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We exploit the expiring nature of hedge fund lockups to create a new measure of funding liquidity risk that varies within funds. We find that hedge funds with lower funding risk generate higher returns, and this effect is driven by their increased exposure to equity-mispricing anomalies. Our results are robust to a variety of sampling criteria, variable definitions, and control variables. Further, we address endogeneity concerns in various ways, including a placebo approach and regression discontinuity design. Collectively, our results support a causal link between funding risk and the ability of managers to engage in risky arbitrage.
The emigration of female revolutionary activists has largely eluded historical studies; their global movements transcend dominant national and regional conceptions of the Irish Revolution and challenge established narratives of political exile which are often cast in masculine terms. Drawing on Cumann na mBan nominal rolls and U.S. immigration records, this article investigates the scale of post-Civil War Cumann na mBan emigration and evaluates the geographical origins, timing and push-pull factors that defined their migration. Focusing on the United States in particular, it also measures the impact of the emigration and return migration of female revolutionaries – during the revolutionary period and in its immediate aftermath – on both the republican movement in Ireland and the fractured political landscapes of Irish America. Ultimately, this article argues that the cooperative transatlantic exchange networks of Cumann na mBan, and the consciously gendered revolutionary discourse they assisted in propagating in the diaspora, were integral to supporting the Irish Revolution at home and abroad.
In this study, I examine how the regulatory analysis practices of the Consumer Product Safety Commission (CPSC), an independent regulatory agency, changed when the Consumer Product Safety Improvement Act (CPSIA) of 2008 relaxed its statutory obligations to conduct benefit-cost analysis (BCA). When given discretion, the agency dropped the practice despite significant institutional experience in conducting regulatory BCA and a history of using BCA as a key input to regulatory decisions. While the decision reflects an agency belief that omitting BCA would speed rulemaking under the CPSIA, the results have been mixed. Moreover, choosing to forego BCA-based decision-making fundamentally changed the agency’s regulatory portfolio. In contrast to the typical rule CPSC historically supported with BCA findings, many of the CPSIA rules impose significant economic burdens yet appear to yield negligible benefits. The CPSC would have been unlikely to have pursued the CPSIA rulemakings on its own because it could not have made the necessary BCA findings.
In response to the Pulse Nightclub and Las Vegas mass shootings, staff from our Emergency Department (ED) at University Medical Center New Orleans designed a mass casualty incident (MCI) protocol aimed at preparing the entire hospital for high-volume, high-acuity incidents of unprecedented proportions. As we researched this effort, we discovered that no publically available framework currently exists to assist hospitals with creating their own comprehensive, functional MCI protocol.
To develop a framework to assist hospitals with creating MCI plans tailored to fit the needs of their individual facility.
Our hospital spent several years creating and refining an MCI protocol that is both comprehensive in addressing each service’s needs and efficient for the staff expected to use it. Upon achieving the desired outcome of a well-functioning and tested protocol, the main contributors of the project met to create a consensus document on how we would approach the task with the benefit of hindsight.
Our document is meant to serve as a framework for hospitals looking to build their own plan. It is not a template, but rather a guide on how to build an individualized plan that includes critical components that are key for success. It breaks the process down into manageable steps that are presented in an order that maximizes efficiency and includes important points to consider for each step. It encourages the user to tailor the protocol to their own unique needs.
By sharing a framework based on our own best practices and lessons learned, we hope to make it easier for other hospitals to create MCI protocols and to open a dialogue with hospitals that have additional or differing opinions to share. Most importantly, we hope to inspire hospitals to work together as we race to prepare for worst-case scenarios of increasing magnitude.
In an upper-middle class setting, we explored associations between students’ peer reputation in Grades 6 and 7 with adjustment at Grade 12. With a sample of 209 students, a confirmatory factor analysis (CFA) of peer reputation dimensions supported a 4-factor model (i.e., popular, prosocial, aggressive, isolated). Structural equation models were used to examine prospective links between middle school peer reputation and diverse Grade 12 adjustment indices, including academic achievement (Scholastic Aptitude Test scores and grade point average), internalizing and externalizing symptoms, and use of cigarettes, alcohol, and marijuana. Prosocial reputation was connected to higher academic achievement levels and fewer externalizing symptoms. Both prosocial and isolated reputations were negatively associated with dimensions of substance use, whereas popularity was positively associated. Implications for future research and interventions are discussed.
Parents are a major supplier of alcohol to adolescents, yet there is limited research examining the impact of this on adolescent alcohol use. This study investigates associations between parental supply of alcohol, supply from other sources, and adolescent drinking, adjusting for child, parent, family and peer variables.
A cohort of 1927 adolescents was surveyed annually from 2010 to 2014. Measures include: consumption of whole drinks; binge drinking (>4 standard drinks on any occasion); parental supply of alcohol; supply from other sources; child, parent, family and peer covariates.
After adjustment, adolescents supplied alcohol by parents had higher odds of drinking whole beverages [odds ratio (OR) 1.80, 95% confidence interval (CI) 1.33–2.45] than those not supplied by parents. However, parental supply was not associated with bingeing, and those supplied alcohol by parents typically consumed fewer drinks per occasion (incidence rate ratio 0.86, 95% CI 0.77–0.96) than adolescents supplied only from other sources. Adolescents obtaining alcohol from non-parental sources had increased odds of drinking whole beverages (OR 2.53, 95% CI 1.86–3.45) and bingeing (OR 3.51, 95% CI 2.53–4.87).
