Risk Preferences and the Role of Emotions

There is a large volume of research showing that emotions have relevant effects on decision-making. We contribute to this literature by experimentally investigating the impact of four specific emotional states - joviality, sadness, fear, and anger - on risk attitudes. In order to do so, we fit two models of behavior under risk: the Expected Utility model (EU) and the Rank Dependent Expected Utility model (RDEU), assuming several functional forms of the weighting function. Our results indicate that all emotional states mitigate risk aversion. Furthermore, we show that there are some differences across gender and participants' experience in laboratory experiments.

Book review: Jiří Přibáň, legal symbolism: on law, time and European identity

This is a book review of Jiří Přibáň, Legal Symbolism: On Law, Time and European Identity, Ashgate, Aldershot, 2007, 226 pp, ISBN: 978-0-7546-7073-5

Forecasting overseas visitors into the United Kingdom using continuous time and autoregressive fractional integrated moving average models with discrete data

This paper applies Gaussian estimation methods to continuous time models for modelling overseas visitors into the UK. The use of continuous time modelling is widely used in economics and finance but not in tourism forecasting. Using monthly data for 1986–2010, various continuous time models are estimated and compared to autoregressive integrated moving average (ARIMA) and autoregressive fractionally integrated moving average (ARFIMA) models. Dynamic forecasts are obtained over different periods. The empirical results show that the ARIMA model performs very well, but that the constant elasticity of variance (CEV) continuous time model has the lowest root mean squared error (RMSE) over a short period.

Diversification, size and risk: The case of bank acquisitions of nonbank financial firms

We investigate the risk effects of bank acquisitions of insurance companies and securities firms between 1991 and 2012 using a newly constructed dataset of M&A deals. We examine risk changes before and after deal announcements by decomposing risk into systematic and idiosyncratic components. Subsequently, we investigate the relationship between risk and diversification by modelling the determinants of risks. We find that bank combinations with securities firms yield higher risks than combinations with insurance companies. Bank size is an important and consistent determinant of risk whereas diversification is not. Our results inform the continuing debate on diversification versus functional separation of bank activities.

Sex, Time and Place: Queer Histories of London, c.1850 to the Present

Sex, Time and Place extensively widens the scope of what we might mean by 'queer London studies'. Incorporating multidisciplinary perspectives – including social history, cultural geography, visual culture, literary representation, ethnography and social studies – this collection asks new questions, widens debates and opens new subject terrain. Featuring essays from an international range of established scholars and emergent voices, the collection is a timely contribution to this growing field. Its essays cover topics such as activist and radical communities and groups, AIDS and the city, art and literature, digital archives and technology, drag and performativity, lesbian London, notions of bohemianism and deviancy, sex reform and research and queer Black history. Going further than the existing literature on Queer London which focuses principally on the experiences of white gay men in a limited time frame, Sex, Time and Place reflects the current state of this growing and important field of study. It will be of great value to scholars, students and general readers who have an interest in queer history, London studies, cultural geography, visual cultures and literary criticism.