"The location of the author’s investigations, the body itself rather than the sphere of subjective representations of self and of function in cultures, is wholly new.... I believe this work will be a landmark in future feminist thinking." —Alphonso Lingis "This is a text of rare erudition and intellectual force. It will not only introduce feminists to an enriching set of theoretical perspectives but sets a high critical standard for feminist dialogues on the status of the body." —Judith Butler Volatile (...) Bodies demonstrates that the sexually specific body is socially constructed: biology or nature is not opposed to or in conflict with culture. Human biology is inherently social and has no pure or natural "origin" outside of culture. Being the raw material of social and cultural organization, it is "incomplete" and thus subject to the endless rewriting and social inscription that constitute all sign systems. Examining the theories of Freud, Lacan, Merleau-Ponty, Foucault, Deleuze, Derrida, etc. on the subject of the body, Elizabeth Grosz concludes that the body they theorize is male. These thinkers are not providing an account of "human" corporeality but of male corporeality. Grosz then turns to corporeal experiences unique to women—menstruation, pregnancy, childbirth, lactation, menopause. Her examination of female experience lays the groundwork for developing theories of sexed corporeality rather than merely rectifying flawed models of male theorists. (shrink)

Volatile Knowing refers to the positive change that can result when parents and teachers talk together about the politics of school reform. Based on a study of teachers and parents who researched aspects of the accountability movement typically censored in mainstream media, Volatile Knowing reveals the hidden power behind current reform efforts that serve private, not public interests. It is aimed at provoking a new, child-centered movement for accountability and creativity in the nation's schools.

Volatile Knowing refers to the positive change that can result when parents and teachers talk together about the politics of school reform. Based on a study of teachers and parents who researched aspects of the accountability movement typically censored in mainstream media, Volatile Knowing reveals the hidden power behind current reform efforts that serve private, not public interests. It is aimed at provoking a new, child-centered movement for accountability and creativity in the nation's schools.

I argue for the existence of a category of practical reasons which I call "Deliberation-Volatile Reasons" or "DVRs". DVRs have the distinguishing feature that their status as reasons for action is diminished when they are weighed in deliberation by the agent. I argue that DVRs are evidence of "deliberative blind spots". I submit that an agent manifests a peculiar kind of practical irrationality in so far as she endeavours to find a deliberative path to what she has reason to do, (...) when the discovery of such a path renders the destination inaccessible. (shrink)

The abrupt climate change thesis suggests that climate passes through threshold transitions, after which change is sudden, runaway and unstoppable. This concurs with recent themes in complexity studies. Data from ice cores indicates that major shifts in global climate regimes have occurred in as little as a decade, and that for most of the span of human existence the climate has oscillated much more violently than it has over the last 10,000 years. This evidence presents enormous challenges for international climate (...) change negotiation and regulation, which has thus far focused on gradual change. It is argued that existing social theoretic engagements with physical agency are insufficiently geared towards dissonant or disastrous physical events. Wagering on the past and future importance of abrupt climate change, the article explores a way of engaging with catastrophic climatic change that stresses the inherent volatility and unpredictability of earth process, and the no-less-inherent vulnerability of the human body. Drawing on Bataille and Derrida, it proposes a way of nestling the issue of environmental justice within a broader sense of immeasurable indebtedness to those humans who endured previous episodes of abrupt climate change, and considers the idea of experimentation and generosity without reserve. (shrink)

Volatility is widely used in different financial areas, and forecasting the volatility of financial assets can be valuable. In this paper, we use deep neural network and long short-term memory model to forecast the volatility of stock index. Most related research studies use distance loss function to train the machine learning models, and they gain two disadvantages. The first one is that they introduce errors when using estimated volatility to be the forecasting target, and the second (...) one is that their models cannot be compared to econometric models fairly. To solve these two problems, we further introduce a likelihood-based loss function to train the deep learning models and test all the models by the likelihood of the test sample. The results show that our deep learning models with likelihood-based loss function can forecast volatility more precisely than the econometric model and the deep learning models with distance loss function, and the LSTM model is the better one in the two deep learning models with likelihood-based loss function. (shrink)

