US cities must unlock the value of the land they sit on

US cities must unlock the value of the land they sit on, by Matthew Klein
There is an answer to local governments’ pension obligations and under-investment
Financial Times, July 21, 2017
https://www.ft.com/content/e20bd8d4-6de5-11e7-bfeb-33fe0c5b7eaa

Boston’s Logan International Airport was built in the wrong place. Instead of occupying undesirable plots on the outskirts of the city, it sits on almost 1,000 hectares of easily accessible waterfront property close to the urban core. The land should be home to condos and office towers, not take-offs and landings.

The question is whether it’s worth paying the high cost to move the airport for benefits that will not be realised for decades. Nobody knows. Today’s politicians will be long gone by then and have no incentive to explore whether the move would make the city better off in the long run.

The financial system provides a way round this problem: wise cities can use the market as a time machine to reap rewards today for good decisions about future investments. This would require cities to adopt the accounting and governance standards sought by activist investors in hoteliers, retailers and chain restaurants. In particular, cities should separate their real estate assets from the services they provide to their residents.

The potential rewards would be enormous. Excluding public parks, local governments own about a fifth of all the land within many US cities’ limits. It is worth at least $25tn, according to Dag Detter and Stefan Fölster in The Public Wealth of Cities. That figure dwarfs the $3.8tn in municipal bond debt and $7.5tn in accumulated pension obligations collectively owed by the US’s states and localities. Capturing this value and boosting yields by even a tiny amount could generate more than enough income to pay benefits to retired workers, invest in maintenance and develop additional infrastructure to accommodate growing populations.

Governments could start by figuring out the real value of what they own. Weirdly, the Governmental Accounting Standards Board thinks doing this for physical assets is too hard and “may negatively affect timeliness of financial reporting”. The result is that municipalities publish balance sheets with implausibly low estimates of their net worth. The Massachusetts Port Authority, which owns Logan airport, claims its landholdings are worth just $226.5m and that its total capital assets net of depreciation are worth about $3.1bn. A rough estimate suggests the value of the land under the airport alone could easily be worth tens of billions if dollars.

The next step would be transferring ownership of these assets to what Detter and Fölster call an “urban wealth fund”. Ideally, all publicly owned assets in a given city would be placed in the fund, regardless of whether they technically belong to the county, the city, the school system, the state or some other entity. The local governments would each have shares in the fund proportionate to the value of the assets they contributed. These shares would be reported as assets on the municipal balance sheets.

Independent managers with experience in real estate and finance would be charged with maximising the value of the portfolio. Cities would receive dividends from their stakes in these commercial properties and have the option to borrow against or sell their shares if desperate for cash.

Public officials would then have to decide whether it makes sense to pay fair market rents to stay in their properties. Moving offices might be inconvenient for government workers but the potential gains for taxpayers and citizens who depend on government services would be far greater. Leasing space in subway stations to shops might detract from the “historic” character of the US’s barbarous public transit systems, but the revenues could fund needed improvements, such as ventilation, without the need for debt or higher passenger fares.

The urban wealth fund wouldn’t have to be run purely for profit. Segments within the portfolio could have separate goals as long as they are simple and quantifiable. Public housing, for example, could be boosted by increasing density on existing plots and funding improvements by developing some of the freed-up land to sell at higher prices, as Andrew Adonis, head of the UK’s National Infrastructure Commission, has suggested.

Boston can afford to leave money on the table because the local economy has been booming and the city’s general obligation bonds have the country’s highest credit ratings. Other cities, such as Chicago, are being forced to cut services and raise taxes because of financial stress. Yet they, too, have enormous stocks of untapped wealth. With better governance, professional asset management and a little financial engineering, they could raise the money they need and invest.

matt.klein@ft.com
@M_C_Klein

The Perils of Proclaiming an Authentic Organizational Identity

The Perils of Proclaiming an Authentic Organizational Identity. By Balázs Kovács, Glenn Carroll & David Lehman. Sociological Science, January 2017, https://www.gsb.stanford.edu/faculty-research/publications/perils-proclaiming-authentic-organizational-identity

