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Showing papers by "University of Chicago published in 1998"


Journal ArticleDOI
TL;DR: In this article, the authors adopt a multidisciplinary view of trust within and between firms, in an effort to synthesize and give insight into a fundamental construct of organizational science, while recognizing that the differing meanings scholars bring to the study of trust also can add value.
Abstract: Our task is to adopt a multidisciplinary view of trust within and between firms, in an effort to synthesize and give insight into a fundamental construct of organizational science. We seek to identify the shared understandings of trust across disciplines, while recognizing that the divergent meanings scholars bring to the study of trust also can add value.

8,886 citations


Journal ArticleDOI
TL;DR: In this article, a rigorous distribution theory for kernel-based matching is presented, and the method of matching is extended to more general conditions than the ones assumed in the statistical literature on the topic.
Abstract: This paper develops the method of matching as an econometric evaluation estimator. A rigorous distribution theory for kernel-based matching is presented. The method of matching is extended to more general conditions than the ones assumed in the statistical literature on the topic. We focus on the method of propensity score matching and show that it is not necessarily better, in the sense of reducing the variance of the resulting estimator, to use the propensity score method even if propensity score is known. We extend the statistical literature on the propensity score by considering the case when it is estimated both parametrically and nonparametrically. We examine the benefits of separability and exclusion restrictions in improving the efficiency of the estimator. Our methods also apply to the econometric selection bias estimator. Matching is a widely-used method of evaluation. It is based on the intuitively attractive idea of contrasting the outcomes of programme participants (denoted Y1) with the outcomes of "comparable" nonparticipants (denoted Y0). Differences in the outcomes between the two groups are attributed to the programme. Let 1 and 11 denote the set of indices for nonparticipants and participants, respectively. The following framework describes conventional matching methods as well as the smoothed versions of these methods analysed in this paper. To estimate a treatment effect for each treated person iecI, outcome Yli is compared to an average of the outcomes Yoj for matched persons je10 in the untreated sample. Matches are constructed on the basis of observed characteristics X in Rd. Typically, when the observed characteristics of an untreated person are closer to those of the treated person ieI1, using a specific distance measure, the untreated person gets a higher weight in constructing the match. The estimated gain for each person i in the treated sample is

3,861 citations


Journal ArticleDOI
Y. Fukuda1, T. Hayakawa1, E. Ichihara1, Kunio Inoue1, K. Ishihara1, H. Ishino1, Yoshitaka Itow1, Takaaki Kajita1, J. Kameda1, S. Kasuga1, Ken-ichiro Kobayashi1, Yohei Kobayashi1, Yusuke Koshio1, M. Miura1, Masayuki Nakahata1, S. Nakayama1, A. Okada1, Ko Okumura1, N. Sakurai1, Masato Shiozawa1, Yoshihiro Suzuki1, Y. Takeuchi1, Y. Totsuka1, Shinya Yamada1, M. Earl2, Alec Habig2, E. Kearns2, M. D. Messier2, Kate Scholberg2, J. L. Stone2, Lawrence Sulak2, C. W. Walter2, M. Goldhaber3, T. Barszczxak4, D. Casper4, W. Gajewski4, P. G. Halverson4, J. Hsu4, W. R. Kropp4, L. R. Price4, Frederick Reines4, Michael B. Smy4, Henry W. Sobel4, Mark R. Vagins4, K. S. Ganezer5, W. E. Keig5, R. W. Ellsworth6, S. Tasaka7, J. W. Flanagan8, A. Kibayashi8, John G. Learned8, S. Matsuno8, V. J. Stenger8, D. Takemori8, T. Ishii, Junichi Kanzaki, T. Kobayashi, S. Mine, K. Nakamura, K. Nishikawa, Yuichi Oyama, A. Sakai, Makoto Sakuda, Osamu Sasaki, S. Echigo9, M. Kohama9, A. T. Suzuki9, Todd Haines4, Todd Haines10, E. Blaufuss11, B. K. Kim11, R. Sanford11, R. Svoboda11, M. L. Chen12, Z. Conner13, Z. Conner12, J. A. Goodman12, G. W. Sullivan12, J. Hill14, C. K. Jung14, K. Martens14, C. Mauger14, C. McGrew14, E. Sharkey14, B. Viren14, C. Yanagisawa14, W. Doki15, Kazumasa Miyano15, H. Okazawa15, C. Saji15, M. Takahata15, Y. Nagashima16, M. Takita16, Takashi Yamaguchi16, Minoru Yoshida16, Soo-Bong Kim17, M. Etoh18, K. Fujita18, Akira Hasegawa18, Takehisa Hasegawa18, S. Hatakeyama18, T. Iwamoto18, M. Koga18, Tomoyuki Maruyama18, Hiroshi Ogawa18, J. Shirai18, A. Suzuki18, F. Tsushima18, Masatoshi Koshiba1, M. Nemoto19, Kyoshi Nishijima19, T. Futagami20, Y. Hayato20, Y. Kanaya20, K. Kaneyuki20, Y. Watanabe20, D. Kielczewska4, D. Kielczewska21, R. A. Doyle22, J. S. George22, A. L. Stachyra22, L. Wai23, L. Wai22, R. J. Wilkes22, K. K. Young22 
Abstract: We present an analysis of atmospheric neutrino data from a 33.0 kton yr (535-day) exposure of the Super-Kamiokande detector. The data exhibit a zenith angle dependent deficit of muon neutrinos which is inconsistent with expectations based on calculations of the atmospheric neutrino flux. Experimental biases and uncertainties in the prediction of neutrino fluxes and cross sections are unable to explain our observation. The data are consistent, however, with two-flavor ${\ensuremath{ u}}_{\ensuremath{\mu}}\ensuremath{\leftrightarrow}{\ensuremath{ u}}_{\ensuremath{\tau}}$ oscillations with ${sin}^{2}2\ensuremath{\theta}g0.82$ and $5\ifmmode\times\else\texttimes\fi{}{10}^{\ensuremath{-}4}l\ensuremath{\Delta}{m}^{2}l6\ifmmode\times\else\texttimes\fi{}1{0}^{\ensuremath{-}3}\mathrm{eV}{}^{2}$ at 90% confidence level.