This study investigates the volatility risk premium on the emerging financial market. We also consider the expected return and ESG sentiment. Based on the SSE 50 ETF 5-minute high-frequency spots and daily options data from 2016 to 2021, we adopt nonparametric model-free approaches to calculate realized and implied volatilities. And the volatility risk premium is constructed by subtracting these volatility series. We examine the relations between the volatility risk premium and future excess returns as well as (...) ESG sentiment through multifactor specifications. We find that the volatility risk premium also exists in the Chinese market and is significantly negative. In addition, the statistically positive correlation between the volatility risk premium and aggregate returns is an outlier compared to the empirically negative pattern in developed markets. At last, ESG sentiment is positively associated with the volatility risk premium, especially the impact of environmental and social. This evidence supports the agency theory, which indicates that investors perceive ESG investments as waste resources in a short term and become potentially risky. (shrink)

The outcomes of sports and competitive games excite intense emotions in many people, even when those same people acknowledge that those outcomes are of trifling importance. I call this incongruity between the judged importance of the outcome and the intense reactions it provokes the Puzzle of Sport. The puzzle can be usefully compared to another puzzle in aesthetics: the Paradox of Fiction, which asks how it is we become emotionally caught up with events and characters we know to be unreal. (...) In this article, I examine the prospects of understanding our engagement with competitive games on the model of our engagement with works of fiction, thus enabling analogous explanations for both puzzles. I show that there are significant problems with such an approach and offer an alternative, mobilizing ideas from David Velleman and Thomas Nagel, that appeals to the volatility of our motivational attitudes. (shrink)

It has long been recognized that productivity growth and the business cycle are closely interrelated. Yet, until recently, the two phenomena have been investigated separately in the economics literature. This book provides the first consistent attempt to analyze the effects of macroeconomic volatility on productivity growth, and also the reverse causality from growth to business cycles. The authors show that by looking at the economy through the lens of private entrepreneurs, who invest under credit constraints, one can go some (...) way towards explaining persistent macroeconomic volatility and the effects of volatility on growth. Beginning with an analysis of the effects of volatility on growth, the authors argue that the lower the level of financial development in a country the more detrimental the effect of volatility on growth. This prediction is confirmed by cross-country panel regressions. The data also suggests that a fixed exchange rate regime or more countercyclical budgetary policies are growth-enhancing in countries with a lower level of financial development. The former reduce aggregate volatility whereas the latter reduce the negative effects of volatility on long-term productivity-enhancing investment by firms. The book concludes with an investigation into how the interplay between credit constraints and pecuniary externalities is sufficient to generate persistent business cycles and to explain the occurrence of currency crises. (shrink)

Financial internationalization leads to similar fluctuations and spillover effects in financial markets around the world, resulting in cross-border financial risks. This study examines comovements across G20 international stock markets while considering the volatility similarity and spillover effects. We provide a new approach using an ICA- based ARMA-APARCH-M model to shed light on whether there are spillover effects among G20 stock markets with similar dynamics. Specifically, we first identify which G20 stock markets have similar volatility features using a fuzzy (...) C-means time series clustering method and then investigate the dominant source of volatility spillovers using the ICA-based ARMA-APARCH-M model. The evidence has shown that the ICA method can more accurately capture market comovements with nonnormal distributions of the financial time series data by transforming the multivariate time series into statistically independent components. Our findings indicate that the G20 stock markets are clustered into three categories according to volatility similarity. There are spillover effects in stock market comovements of each group and the dominant source can be identified. This study has important implications for investors in international financial markets and for policymakers in G20 countries. (shrink)