Abstract: An emerging body of research consistently demonstrates that individuals in developed consumer markets value authenticity. But how individuals respond to organizations that tout their identities as authentic is not so well understood. We argue that organizational attempts at explicitly proclaiming their own identity as authentic will generally be regarded by individuals with skepticism and devaluation. Across two studies with different research designs, we find consistent empirical evidence that individuals devalue organizations making identity self-claims of authenticity. The first study analyzed authenticity claims made in the texts of menus from 1,393 restaurants in Los Angeles and their corresponding 450,492 online consumer reviews recorded from 2009 to 2016. The second study used a controlled, minimalistic experimental setting with fictitious restaurant menus that examined reactions to generic authenticity self-claims. The findings illuminate how individuals respond to organizational identity claims about authenticity and raise interesting questions about other types of identity claims.

Distress tolerance and physiological reactivity to stress predict women’s problematic alcohol use

Distress tolerance and physiological reactivity to stress predict women’s problematic alcohol use. By Holzhauer, Cathryn Glanton; Wemm, Stephanie; Wulfert, Edelgard
Experimental and Clinical Psychopharmacology, Vol 25(3), Jun 2017, 156-165. http://dx.doi.org/10.1037/pha0000116

Abstract: Research has shown that measures of reactivity to distress—including distress tolerance and physiological reactivity to stress—are dysregulated in women who misuse alcohol. These variables may interact and create a risk profile for young adult women, reflecting patterns of stress reactivity that confer a risk for alcohol misuse. The current study tested this hypothesis by examining the independent and interactive associations of subjective distress tolerance, behavioral distress tolerance, and physiological stress reactivity with women’s alcohol misuse. The study was conducted with a sample of 91 college women recruited on a large northeastern university campus. Results showed that subjective levels of distress tolerance and physiological reactivity to stress (skin conductance reactivity, SCR), but not behavioral distress tolerance, were independently associated with alcohol misuse. In addition, subjective distress tolerance moderated the relationship between SCR and negative alcohol-related consequences. Specifically, women with low physiological reactivity (SCR) to a stressful task and greater urge to quickly rid themselves of distress (low subjective distress tolerance) endorsed a significantly greater number of adverse consequences from their alcohol use. These results extend prior findings by showing that, even among a nonclinical sample of women, lower stress reactivity in combination with low subjective distress tolerance is associated with increased risk for various drinking-related negative consequences.

Cognitive functioning, aging, and work: A review and recommendations for research and practice

Cognitive functioning, aging, and work: A review and recommendations for research and practice. By Fisher, Gwenith G.; Chaffee, Dorey S.; Tetrick, Lois E.; Davalos, Deana B.; Potter, Guy G.
Journal of Occupational Health Psychology, Vol 22(3), Jul 2017, 314-336. http://dx.doi.org/10.1037/ocp0000086

Abstract: There is a larger proportion and number of older adults in the labor force than ever before. Furthermore, older adults in the workforce are working until later ages. Although a great deal of research has examined physical health and well-being of working older adults, less research has focused on cognitive functioning. The purpose of this article is to provide a broad contemporary and multidisciplinary review of the intersection between cognitive functioning, aging, and work as a follow-up to a paper previously written by Fisher et al. (2014). We begin by providing definitions and background about cognitive functioning and how it changes over the life span. Next we discuss theories relevant to the intersection of cognitive functioning and work, including the use-it-or-lose-it hypothesis, the cognitive reserve hypothesis, hypotheses regarding environmental influences on intellectual functioning, and the job-demands-resources model. Then we summarize recent research about the effects of work on cognitive functioning, as well as ways that cognitive functioning may influence work motivation, learning, development, training, and safety. We conclude by emphasizing the importance of person-environment fit, suggesting avenues for future research, and discussing practical implications for the field of occupational health psychology.