3,784 citations


Journal ArticleDOI
20 Mar 1998-Cell
TL;DR: Results indicate that PGC-1 plays a key role in linking nuclear receptors to the transcriptional program of adaptive thermogenesis.

3,654 citations


ReportDOI
TL;DR: The authors presented a parsimonious model of investor sentiment, or of how investors form beliefs, based on psychological evidence and produces both underreaction and overreaction for a wide range of parameter values.

3,336 citations


Journal ArticleDOI
TL;DR: In this article, the authors analyze the survival of organizations in which decision agents do not bear a major share of the wealth effects of their decisions and argue that separation of decision and risk bearing functions survives in these organizations in part because of the benefits of specialization of management and risk-bearing but also because of an effective common approach to controlling the implied agency problems.
Abstract: This paper analyzes the survival of organizations in which decision agents do not bear a major share of the wealth effects of their decisions. This is what the literature on large corporations calls separation of ownership and control. Such separation of decision and risk bearing functions is also common to organizations like large professional partnerships, financial mutuals and nonprofits. We contend that separation of decision and risk bearing functions survives in these organizations in part because of the benefits of specialization of management and risk bearing but also because of an effective common approach to controlling the implied agency problems. In particular, the contract structures of all these organizations separate the ratification and monitoring of decisions from the initiation and implementation of the decisions.

2,810 citations


Journal ArticleDOI
23 Dec 1998-Cell
TL;DR: Crystal structures of the human estrogen receptor alpha (hER alpha) ligand-binding domain (LBD) and the OHT-LBD complex reveal the two distinct mechanisms by which structural features of OHT promote this "autoinhibitory" helix 12 conformation.