This study examines the volatility risk for firms that are rated high on environmental, social, and governance (ESG) dimensions in emerging markets and developed markets outside the United States and Canada. Employing the Morgan Stanley Capital International (MSCI) ESG Leader indices, this study investigates the impact of good news and bad news on the volatility risk for the highest ESG-rated firms through multivariate DCC-EGARCH modeling. This study finds that the impact of a negative news shock of size 2 (...) standard deviations is approximately 45% higher than that of a positive news shock of the same size for the case of the developed markets under interest. With respect to emerging markets, this study reports that the impact of a negative news shock of size 2 standard deviations is 41% higher than that of a positive news shock of the same size. The results provide empirical evidence in support of the hypothesis that the volatility impact of news for high ESG-rated firms in developed markets and emerging markets is larger for bad news compared to good news, and the results are robust across time. The empirical findings underline the importance of reporting-related disclosures of ESG initiatives, and provide seminal evidence of a slow response to news by high ESG-rated firms in emerging markets. (shrink)

The thesis of this paper is that even some of the most fundamental concepts of Marxism have been used and abused to fit their advocates' purposes. More specifically, the interpretation of the concept of the "dictatorship of the proletariat" has been subject to a dual development. First, the dictatorship of the proletariat has come to denote an increasingly violent regime. Second, the term has been used to refer to a rule exercised by an ever smaller segment of society. This paper (...) seeks to analyze and elucidate this much disputed and frequently misunderstood Marxist concept. In the first part Marx's use of the term is examined. The second section explores how the same concept was explicated in the writings of some of the most important first generation Marxist thinkers and "practitioners" like Engels, Lenin, Kautsky, Bukharin, and Stalin. Following the summary of my findings I attempt to formulate some meaningful generalizations about the usage of the concept by Marxist thinkers. (shrink)

A new explanation of kurtosis in asset price behavior is proposed involving flare attractors. Such attractors depend on chaotic fundamentals driving subsystems which trigger nonlinearly response functions each with a switching mechanism representing the changing of agents from stabilizing to destabilizing behavior. Heterogeneous agent types are shown by a set of these response functions that are interlinked. With a larger number of agent types system behavior resembles that of many financial markets. Such a model is consistent with newer approaches relying (...) upon evolutionary learning mechanisms with heterogeneous agents as well as models depending on fractal characteristics. (shrink)

A notable development in world politics today is the increasing unpredictability of state behavior—a dynamic producing various patterns of uncertainty, chronic anxiety and escalation that increase...

Prior research argues that religiosity increases the ethical behavior and levels of risk aversion of firm managers. To the extent that this is true, more religious countries might exhibit more stability in stock prices. This study tests this assertion by determining whether religiosity in countries is negatively associated with volatility in financial markets. Using a unique empirical design, we account for the possibility that the structure of financial markets is endogenously related to a country’s religiosity by examining the (...) class='Hi'>volatility of American Depositary Receipts while conditioning on a number of home country variables capturing religiosity. We also control for the possibility of endogeneity bias by identifying an appropriate instrumental variable. Interestingly, our tests show that religious affiliation and, to a lesser extent, religious adherence and religious beliefs negatively affect the level of ADR volatility. (shrink)

In previous research on the evaluation of food images, we found that appetitive food images were rated higher following a positive prediction than following a negative prediction, and vice versa for aversive food images. The findings suggested an active confirmation bias. Here, we examine whether this influence from prediction depends on the evaluative polarization of the food images. Specifically, we divided the set of food images into "strong" and "mild" images by how polarized (i.e., extreme) their average ratings were across (...) all conditions. With respect to the influence from prediction, we raise two alternative hypotheses. According to a predictive dissonance hypothesis, the larger the discrepancy between prediction and outcome, the stronger the active inference toward accommodating the outcome with the prediction; thus, the confirmation bias should obtain particularly with strong images. Conversely, according to a nudging-in-volatility hypothesis, the active confirmation bias operates only on images within a dynamic range, where the values of images are volatile, and not on the evaluation of images that are too obviously appetitive or aversive; accordingly, the effects from prediction should occur predominately with mild images. Across the data from two experiments, we found that the evaluation of mild images tended to exhibit the confirmation bias, with ratings that followed the direction given by the prediction. For strong images, there was no confirmation bias. Our findings corroborate the nudging-in-volatility hypothesis, suggesting that predictive cues may be able to tip the balance of evaluation particularly for food images that do not have a strongly polarized value. (shrink)

