Pricing innovations in consumption growth: a re-evaluation of the recursive utility model

We re-evaluate the cross-sectional asset pricing implications of the recursive utility function of Epstein and Zin, 1989 and Epstein and Zin, 1991, using innovations in future consumption growth in our tests. Our empirical specification helps explain the size, value and momentum effects. Specifically, we find that (і) the beta associated with news about consumption growth has a systematic pattern: beta decreases along the size dimension and increases along the book-to-market and momentum dimensions, (іі) innovation in consumption growth is significantly priced in asset returns using both the Fama and MacBeth (1973) and the stochastic discount factor approaches, and (ііі) the model performs better than both the CAPM and Fama–French model.

Alcohol consumption and body composition in a population-based sample of elderly Australian men

Background: Alcohol is calorie dense, and impacts activity, appetite and lipid processing. The aim of this study was to therefore investigate the association between alcohol consumption and components of body composition including bone, fat and lean tissue.

Methods: Participants were recruited from a randomly selected, population-based sample of 534 men aged 65 years and older enrolled in the Geelong Osteoporosis Study. Alcohol intake was ascertained using a food frequency questionnaire and the sample categorised as nondrinkers or alcohol users who consumed B2, 3–4 or C5 standard drinks on a usual drinking day. Bone mineral density (BMD), lean body mass and body fat mass were measured using dual energy X-ray absorptiometry; overall adiposity (%body fat), central adiposity (%truncal fat) and body mass index (BMI) were calculated. Bone quality was determined by quantitative heel ultrasound (QUS).

Results: There were 90 current non-drinkers (16.9 %), 266 (49.8 %) consumed 1–2 drinks/day, 104 (19.5 %) 3–4 drinks/day and 74 (13.8 %) C5 drinks/day. Those consuming C5 drinks/day had greater BMI (?4.8 %), fat mass index (?20.1 %), waist circumference (?5.0 %), %body fat (?15.2 %) and proportion of trunk fat (?5.3 %) and lower lean mass (-5.0 %) than non-drinkers after adjustment for demographic and lifestyle factors. Furthermore, they were more likely to be obese than non-drinkers according to criteria based on BMI (OR = 2.83, 95 %CI 1.10–7.29) or waist circumference (OR = 3.36, 95 %CI 1.32–8.54). There was an inverse relationship between alcohol consumption and QUS parameters and BMD at the mid forearm site; no differences were detected for BMD at other skeletal sites.

Conclusion: Higher alcohol intake was associated with greater total and central adiposity and reduced bone quality.

The association between an abusive father-son relationship, quantity of alcohol consumption, and male-to-male alcohol-related agression

Background:
While alcohol consumption and heavy episodic (binge) drinking are well-established predictors of male-to-male alcohol-related aggression (MMARA), the role of the father-son relationship in MMARA has yet to be explored.
Methods:
This study therefore examined whether fathering by the biological father rather than another father figure, negative fathering, and gender role modeled by the father figure were significant predictors of involvement in MMARA, once drinking frequency and quantity and heavy episodic drinking were controlled for. A total of 121 university students aged 18 to 25 years (M = 20.63, SD = 1.77 years) voluntarily completed the online questionnaire.
Results:
The only significant predictors of perpetration of MMARA were a more abusive paternal relationship and drinking quantity (number of standard drinks usually consumed when drinking).
Conclusions:
Negative father-son relationships may play a role in fostering young men's perpetration of MMARA in the barroom context. © 2013 by the Research Society on Alcoholism.

The effect of prescribed fluid consumption on physiology and work behavior of wildfire fighters

The purpose of this study was to examine 1) wildfire fighters' ability to consume the prescribed fluid volume (1200 mL h-1), 2) the effect of fluid intake on plasma sodium and hydration, and 3) the effect of fluid intake on firefighters' heart rate, core temperature and activity during emergency suppression shifts. Methods: Thirty-four firefighters were divided into ad libitum (AD, n = 17) and prescribed (PR, n = 17) drinking groups. Results: PR drinkers did not meet the prescribed fluid target, yet consumed over double the volume of AD drinkers. No differences between groups in plasma sodium or hydration were noted. PR drinking resulted in lower core temperature between 2 and 6 h. This did not coincide with reduced cardiovascular strain, greater work activity or larger distances covered when compared to AD drinkers. Conclusion: Extra fluid consumption (above AD) did not improve firefighter activity or physiological function (though PR firefighters core temperature was lower earlier in their shift). Firefighter can self-regulate their fluid consumption behavior and work rate to leave the fireground euhydrated.

