Explicating Those “Troublesome” Texts of the Creeds: The Promise of Realistic Fiction
Authors: Cunningham David S.
Published: May 2003

Understanding what appear to be outdated creedal commitments can be enhanced by reading “realistic fiction.” The creedal “conceived by the Holy Spirit, born of the Virgin Mary” is dramatically underscored by showing how a birth can be salvific in a sterile society as portrayed in The Children of Men by P.D. James. “The Resurrection of the Body” is underscored by miraculous healings after death in Graham Greene's The End of the Affair.
C. S. Lewis and the Rejection of the Tao
Authors: Greggersen Gabriele
Published: May 2003

When asking about the worldview and ethics behind such stories as The Chronicles of Narnia, readers should try to understand C.S. Lewis's work in light of the Tao or moral Natural Law. Even though our modern culture affirms a relativism in values, Lewis affirms a non‐relativist universal ground for moral judgment. Lewis's theological work, Mere Christianity, provides the clue for this interpretation. Despite the apparent negativity or violence in even some of the most memorable scenes in the Chronicles, the underlying moral is hopeful and positive, reflecting a ‘mere Christian’ worldview.
The Surplus of Evil in Welfare Society: Contemporary Scandinavian Crime Fiction
Authors: Saarinen Risto
Published: May 2003

The best‐selling Scandinavian crime fiction of the last ten years extensively deals with the problem of remaining evil in a peaceful and just welfare society. It develops a view of “secular theodicy” which aims at explaining the presence of radical evil in a secular late modern society. In this explanation it employs the Lutheran imagery of “hidden God” (Deus absconditus). The paper reviews recent novels by Henning Mankell, Anne Holt, Sven Westerberg, Helena von Zweigbergk and Anna Jansson.
Four Fictions and Their Theological Truths
Authors: Riswold Caryn D.
Published: May 2003

Four novels elicit theological reflection in the college classroom. The Poisonwood Bible by Barbara Kingsolver describes justification by grace and the difficulty of living liberated from guilt. The Harry Potter novels by J.K. Rowling prompt tensions between destiny and free choice in determining personal identity. At Home in Mitford by Jan Karon challenges conscientious Christian community to open itself in risk to outsiders. The Red Tent by Anita Diamant retrieves silent women's voices in the Book of Genesis, raising tensions between fiction and biblical authority.
Using the Fictions of Ole Rølvaag and Arturo Islas to Reconsider Lutheran Identity in America
Authors: Aune Michael B.
Published: May 2003

Lutheran Christianity needs a cultural medium just as the sacraments need physical elements. Yet, what happens when we become torn between cultural worlds, as immigrant bodies or migrant souls? Classroom wrestling with two novels, Ole Rølvaag's Giants in the Earth about Norwegian‐Americans and Arturo Islas's Migrant Souls about Mexican‐Americans discerns the dramatic tensions of living a hypenated existence.
The Re‐creation of the World: Filming Faith
Authors: Plate S. Brent
Published: May 2003

This essay is about the connection of two worlds: the world “out there,” and the re‐created world seen on screen and experienced through religious myth and ritual. It is about the similarity between the way films are constructed and the way religious practices are constructed. Film and religion each begin with space and time, but re‐create both: Film does this through cinematography, mise‐en‐scene, and editing, while religions achieve this by setting apart particular objects and periods of time, through the telling of stories, and the gathering together of people focused on a common object, text, or image. The hypothesis here is that by paying attention to the ways films are constructed, we can shed light on the ways religious myths and rituals are constructed, and vice versa.
Gerard Manley Hopkins on Planet Earth
Authors: Bennett, Sr. Gaymon L.
Published: May 2003

Nineteenth‐century Jesuit priest and poet, Gerd Manley Hopkins (1844–89), produced poems on natural themes which were not only revolutionary for their structure and style but also disctinctive and forward‐looking for their treatment of the environment. In these poems, he presents nature as intrinsically (rather than instrumentally) valuable, God as concerned with the salvation not only of humans but of the environment, and humankind as responsible noy only for polluting the Earth but for participating in its salvation. Christian poets of the twenty‐first century need to hees and follow Hopkin's example.
Teaching Peace in a Time of War
Authors: Ruether Rosemary Radford
Published: May 2003

It is difficult to distinguish a time of war from a time of peace in America, because the Bush administration prosecutes its war on terrorism with an ongoing supporting economy. “Teaching Peace” means analyzing realistically the vested interests in perpetuating a state of war.
Electric Industry Restructuring: An Overview of the Policy Issues
Authors: CAVAZOS ROBERTO J. , BUSS TERRY F.
Published: May 2003

abstract The crisis precipitated by the flawed restructuring of California's electric power industry focused national attention on the questin of whether to allow utility companies‐highly regulated by government‐to operate in a deregulated energy market. This symposium examines the issues involved in moving from regulation to deregulation of the electric power industry. This introductory paper reviews the deregulation policy issues and discusses California's deregulation experience to put the issue in context.
Electricity Deregulation: Kilowatts for Nothing and Your BTUs for Free
Authors: ISSER STEVEN N.
Published: May 2003

Historically, the electric power industry has been viewed as a natural monopoly that could best be managed through governmental regulation. This article traces the evolution of deregulation in the electric power industry and the intellectual, political, and economic trends and forces that modified this traditional view. It concludes that, despite policy change, retail competition of electricity remains a difficult concept to implement in part because electricity is basically a commodity. Customers must be provided with sufficient incentives to shop between electricity providers and there must be supply incentives for more efficient production. Competition also requires technological advances such as affordable “smart” meters that make it possible for customers to specify tradeoffs between price and consumption, even to the extent of programming apliances to turn on or off in response to price signals. Mature wholesale markets and open access to transmission and distribution are also neede.
Wholesaling in Electricity: Inching Along
Authors: ISSER STEVEN N. , TRIBBLE MARCELA
Published: May 2003

This article discusses the incremental but increasingly assertive efforts by federal policy makers toward encouraging deregulation of the electric utility industry. Focusing on the efforts of the Federal Energy Regulatory Commission (FERC), we conclude that the federal government is involved in a sort of two‐sided experiment. On the one hand, efforts to deregulate the electric power industry attempt to establish a competitive market pose the question: Can government provide rational guidance in the formation of markets in a complex industry? On the other hand, it asks whether the democratic process can permit agencies such as FERC to impose and implement an economically rational design on a self‐interested pubic that is mostly interested in cheap, reliable power. In a sense, FERC is auditioning for a new role for regulatory agencies—as designers and overseers of markets. This is a dramatic shift from the traditional role of “regulator as policeman.” Whether regulators are up to the task remains to be seen.
The Political Economy of Electricity Deregulation: Appointed vs. Elected Utility Commissioners
Authors: CAVAZOS ROBERTO J.
Published: May 2003

Does the manner in which public utility commissioners are selected influence the kinds of decisions they render regarding electric rates and other factors pertaining to electricity services? This article examines the impact and implications of different methods of regulator selection and how that selection process affects protection of consumer interests as opposed to the interests of electricity suppliers (i.e., utilities).