Discrete time models of the term structure of interest rates and interest rate contingent claims

In this study, discrete time one-factor models of the term structure of interest rates and their application to the pricing of interest rate contingent claims are examined theoretically and empirically. The first chapter provides a discussion of the issues involved in the pricing of interest rate contingent claims and a description of the Ho and Lee (1986), Maloney and Byrne (1989), and Black, Derman, and Toy (1990) discrete time models. In the second chapter, a general discrete time model of the term structure from which the Ho and Lee, Maloney and Byrne, and Black, Derman, and Toy models can all be obtained is presented. The general model also provides for the specification of an additional model, the ExtendedMB model. The third chapter illustrates the application of the discrete time models to the pricing of a variety of interest rate contingent claims. In the final chapter, the performance of the Ho and Lee, Black, Derman, and Toy, and ExtendedMB models in the pricing of Eurodollar futures options is investigated empirically. The results indicate that the Black, Derman, and Toy and ExtendedMB models outperform the Ho and Lee model. Little difference in the performance of the Black, Derman, and Toy and ExtendedMB models is detected. ^

Effects of Contingent Maternal Imitation vs. Contingent Motherese Speech on Infant Canonical Babbling

Maternal vocal stimulation plays a vital role in infants’ language acquisition. Contingent maternal imitation and contingent motherese speech were used in an alternating sequence as reinforcers to a 12 month-old infant’s canonical babbling. Both vocal contingencies function as reinforcers; however, motherese speech produced the highest frequency of canonical babbling.

Political economy of Caribbean drug trafficking: The case of the Dominican Republic

The purpose of this dissertation was to examine the relationship between narcotics trafficking and the processes of economic liberalization and democratization in the Caribbean. The salient social, political and economic processes were explored at each juncture of the drug trafficking chain to determine why certain groups and locales became integrated in the global narcotics economy. It also considered the national security implications of the global narcotics economy. ^ The Global Commodity Chain framework allowed the study to examine the social, political and economic processes that determine how a commodity is produced, transported, distributed and consumed in the global economy. A case study method was used to specify the commodity (cocaine) and locations (U.S. and Dominican Republic) where these processes were examined. ^ The important contributing factors in the study included: a liberalizing global economy, the social processes of migration, the formation of enclaves in the U.S., the opening of the political process and institutional weakness in the country of origin. All of these factors contributed to the Dominican Republic and Dominican migrants becoming key players in the cocaine commodity chain. It concluded that narcotics trafficking as a national security issue remains a fluid concept, contingent on specific cultural and historic antecedents. ^

Effects of special educator peer coaching on general educator effectiveness in inclusive classroom settings

This dissertation investigated the effects of a peer coaching relationship between a special education teacher and two general education teachers. More specifically, a two-tier multiple baseline design across subjects was used to evaluate the effects of peer coaching on the general education teachers' use of effective instructional practices (EIPs) and subsequent effects on the engagement rate and academic performance of students with and without disabilities. The peer coaching process included modeling, direct support, and feedback on the use of effective instructional practices including getting student attention, giving specific directions, asking specific questions with wait time, contingent positive reinforcement, positive error correction, precorrection, prompting, and proximity control. A 30-second partial interval recording procedure was used to observe the general education teachers' use of effective instructional practices and student engagement rates. Student participants' academic performance was measured using weekly quizzes. ^ Peer coaching resulted in an overall increase in the teachers' use of EIPs. One general education teacher had a 30% increase in average EIP use from 46% during the baseline phase to 76% during intervention. Student engagement for her two student participants with and without disabilities indicated an increase from 54% to 69% and from 47% to 65% respectively. Results for the second general education teacher indicated a 34% increase in average EIP use from 55% during the baseline to 89% during intervention. Student engagement for the two student participants with and without disabilities in her class increased from 48% to 83% and from 29% to 71% respectively. Student academic performance showed a small increase. In follow-up observations, the effects of peer coaching on teacher use of EIPs and student engagement and academic performance were maintained. ^ The results of this study suggest that using peer coaching to support general education teachers can be an effective method to improve the educational outcomes of students with and without disabilities in general education. Further research is needed to investigate the effects of peer coaching with other special and general educator partnerships and other student participants. ^

