Leverage and beliefs: Personal experience and risk taking in margin lending

What determines risk-bearing capacity and the amount of leverage in financial markets? Thispaper uses unique micro-data on collateralized lending contracts during a period of financialdistress to address this question. An investor syndicate speculating in English stocks wentbankrupt in 1772. Using hand-collected information from Dutch notarial archives, we examinechanges in lenders' behavior following exposure to potential (but not actual) losses. Before thedistress episode, financiers that lent to the ill-fated syndicate were indistinguishable from therest. Afterwards, they behaved differently: they lent with much higher haircuts. Only lendersexposed to the failed syndicate altered their behavior. The differential change is remarkable sincethe distress was public knowledge, and because none of the lenders suffered actual losses ? allfinanciers were repaid in full. Interest rates were also unaffected; the market balanced solelythrough changes in collateral requirements. Our findings are consistent with a heterogeneousbeliefs-interpretation of leverage. They also suggest that individual experience can modify thelevel of leverage in a market quickly.

Exploratory Factor Analysis of the contents and styles of irrational thoughts assessed by "The Attitudes and Beliefs Inventory"

The factor structure of a back translated Spanish version (Lega, Caballo and Ellis, 2002) of the Attitudes and Beliefs Inventory (ABI) (Burgess, 1990) is analyzed in a sample of 250 university students.The Spanish version of the ABI is a 48-items self-report inventory using a 5-point Likert scale that assesses rational and irrational attitudes and beliefs. 24-items cover two dimensions of irrationality: a) areas of content (3 subscales), and b) styles of thinking (4 subscales).An Exploratory Factor Analysis (Parallel Analysis with Unweighted Least Squares method and Promin rotation) was performed with the FACTOR 9.20 software (Lorenzo-Seva and Ferrando, 2013).The results reproduced the main four styles of irrational thinking in relation with the three specific contents of irrational beliefs. However, two factors showed a complex configuration with important cross-loadings of different items in content and style. More analyses are needed to review the specific content and style of such items.

Exploratory Factor Analysis of the contents and styles of irrational thoughts assessed by "The Attitudes and Beliefs Inventory"

The factor structure of a back translated Spanish version (Lega, Caballo and Ellis, 2002) of the Attitudes and Beliefs Inventory (ABI) (Burgess, 1990) is analyzed in a sample of 250 university students.The Spanish version of the ABI is a 48-items self-report inventory using a 5-point Likert scale that assesses rational and irrational attitudes and beliefs. 24-items cover two dimensions of irrationality: a) areas of content (3 subscales), and b) styles of thinking (4 subscales).An Exploratory Factor Analysis (Parallel Analysis with Unweighted Least Squares method and Promin rotation) was performed with the FACTOR 9.20 software (Lorenzo-Seva and Ferrando, 2013).The results reproduced the main four styles of irrational thinking in relation with the three specific contents of irrational beliefs. However, two factors showed a complex configuration with important cross-loadings of different items in content and style. More analyses are needed to review the specific content and style of such items.

Attitudes and beliefs of palliative care physicians regarding communication with terminally ill cancer patients.

The subject of communication between palliative care physicians and their patients regarding their diagnosis and prognosis has not been extensively researched. The purpose of this survey was to compare the attitudes and beliefs of palliative care specialists regarding communication with the terminally ill in Europe, South America, and Canada. A sample of palliative care physicians from South America (Argentina and Brazil), French-speaking Europe, and Canada were identified, and posted a questionnaire. Physicians who stated that they practised palliative care at least 30% of their time were considered evaluable as palliative care specialists. Of a total of 272 questionnaires, 228 were returned (84%); and 182/228 (81%) respondents were considered to be palliative care specialists. Palliative care physicians in all three regions believed that cancer patients should be informed of their diagnosis and the terminal nature of their illness. Physicians reported that at least 60% of their patients knew their diagnosis and the terminal stage of their illness in 52% and 24% of cases in South America, and 69% and 38% of cases in Europe, respectively. All physicians agreed that 'do not resuscitate' orders should be present, and should be discussed with the patient in all cases. While 93% of Canadian physicians stated that at least 60% of their patients wanted to know about the terminal stage of their illness, only 18% of South American, and 26% of European physicians said this (P < 0.001). Similar results were found when the physicians were asked the percentage of families who want patients to know the terminal stage of their illness. However, almost all of the physicians agreed that if they had terminal cancer they would like to know. There was a significant association between patient based decision-making and female sex (P = 0.007), older age (P = 0.04), and physicians from Canada and South America (P < 0.001). Finally, in their daily decision making, South American physicians were significantly more likely to support beneficence and justice as compared with autonomy. Canadian physicians were more likely to support autonomy as compared with beneficence. In summary, our findings suggest that there are major regional differences in the attitudes and beliefs of physicians regarding communication at the end of life. More research is badly needed on the attitudes and beliefs of patients, families, and health care professionals in different regions of the world.