This study provides an in-depth examination of the relationship between environmental, social, and governance (ESG) performance and the idiosyncratic volatility of Korean companies. In line with the risk-mitigation view, the study finds that strong ESG performance is associated with a reduction in a firm's idiosyncratic volatility. The impact of ESG performance on reducing firm volatility was particularly evident during the COVID-19 pandemic, highlighting the role of ESG performance in risk mitigation during crisis periods. The study also shows (...) that companies with strong ESG performance in industries that are highly sensitive to ESG factors are particularly adept at reducing idiosyncratic volatility. These findings underscore the importance of ESG enhancement for both firm managers and policymakers, particularly within ESG-sensitive industries. (shrink)

Two studies examine whether income volatility might lead to greater personal financial insecurity and might create a decision environment that discourages planning ahead on personal finances. In Study 1, participants who reported more month-to-month variability in their actual income were less likely to have planned for financial contingencies. A lower internal locus of control partially mediated the link between volatility and financial planning decisions in Study 1, and lower internal locus of economic control predicted financial planning decisions independently (...) of volatility. In Study 2, participants who were randomly assigned to receive volatile payments in a simulated work environment were less likely to save their compensation for this work. Again, lower internal locus of economic control predicted financial planning decisions independently of volatility. This is the first study to demonstrate a causal link between income volatility and financial decisions, specifically a heightened tendency to make short-term financial decisions. Both studies also underlined the importance of internal locus of control for financial planning decisions. (shrink)

This study examines how the sell-side analysts interpret firms’ corporate social responsibility activities. Specifically, we examine the differential impact of overall, legal, and normative CSR on the analysts’ earnings forecast dispersion, stock return volatility, cost of equity capital, and firm value. Employing a sample of U.S. public firms during 1993–2009, we find that overall CSR intensities reduce analyst dispersion of earnings forecast, volatility of stock return and cost of capital , and increase firm value. However, its impact is (...) reduced for firms with better accounting and disclosure quality. When we disaggregate CSR into legal and normative CSR, we find that legal CSR decreases analysts’ dispersion, stock return volatility, and COC, while legal CSR increases firm value. The sell-side analysts tend to have less information asymmetry regarding the net benefits of pursuing CSR that is required by laws. We find, however, that the benefit of having normative CSR realized in 1 year lag such that analyst dispersion, stock return volatility, COC decrease, respectively, and firm value increases. Furthermore, we find that the benefit of normative CSR is offset for firms with higher accounting and disclosure quality. (shrink)

Surprise has been characterized has an emotional reaction to an upset belief having a heuristic role and playing a criterial role for belief ascription. The discussion of cases of diachronic and synchronic violations of coherence suggests that surprise plays an epistemic role and provides subjects with some sort of phenomenological access to their subpersonal doxastic states. Lack of surprise seems not to have the same epistemic power. A distinction between belief and expectation is introduced in order to account for some (...) aspects of surprise: expectations are construed as volatile representations that tie belief to action. In the cases in which action is not involved, general, “ideological,” expectations are generate in strict connection with the context and with the possibilities of action. (shrink)