Essays in environmental economic valuation and decision making in the presence of an environmental disaster

The first essay developed a respondent model of Bayesian updating for a double-bound dichotomous choice (DB-DC) contingent valuation methodology. I demonstrated by way of data simulations that current DB-DC identifications of true willingness-to-pay (WTP) may often fail given this respondent Bayesian updating context. Further simulations demonstrated that a simple extension of current DB-DC identifications derived explicitly from the Bayesian updating behavioral model can correct for much of the WTP bias. Additional results provided caution to viewing respondents as acting strategically toward the second bid. Finally, an empirical application confirmed the simulation outcomes. The second essay applied a hedonic property value model to a unique water quality (WQ) dataset for a year-round, urban, and coastal housing market in South Florida, and found evidence that various WQ measures affect waterfront housing prices in this setting. However, the results indicated that this relationship is not consistent across any of the six particular WQ variables used, and is furthermore dependent upon the specific descriptive statistic employed to represent the WQ measure in the empirical analysis. These results continue to underscore the need to better understand both the WQ measure and its statistical form homebuyers use in making their purchase decision. The third essay addressed a limitation to existing hurricane evacuation modeling aspects by developing a dynamic model of hurricane evacuation behavior. A household's evacuation decision was framed as an optimal stopping problem where every potential evacuation time period prior to the actual hurricane landfall, the household's optimal choice is to either evacuate, or to wait one more time period for a revised hurricane forecast. A hypothetical two-period model of evacuation and a realistic multi-period model of evacuation that incorporates actual forecast and evacuation cost data for my designated Gulf of Mexico region were developed for the dynamic analysis. Results from the multi-period model were calibrated with existing evacuation timing data from a number of hurricanes. Given the calibrated dynamic framework, a number of policy questions that plausibly affect the timing of household evacuations were analyzed, and a deeper understanding of existing empirical outcomes in regard to the timing of the evacuation decision was achieved.

Contingency, contiguity, and development: The ontogeny of contingency learning in northern bobwhite (Colinus virginianus) chicks

The purpose of this study was to investigate the ontogeny of auditory learning via operant contingency in Northern bobwhite (Colinus virginianus ) hatchlings and possible interaction between attention, orienting and learning during early development. Chicks received individual 5 min training sessions in which they received a playback of a bobwhite maternal call at a single delay following each vocalization they emitted. Playback was either from a single randomly chosen speaker or switched back and forth semi-randomly between two speakers during training. Chicks were tested 24 hrs later in a simultaneous choice test between the familiar and an unfamiliar maternal call. It was found that day-old chicks showed a significant time-specific decrement in auditory learning when trained with delays in the range of 470–910 ms between their vocalizations and call playback only when training involved two speakers. Two-day-old birds showed an even more sustained disruption of learning than day-old chicks, whereas three-day-old chicks showed a pattern of intermittent interference with their learning when trained at such delays. A similar but less severe decrement in auditory learning was found when chicks were provided with motor training in which playback was contingent upon chicks entering and exiting one of two colored squares placed on the floor of the arena. Chicks provided with playback of the call at randomly chosen delays each time they vocalized exhibited large fluctuations in their responsivity to the auditory stimulus as a function of delay—fluctuations which were correlated significantly with measures of chick learning, particularly at two-days-of-age. When playback was limited to a single location chicks no longer showed a time-specific disruption of their learning of the auditory stimulus. Sequential analyses revealed several patterns suggesting that an attentional process similar or analogous to attentional blink may have contributed both to the observed fluctuations in chick responsivity to the auditory stimulus as a function of delay and to the time-specific learning deficit shown by chicks provided with two-speaker training. The study highlights that learning can be substantially modulated by processes of orienting and attention and has a number of important implications for research within cognitive neuroscience, animal behavior and learning.