In search of the psychological antecedents and consequences of Christian conversion: A three-year prospective study

In search of the psychological antecedents and consequences of Christian conversion: A three-year prospective study. By Hui, C. Harry; Cheung, Sing-Hang; Lam, Jasmine; Lau, Esther Yuet Ying; Yuliawati, Livia; Cheung, Shu Fai
Psychology of Religion and Spirituality, Vol 9(2), May 2017, 220-230. http://dx.doi.org/10.1037/rel0000082

Abstract: Religious conversion is often an overwhelming experience. Although self-reports by some converts about life before and after conversion often contain vivid descriptions of the type and extent of changes, few rigorous empirical studies have documented them. This 3-year longitudinal prospective study aimed to understand the precursors of conversion, and whether this event would result in psychological changes. A logistic regression on 455 non-Christian Chinese (of whom 46 later became Christian converts) showed that neither baseline personality, personal values, social axioms, nor psychological symptoms predicted whether one would be converted during the next three years. However, people who thought that there is one and only one true religion were more likely than others to be converted. We further formed a matched sample of 92 individuals who had been Christians throughout the study, and a matched sample of 92 nonbelievers who remained so throughout the study. Comparison between measures taken at the baseline and end of the study period showed that converted people were transformed not in personality but in symptoms of stress and anxiety, as well as several personal values.

Gaming the Chevron Doctrine?

Gaming the Chevron Doctrine? By Kent Barnett, Christina Boyd & Christopher Walker
University of Georgia Working Paper, June 2017, https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2984302

Abstract: Do federal circuit courts consistently apply Chevron deference's framework when reviewing agency statutory interpretations? Or do political dynamics result in courts gaming the Chevron doctrine? To answer these questions, we empirically analyze circuit-court decisions from 2003 until 2013 that review agency statutory interpretations. Our results - from the largest and most comprehensive database of its kind - confirm longstanding intuition and earlier, more limited studies: courts do not consistently apply Chevron. Our findings, nevertheless, offer some surprising insights into the political dynamics of applying Chevron. When courts reviewed liberal agency interpretations, all panels - liberal, moderate, and conservative - were equally likely to apply Chevron. But when reviewing conservative agency interpretations, liberal panels applied Chevron significantly less frequently than conservative panels. Contrary to limited prior studies, we find no evidence of "whistleblower" or disciplining effects when judges of different judicial ideologies comprised the panel. Viewed together, our results provide important implications for the current debate on whether to eliminate, narrow, or clarify Chevron's domain.

Keywords: Administrative Law, Deference, Judicial Review, Chevron, Skidmore

Standards of Beauty: The Impact of Mannequins in the Retail Context

Standards of Beauty: The Impact of Mannequins in the Retail Context. By  Jennifer Argo & Darren Dahl
Journal of Consumer Research, https://academic.oup.com/jcr/article-abstract/doi/10.1093/jcr/ucx072/3861627/Standards-of-Beauty-The-Impact-of-Mannequins-in?redirectedFrom=fulltext

Abstract: Across six studies, a female mannequin is demonstrated to have negative implications for both male and female consumers low in appearance self-esteem. In particular, consumers who are lower in appearance self-esteem evaluate a product displayed by a mannequin more negatively as compared with consumers higher in appearance self-esteem. As mannequins signal the normative standard of beauty and consumers with low self-esteem in regard to their appearance believe they fail to meet this standard, these consumers become threatened by the beauty standard when exposed to a mannequin and in response denigrate the product the mannequin is displaying. Evidence for the underlying process is provided in three ways: 1) the finding that the effect for male and female consumers with low appearance self-esteem only arises when the mannequin is displaying an appearance-related product, 2) through mediation analysis that demonstrates that the mannequin conveys society’s standard of beauty and that this negatively impacts product evaluations, and 3) the mitigation of the effect by removing the presence of threat via a self-affirmation task or decreasing the mannequin’s beauty (e.g., marking its face, removing its hair, or removing its head). Multiple avenues for future research are forwarded.