This article effectively identifies the high and low volatility state of asset prices in China by constructing the MS-AR model, and further investigates the relationship between different dimensions of liquidity and asset price volatility. Moreover, we try to incorporate liquidity into the analytical framework and adopt the TVP-SV-VAR model to study the time-varying characteristics between monetary policy, liquidity, asset price volatility and macroeconomy. The results are as follows: firstly, it shows that the high or low volatility (...) state of China’s stock market and real estate market can be clearly divided, and display the consistency with the trend of asset price volatility. Secondly, liquidity has a strong ability to explain the high and low volatility state of asset prices, but it shows some hysteresis effects. Thirdly, the time-varying results reveal that monetary policy has a regulating effect on liquidity, and the response cycle of quantitative monetary policy is relatively short, which reflects the effects of macroeconomy precisely. However, price-based monetary policy has a longer response cycle and plays a vital role in the anticipatory adjustment and fine-tuning of asset price volatility. These conclusions can provide an explanation for the attention to asset price bubbles and potential financial risks, and offer decision-making references for the central bank to implement differentiated and dynamic monetary policy choices. (shrink)

Since the breakdown of the Bretton Woods system in the early 1970s, the foreign exchange market has become an important focus of both academic and practical research. There are many reasons why FX is important, but one of most important aspects is the determination of foreign investment values. Therefore, FX serves as the backbone of international investments and global trading. Additionally, because fluctuations in FX affect the value of imported and exported goods and services, such fluctuations have an important impact (...) on the economic competitiveness of multinational corporations and countries. Therefore, the volatility of FX rates is a major concern for scholars and practitioners. Forecasting FX volatility is a crucial financial problem that is attracting significant attention based on its diverse implications. Recently, various deep learning models based on artificial neural networks have been widely employed in finance and economics, particularly for forecasting volatility. The main goal of this study was to predict FX volatility effectively using ANN models. To this end, we propose a hybrid model that combines the long short-term memory and autoencoder models. These deep learning models are known to perform well in time-series prediction for forecasting FX volatility. Therefore, we expect that our approach will be suitable for FX volatility prediction because it combines the merits of these two models. Methodologically, we employ the Foreign Exchange Volatility Index as a measure of FX volatility. In particular, the three major FXVIX indices from 2010 to 2019 are considered, and we predict future prices using the proposed hybrid model. Our hybrid model utilizes an LSTM model as an encoder and decoder inside an autoencoder network. Additionally, we investigate FXVIX indices through subperiod analysis to examine how the proposed model’s forecasting performance is influenced by data distributions and outliers. Based on the empirical results, we can conclude that the proposed hybrid method, which we call the autoencoder-LSTM model, outperforms the traditional LSTM method. Additionally, the ability to learn the magnitude of data spread and singularities determines the accuracy of predictions made using deep learning models. In summary, this study established that FX volatility can be accurately predicted using a combination of deep learning models. Our findings have important implications for practitioners. Because forecasting volatility is an essential task for financial decision-making, this study will enable traders and policymakers to hedge or invest efficiently and make policy decisions based on volatility forecasting. (shrink)

This paper examines the spillover effect between bitcoin, gold, crude oil, and major stock markets by using the MSV model with dynamic correlation and Granger causality. The empirical results of the DC-GC-MSV model are logically correct and convergent. The DIC test result has proved that the DC-GC-MSV model is better and more accurate. Bitcoin has no significant Granger causality spillover effect than other assets. As a safe haven product for stock assets, gold price has one-way spillover effect from stock market (...) volatility. Moreover, crude oil has the highest correlation with the stock market. In the recent COVID-19 epidemic and the sluggish economic environment, investors need to consider a balanced asset allocation among low-correlation assets, medium-correlation assets, and high-correlation assets to reduce risks. (shrink)

Are new democracies with divided government and volatile parties politically ill fated? The literature suggests so, but cases of emergent democracies such as Taiwan and Brazil that face both conditions defy the prediction. This paper explains why: party volatility follows from pursuing distinct executive and legislature agendas under divided government; the political ambition that underlies these conditions sustains democratic and even political performance. We evaluate the argument through government spending in Taiwan. The results corroborate our expectations: they show more (...) parties composing the legislature as government spending favors an executive agenda and neglects a legislative welfare-spending agenda. The findings make three contributions to the literature: first, they reveal a political divide between executive and legislature rather than ideological parties to undercut concerns regarding performance. Second, they demonstrate that the strategic use of government spending to institutionalize party development along an executive agenda fuels party fragmentation. Third, they show that legislators split, switch, or create alternative routes to office in reaction to strategic spending to underscore that ambition underlies party volatility and divided government. (shrink)