2,581 citations


Journal ArticleDOI
TL;DR: In this paper, the authors evaluate the performance of confidence intervals and hypothesis tests when each type of statistical procedure is used for each kind of inference and confirm that each procedure is best for making the kind of inferences for which it was designed.
Abstract: There are 2 families of statistical procedures in meta-analysis: fixed- and randomeffects procedures. They were developed for somewhat different inference goals: making inferences about the effect parameters in the studies that have been observed versus making inferences about the distribution of effect parameters in a population of studies from a random sample of studies. The authors evaluate the performance of confidence intervals and hypothesis tests when each type of statistical procedure is used for each type of inference and confirm that each procedure is best for making the kind of inference for which it was designed. Conditionally random-effects procedures (a hybrid type) are shown to have properties in between those of fixed- and random-effects procedures. The use of quantitative methods to summarize the results of several empirical research studies, or metaanalysis, is now widely used in psychology, medicine, and the social sciences. Meta-analysis usually involves describing the results of each study by means of a numerical index (an estimate of effect size, such as a correlation coefficient, a standardized mean difference, or an odds ratio) and then combining these estimates across studies to obtain a summary. Two somewhat different statistical models have been developed for inference about average effect size from a collection of studies, called the fixed-effects and random-effects models. (A third alternative, the mixedeffects model, arises in conjunction with analyses involving study-level covariates or moderator variables, which we do not consider in this article; see Hedges, 1992.) Fixed-effects models treat the effect-size parameters as fixed but unknown constants to be estimated and usually (but not necessarily) are used in conjunction with assumptions about the homogeneity of effect parameters (see, e.g., Hedges, 1982; Rosenthal & Rubin, 1982). Random-effects models treat the effectsize parameters as if they were a random sample from

2,513 citations


Journal ArticleDOI
TL;DR: In this paper, the authors show that most long-term return anomalies tend to disappear with reasonable changes in technique and that apparent overreaction to information is about as common as underreaction.

1,987 citations


Journal ArticleDOI
TL;DR: In this paper, the authors tested whether mitochondria act as O2 sensors during hypoxia and whether cobalt activated transcription by increasing the generation of reactive oxygen species (ROS).
Abstract: Transcriptional activation of erythropoietin, glycolytic enzymes, and vascular endothelial growth factor occurs during hypoxia or in response to cobalt chloride (CoCl2) in Hep3B cells. However, neither the mechanism of cellular O2 sensing nor that of cobalt is fully understood. We tested whether mitochondria act as O2 sensors during hypoxia and whether hypoxia and cobalt activate transcription by increasing generation of reactive oxygen species (ROS). Results show (i) wild-type Hep3B cells increase ROS generation during hypoxia (1.5% O2) or CoCl2 incubation, (ii) Hep3B cells depleted of mitochondrial DNA (ρ0 cells) fail to respire, fail to activate mRNA for erythropoietin, glycolytic enzymes, or vascular endothelial growth factor during hypoxia, and fail to increase ROS generation during hypoxia; (iii) ρ0 cells increase ROS generation in response to CoCl2 and retain the ability to induce expression of these genes; and (iv) the antioxidants pyrrolidine dithiocarbamate and ebselen abolish transcriptional activation of these genes during hypoxia or CoCl2 in wild-type cells, and abolish the response to CoCl2 in ρ° cells. Thus, hypoxia activates transcription via a mitochondria-dependent signaling process involving increased ROS, whereas CoCl2 activates transcription by stimulating ROS generation via a mitochondria-independent mechanism.

1,802 citations


Journal ArticleDOI
TL;DR: A large-format mosaic CCD camera for the Sloan Digital Sky Survey (DSS) is presented in this article, which consists of two arrays, a photometric array that uses 30 2048 × 2048 SITe/Tektronix CCDs (24 μm pixels) with an effective imaging area of 720 cm2 and an astrometric array using 24 400 × 2048 CCD with the same pixel size, which will allow us to tie bright standard stars to the objects imaged in the photometric camera.
Abstract: We have constructed a large-format mosaic CCD camera for the Sloan Digital Sky Survey. The camera consists of two arrays, a photometric array that uses 30 2048 × 2048 SITe/Tektronix CCDs (24 μm pixels) with an effective imaging area of 720 cm2 and an astrometric array that uses 24 400 × 2048 CCDs with the same pixel size, which will allow us to tie bright astrometric standard stars to the objects imaged in the photometric camera. The instrument will be used to carry out photometry essentially simultaneously in five color bands spanning the range accessible to silicon detectors on the ground in the time-delay–and–integrate (TDI) scanning mode. The photometric detectors are arrayed in the focal plane in six columns of five chips each such that two scans cover a filled stripe 25 wide. This paper presents engineering and technical details of the camera.