The role of contingency and gaze direction in the emergence of social referencing

The current study assessed the importance of infant detection of contingency and head and eye gaze direction in the emergence of social referencing. Five- to six-month-old infants' detection of affect-object relations and subsequent manual preferences for objects paired with positive expressions were assessed. In particular, the role of contingency between toys' movements and an actress's emotional expressions as well as the role of gaze direction toward the toys' location were examined. Infants were habituated to alternating films of two toys each paired with an actress's affective expression (happy and fearful) under contingent or noncontingent and gaze congruent or gaze incongruent conditions. Results indicated that gaze congruence and contingency between toys' movements and a person's affective expressions were important for infant perception of affect-object relations. Furthermore, infant perception of the relation between affective expressions and toys translated to their manual preferences for the 3-dimensional toys. Infants who received contingent affective responses to the movements of the toys spent more time touching the toy that was previously paired with the positive expression. These findings demonstrate the role of contingency and gaze direction in the emergence of social referencing in the first half year of life.^

Human Security and Crime in Latin America: The political Capital and Political Impact of Criminal Groups and Belligerents Involved in Illicit Economies

Organized crime and illegal economies generate multiple threats to states and societies. But although the negative effects of high levels of pervasive street and organized crime on human security are clear, the relationships between human security, crime, illicit economies, and law enforcement are highly complex. By sponsoring illicit economies in areas of state weakness where legal economic opportunities and public goods are seriously lacking, both belligerent and criminal groups frequently enhance some elements of human security of the marginalized populations who depend on illicit economies for basic livelihoods. Even criminal groups without a political ideology often have an important political impact on the lives of communities and on their allegiance to the State. Criminal groups also have political agendas. Both belligerent and criminal groups can develop political capital through their sponsorship of illicit economies. The extent of their political capital is dependent on several factors. Efforts to defeat belligerent groups by decreasing their financial flows through suppression of an illicit economy are rarely effective. Such measures, in turn, increase the political capital of anti-State groups. The effectiveness of anti-money laundering measures (AML) also remains low and is often highly contingent on specific vulnerabilities of the target. The design of AML measures has other effects, such as on the size of a country’s informal economy. Multifaceted anti-crime strategies that combine law enforcement approaches with targeted socio-economic policies and efforts to improve public goods provision, including access to justice, are likely to be more effective in suppressing crime than tough nailed-fist approaches. For anti-crime policies to be effective, they often require a substantial, but politically-difficult concentration of resources in target areas. In the absence of effective law enforcement capacity, legalization and decriminalization policies of illicit economies are unlikely on their own to substantially reduce levels of criminality or to eliminate organized crime. Effective police reform, for several decades largely elusive in Latin America, is one of the most urgently needed policy reforms in the region. Such efforts need to be coupled with fundamental judicial and correctional systems reforms. Yet, regional approaches cannot obliterate the so-called balloon effect. If demand persists, even under intense law enforcement pressures, illicit economies will relocate to areas of weakest law enforcement, but they will not be eliminated.

Three essays on a longitudinal analysis of business start-ups using the Kauffman Firm Survey

This dissertation focused on the longitudinal analysis of business start-ups using three waves of data from the Kauffman Firm Survey. ^ The first essay used the data from years 2004-2008, and examined the simultaneous relationship between a firm's capital structure, human resource policies, and its impact on the level of innovation. The firm leverage was calculated as, debt divided by total financial resources. Index of employee well-being was determined by a set of nine dichotomous questions asked in the survey. A negative binomial fixed effects model was used to analyze the effect of employee well-being and leverage on the count data of patents and copyrights, which were used as a proxy for innovation. The paper demonstrated that employee well-being positively affects the firm's innovation, while a higher leverage ratio had a negative impact on the innovation. No significant relation was found between leverage and employee well-being.^ The second essay used the data from years 2004-2009, and inquired whether a higher entrepreneurial speed of learning is desirable, and whether there is a linkage between the speed of learning and growth rate of the firm. The change in the speed of learning was measured using a pooled OLS estimator in repeated cross-sections. There was evidence of a declining speed of learning over time, and it was concluded that a higher speed of learning is not necessarily a good thing, because speed of learning is contingent on the entrepreneur's initial knowledge, and the precision of the signals he receives from the market. Also, there was no reason to expect speed of learning to be related to the growth of the firm in one direction over another.^ The third essay used the data from years 2004-2010, and determined the timing of diversification activities by the business start-ups. It captured when a start-up diversified for the first time, and explored the association between an early diversification strategy adopted by a firm, and its survival rate. A semi-parametric Cox proportional hazard model was used to examine the survival pattern. The results demonstrated that firms diversifying at an early stage in their lives show a higher survival rate; however, this effect fades over time.^