Comparison of surviving texts of eighteenth-century composers, Bach and Mozart in particular, show that considerable latitude was granted to performers for extempore embellishment and cadenzas, not only in arias and concertos but in solo works as well. Amateurs required prepared elaborations, whereas professional performers did not. The aesthetic of improvisation in performance is shot through with risk—an element sadly lacking in the training and the performance of classical music at the present time. This article finds distinct parallels among what it (...) calls the “ghetto language” of 1730s Leipzig, 1780s Vienna, and 1930s New York. Duke Ellington is said to be Bach's and Mozart's true successor. (shrink)

This study examines the relation between corporate social responsibility and institutional investor ownership, and the impact of this relation on stock return volatility. We find that institutional ownership does not strictly increase or decrease in CSR; rather, institutional ownership is a concave function of CSR. This evidence suggests that institutional investors do not see CSR as strictly value-enhancing activities. Institutional investors adjust their percentage of ownership when CSR activities go beyond the perceived optimal level. Employing the path analysis, we (...) also examine the mediating effect of institutional ownership on the relation between CSR and stock return volatility. We find that CSR decreases stock return volatility at a decreasing rate through its effect on institutional ownership. Our results remain robust under several different CSR measures and estimation methods. (shrink)

The thesis of incommensurability concerns the interrelation between subjective culture and objective culture through which the constitutive agency of chaos (incommensurability) emerges. The objectivations/products, the constituents of objective culture, carry their own Being, and this Being transcends the original subjective expressivities/intentions. The constitutive agency of this incommensurable interrelation becomes apparent in an age of globalization where its effects become global, bringing about dangerous socio-political volatilities. To illustrate, global warming has been neither the expressive intention of subjective culture nor a constituent (...) of energy per se as an objectivated product in the context of objective culture. It emerges in the interrelation, an unforeseen incommensurability, a chaos in the culture of energy that threatens the globe/world in various ways. Incommensurability, the cultural form of chaos, is recognized as dramatically foiling human instrumental rationality, spoiling its hubris or belief in its own progress. The doctrine of incommensurability shows that we can not know what we are doing while we are doing it, for the empirical manifestations of chaos are only knowable after the fact and its effects are unpredictable. This book of essays is divided into two parts: the first dealing with contemporary themes in subjective culture and the second with those in objective culture. A few of the pressing topics treated in this volume are: abstracted information of a computer-based society versus locally-based, grounded knowledge, abstracted neo-liberal economics versus place-grounded economics, the geo-politics of peak oil, and the intensification of natural disasters as a consequence of global warming reveal the tenuous character of the contemporary world. (shrink)

What are the consequences of the tendency for ubiquitous online reputation calculation to lead not to more precise expressions of reputation capital but, rather, to greater reputational instability? This article contrasts two conceptions of online reputation, which enact opposing attitudes about the relation between reputation and the calculable. According to an early online reputation paradigm – reputation capital – users strove to achieve high scores, performing the presumption that reputation could be incrementally accumulated and consistently measured within relatively stable spheres (...) of value. Yet, ubiquitous calculation led not to more precise measurements of reputation, but rather to the increasing volatility of online reputation. Thus, a second online reputation paradigm – reputation warfare – has become increasingly prevalent, in which strategic actors indirectly capitalize on systemic volatility produced by reputation’s ubiquitous online calculation. Steve Bannon’s 2016 Trump campaign strategy, which mobilized trolls, exemplifies the indirect optimization of online reputation, placing an option on reputational volatility. (shrink)