Parental supply of alcohol to adolescents was associated with increased risk of drinking, but not bingeing. These parentally-supplied children also consumed fewer drinks on a typical drinking occasion. Adolescents supplied alcohol from non-parental sources had greater odds of drinking and bingeing. Further follow-up is necessary to determine whether these patterns continue, and to examine alcohol-related harm trajectories. Parents should be advised that supply of alcohol may increase children's drinking.
We begin this essay by situating ourselves within legal academia. We are law professors, and as part of our work we teach. We have taught traditional classes designed around doctrinal categories, classes usually based on materials heavily dominated by appellate cases. We are also clinical teachers with distinctive methods for teaching students about law and lawyering as they practice law under our supervision. We are attentive to what justice means and how power operates throughout the legal system as students assume the role of lawyer, take responsibility for clients, learn to act skillfully, encounter the complexity of their clients’ lives, interpret and reinterpret law and facts as they meld them into case theories, engage with legal and social institutions implicated in each legal matter, and confront the complex sociolegal world that forms the context of each student's client representation. Using our methodologies for teaching in the clinic seminar, rounds, and supervision, we self-consciously emphasize reflection about students’ shaping their professional identities (Sullivan, Colby, Wegner, Bond, and Shulman 2007) as they grapple with all aspects of the work of the lawyer (Bryant, Milstein, and Shalleck 2014). Our students are simultaneously participants in and observers of the part of the sociolegal world implicated in the matter they handle. We – and our students – experience daily the imperative of knowing and using both law on the ground and law in the books, as well as the shifting relationship between them. Often our students need to consult and use social science materials for understanding or pursuing the legal matters they handle. In our nonclinical teaching, we strive to make these same concerns part of learning that is based primarily in the classroom, recognizing that teaching and learning look and feel quite different when students are not active participants with responsibility for representing clients in the legal system. In this essay, we analyze a micro example – using exercises based on one problem in one class in one course – of how we try to bring into the classroom teaching about law on the ground as it relates to formal law.
New Legal Realism, just like old Legal Realism, has animated our work, both in and out of clinic. While this is not the occasion for a full exploration of the overlapping concerns, methods, and theoretical orientations of clinical thought and new legal realist thought, the projects intersect, reinforce, and reinvigorate each other.
Big data is becoming a buzzword in today's corporate language and lay discussions. From individually targeting advertising based on previous consumer behavior or Internet searches to debates by Congress concerning National Security Agency (NSA) access to phone metadata, the era of big data has arrived. Thus, the Guzzo, Fink, King, Tonidandel, and Landis (2015) discussion of the challenges (e.g., confidentiality, informed consent) that big data projects present to industrial and organizational (I-O) psychologists is timely. If the hype associated with these techniques is warranted, then our field has a clear imperative to debate the ethics and best practices surrounding use of these techniques. We believe that Guzzo et al. have done our field a service by starting this discussion.
Professor John R. Suler is acknowledged as the world's leading expert in cyberpsychology and the founder of the discipline. As a cyberpsychologist, I am honored to be invited to introduce readers to this text.
Psychology of the Digital Age: Humans Become Electric presents an engaging overview of the field of cyberpsychology as a unique discipline, and will appeal to anyone who is immersed in or fascinated by the experience of online environments. The book you are about to enjoy is a wide-ranging exploration of the profound impact of technology on human beings, and the significance of cyberspace as a new environment humans have created for ourselves.
Cyberpsychology has been considered by some to be a subdiscipline within applied psychology; however, Professor Suler's treatment creates a powerful argument for the consideration of cyberpsychology as a unique and valuable discipline in its own right, and is groundbreaking in this regard. Suler draws on a vast range of theoretical constructs in psychology, including psychodynamic theory, operant theory, group dynamics theory, and theories of human motivation, which not only ground the cyberpsychological arguments in established science, but also showcase his vast knowledge of the psychology of human behavior mediated by technology.
Many current debates and trends concerning the impact of technology on human behavior are explored. I found the section that discusses the psychoanalytic typology of Nancy McWilliams particularly insightful. Professor Suler points out that this typology has explanatory value regarding the full spectrum of human personality, from normal to pathological. This premise is then wonderfully illuminated in an applied context, whereby personality is considered in online environments – for example, psychopathic personality types and the impact of online anonymity, or narcissistic personalities and the forums they select to display themselves.
In an important chapter on the disinhibited self, Professor Suler explores the online disinhibition effect. This effect, one of the principal and best-known constructs in the discipline of cyberpsychology, was conceptualized and first proposed by the author over a decade ago. His publications on this phenomenon have been cited thousands of times. As an active researcher in this field, I am perhaps most excited about the new theoretical model that Professor Suler has created.
Artificial reproductive technology (ART) was first introduced to clinical practice in the late 1970s1 and has subsequently resulted in approximately 5 million births worldwide2. Globally, the rates of assisted conceptions continue to rise3. In 2011, approximately 1.5% of all pregnancies in the US were conceived using ART4. Since its introduction, much interest has been generated regarding the effects of ART on the developing fetus and potential adverse impacts on the health of the mother. In particular, early studies suggested an increase in fetal genetic and structural anomalies, and a high risk of perinatal complications. As experience with pregnancies conceived using ART has increased worldwide and more data regarding the outcomes of ART-conceived pregnancies have been reported, many of the initial worries have been shown to be unfounded. However, concern still exists regarding whether any adverse fetal and maternal outcomes result from the use of this technology. Many studies have reported higher risks of fetal complications following the use of ART including an increase in perinatal mortality, even in singleton pregnancies5,6. However, interpretation of these data are far from simple and it is important to consider that observations of higher rates of complications do not equate to a causal relationship between adverse pregnancy outcomes and the use of ART7. There are multiple confounding factors that may account for these associations, many of which are difficult to control for in large-scale studies.