Categorical Differences in Scores of Students with Disabilities on the Florida Comprehensive Assessment Test

Students with disabilities participate in statewide assessments as required by federal law, and the success of schools is contingent on this group making Adequate Yearly Progress. This report on research includes the findings of differences between disability categories scoring proficient on the FCAT from the years 2005 through 2010.

Sociocultural complexities of ecosystem restoration: Remaking identity, landscape and belonging in the Florida Everglades

The Florida Everglades is a highly diverse socionatural landscape that historically spanned much of the south Florida peninsula. Today, the Florida Everglades is an iconic but highly contested conservation landscape. It is the site of one of the world's largest publicly funded ecological restoration programs, estimated to cost over $8 billion (U.S. GAO 2007), and it is home to over two million acres of federally protected lands, including the Big Cypress National Preserve and Everglades National Park. However, local people's values, practices and histories overlap and often conflict with the global and eco-centric values linked to Everglades environmental conservation efforts, sparking environmental conflict. My dissertation research examined the cultural politics of nature associated with two Everglades conservation and ecological restoration projects: 1) the creation and stewardship of the Big Cypress National Preserve, and 2) the Tamiami Trail project at the northern boundary of Everglades National Park. Using multiple research methods including ethnographic fieldwork, archival research, participant observation, surveys and semi-structured interviews, I documented how these two projects have shaped environmental claims-making strategies to Everglades nature on the part of environmental NGOs, the National Park Service and local white outdoorsmen. In particular, I examined the emergence of an oppositional white identity called the Gladesmen Culture. My findings include the following: 1) just as different forms of nature are historically produced, contingent and power-laden, so too are different claims to Everglades nature; 2) identity politics are an integral dimension of Everglades environmental conflicts; and 3) the Big Cypress region's history and contemporary conflicts are shaped by the broader political economy of development in south Florida. My dissertation concluded that identity politics, class and property relations have played a key, although not always obvious, role in shaping Everglades history and environmental claims-making, and that they continue to influence contemporary Everglades environmental conflicts.

Two -way direction of influence in mother-infant interaction as denoted by concurrent reciprocal learning processes

This series of 5 single-subject studies used the operant conditioning paradigm to investigate, within the two-way influence process, how (a) contingent infant attention can reinforce maternal verbal behaviors during a period of mother-infant interaction and under subsequent experimental manipulation. Differential reinforcement was used to determine if it is possible that an infant attending to the mother (denoted by head-turns towards the image of the mother plus eye contact) increases (reinforces) the mother's verbal response (to a cue from the infant) upon which the infant behavior is contingent. There was also (b) an evaluation during the contrived parent-infant interaction for concurrent operant learning of infant vocal behavior via contingent verbal responding (reinforcement) implemented by the mother. Further, it was noted (c) whether or not the mother reported being aware that her responses were influenced by the infant's behavior. Findings showed: the operant conditioning of the maternal verbal behaviors were reinforced by contingent infant attention; and the operant conditioning of infant vocalizations was reinforced by contingent maternal verbal behaviors. No parent reported (1) being aware of the increase in their verbal response reinforced during operant conditioning of parental behavior nor a decrease in those responses during the DRA reversal phase, or (2) noticing a contingency between infant's and mother's response. By binomial 1-tail tests, the verbal-behavior patterns of the 5 mothers were conditioned by infant reinforcement (p < 0.02) and, concurrently, the vocal-response patterns of the 5 infants were conditioned by maternal reinforcement (p < 0.02). A program of systematic empirical research on the determinants of concurrent conditioning within mother-child interaction may provide a way to evaluate the differential effectiveness of interventions aimed at improving parent-child interactions. The work conducted in the present study is one step in this direction. ^