In lieu of an abstract, here is a brief excerpt of the content:Reviewed by:Japan Unbound: A Volatile Nation's Quest for Pride and PurposeDaniel A. MetrauxJapan Unbound: A Volatile Nation's Quest for Pride and Purpose. By John Nathan. Boston: Houghton Mifflin Company, 2004.Immediately after my return from an eight-day visit to Japan in late March 2004, I happened upon a long article in the New York Times (March 27, 2004, p. A4) featuring Hitomi Kanehara, a twenty-year-old author of a novel about (...) her post-bubble generation. Her portrait of a radically changing society in Japan reflects what I learned from two dozen interviews with Japanese friends and colleagues over the course of my visit.The Times article praised Kanehara for the portrait of young people in Japan since the 1990 collapse of Japan's "bubble economy" of the 1970s and 1980s:It is a world of "freeters," young Japanese surviving on part-time jobs and unconcerned with their future; of unsentimental sex and a profound inability to communicate verbally; a world in which a killing is viewed with amorality. The institutions that built postwar Japan—the family, school and companies—are noticeable by their absence. In a nation known for its social cohesion, the characters have no interest in playing a role in society, but only in finding personal satisfaction among themselves. Unlike Japanese in, say, their 30s, the characters in the novel are not disillusioned at Japanese society, since they had few expectations to begin with. "There are many people who don't expect anything from society," Ms. Kanehara says. "That's precisely why they are looking inward or to people [End Page 678] closest to them. I never knew the bubble era, so my way of looking at things can't help being different. Since I was born, I've never experienced a time of prosperity. Without my being aware, it's possible that my writing reflects the era."The Japan that I observed ever so briefly in March 2004 after a four-year absence is a society that is undergoing revolutionary changes in values and behavior in every sphere of life from education and popular culture to business and government. The result is a process that is radically changing the Japanese cultural landscape, making it a place vastly different from its traditional and even recent past.This view of Japan is carefully chronicled in John Nathan's most recent work, Japan Unbound: A Volatile Nation's Quest for Pride and Purpose. Nathan, the Takashima Professor of Japanese Cultural Studies at the University of California at Santa Barbara and author of highly praised books on Mishima Yukio and Sony, explores many facets of contemporary Japanese society ranging from education and families to business, politics, and foreign relations.Nathan analyzes a nation experiencing dramatic change as Japan moves away from many of its traditional values toward a very uncertain future. A long and demeaning recession has weakened the foundations of the traditional family system and has contributed to the rapid rise of divorce and an increase in the physical abuse of children by their families. The recession has contributed to the weakening of the bond between Japan's corporations and their employees, who are losing their right to lifetime employment. More and more Japanese are growing skeptical of their nation's dependant relationship of over a half-century with the United States, and nationalistic and xenophobic books are climbing up the best-seller list.One matter that Nathan discusses brilliantly is the traumatic breakdown of order and cohesion in Japan's primary and secondary schools and the increasingly rebellious nature of Japanese youth. He writes about riotous conditions in classrooms in a country once famous for respectful children. His best chapter depicts chaos in the classroom, where teachers across the country have simply lost control of their students. Disruptive students rule the roost, bringing intolerable disorder and engaging in physical attacks on other students as well as teachers and administrators. Nathan writes:Classroom breakdown is only part of a larger crisis of anger and withdrawal that has bewildered parents and educators.... In the United States, suspension is a legal option; in Japan suspension and expulsion are taboo under any circumstances. Promotion is based... (shrink)

(2000). Commentary: A well regulated militia, or a volatile militancy? Criminal Justice Ethics: Vol. 19, No. 1, pp. 2-55. doi: 10.1080/0731129X.2000.9992079.