Journal ArticleDOI
TL;DR: For the period 1975 through 1995, the difference between the average returns on global portfolios of high and low book-to-market stocks is 7.68 percent per year, and value stocks outperform growth stocks in twelve of thirteen major markets.
Abstract: Value stocks have higher returns than growth stocks in markets around the world. For the period 1975 through 1995, the difference between the average returns on global portfolios of high and low book-to-market stocks is 7.68 percent per year, and value stocks outperform growth stocks in twelve of thirteen major markets. An international capital asset pricing model cannot explain the value premium, but a two-factor model that includes a risk factor for relative distress captures the value premium in international returns.

Journal ArticleDOI
05 Nov 1998-Nature
TL;DR: In this article, it was suggested that the properties of jammed solids should be considered as belonging to a new class of materials known as fragile matter which, because of its unusual mechanical properties, requires a new theoretical description.
Abstract: Some solids - say, powdered raw materials in a conduit - often become jammed. Are the properties of such jammed solids different to those of ordinary solids? The answer 'yes' comes from a paper in which it is proposed that they should really be considered as belonging to a new class of materials known as fragile matter which, because of its unusual mechanical properties, requires a new theoretical description.

Journal ArticleDOI
25 Feb 1998-JAMA
TL;DR: It is demonstrated that the prevalence of community-acquired MRSA among children without identified risk factors is increasing, and the spectrum of disease associated with MRSA isolation is defined.
Abstract: Context.—Community-acquired methicillin-resistant Staphylococcus aureus (MRSA) infections in children have occurred primarily in individuals with recognized predisposing risks. Community-acquired MRSA infections in the absence of identified risk factors have been reported infrequently.Objectives.—To determine whether community-acquired MRSA infections in children with no identified predisposing risks are increasing and to define the spectrum of disease associated with MRSA isolation.Design.—Retrospective review of medical records.Patients.—Hospitalized children with S aureus isolated between August 1988 and July 1990 (1988-1990) and between August 1993 and July 1995 (1993-1995).Setting.—The University of Chicago Children's Hospital.Main Outcome Measures.—Prevalence of community-acquired MRSA over time, infecting vs colonizing isolates, and risk factors for disease.Results.—The number of children hospitalized with community-acquired MRSA disease increased from 8 in 1988-1990 to 35 in 1993-1995. Moreover, the prevalence of community-acquired MRSA without identified risk increased from 10 per 100000 admissions in 1988-1990 to 259 per 100000 admissions in 1993-1995 (P<.001), and a greater proportion of isolates produced clinical infection. The clinical syndromes associated with MRSA in children without identified risk were similar to those associated with community-acquired methicillin-susceptible S aureus. Notably, 7 (70%) of 10 community-acquired MRSA isolates obtained from children with an identified risk were nonsusceptible to at least 2 drugs, compared with only 6 (24%) of 25 isolates obtained from children without an identified risk (P=.02).Conclusions.—These findings demonstrate that the prevalence of community-acquired MRSA among children without identified risk factors is increasing.

Journal ArticleDOI
TL;DR: Findings indicate that young infants distinguish in their reasoning about human action and object motion, and that by 6 months infants encode the actions of other people in ways that are consistent with more mature understandings of goal-directed action.

Journal ArticleDOI
TL;DR: In this article, the authors analyzed the determinants of initial public offerings (IPO) by comparing the ex ante and ex post characteristics of IPOs with those of private firms and found that the likelihood of an IPO is increasing in the company's size and the industry's market-to-book ratio.
Abstract: Using a large database of private firms in Italy, we analyze the determinants of initial public offerings (IPOs) by comparing the ex ante and ex post characteristics of IPOs with those of private firms. The likelihood of an IPO is increasing in the company’s size and the industry’s market-to-book ratio. Companies appear to go public not to finance future investments and growth, but to rebalance their accounts after high investment and growth. IPOs are also followed by lower cost of credit and increased turnover in control. THE DECISION TO GO PUBLIC is one of the most important and least studied questions in corporate finance. Most corporate finance textbooks limit themselves to describing the institutional aspects of this decision, providing only a few remarks on its motivation. The conventional wisdom is that going public is simply a stage in the growth of a company. Although there is some truth in it, this “theory” alone cannot explain the observed pattern of listings. Even in developed capital markets like the United States, some large companies—such as United Parcel Service or Bechtel—are not public. 1 In other countries, like Germany and Italy, publicly traded companies are the exceptions rather than the rule, and quite a few private companies are much