"To hold the world in contempt": The British Empire, war, and the Irish and Indian nationalist press, 1899–1914

The era between the close of the nineteenth century and the onset of the First World War witnessed a marked increase in radical agitation among Indian and Irish nationalists. The most outspoken political leaders of the day founded a series of widely circulated newspapers in India and Ireland, placing these editors in the enviable position of both reporting and creating the news. Nationalist journalists were in the vanguard of those pressing vocally for an independent India and Ireland, and together constituted an increasingly problematic contingent for the British Empire. The advanced-nationalist press in Ireland and the nationalist press in India took the lead in facilitating the exchange of provocative ideas--raising awareness of perceived imperial injustices, offering strategic advice, and cementing international solidarity. Irish and Indian press coverage of Britain's imperial wars constituted one of the premier weapons in the nationalists' arsenal, permitting them to build support for their ideology and forward their agenda in a manner both rapid and definitive. Directing their readers' attention to conflicts overseas proved instructive in how the Empire dealt with those who resisted its policies, and also showcased how it conducted its affairs with its allies. As such, critical press coverage of the Boxer Rebellion, Boer War, Russo-Japanese War, and World War I bred disaffection for the Empire, while attempts by the Empire to suppress the critiques further alienated the public. This dissertation offers the first comparative analysis of the major nationalist press organs in India and Ireland, using the prism of war to illustrate the increasingly persuasive role of the press in promoting resistance to the Empire. It focuses on how the leading Indian and Irish editors not only fostered a nationalist agenda within their own countries, but also worked in concert to construct a global anti-imperialist platform. By highlighting the anti-imperial rhetoric of the nationalist press in India and Ireland and illuminating their strategies for attaining self-government, this study deepens understanding of the seeds of nationalism, making a contribution to comparative imperial scholarship, and demonstrating the power of the media to alter imperial dynamics and effect political change.

Identity, purpose, and well-being among emerging adult Hispanic women

Few studies apply the Eriksonian model of identity formation to cross-cultural samples (3), even though issues of ethnicity and culture may inform a Hispanic woman's self-concept (Phinney, 1996). Hispanic women may also be influenced by traditional gender role behaviors such as passivity or dependence that are outlined by marianismo (Stevens, 1973). A recent study of a multiethnic sample of emerging adult women and men found that purpose commitment mediated the effects of identity commitment on hope and life satisfaction (Burrow & Hill, 2011). The current research consists of two studies that replicate and expand upon the work of Burrow and Hill (2011). Study I replicated the work of Burrow and Hill (2011) among a sample of emerging adult Hispanic women, in order to assess the extent to which the original findings would replicate in a culturally distinct sample. Study II examined the role of marianismo, ethnic identity, and acculturation on identity commitment among emerging adult Hispanic women. Both studies utilized a sample of 532 female undergraduate psychology students, age 18 to 25, who self-identified as Hispanic and submitted data via online surveys. Both studies used self-report, quantitative data, which was analyzed using structural equation modeling. Results from Study I indicated good model fit and replicated the findings from Burrow and Hill (2011). Specifically, the direct effect of identity commitment on hope was fully contingent upon an individual's level of purpose commitment, while the effect of identity commitment on life satisfaction was not contingent upon an individual's level of purpose commitment. Results from Study II indicated that marianismo, Spanish proficiency, familiarity with Latino culture, and familiarity with American culture demonstrated statistically significant direct effects on identity commitment among emerging adult Hispanic women. Results indicated cultural convergence regarding the association of an individual's identity with well-being through a sense of purpose. Findings also revealed the role of cultural factors in the extent to which Hispanic women commit to a personal identity. Future studies should employ mixed method research designs as a means to better ascertain implications of findings. ^