Teachers' attitudes and beliefs about homosexuality

Schools play a key role in transmitting attitudes towards sexual diversity. Many studies stress the importance of teachers" and other professionals" attitudes towards gay men and/or lesbian women. This study evaluates attitudes and prejudices toward homosexuality in a sample of 254 elementary and high school teachers in Barcelona and its surrounding area. The results obtained using a scale of overt and subtle prejudice and a scale of perceived discrepancy of values indicate that discrepancy between likely behavior and personal values was significantly greater in women, those who hold religious beliefs, churchgoers and people without any gay or lesbian acquaintances. Approximately 88% of the teachers showed no type of prejudiced attitudes towards gay men and lesbian women. The experience of proximity to gay men and/or lesbian women reduces not only the discrepancy between personal values and likely behavior but also the presence of homophobic prejudice. It would be advisable to expand specific teacher training in the subject of sexual diversity in order to reduce prejudicial attitudes, thus fostering non-stereotyped knowledge of homosexuality

What role do just-world beliefs play in harmful responses to injustice?

Research suggests that employees sometimes retaliate and sometimes refrain from retaliation for the same reason, namely because they care about justice. In two studies, we seek to solve this apparent inconsistency. Drawing on just world theory, we argue that retaliatory, harmful behavioral strategies to deal with injustice are associated to individual differences in personal belief in a just world (personal BJW). In contrast, individual differences in believing that the world is just in general (general BJW) are linked to the inhibition of these reactions. As a consequence, the relation between injustice and harmful behaviors is stronger for people with a high personal BJW than for those with a low one. General BJW is associated with their inhibition such that the relation between injustice and harmful reactions is weaker for people with a high general BJW than for those with a low one. We found evidence for our hypotheses in a cross-sectional field study and an experiment. We discuss our findings in light of their implications for just-world theory and suggest avenues for future research integrating organizational justice literature.

Differential associations of personal and general just-world beliefs with the Five-Factor and HEXACO models of personality.

Recent literature evidences differential associations of personal and general just-world beliefs with constructs in the interpersonal domain. In line with this research, we examine the respective relationships of each just-world belief with the Five-Factor and the HEXACO models of personality in one representative sample of the working population of Switzerland and one sample of the general US population, respectively. One suppressor effect was observed in both samples: Neuroticism and emotionality was positively associated with general just-world belief, but only after controlling for personal just-world belief. In addition, agreeableness was positively and honesty-humility negatively associated with general just-world belief but unrelated to personal just-world belief. Conscientiousness was consistently unrelated to any of the just-world belief and extraversion and openness to experience revealed unstable coefficients across studies. We discuss these points in light of just-world theory and their implications for future research taking both dimensions into account.

Nutritional behaviour and beliefs of ski-mountaineers: a semi-quantitative and qualitative study.

BACKGROUND: Endurance athletes are advised to optimize nutrition prior to races. Little is known about actual athletes' beliefs, knowledge and nutritional behaviour. We monitored nutritional behaviour of amateur ski-mountaineering athletes during 4 days prior to a major competition to compare it with official recommendations and with the athletes' beliefs. METHODS: Participants to the two routes of the 'Patrouille des Glaciers' were recruited (A, 26 km, ascent 1881 m, descent 2341 m, max altitude 3160 m; Z, 53 km, ascent 3994 m, descent 4090 m, max altitude 3650 m). Dietary intake diaries of 40 athletes (21 A, 19 Z) were analysed for energy, carbohydrate, fat, protein and liquid; ten were interviewed about their pre-race nutritional beliefs and behaviour. RESULTS: Despite belief that pre-race carbohydrate, energy and fluid intake should be increased, energy consumption was 2416 ± 696 (mean ± SD) kcal · day(-1), 83 ± 17 % of recommended intake, carbohydrate intake was only 46 ± 13 % of minimal recommended (10 g · kg(-1) · day(-1)) and fluid intake only 2.7 ± 1.0 l · day(-1). CONCLUSIONS: Our sample of endurance athletes did not comply with pre-race nutritional recommendations despite elementary knowledge and belief to be compliant. In these athletes a clear and reflective nutritional strategy was lacking. This suggests a potential for improving knowledge and compliance with recommendations. Alternatively, some recommendations may be unrealistic.

