Is Pride a Vice or a Virtue? Associations to Well-Being and Physical Activity

The first objective of the present study was to determine patterns of association between authentic and hubristic fitness-related pride to outcomes of well-being and leisure-time physical activity (LTPA). A second objective was to examine motivation as a potential mediator of these relationships. Participants (N = 119) were young adults who completed self-report questionnaires at two time points separated by 4-weeks. Authentic and hubristic pride were associated with well-being and LTPA at Time 1 and Time 2. Changes in pride were associated with changes in well-being but not LTPA. Results of the mediation analyses highlight the role of more autonomous motives, specifically intrinsic motivation, as important mediators between pride and well-being. Motivation did not mediate the relationship between pride and LTPA. Overall, both authentic and hubristic pride seem to be important in the promotion of well-being More research is needed to elucidate the relationship between pride and LTPA.

Letter - E.C. Schmon to Arthur A. Schmon, 12 June 1916

A brief note to Arthur Schmon that reads: "Monday 10 P.M. My dear Artie, Gladys is out of town, and does not expect to return for a couple of weeks. Sorry. Anything else I can do? In haste, Lessie"

Letter - E.C. Schmon to Arthur A. Schmon, 17 February 1917

This letter mentions a visit from Arthur in the next couple of days. He will visit Eleanor Celeste for two days and home to see his mother and friends for four days.

Letter - E.C. Schmon to Arthur A. Schmon, 10 & 12 January 1920

The letter discusses fish that needs to be sold by the couple, but no one is interested because the fish is mostly bone and skin. The second letter mentions they have been married for five months. The first letters are labelled numbers 96 and 97.

Letter - E.C. Schmon to Arthur A. Schmon, 2 December 1917

The letter talks about an evening playing pinochle and hang man with Gus. Eleanore Celeste then describes her plans for the next couple of days. This letter is labelled number 26.

Letter - E.C. Schmon to Arthur A. Schmon, 10 April 1920

The letter discusses Arthur's "dandy cruise in the woods. Two hundred miles-" She also mentions that the couple has been married for eight months, but have only lived together two and half months. She talks about a train strike and states "the Pennsylvania trains stopped running yesterday and this morning all ferry boats." She mentions that the trolleys may stop running too. The price of food has increased as a result.

Letter - E.C. Schmon to Arthur A. Schmon, 12 June 1918

Eleanore Celeste mentions the Xmas leave that Arthur Schmon will take. The next part of the letter mentions a couple of friends. One friend is suffering from inflammatory rheumatism and the other friend wants to serve in the military, but his eyesight requires him to stay back in the US. The final portion of the letter appears to be a poem. This letter is labelled number 113.

Letter - E.C. Schmon to Arthur A. Schmon, 3 August 1917

Eleanore Celeste reveals the couple is engaged and she believes that they should announce their engagement. She writes that Arthur's parents are in Tottenville and that she would like to meet them soon. She hopes "that they will like me" and "I know I shall love them. In fact, I do already, for they are your mother and father".

Letter - E.C. Schmon to Arthur A. Schmon, 25 October

Eleanore Celeste mentions she has not received a letter from Arthur in over three weeks. She discusses her history studies, visits with friends and letters she has received from Arthur's brother Gus. In the second part of the letter, she has received a letter from Arthur. She then begins to tell a scenario of a day in the life of couple once they are living together. The letter is labelled number 13.

Photograph - Hamilton Killaly Woodruff and Julia

A photograph of Hamilton K. Woodruff and Julia holding a baby. Julia is standing with her back to the camera as the baby looks over her shoulder. They are outdoors with a couple of trees surrounding them. The reverse of the photo has a handwritten note that reads, "A good picture of a Tweed Skirt!", referring to Julia's skirt (since her face cannot be seen).

Risk Aversion, Intertemporal Substitution, and Option Pricing

This paper develops a general stochastic framework and an equilibrium asset pricing model that make clear how attitudes towards intertemporal substitution and risk matter for option pricing. In particular, we show under which statistical conditions option pricing formulas are not preference-free, in other words, when preferences are not hidden in the stock and bond prices as they are in the standard Black and Scholes (BS) or Hull and White (HW) pricing formulas. The dependence of option prices on preference parameters comes from several instantaneous causality effects such as the so-called leverage effect. We also emphasize that the most standard asset pricing models (CAPM for the stock and BS or HW preference-free option pricing) are valid under the same stochastic setting (typically the absence of leverage effect), regardless of preference parameter values. Even though we propose a general non-preference-free option pricing formula, we always keep in mind that the BS formula is dominant both as a theoretical reference model and as a tool for practitioners. Another contribution of the paper is to characterize why the BS formula is such a benchmark. We show that, as soon as we are ready to accept a basic property of option prices, namely their homogeneity of degree one with respect to the pair formed by the underlying stock price and the strike price, the necessary statistical hypotheses for homogeneity provide BS-shaped option prices in equilibrium. This BS-shaped option-pricing formula allows us to derive interesting characterizations of the volatility smile, that is, the pattern of BS implicit volatilities as a function of the option moneyness. First, the asymmetry of the smile is shown to be equivalent to a particular form of asymmetry of the equivalent martingale measure. Second, this asymmetry appears precisely when there is either a premium on an instantaneous interest rate risk or on a generalized leverage effect or both, in other words, whenever the option pricing formula is not preference-free. Therefore, the main conclusion of our analysis for practitioners should be that an asymmetric smile is indicative of the relevance of preference parameters to price options.

Filiation homosexuelle - La conjointe de la mère doit-elle adopter l'enfant issu d'une PMA?

Article publié avec l'autorisation de la Chambre des notaires du Québec

Partenariat civil et couples de même sexe : La réponse du Québec

Faculté de droit