Journal ArticleDOI
TL;DR: Drug resistance was considered rare and resistant isolates were thought to be less pathogenic until a series of acyclovir-resistant HSV isolates from patients with AIDS were characterized.
Abstract: Herpes simplex virus (HSV) infections of humans have been documented since the advent of writing. The spectrum of disease was expanded to include primary and recurrent infections of mucous membranes (gingivostomatitis, herpes labialis, and genital HSV infections), keratoconjunctivitis, neonatal HSV infection, visceral HSV infections of the immunocompromised host, HSV encephalitis, Kaposi's varicella-like eruption, and an association with erythema multiforme. Cumulative experience suggests that factors associated with pregnancy may place both the mother and fetus at increased risk for severe infection, possibly because of altered cell-mediated immunity. The major risk to the fetus is with primary or initial genital HSV infection of the mother. PCR evaluation of cerebrospinal fluid can be utilized to monitor therapeutic outcome in patients with herpes simplex encephalitis. The use of HSV for gene therapy heralds a new era of herpes biology, the conversion of a hazardous foe into a user-friendly surgical tool. Asymptomatic shedding of virus can continue despite clinically effective suppression with acyclovir, so the possibility of person-to-person transmission persists. Newborns with HSV infections can be classified as having disease that is localized to the skin, eyes, and mouth; affects the central nervous system (CNS); or is disseminated. Drug resistance was considered rare and resistant isolates were thought to be less pathogenic until a series of acyclovir-resistant HSV isolates from patients with AIDS were characterized. The risk of nephrotoxicity can be minimized by administering acyclovir by slow infusion and ensuring adequate hydration.

Journal ArticleDOI
01 Nov 1998-Immunity
TL;DR: IL-15Ralpha has pleiotropic roles in immune development and function, including the positive maintenance of lymphocyte homeostasis, and is generated in mice deficient in natural killer cells, natural killer T cells, CD8+ T lymphocytes, and TCRgammadelta intraepithelial lymphocytes.

Journal ArticleDOI
TL;DR: In this paper, a neighborhood-level perspective on racial differences in legal cynicism, dissatisfaction with police, and the tolerance of various forms of deviance is presented. But the authors do not examine the relationship between race and tolerance for deviance.
Abstract: We advance here a neighborhood-level perspective on racial differences in legal cynicism, dissatisfaction with police, and the tolerance of various forms of deviance. Our basic premise is that structural characteristics of neighborhoods explain variations in normative orientations about law, criminal justice, and deviance that are often confounded with the demographic characteristics of individuals. Using a multilevel approach that permits the decomposition of variance within and between neighborhoods, we tested hypotheses on a recently completed study of 8,782 residents of 343 neighborhoods in Chicago. Contrary to received wisdom, we find that African Americans and Latinos are less tolerant of deviance -including violence- than whites. At the same time, neighborhoods of concentrated disadvantage display elevated levels of legal cynicism, dissatisfaction with police, and tolerance of deviance unaccounted for by sociodemographic composition and crime-rate differences. Concentrated disadvantage also helps explain why African Americans are more cynical about law and dissatisfied with the police. Neighborhood context is thus important for resolving the seeming paradox that estrangement from legal norms and agencies of criminal justice, especially by blacks, is compatible with the personal condemnation of deviance.

Journal ArticleDOI
TL;DR: This paper provided an initial test of the animosity model of foreign product purchase in the People's Republic of China and showed that the model predicts that foreign product purchases in China will lead to increased animosity.
Abstract: The authors provide an initial test of the animosity model of foreign product purchase in the People's Republic of China. In contrast to Shimp and Sharma's (1987) CETSCALE, the model predicts that ...

Journal ArticleDOI
01 May 1998-Cell
TL;DR: The isolated p95 gene encoding p95, a member of the hMre11/hRad50 double-strand break repair complex, reveals a direct molecular link between DSB repair and cell cycle checkpoint functions in NBS.

ReportDOI
TL;DR: The authors provide an overview of recent empirical research on patterns of cross-country growth, focusing more directly on questions like, Why do some countries grow faster than others? It is this changed focus that, in their view, has motivated going beyond the neoclassical growth model.
Abstract: We provide an overview of recent empirical research on patterns of cross-country growth. The new empirical regularities considered differ from earlier ones, e.g. the well-known Kaldor stylized facts. The new research no longer makes production function accounting a central part of the analysis. Instead, attention shifts more directly to questions like, Why do some countries grow faster than others? It is this changed focus that, in our view, has motivated going beyond the neoclassical growth model.

