Private Contracting, Law and Finance. Graeme G Acheson Gareth Campbell John D Turner. The Review of Financial Studies, hhz020, https://doi.org/10.1093/rfs/hhz020
Abstract: In the late nineteenth century Britain had almost no mandatory shareholder protections, but had very developed financial markets. We argue that private contracting between shareholders and corporations meant that the absence of statutory protections was immaterial. Using approximately 500 articles of association from before 1900, we code the protections offered to shareholders in these private contracts. We find that firms voluntarily offered shareholders many of the protections that were subsequently included in statutory corporate law. We also find that companies offering better protection to shareholders had less concentrated ownership.
JEL K22 - Business and Securities Law G34 - Mergers; Acquisitions; Restructuring; Corporate Governance N43 - Europe: Pre-1913 N23 - Europe: Pre-1913 G32 - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill G38 - Government Policy and Regulation
Tuesday, February 19, 2019
Can Money Buy Happiness? Evidence for European Countries: Happiness increases with individual income until a threshold of 27,913 Euro per year (rounded to 35,000 USD)
Can Money Buy Happiness? Evidence for European Countries. Gabriela Mihaela Muresan, Cristina Ciumas, Monica Violeta Achim. Applied Research in Quality of Life, https://link.springer.com/article/10.1007/s11482-019-09714-3
Abstract: This research comes to empirical investigate the influence of income on the level of happiness. Can money buy happiness? It’s one of the most frequently disputed and researched questions of all time. At first sight, it seems easy to assign a simple answer: yes or no, but the correct answer is more difficult than these. We start from the assumption that people need to be happy but also need financial resources to feel safe. We used a panel analysis on a sample of 26 European countries over the period 2008–2016. We found that happiness increases with individual income until a threshold of 27,913 Euro per year (rounded to 35,000 USD) in European countries. Also, we found that culture plays an essential role in the perception of happiness. Moreover, our results indicate that a lower power distance, a high individualism, a low level of uncertainty avoidance and a high indulgence statistically increase the level of happiness.
Abstract: This research comes to empirical investigate the influence of income on the level of happiness. Can money buy happiness? It’s one of the most frequently disputed and researched questions of all time. At first sight, it seems easy to assign a simple answer: yes or no, but the correct answer is more difficult than these. We start from the assumption that people need to be happy but also need financial resources to feel safe. We used a panel analysis on a sample of 26 European countries over the period 2008–2016. We found that happiness increases with individual income until a threshold of 27,913 Euro per year (rounded to 35,000 USD) in European countries. Also, we found that culture plays an essential role in the perception of happiness. Moreover, our results indicate that a lower power distance, a high individualism, a low level of uncertainty avoidance and a high indulgence statistically increase the level of happiness.
Truth-default theory: When people cognitively process the content of others’ communication, they typically do so in a manner characterized by unquestioned, passive acceptance
Documenting the Truth Default: The Low Frequency of Spontaneous, Unprompted Veracity Assessments in Deception Detection. David D Clare Timothy R Levine. Human Communication Research, hqz001, https://doi.org/10.1093/hcr/hqz001
Abstract: The core idea of truth-default theory (T. R. Levine, 2014) is that when people cognitively process the content of others’ communication, they typically do so in a manner characterized by unquestioned, passive acceptance. Two deception detection experiments tested the existence of the truth-default by comparing prompted and unprompted evaluations of others. The first experiment involved viewing videotaped communication, and the second experiment involved live, face-to-face interactions. In both experiments, research confederates told the truth and lied about plausible and implausible autobiographical content. Participants completed both traditional, prompted, dichotomous truth-lie assessments and open-ended thought-listing measures. The order of the two types of measures was experimentally varied. The results supported the concept of a truth-default. Coded thought listings showed that, absent prior prompting, receivers mentioned consideration of the veracity of other’s communication less than 10% of the time.
Abstract: The core idea of truth-default theory (T. R. Levine, 2014) is that when people cognitively process the content of others’ communication, they typically do so in a manner characterized by unquestioned, passive acceptance. Two deception detection experiments tested the existence of the truth-default by comparing prompted and unprompted evaluations of others. The first experiment involved viewing videotaped communication, and the second experiment involved live, face-to-face interactions. In both experiments, research confederates told the truth and lied about plausible and implausible autobiographical content. Participants completed both traditional, prompted, dichotomous truth-lie assessments and open-ended thought-listing measures. The order of the two types of measures was experimentally varied. The results supported the concept of a truth-default. Coded thought listings showed that, absent prior prompting, receivers mentioned consideration of the veracity of other’s communication less than 10% of the time.