Sustainable consumption as a means to self-realization: a Hindu perspective on when enough is enough

In this paper, I investigate the religious notion of self-realization or self-actualization in the context of sustainability, and argue that sustainability is the means to this end. I am particularly interested in Hindu perspectives on self-realization or the Purusharthas. The Purusharthas provide an interesting sustainability critique because they consider the satisfaction of material want as an important step to self-actualization; the reconciliation of want and need is a fundamental sustainability tension. The issue of growing want is doubtless an important one, given the rapidly growing middle classes in the developing world that aspire to Western material dreams, as illustrated by the case of Delhi. The Purusharthas may be seen to give consumption legitimacy; however, I argue that it is the selective understanding and institutionalization of the religious message that causes the sustainability problem. Viewed in their entirety, the Purusharthas provide the correct prescriptions for the sustainable enjoyment of want, and take the adherent beyond sustainability into greater transcendence or self- awareness.

Barriers to avoiding fast-food consumption in an environment supportive of unhealthy eating

Objective
To investigate factors (ability, motivation and the environment) that act as barriers to limiting fast-food consumption in women who live in an environment that is supportive of poor eating habits.

Design
Cross-sectional study using self-reports of individual-level data and objectively measured environmental data. Multilevel logistic regression was used to assess factors associated with frequency of fast-food consumption.

Setting
Socio-economically disadvantaged areas in metropolitan Melbourne, Australia.

Subjects
Women (n 932) from thirty-two socio-economically disadvantaged neighbourhoods living within 3 km of six or more fast-food restaurants. Women were randomly sampled in 2007–2008 as part of baseline data collection for the Resilience for Eating and Activity Despite Inequality (READI) study.

Results
Consuming low amounts of fast food was less likely in women with lower perceived ability to shop for and cook healthy foods, lower frequency of family dining, lower family support for healthy eating, more women acquaintances who eat fast food regularly and who lived further from the nearest supermarket. When modelled with the other significant factors, a lower perceived shopping ability, mid levels of family support and living further from the nearest supermarket remained significant. Among those who did not perceive fruits and vegetables to be of high quality, less frequent fast-food consumption was further reduced for those with the lowest confidence in their shopping ability.

Conclusions
Interventions designed to improve women's ability and opportunities to shop for healthy foods may be of value in making those who live in high-risk environments better able to eat healthily.

Independent and joint associations of TV viewing time and snack food consumption with the metabolic syndrome and its components; a cross-sectional study in Australian adults

Background:
Television (TV) viewing time is positively associated with the metabolic syndrome (MetS) in adults. However, the mechanisms through which TV viewing time is associated with MetS risk remain unclear. There is evidence that the consumption of energy-dense, nutrient poor snack foods increases during TV viewing time among adults, suggesting that these behaviors may jointly contribute towards MetS risk. While the association between TV viewing time and the MetS has previously been shown to be independent of adult’s overall dietary intake, the specific influence of snack food consumption on the relationship is yet to be investigated. The purpose of this study was to examine the independent and joint associations of daily TV viewing time and snack food consumption with the MetS and its components in a sample of Australian adults.

Methods:
Population-based, cross-sectional study of 3,110 women and 2,572 men (>35 years) without diabetes or cardiovascular disease. Participants were recruited between May 1999 and Dec 2000 in the six states and the Northern Territory of Australia. Participants were categorised according to self-reported TV viewing time (low: 0-2 hr/d; high: >2 hr/d) and/or consumption of snack foods (low: 0-3 serves/d; high: >3 serves/d). Multivariate odds ratios [95% CI] for the MetS and its components were estimated using gender-specific, forced entry logistic regression.

Results:
OR [95% CI] for the MetS was 3.59 [2.25, 5.74] (p≤0.001) in women and 1.45 [1.02, 3.45] (p = 0.04) in men who jointly reported high TV viewing time and high snack food consumption. Obesity, insulin resistance and hypertension (women only) were also jointly associated with high TV viewing time and high snack food consumption. Further adjustment for diet quality and central adiposity maintained the associations in women. High snack food consumption was also shown to be independently associated with MetS risk [OR: 1.94 (95% CI: 1.45, 2.60), p < 0.001] and hypertension [OR: 1.43 (95% CI: 1.01, 2.02), p = 0.05] in women only. For both men and women, high TV viewing time was independently associated with the MetS and its individual components (except hypertension).

Conclusion:
TV viewing time and snack food consumption are independently and jointly associated with the MetS and its components, particularly in women. In addition to physical activity, population strategies targeting MetS prevention should address high TV time and excessive snack food intake.