Journal ArticleDOI
TL;DR: In this article, the authors examine power and distributive questions and the role of formal international organizations in creating norms and understanding, and identify centralization and independence as the key properties of formal organizations.
Abstract: States use formal international organizations (IOs) to manage both their everyday interactions and more dramatic episodes, including international conflicts. Yet, contemporary international theory does not explain the existence or form of IOs. This article addresses the question of why states use formal organizations by investigating the functions IOs perform and the properties that enable them to perform those functions. Starting with a rational-institutionalist perspective that sees IOs as enabling states to achieve their ends, the authors examine power and distributive questions and the role of IOs in creating norms and understanding. Centralization and independence are identified as the key properties of formal organizations, and their importance is illustrated with a wide array of examples. IOs as community representatives further allow states to create and implement community values and enforce international commitments.

Journal ArticleDOI
25 Nov 1998-Cell
TL;DR: It is reported that this pathway operates in keratinocytes and that mice expressing a stabilized beta-catenin controlled by an epidermal promoter undergo a process resembling de novo hair morphogenesis, suggesting that transient beta-Catenin stabilization may be a key player in the long-sought epidersmal signal leading to hair development and implicate aberrant beta- catenin activation in hair tumors.

Posted Content
TL;DR: In this paper, a broad vision of how law and economics analysis may be improved by increased attention to insights about actual human behavior is presented, including cognitive and motivational problems of both citizens and government.
Abstract: Economic analysis of law usually proceeds under the assumptions of neoclassical economics. But empirical evidence gives much reason to doubt these assumptions; people exhibit bounded rationality, bounded self-interest, and bounded willpower. This article offers a broad vision of how law and economics analysis may be improved by increased attention to insights about actual human behavior. It considers specific topics in the economic analysis of law and proposes new models and approaches for addressing these topics. The analysis of the article is organized into three categories: positive, prescriptive, and normative. Positive analysis of law concerns how agents behave in response to legal rules and how legal rules are shaped. Prescriptive analysis concerns what rules should be adopted to advance specified ends. Normative analysis attempts to assess more broadly the ends of the legal system: Should the system always respect people's choices? By drawing attention to cognitive and motivational problems of both citizens and government, behavioral law and economics offers answers distinct from those offered by the standard analysis.

Journal ArticleDOI
TL;DR: It is shown that the acceptance ratio method and thermodynamic integration are natural generalizations of importance sampling, which is most familiar to statistical audiences.
Abstract: Computing (ratios of) normalizing constants of probability models is a fundamental computational problem for many statistical and scientific studies. Monte Carlo simulation is an effective technique, es- pecially with complex and high-dimensional models. This paper aims to bring to the attention of general statistical audiences of some effective methods originating from theoretical physics and at the same time to ex- plore these methods from a more statistical perspective, through estab- lishing theoretical connections and illustrating their uses with statistical problems. We show that the acceptance ratio method and thermodynamic integration are natural generalizations of importance sampling, which is most familiar to statistical audiences. The former generalizes importance sampling through the use of a single "bridge" density and is thus a case of bridge sampling in the sense of Meng and Wong. Thermodynamic integration, which is also known in the numerical analysis literature as Ogata's method for high-dimensional integration, corresponds to the use of infinitely many and continuously connected bridges (and thus a "path"). Our path sampling formulation offers more flexibility and thus potential efficiency to thermodynamic integration, and the search of op- timal paths turns out to have close connections with the Jeffreys prior density and the Rao and Hellinger distances between two densities. We provide an informative theoretical example as well as two empirical ex- amples (involving 17- to 70-dimensional integrations) to illustrate the potential and implementation of path sampling. We also discuss some open problems.