Keywords: mannequins, global comparisons, retail

Facial Profiling: Race, Physical Appearance, and Punishment

Facial Profiling: Race, Physical Appearance, and Punishment. By Brian Johnson & Ryan King
Criminology, http://onlinelibrary.wiley.com/doi/10.1111/1745-9125.12143/abstract

Abstract: We investigate the associations among physical appearance, threat perceptions, and criminal punishment. Psychological ideas about impression formation are integrated with criminological perspectives on sentencing to generate and test unique hypotheses about the associations among defendant facial characteristics, subjective evaluations of threatening appearance, and judicial imprisonment decisions. We analyze newly collected data that link booking photos, criminal histories, and sentencing information for more than 1,100 convicted felony defendants. Our findings indicate that Black defendants are perceived to be more threatening in appearance. Other facial characteristics, such as physical attractiveness, baby-faced appearance, facial scars, and visible tattoos, also influence perceptions of threat, as do criminal history scores. Furthermore, some physical appearance characteristics are significantly related to imprisonment decisions, even after controlling for other relevant case characteristics. These and other findings are discussed as they relate to psychological research on impression formation, criminological theories of court actor decision-making, and sociological work on race and punishment.

The Effect of Terrorism on Judicial Confidence - Providing due process for suspected terrorists

The Effect of Terrorism on Judicial Confidence. By Steven Miller
Political Research Quarterly, http://journals.sagepub.com/doi/abs/10.1177/1065912917716337

Abstract: Independent judiciaries prevent democratic reversals, facilitate peaceful transitions of power, and legitimate democracy among citizens. We believe this judicial independence is important for citizen-level judicial confidence and faith in democratic institutions. I challenge this and argue that citizens living under terror threats lose confidence in their independent judiciaries. Terror threats lead citizens to enable the state leader to provide counterterrorism for their security, which has important implications for interbranch relations between the executive and the judiciary. Citizens lose confidence in independent judiciaries that provide due process for suspected terrorists. I test my argument with mixed effects models that incorporate the Global Terrorism Database and four waves of European Values Survey. The analyses demonstrate the negative effects of terror threats on judicial confidence when interacting terror threats with measures of judicial independence. My findings have important implications for the study of democratic confidence and the liberty-security dilemma.

The impact of bereaved parents’ perceived grief similarity on relationship satisfaction

The impact of bereaved parents’ perceived grief similarity on relationship satisfaction. By Buyukcan-Tetik, Asuman; Finkenauer, Catrin; Schut, Henk; Stroebe, Margaret; Stroebe, Wolfgang
Journal of Family Psychology, Vol 31(4), Jun 2017, 409-419. http://dx.doi.org/10.1037/fam0000252

Abstract: The present research focused on bereaved parents’ perceived grief similarity, and aimed to investigate the concurrent and longitudinal effects of the perceptions that the partner has less, equal, or more grief intensity than oneself on relationship satisfaction. Participants of our longitudinal study were 229 heterosexual bereaved Dutch couples who completed questionnaires 6, 13, and 20 months after the loss of their child. Average age of participants was 40.7 (SD = 9.5). Across 3 study waves, participants’ perceived grief similarity and relationship satisfaction were assessed. To control for their effects, own grief level, child’s gender, expectedness of loss, parent’s age, parent’s gender, and time were also included in the analyses. Consistent with the hypotheses, cross-sectional results revealed that bereaved parents who perceived dissimilar levels of grief (less or more grief) had lower relationship satisfaction than bereaved parents who perceived similar levels of grief. This effect remained significant controlling for the effects of possible confounding variables and actual similarity in grief between partners. We also found that perceived grief similarity at the first study wave was related to the highest level of relationship satisfaction at the second study wave. Moreover, results showed that perceived grief similarity was associated with a higher level in partner’s relationship satisfaction. Results are discussed considering the comparison and similarity in grief across bereaved partners after child loss.

Overstated evidence for short-term effects of violent games on affect and behavior: A reanalysis of Anderson et al. (2010)

Overstated evidence for short-term effects of violent games on affect and behavior: A reanalysis of Anderson et al. (2010). By Hilgard, Joseph; Engelhardt, Christopher R.; Rouder, Jeffrey N.
Psychological Bulletin, Vol 143(7), Jul 2017, 757-774. http://dx.doi.org/10.1037/bul0000074