The use of pornography and the relationship between pornography exposure and sexual offending in males: A systematic review
The use of pornography and the relationship between pornography exposure and sexual offending in males: A systematic review. Emily Mellor, Simon Duff. Aggression and Violent Behavior, https://doi.org/10.1016/j.avb.2019.02.003
Highlights
• There is no clear evidence to suggest a relationship between pornography and offending.
• Men who offend report less exposure to pornography
• Pornography use does not result in more harm to the victim.
• Definitions of pornography are poor.
Abstract
Background: Exposure to pornography is common, although research examining the use of pornography, and the relationship between exposure to pornography and offending, is contradictory. The purpose of this systematic review was to determine whether there was an association between pornography exposure and sexual offending in males.
Method: A comprehensive search of eight electronic databases was undertaken to systematically identify literature relating to pornography and offending. Reference lists of key journals were hand searched and contact was made with experts in the field to identify any unpublished work. A total of twenty-one studies were included in the review and all were assessed using a quality criteria tool adapted from the Critical Appraisal Skills Programme (CASP, 2018).
Results: From the twenty-one studies included in the review, studies explored pornography use either prior to or during offending. Studies exploring the effects of pornography assessed recidivism, seriousness of the sexual offence and deviant sexual fantasies. The data synthesis indicated that the impact of pornography on offending is not always negative but that it is complex, particularly due to issues related to defining pornography.
Conclusion: The review yielded mixed findings largely due to variations in samples and a lack of agreed definitions for pornography. Recommendations are provided regarding the need for more recent longitudinal studies able to capture any possible changes within the pornography literature and its effect on sexual offenders, and the need for studies that provide specific definitions for pornography.
Highlights
• There is no clear evidence to suggest a relationship between pornography and offending.
• Men who offend report less exposure to pornography
• Pornography use does not result in more harm to the victim.
• Definitions of pornography are poor.
Abstract
Background: Exposure to pornography is common, although research examining the use of pornography, and the relationship between exposure to pornography and offending, is contradictory. The purpose of this systematic review was to determine whether there was an association between pornography exposure and sexual offending in males.
Method: A comprehensive search of eight electronic databases was undertaken to systematically identify literature relating to pornography and offending. Reference lists of key journals were hand searched and contact was made with experts in the field to identify any unpublished work. A total of twenty-one studies were included in the review and all were assessed using a quality criteria tool adapted from the Critical Appraisal Skills Programme (CASP, 2018).
Results: From the twenty-one studies included in the review, studies explored pornography use either prior to or during offending. Studies exploring the effects of pornography assessed recidivism, seriousness of the sexual offence and deviant sexual fantasies. The data synthesis indicated that the impact of pornography on offending is not always negative but that it is complex, particularly due to issues related to defining pornography.
Conclusion: The review yielded mixed findings largely due to variations in samples and a lack of agreed definitions for pornography. Recommendations are provided regarding the need for more recent longitudinal studies able to capture any possible changes within the pornography literature and its effect on sexual offenders, and the need for studies that provide specific definitions for pornography.
Consensus seeking –abandoning one’s own judgment to align with a group majority– is a fundamental feature of human social interaction; often occurs in the absence of any apparent economic/social gain
The Expression and Transfer of Valence Associated with Social Conformity. Prachi Mistry & Mimi Liljeholm. Scientific Reports, volume 9, Article number: 2154 (Feb 15 2019). https://www.nature.com/articles/s41598-019-38560-4
Abstract: Consensus seeking – abandoning one’s own judgment to align with a group majority – is a fundamental feature of human social interaction. Notably, such striving for majority affiliation often occurs in the absence of any apparent economic or social gain, suggesting that achieving consensus might have intrinsic value. Here, using a simple gambling task, in which the decisions of ostensible previous gamblers were indicated below available options on each trial, we examined the affective properties of agreeing with a group majority by assessing the trade-off between social and non-social currencies, and the transfer of social valence to concomitant stimuli. In spite of demonstrating near-perfect knowledge of objective reward probabilities, participant’s choices and evaluative judgments reflected a reliable preference for conformity, consistent with the hypothesized value of social alignment.
