Networks,Place and Identities in Post‐industrial Mining Communities

This article engages with the theme of the symposium by examining the role and meaning of networks in the context of a former coal‐mining region in the UK. Mining communities have historically been noted by sociologists and historians for their strong social ties and extended families as well as for forming the bedrock of discussion of class and place. In the wake of the closure programme of the 1980s and early 1990s, such identities have been fundamentally challenged. The notion of networks is explored in four distinct but ultimately interrelated senses: occupational/work networks; networks around place; networks of class relations; and, finally, networks as relationships of family, kin and generation. Material presented here is based on research that investigated four former coalfield communities in the UK after closure, focusing on a former pit village in the North East of England. It begins with a discussion of community and the coalfield within sociological and historical literatures. It then proceeds to discuss the changing nature of community and social networks post‐coal by focusing on the experience of two separate cohorts of former workers. It concludes by arguing for a historical understanding of the patterning of networks. Cet article s’inscrit dans le th? me du symposium en étudiant le rôle et la signification des réseaux dans le cadre d’une ancienne région miniàre anglaise. De tous temps, sociologues et historiens ont distingué les communautés miniàres, celles‐ci présentant de solides liens sociaux et des familles étendues, tout en étant à la base des débats de classes et de lieux. À la suite du plan de fermeture des années 1980 et du début des années 1990, ces identités ont été profondément remises en cause. La notion de réseaux est examinée dans quatre sens distincts, quoique liés en définitive: réseaux professionnels, réseaux autour du lieu, réseaux liés à la classe, et réseaux de relations de famille, parenté et génération. Les éléments présentés sont issues de recherches sur quatre communautés d’un ancien bassin charbonnier anglais apràs la fermeture des mines, et plus particuliàrement sur un village du nord‐est de l’Angleterre. Apràs avoir abordé la communauté et le bassin charbonnier au travers de documents sociologiques et historiques, l’article s’intéresse à la nature évolutive des réseaux de la communauté et des réseaux sociaux apràs l’àre du charbon, en s’attachant à l’expérience de deux groupes distincts d’anciens ouvriers. Il conclut en défendant une appréhension historique de la modélisation des réseaux.     

Power Relations and Social Mix in Metropolitan Neighbourhoods in North America and Europe: Moving Beyond Gentrification?

Research on spatial segregation has suggested that social mix may be a temporary phase in class displacement, where relations between different groups are at best divided or ‘tectonic’, for instance in England. Political and policy discourses, by contrast, tend to uncritically valorize social mix as a means to breaking up concentrations of poverty and providing neighbourhoods with a middle‐class voice. In the literature, little attention has been paid to power dynamics in socially mixed neighbourhoods and the implications this may have for understanding theory and policy. The five articles that make up this symposium address the ways in which social and ethnic groups interact in major cities in Europe and North America and, as the title suggests, this involves taking into account power relations, domination and negotiation between the different groups. There is a need to connect the experience of the deployment of power within neighbourhoods (and between them) with the discussions of power mechanisms at work in wider urban processes.     

THE LIBERAL DEMOCRATS AND SUPPLY‐SIDE ECONOMICS

The coalition has given the Liberal Democrats the opportunity to demonstrate their support for – or opposition to – supply‐side economics. The person who has done most on the supply side is Ed Davey, in the Department of Business, Innovation and Skills. In a remarkable legislative achievement for a Parliamentary Under Secretary in under two years in office, Davey ensured that the privatisation of Royal Mail reached the statute books, liberalised the terms and conditions for Post Office counters, and liberalised employment and retirement laws.     

Jumps and betas: A new framework for disentangling and estimating systematic risks

We provide a new theoretical framework for disentangling and estimating the sensitivity towards systematic diffusive and jump risks in the context of factor models. Our estimates of the sensitivities towards systematic risks, or betas, are based on the notion of increasingly finer sampled returns over fixed time intervals. We show consistency and derive the asymptotic distributions of our estimators. In an empirical application of the new procedures involving high-frequency data for forty individual stocks, we find that the estimated monthly diffusive and jump betas with respect to an aggregate market portfolio differ substantially for some of the stocks in the sample.     

Continuous‐time models,realized volatilities,and testable distributional implications for daily stock returns

We provide an empirical framework for assessing the distributional properties of daily speculative returns within the context of the continuous‐time jump diffusion models traditionally used in asset pricing finance. Our approach builds directly on recently developed realized variation measures and non‐parametric jump detection statistics constructed from high‐frequency intra‐day data. A sequence of simple‐to‐implement moment‐based tests involving various transformations of the daily returns speak directly to the importance of different distributional features, and may serve as useful diagnostic tools in the specification of empirically more realistic continuous‐time asset pricing models. On applying the tests to the 30 individual stocks in the Dow Jones Industrial Average index, we find that it is important to allow for both time‐varying diffusive volatility, jumps, and leverage effects to satisfactorily describe the daily stock price dynamics. Copyright © 2009 John Wiley & Sons, Ltd.     

Under-connected and over-connected networks: the role of externalities in strategic network formation

Since the seminal contribution of Jackson and Wolinsky (J Econ Theory 71(1):44–74, 1996) it has been widely acknowledged that the formation of social networks exhibits a general conflict between individual strategic behavior and collective outcome. What has not been studied systematically are the sources of inefficiency. We approach this omission by analyzing the role of positive and negative externalities of link formation. This yields general results that relate situations of positive externalities with stable networks that cannot be “too dense” in a well-defined sense, while situations with negative externalities tend to induce “too dense” networks. Those results are neither restricted to specific assumptions on the agents’ preferences (e.g. homogeneity), nor to a specific notion of stability or efficiency.