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Developmental Readiness in the Understanding of Own and Other’s False Beliefs

One of the most important milestones in the development of theory of mind is the understanding of false beliefs. This study compares children’s understanding of representational change and others’ false beliefs and evaluates the effectiveness of an appearance-reality training for improving children’s false belief understanding. A total of 78 children ranging in age from 41 to 47 months were trained in three sessions and evaluated in a pretest and in a posttest. The results show that for children it is easier to understand representational change than false beliefs in others, and that the improvement after training was greater when starting from a higher score in the pretest. The implications of this for training in false belief understanding are discussed

Exploring Relationship between Pakistani Teachers’ Pedagogical Beliefs and ICT Use for Teaching and Learning

Background: The aim of present study is to investigate relationship between Pakistani teachers’ pedagogical beliefs and ICT use for teaching and learning. Previous studies found close relationship between pedagogical beliefs and teaching practices including use of ICT. However, variation in results is also reported and attributed to cultural and contextual differences. Methodology: Quantitative approach was used to study a sample of 231 Pakistani basic education teachers from middle and upper-middle range private schools, mostly from large urban centres. Results: This study confirmed previously study results that constructivist-compatible pedagogical beliefs are significantly related to both traditional and constructivist use of ICT. However, it is also found that traditional-transmission pedagogical beliefs are significantly related to traditional use of ICT – a finding not reported in previous studies. Some amounts of ICT training for pedagogical purpose exhibit significant impact on ICT use, in particular constructivist use of ICT. Similarly age also play a role as younger teachers are more likely to use ICT, however, no significant difference of pedagogical beliefs and ICT use was found between male and female teachers. Recommendation for practice and further investigation are made in chapter 5.

Consumer’s purchase intention of ethical fashion. Examining beliefs about fashion industry and attitudes towards ethical fashion

Globalization and the developments of supply chain have made inexpensive labor and the low production costs of developing countries available to businesses worldwide. Unfortunately, these developments have also led to the exploitation of human and natural resources. The increasing supply of cheap and fashionable clothing has created a contradiction between consumers’ concerns for sustainability and their purchase behavior in the fashion industry. Since the uncovering of several sweatshop scandals in the 1980’s and 1990’s ethical fashion brands have started to emerge. Ethical fashion has sparked the interest of consumers and studies have shown promising positive attitudes towards it. However, these attitudes have failed to translate into action and purchase behavior of ethical fashion has not reached the expectations. In order to translate the positive attitudes into buying companies must understand consumer’s motivations and reasons behind the purchase decision. The objective of this study is to understand the antecedents behind young consumer’s purchase intention of ethical fashion. The study is based on the theory of planned behavior which has been widely used to study consumer behavior and purchase decisions. The theory has also been used in ethical decision-making and fashion context before. According to the theory, in order to understand purchase intentions consumer’s attitudes toward buying ethical fashion were studied. The theory also states that attitudes are formed from beliefs, thus, consumer’s beliefs about the fashion industry were studied. To contribute to existing research, the effect of sweatshop issues and environmental issues were compared. The data was collected from university students (n=617) with an online survey. The results were analyzed by statistical methods and they revealed that young Finnish consumers hold positive attitudes towards buying ethical fashion as well as positive purchase intentions of ethical fashion. A strong relationship was found between positive attitudes and positive purchase intentions. Also, the more negative consumers’ beliefs of the fashion industry were the more positive their attitudes toward buying ethical fashion were. In contradiction to previous research this study revealed that environmental issues had greater effect on attitudes than sweatshop issues. Interesting differences between consumers were found depending on their field of education. Students from humanities and social sciences held the most negative beliefs as well as most positive attitudes and purchase intentions of ethical fashion.