Age of first hunting experience: Results from a nationwide recreation survey

Abstract

Hunting participation, as indicated in the 1983 Nationwide Recreation Survey, is examined to determine the relationship between age of first hunting experience and adult level of participation. A statistically significant association between these two variables is found. In addition, more than 83 percent of those who hunt began their involvement by 18 years of age. The findings have implications for future hunting participation and the provision of programs for hunters.     

Changes in Malaysia: Capital controls,prime ministers and political connections

During the 1997 Asian currency crisis and resulting imposition of capital controls in Malaysia, evidence from previous studies shows that firms with political connections suffered more during the crisis but benefited more when capital controls were introduced. In the period since then, the evidence shows financial firms with political connections have not performed as well as others since the measures set up to support them have been removed. The study period not only includes the relaxation of capital controls, but also the resignation of Tun Dr. Mahathir Mohammad as prime minister and the handover of control to Datuk Seri Abdullah Ahmad Badawi.     

Forecasting volatility: Roles of sampling frequency and forecasting horizon

This study empirically tests how and to what extent the choice of the sampling frequency, the realized volatility (RV) measure, the forecasting horizon and the time‐series model affect the quality of volatility forecasting. Using highly synchronous executable quotes retrieved from an electronic trading platform, the study avoids the influence of various market microstructure factors in measuring RV with high‐frequency intraday data and in inferring implied volatility (IV) from option prices. The study shows that excluding non‐trading‐time volatility produces significant downward bias of RV by as much as 36%. Quality of prediction is significantly affected by the forecasting horizon and RV model, but is largely immune from the choice of sampling frequency. Consistent with prior research, IV outperforms time‐series forecasts; however, the information content of historical volatility critically depends on the choice of RV measure. © 2010 Wiley Periodicals, Inc. Jrl Fut Mark     

A Study on Pollutant Emission Through Gas Consumption in the Hong Kong Hotel Industry

A survey of 11 hotels in Hong Kong was carried out to collect three years' energy consumption data. Regression analysis indicated that gross floor area was a major and statistically acceptable factor in explaining the gas consumption in new hotels. Based on past consumption data and some established pollutant emission factors, the amount of sulphur dioxides, nitrogen dioxides, carbon dioxides and particulate created by the Hong Kong hotel industry's gas usage during a 10-year period from 1989–1998 was estimated. The study predicts the increase in these amounts in 1999–2003 accompanying the rise in the number of hotels. The findings indicate that emissions will rise by nearly 40% in the next few years, requiring urgent discussions. The study also finds that a heat pump running on coal-fired electricity and with a coefficient of performance (COP) greater than 3 could produce lower level emissions than a gas-fired boiler. It is further suggested that an effective method to reduce the emissions is to substitute naptha with natural gas as the fuel for generating town gas and electricity. We believe the hotel industry should adopt a more proactive approach to reduce gas usage and propose the inclusion of environmental reporting in trade journals.     

Natural selection as a paradigm of opportunism in biology

The success of extant species is largely due to their ability to adapt in the face of constantly changing environmental conditions. Natural selection is the biological mechanism that takes advantage of opportunities to promote spontaneous variations and facilitate evolutionary development. The character of this biological opportunism is considered here, placing it firmly within the context of various social and economic principles—notably individualism, industrialism, utilitarianism and consequentialism—that have characterised the philosophy of the modern era. However, this purely opportunistic approach, and its myopic emphasis on immediate problem solving, has serious shortcomings within both life and business practice. These are examined here in contrast to some of the alternative approaches found in biology and economics theory. The nature and relationship of function to utility in biology is also given particular consideration, as is the issue of incrementalism in the development of complex adaptive features. The methodological reductionism at the heart of evolutionary biology certainly does offer insightful empirical results reported in the scientific literature. Nonetheless, natural selection is observed to be a purely reflexive mechanism and not one capable of producing the kind of innovation necessary for the more revolutionary changes in an organism’s systems.     

Construction of an economic index to measure the causes of economic insecurity

This paper is an updated study on the causes of economic insecurity in the United States. The authors have constructed an aggregate composite index that measures objectively the major causes of economic insecurity (CEI) in the United States. The CEI index consists of 11 variables that can cause economic insecurity. The time period under investigation is 1960 through 2001. A rising CEI index indicates that the causes of economic insecurity in the United States have increased in relative importance, which results in an increase in economic insecurity. Conversely, a falling CEI index indicates that the causes of economic insecurity have declined in relative importance, which results in a reduction of economic insecurity. However, despite substantial economic growth in the American economy from 1960 through 2001, the CEI index overall showed little improvement. The major conclusion is that the CEI index was 9 percent higher in 2001 than it was in 1960. This result was due largely to the increase in divorce, violent crime, rising out-of-pocket expenditures for health care, inflation, and unemployment. The results for subperiods are dramatically different, and we think more interesting, than the overall results. During the 1960s, there was a small decline in the CEI index. The 1970s showed a dramatic increase in the CEI index, which reflected both high unemployment rates and inflation rates during this period. The 1980s experienced fluctuating levels in the index but little overall change, and the 1990s experienced a sharp decline in the CEI index due largely to a robust economy. The CEI index has increased more recently, which reflects largely the recent 2001 business recession. The correlation coefficient of the CEI index with the University of Michigan's well-known Index of Consumer Sentiment is ?676. This figure shows that as the CEI index rises, consumer sentiment about the American economy becomes pessimistic and negative.     

AN EMPIRICAL ANALYSIS OF BEN GRAHAM'S NET CURRENT ASSET VALUE RULE

This paper presents evidence that the net current asset value rule developed by Ben Graham in 1930 is still profitable in the 1970s and early 1980s. The abnormal gain is not due to future mergers because both the merged and nonmerged subsamples have positive and statistically significant returns in the post-event period.     

Junk bonds,life insurer insolvency,and stock market reactions: The case of first executive corporation

The First Executive Corporation was the largest failure in the history of the life insurance industry. The company was one of the most aggressive purchasers of junk bonds through the 1980s and was the first of several large failures in the staid life insurance industry. In this article, we examine the effect of First Executive's failure on the value of companies in the life insurance industry. We find that the price of other life insurance companies' stock is negatively affected by the earnings announcement that preceded First Executive's failure. The magnitude of an individual company's reaction to First Executive's loss varies according to the proportion of the company's assets invested in junk bonds, the proportion of the company's assests invested in real estate, and the financial strength of the company as measured by A.M. Best's rating.