Abstract: Consensus seeking – abandoning one’s own judgment to align with a group majority – is a fundamental feature of human social interaction. Notably, such striving for majority affiliation often occurs in the absence of any apparent economic or social gain, suggesting that achieving consensus might have intrinsic value. Here, using a simple gambling task, in which the decisions of ostensible previous gamblers were indicated below available options on each trial, we examined the affective properties of agreeing with a group majority by assessing the trade-off between social and non-social currencies, and the transfer of social valence to concomitant stimuli. In spite of demonstrating near-perfect knowledge of objective reward probabilities, participant’s choices and evaluative judgments reflected a reliable preference for conformity, consistent with the hypothesized value of social alignment.
Effects of celebrity gossip on trust: Prosocial women trusted their interaction partners more after gossiping, whereas proself women trusted their partners less
The effects of celebrity gossip on trust are moderated by prosociality of the gossipers. Konrad Rudnicki, Charlotte J.S. De Backer, Carolyn Declerck. Personality and Individual Differences, Volume 143, 1 June 2019, Pages 42-46. https://doi.org/10.1016/j.paid.2019.02.010
Abstract: Previous research suggests that gossip serves several functions in regulating group dynamics (e.g. bonding, entertainment) and is preferentially used by prosocial individuals to protect the group from exploitation. However, it is still unclear what mechanisms underlie these functions and compel prosocial people to gossip. Because gossip provides information about the attitudes and moral views of an interaction partner we hypothesized that for prosocial individuals it functions as a cue that enables trust to be established, even among strangers. We conducted an experiment with 122 female participants who did not know each other prior to the study. They were asked to gossip about celebrities (the most likely form of gossip between strangers) or perform a creativity task for 20 min in pairs before playing a trust game. Participants were categorized as prosocial or proself based on their social value orientation (SVO). To additionally test if the effect of gossip on trust differs in real-life interactions and online, participants interacted either face-to-face or online. The results show that, irrespective of the environment, prosocial women trusted their interaction partners more after gossiping, whereas proself women trusted their partners less.
Abstract: Previous research suggests that gossip serves several functions in regulating group dynamics (e.g. bonding, entertainment) and is preferentially used by prosocial individuals to protect the group from exploitation. However, it is still unclear what mechanisms underlie these functions and compel prosocial people to gossip. Because gossip provides information about the attitudes and moral views of an interaction partner we hypothesized that for prosocial individuals it functions as a cue that enables trust to be established, even among strangers. We conducted an experiment with 122 female participants who did not know each other prior to the study. They were asked to gossip about celebrities (the most likely form of gossip between strangers) or perform a creativity task for 20 min in pairs before playing a trust game. Participants were categorized as prosocial or proself based on their social value orientation (SVO). To additionally test if the effect of gossip on trust differs in real-life interactions and online, participants interacted either face-to-face or online. The results show that, irrespective of the environment, prosocial women trusted their interaction partners more after gossiping, whereas proself women trusted their partners less.
Self-esteem as an adaptive sociometer of mating success: Evaluating evidence of sex-specific psychological design across 10 world region
Self-esteem as an adaptive sociometer of mating success: Evaluating evidence of sex-specific psychological design across 10 world regions. David P. Schmitt, Peter K. Jonason. Personality and Individual Differences, Volume 143, 1 June 2019, Pages 13-20, https://doi.org/10.1016/j.paid.2019.02.011
Abstract: According to an evolutionary-adaptive version of sociometer theory, because men, more than women, have faced the adaptive problem of obtaining large numbers of willing short-term mating partners, positive associations between self-esteem and number of past sexual partners should be stronger among men than women. We correlated self-esteem with number of past sexual partners in a sample of more than 16,000 people across 10 major regions of the world. Results largely supported our prediction. This amply powered research investigation provided a limited, but revealing, test of an evolutionary-adaptive sociometer theory of self-esteem. For men, successfully accessing more sexual partners, regardless of personal desire or the mores of wider culture, was generally associated with higher self-esteem. For women, the links between numbers of sexual partners and self-esteem were much more dependent on culture.
Abstract: According to an evolutionary-adaptive version of sociometer theory, because men, more than women, have faced the adaptive problem of obtaining large numbers of willing short-term mating partners, positive associations between self-esteem and number of past sexual partners should be stronger among men than women. We correlated self-esteem with number of past sexual partners in a sample of more than 16,000 people across 10 major regions of the world. Results largely supported our prediction. This amply powered research investigation provided a limited, but revealing, test of an evolutionary-adaptive sociometer theory of self-esteem. For men, successfully accessing more sexual partners, regardless of personal desire or the mores of wider culture, was generally associated with higher self-esteem. For women, the links between numbers of sexual partners and self-esteem were much more dependent on culture.
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