Common Effects in Imbalances and Returns


Book Description

This paper examines common effects in monthly imbalances for New York Stock Exchange stocks over the period 1988 through 2004. Order imbalances for both individual stocks and portfolios display size and book-to-market based commonality that transcends marketwide effects. The three common factors in imbalances account for more than one-third of the explanatory power of the three-factor model of Fama and French (1993) and display predictable variation over the business cycle. Specifically, an improvement (deterioration) in economic conditions is associated with an increase (decline) in buying pressure for stocks in general, with the effects being stronger for small stocks than big stocks and for value stocks than growth stocks. These results are consistent with flight-to-quality patterns in trading and support a state variable interpretation of the size and value premiums in returns.




Communities in Action


Book Description

In the United States, some populations suffer from far greater disparities in health than others. Those disparities are caused not only by fundamental differences in health status across segments of the population, but also because of inequities in factors that impact health status, so-called determinants of health. Only part of an individual's health status depends on his or her behavior and choice; community-wide problems like poverty, unemployment, poor education, inadequate housing, poor public transportation, interpersonal violence, and decaying neighborhoods also contribute to health inequities, as well as the historic and ongoing interplay of structures, policies, and norms that shape lives. When these factors are not optimal in a community, it does not mean they are intractable: such inequities can be mitigated by social policies that can shape health in powerful ways. Communities in Action: Pathways to Health Equity seeks to delineate the causes of and the solutions to health inequities in the United States. This report focuses on what communities can do to promote health equity, what actions are needed by the many and varied stakeholders that are part of communities or support them, as well as the root causes and structural barriers that need to be overcome.




The Science of Adolescent Risk-Taking


Book Description

Adolescence is a time when youth make decisions, both good and bad, that have consequences for the rest of their lives. Some of these decisions put them at risk of lifelong health problems, injury, or death. The Institute of Medicine held three public workshops between 2008 and 2009 to provide a venue for researchers, health care providers, and community leaders to discuss strategies to improve adolescent health.




External Adjustment


Book Description

"Gross stocks of foreign assets have increased rapidly relative to national outputs since 1990, and the short-run capital gains and losses on those assets can amount to significant fractions of GDP. These fluctuations in asset values render the national income and product account measure of the current account balance increasingly inadequate as a summary of the change in a country's net foreign assets. Nonetheless, unusually large current account imbalances, especially deficits, should remain high on policymakers' list of concerns, even for the richer and less credit-constrained countries. Extreme imbalances signal the need for large and perhaps abrupt real exchange rate changes in the future, changes that might have undesired political and financial consequences given the incompleteness of domestic and international asset markets. Furthermore, of the two sources of the change in net foreign assets -- the current account and the capital gain on the net foreign asset position -- the former is better understood and more amenable to policy influence. Systematic government attempts to manipulate international asset values in order to change the net foreign asset position could have a destabilizing effect on market expectations"--NBER website




The Euro’s Effecton Trade Imbalances


Book Description

When does trade become a one-way relationship? We study bilateral trade balances for a sample of 18 European countries over the period from 1948 through 2008. We find that, with the introduction of the euro, trade imbalances among euro area members widened considerably, even after allowing for permanent asymmetries in trade competitiveness within pairs of countries or in the overall trade competitiveness of individual countries. This is consistent with indications that pair-wise trade tends to be more balanced when nominal exchange rates are flexible. Intra-euro area imbalances also seem to have become more persistent with the introduction of the euro, some of which is linked to labor market inflexibility. Reviewing the direction of imbalances, we find that bilateral trade surpluses are decreasing in the real exchange rate, decreasing in growth differentials, and increasing in the relative volatility of national business cycles. Finally, countries with relatively higher fiscal deficits and less flexible labor and product markets exhibit systematically lower trade surpluses than others.










Cancer Disparities


Book Description

There has been remarkable progress in understanding, preventing, detecting, diagnosing, and treating cancer, resulting in a reduction of cancer incidence and mortality in the United States. Despite this, the cancer burden varies considerably by race/ethnicity and socioeconomic status. Cancer incidence rates vary markedly between racial/ethnic groups, but even more startling are the differences in outcome across groups. Cancer Disparities: Causes and Evidence-Based Solutions helps readers understand the scope and causes of this inequity by providing a detailed analysis of the many factors that result in cancer disparities across the cancer continuum, including the role of race/ethnicity, socioeconomic status, access to and use of services, insurance status, geographic variables, and differences in treatment provided to patients. Further, it is the first book to describe evidence-based, concrete solutions that can be used to reduce or even eliminate cancer health disparities. Fifteen previously unpublished studies of interventions designed specifically to achieve health equality are described. These studies focus on contextually and culturally appropriate strategies to enhance cancer prevention, screening and early detection, treatment, symptom management, and quality of life in underserved populations.




A Perilous Imbalance


Book Description

Through an examination of Canadians' complicated roles as agents and objects of globalization, this book shows how Canada's experience of and contribution to globalized governance is characterized by serious imbalances. It explores these imbalances by tracing three interlinked developments: the emergence of a neoconservative supraconstitution, the transformation of the nation-state, and the growth of governance beyond the nation-state. Advocating a revitalized Canadian state as a vehicle for pursuing human security, ecological integrity, and social emancipation, and for creating spaces in which progressive, alternative forms of law and governance can unfold, this book offers a compelling analysis of the challenges that middle powers and their citizens face in a globalizing world.




A Roadmap to Reducing Child Poverty


Book Description

The strengths and abilities children develop from infancy through adolescence are crucial for their physical, emotional, and cognitive growth, which in turn help them to achieve success in school and to become responsible, economically self-sufficient, and healthy adults. Capable, responsible, and healthy adults are clearly the foundation of a well-functioning and prosperous society, yet America's future is not as secure as it could be because millions of American children live in families with incomes below the poverty line. A wealth of evidence suggests that a lack of adequate economic resources for families with children compromises these children's ability to grow and achieve adult success, hurting them and the broader society. A Roadmap to Reducing Child Poverty reviews the research on linkages between child poverty and child well-being, and analyzes the poverty-reducing effects of major assistance programs directed at children and families. This report also provides policy and program recommendations for reducing the number of children living in poverty in the United States by half within 10 years.