Abstract: Violent video games are theorized to be a significant cause of aggressive thoughts, feelings, and behaviors. Important evidence for this claim comes from a large meta-analysis by Anderson and colleagues (2010), who found effects of violent games in experimental, cross-sectional, and longitudinal research. In that meta-analysis, the authors argued that there is little publication or analytic bias in the literature, an argument supported by their use of the trim-and-fill procedure. In the present manuscript, we reexamine their meta-analysis using a wider array of techniques for detecting bias and adjusting effect sizes. Our conclusions differ from those of Anderson and colleagues in 3 salient ways. First, we detect substantial publication bias in experimental research on the effects of violent games on aggressive affect and aggressive behavior. Second, after adjustment for bias, the effects of violent games on aggressive behavior in experimental research are estimated as being very small, and estimates of effects on aggressive affect are much reduced. In contrast, the cross-sectional literature finds correlations that appear largely unbiased. Third, experiments meeting the original authors’ criteria for methodological quality do not yield larger adjusted effects than other experiments, but instead yield larger indications of bias, indicating that perhaps they were selected for significance. We outline future directions for stronger experimental research. The results indicate the need for an open, transparent, and preregistered research process to test the existence of the basic phenomenon.

Risk factors for PTSD and depression in female survivors of rape

Risk factors for PTSD and depression in female survivors of rape. By Mgoqi-Mbalo, Nolwandle; Zhang, Muyu; Ntuli, Sam.
Psychological Trauma: Theory, Research, Practice, and Policy, Vol 9(3), May 2017, 301-308. http://dx.doi.org/10.1037/tra0000228
Abstract
Objective: To investigate association of the sociodemographic factors, characteristics of rape and social support to the development of depression and posttraumatic stress disorder at 6 months after the rape. Method: A cross-sectional survey with female survivors of rape was carried out in 3 provinces of South Africa 6 months after the rape.

Results: One hundred female survivors of sexual assault were interviewed. More than half (53%) were from Limpopo, 25% from Western Cape, and 22% from KwaZulu-Natal (KZN). 87% reported high levels of PTSD and 51% moderate to severe depression post rape. The major risk factors for PTSD and depression were the unmarried survivors of rape and those living in KZN. The female survivors of rape in KZN province were 7 times more likely to experience symptoms of depression compared to other provinces, while married/cohabiting female rape survivors were 6 times less likely to report symptoms of depression compared to the unmarried female rape survivors.

Conclusion: These findings add support to existing literature on PTSD and depression as common mental health consequence of rape and also provide evidence that survivors’ socio- demographics—marital status, employment status—are significant contributors to the development of symptoms of depression and PTSD after rape. The results have research and clinical practice relevance for ensuring that PTSD and trauma treatment focuses on an in-depth understanding of the various aspects of the sociodemographic factors and rape characteristics that contribute to survivors’ mental state and how these compound stress and depression symptoms over time post rape victimization.

Newcomer adjustment: Examining the role of managers’ perception of newcomer proactive behavior during organizational socialization

Newcomer adjustment: Examining the role of managers’ perception of newcomer proactive behavior during organizational socialization. By Ellis, Allison M.; Nifadkar, Sushil S.; Bauer, Talya N.; Erdogan, Berrin
Journal of Applied Psychology, Vol 102(6), Jun 2017, 993-1001. http://dx.doi.org/10.1037/apl0000201

Abstract: Separate streams of organizational socialization research have recognized the importance of (a) newcomer proactivity and (b) manager support in facilitating newcomer adjustment. However, extant research has largely focused on the newcomers’ experience, leaving the perspectives of managers during socialization relatively unexplored—a theoretical gap that has implications both for newcomer adjustment and manager-newcomer interactions that may serve as a basis for future relationship development. Drawing from the “interlocked” employee behavior argument of Weick (1979), we propose that managers’ perception of newcomers’ proactive behaviors are associated with concordant manager behaviors, which, in turn, support newcomer adjustment. Further, we investigate a cognitive mechanism—managers’ evaluation of newcomers’ commitment to adjust—which we expect underlies the proposed relationship between newcomers’ proactive behaviors and managers’ supportive behaviors. Using a time-lagged, 4-phase data collection of a sample of new software engineers in India and their managers, we were able to test our hypothesized model as well as rule out alternative explanations via multilevel structural equation modeling. Results broadly supported our model even after controlling for manager-newcomer social exchange relationship, proactive personalities of both newcomers and managers, and potential effects of coworker information providing. The implications of our findings for theory and practice are discussed.