The volatility of Shanghai crude oil futures prices is researched in this paper. The cusp catastrophe analysis of Shanghai crude oil futures price is based on the perspective of volatility influencing factors. Some important factors are selected based on commodity attributes and financial attributes, including certain China’s macrofactors, such as producer price index and macroeconomic prosperity index. The principal component analysis is used to process the factors. The control variables of the cusp catastrophe model are extracted. The discriminant (...) of the cusp catastrophe model and the principal component analysis are combined to determine the month of mutation. The three-dimensional renderings and plane projections of Shanghai crude oil futures price mutations in 2018 and 2019 are presented. The model is tested by comparing the time points of price sudden change nodes and emergencies. The results show that only nine factors can be used to roughly determine whether the Shanghai crude oil futures price has a sudden change. During the analysis period, the mutation months are May 2018, December 2018, February 2019, June 2019, and September 2019. It can be proved that the established model has certain feasibility and accuracy. (shrink)

With a focus in the financial market, stock market dynamics forecasting has received much attention. Predicting stock market fluctuations is usually challenging due to the nonlinear and nonstationary time series of stock prices. The Elman recurrent network is renowned for its capability of dealing with dynamic information, which has made it a successful application to predicting. We developed a hybrid approach which combined Elman recurrent network with factorization machine technique, i.e., the FM-Elman neural network, to predict stock market volatility. (...) In this paper, the Standard & Poor’s 500 Composite Stock Price index, the Dow Jones industrial average index, the Shanghai Stock Exchange Composite index, and the Shenzhen Securities Component Index were used to demonstrate the validity of our proposed FM-Elman model in time-series prediction. The results were compared with predictions obtained from the other two models which are basic BP neural network and the Elman neural network. Some experiments showed that the FM-Elman model outperforms others through different accuracy measures. Furthermore, the effects of volatility degree on prediction performance from different stock indexes were investigated. An interesting phenomenon had been found through some numerical experiments on the effects of different user-specified dimensions on the proposed FM-Elman neural network. (shrink)

Tobey Scharding claims that Bitcoin’s lack of a central regulator makes it open to price fluctuations. I argue that a currency not having a central regulator does not necessitate it being more volatile than centrally regulated currencies. First, I argue that Scharding’s reason for suggesting that Bitcoin is open to price fluctuations – its potential to face legal restrictions – is also faced by centrally regulated currencies. Second, I use silver in London as an example of a non-centrally regulated currency (...) with relatively low price volatility when compared to other centrally regulated currencies showing that non-centrally regulated currencies are not necessarily more volatile. (shrink)

We conducted a narrative review of existing literature to identify the knowledge, skills, and abilities necessary for officers who police in democratic societies to successfully manage potentially volatile police–public interactions. This review revealed 10 such KSAs that are frequently discussed in the literature. These KSAs include: knowledge of policies and laws; an understanding of mental health-related issues; an ability to interact effectively with, and show respect for, individuals from diverse community groups; awareness and management of stress effects; communication skills; decision-making (...) and problem-solving skills; perceptual skills; motor skills related to use-of-force; emotion and behavior regulation; and an ability to treat people in a procedurally just manner. Following our review, we conducted semi-structured interviews with researchers who specialize in police training and adult education, interactions with individuals in crisis, and racialized policing, as well as two police trainers with expertise in de-escalation and use-of-force training. These interviews confirmed the importance of the 10 KSAs and highlighted two additional KSAs that are likely to be critical: understanding the role of policing in a free and democratic society and tactical knowledge and skills. To ensure that police–public interactions are managed effectively, police trainers may want to focus on the development and evaluation of these KSAs—something that is not always done currently. (shrink)

Personal life events of a chief executive officer can generate tensions between the CEO’s right to personal privacy and the desire of shareholders for information. Such circumstances can create information asymmetry between the executive management and the shareholders of a firm, a situation likely to produce unfavorable pressures on an organization’s stock price. Failure to fully disclose material personal life events can impact the decision-making actions of the CEO, causing the stock price of the firm to vacillate as a result (...) of rumors and other informational uncertainties. These vacillations in stock price may impact a firm’s liquidity, increase the cost of capital, and affect long term returns to shareholders. We draw upon the ethical leadership and signaling theory literatures to demonstrate how a firm can reduce stock price volatility through a CEO making non-required disclosures that reduce information asymmetry. (shrink)