Journal ArticleDOI
TL;DR: In this article, the authors address the question of why firms pay dividends, the so-called "dividend puzzle," from the agency perspective, and outline two agency models of dividends.
Abstract: This paper addresses the question of why firms pay dividends, the so-called "dividend puzzle," from the agency perspective. We outline two agency models of dividends. On what we call "the outcomes" model, dividends are the result of effective pressure by minority shareholders rights should be associated with higher dividends. On what we call "the substitutes" model, insiders choose to pay dividends to establish a reputation for a decent treatment of minority shareholders so that firms can raise equity finance in the future. Under this model, stronger minority shareholder rights reduce the need for establishing a reputation, and so should be associated with lower dividends. We compare these models on a cross-section of 4,000 companies from around the world, which operate in countries with different levels of investor protection, and therefore different strength of minority shareholder rights. The findings on payout levels, as well as other results, support the outcome agency model of dividends.

Journal ArticleDOI
TL;DR: In this article, a nonparametric estimator for the state price density (SPD) implicit in option prices is derived and its asymptotic sampling theory is derived.
Abstract: Implicit in the prices of traded financial assets are Arrow–Debreu prices or, with continuous states, the state-price density (SPD). We construct a nonparametric estimator for the SPD implicit in option prices and we derive its asymptotic sampling theory. This estimator provides an arbitrage-free method of pricing new, complex, or illiquid securities while capturing those features of the data that are most relevant from an asset-pricing perspective, for example, negative skewness and excess kurtosis for asset returns, and volatility “smiles” for option prices. We perform Monte Carlo experiments and extract the SPD from actual S&P 500 option prices.

Book
25 Sep 1998
TL;DR: The Walsh Family Resilience Questionnaire (WQQQA) as mentioned in this paper ) is a family resilience questionnaire that assesses the family's ability to cope with crisis, transition, and persistent challenges.
Abstract: I. Overview 1. Foundations of a Family Resilience Approach 2. Family Diversity and Complexity in a Changing World: Varied Challenges and Pathways in Resilience II. Key Family Processes in Resilience 3. Belief Systems: The Heart and Soul of Resilience 4. Organizational Processes: Relational and Structural Supports 5. Communication Processes: Facilitating Meaning Making, Mutual Support, and Problem Solving III. Practice Applications 6. Assessing Family Resilience: Useful Maps for Practice and Research 7. Practice Principles and Guidelines to Strengthen Family Resilience 8. Applying a Family Resilience Framework in Community-Based Services IV. Facilitating Family Resilience through Crisis, Transition, and Persistent Challenges 9. Challenges and Resilience over the Family Life Cycle: A Developmental Systems Perspective 10. Loss, Recovery, and Resilience 11. Traumatic Loss and Collective Trauma: Strengthening Family and Community Resilience 12. Serious Illness and Disabilities: Family Challenges and Resilience 13. Nurturing Resilience in Vulnerable, Multi-Stressed Families 14. Reconnection and Reconciliation: Healing Relational Wounds Appendix I. Walsh Family Resilience Questionnaire Appendix II. Developing Resilience-Based Genograms: Outline and Sample Questions Appendix III. Exploring the Spiritual Dimension in Family Life: Sources of Distress and Resources for Well-Being, Healing, and Resilience References Index

Book ChapterDOI
01 Oct 1998
TL;DR: In this paper, Csikszentmihalyi et al. used a "systems" model of the creative process that takes into account its essential features to explain why, when and where new ideas or products arise from and become established in a culture.
Abstract: Psychologists tend to see creativity exclusively as a mental process In this chapter, I will propose that such an approach cannot do justice to the phenomenon of creativity, which is as much a cultural and social as it is a psychological event To develop this perspective, I will use a “systems” model of the creative process that takes into account its essential features Creativity research in recent years has been increasingly informed by a systems perspective Starting with the observations of Morris Stein (1953, 1963) and the extensive data presented by Dean Simonton (1988, 1990) showing the influence of economic, political, and social events on the rates of creative production, it has become increasingly clear that variables external to the individual must be taken into account if one wishes to explain why, when, and where new ideas or products arise from and become established in a culture (Gruber, 1988; Harrington, 1990) Magyari-Beck (1988) has gone so far as to suggest that because of its complexity, creativity needs a new discipline of “creatology” in order to be thoroughly understood The systems approach developed here has been described before and applied to historical and anecdotal examples, as well as to data collected to answer a variety of different questions (Csikszentmihalyi, 1988b, 1990, 1996; Csikszentmihalyi, Rathunde, & Whalen, 1993; Csikszentmihalyi & Sawyer, 1995; Feldman, Csikszentmihalyi, & Gardner, 1994)