Browsing by Subject "Social values"
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Item Essays on social values in finance(2011-05) Page, Jeremy Kenneth; Kumar, Alok; Titman, Sheridan; Parrino, Robert; Sialm, Clemens; Spalt, OliverThis dissertation consists of three essays on the role of social values in financial markets. Chapter 1 uses geographic variation in religious concentration to identify the effect of people's gambling behavior in financial market settings. We argue that religious background predicts people's gambling propensity, and that gambling propensity carries over into their behavior in financial markets. We test this conjecture in various financial market settings and find that the predominant local religion predicts variation in investors' propensity to hold stocks with lottery features, in the prevalence of broad-based employee stock option plans, in first-day returns to initial public offerings, and in the magnitude of the negative lottery-stock return premium. Collectively, our findings indicate that religious beliefs regarding the acceptability of gambling impact investors' portfolio choices, corporate decisions, and stock returns. In Chapter 2 I examine the impact of social norms against holding certain types of stocks (e.g. "sin stocks", or stocks with lottery features) on trading decisions and portfolio performance. I argue that trades which deviate from social norms are likely to reflect stronger information. Consistent with this hypothesis, I find that the most gambling-averse institutions earn high abnormal returns on their holdings of lottery stocks, outperforming the holdings of the most gambling-tolerant institutions. An analysis of institutions' sin stock holdings provides complementary evidence using another dimension of social norms, supporting the hypothesis that trades which deviate from norms reflect stronger information. In the third essay, we conjecture that people feel more optimistic about the economy and stock market when their own political party is in power. We find supporting evidence from Gallup survey data and analyze brokerage account data to confirm the impact of time-varying optimism on investors' portfolio choices. When the political climate is aligned with their political preferences, investors maintain higher systematic risk exposure while trading less frequently. When the opposite party is in power, investors exhibit stronger behavioral biases and make worse investment decisions. Investors improve their raw portfolio performance when their own party is in power, but the risk-adjusted improvement is economically small.Item Mass media use and social stereotypes of Americans by foreign students(Texas Tech University, 1984-08) Chern, David Shano-yeonNot availableItem Teaching values in Texas high school agriscience programs(Texas Tech University, 1998-08) Roberts, Jenny ErinAt the core of the problems in education is the general decline in the foundation and development of morals and values. School is the only constant in many students' lives. It must not only provide academic education, but school must also provide some education to address values and morad development. Parents entrust their children to teachers and believe that teachers behave ethically in the classroom, transmit values upheld by society, and serve as moral models for their students (Sirotnik, 1990). Ryan (1993) believes students must not only think about values, they must also exhibit the correct values as with the Tao, which is everyday moral living. No major study has been conducted in Texas to identify the values that should be taught in the Texas high school agriscience program or in which instructional component of the agricultural educational curriculima should be used to enhance character education. Lockaby (1997) conducted a national study regarding teaching vadues in agricultural education. It was recommended to be replicated at the state level. Lockaby (1997) found there was almost no research to identify imiversal values and morals. The problem of this study is to design a curriculima to help teach the students in the state of Texas values in the Texas agriscience classrooms.Item The role of the family environment in the development of young children's moral reasoning(Texas Tech University, 1997-08) Bunworth, Barbara JeanParents and educators are frequently heard discussing the negative behaviors of today's youth. These negative behaviors include acts of varying degrees of seriousness which extend from rudeness, lack of manners, cheating, and lying to disrespect for other's property and a general lack of respect for the value of life. As a result, parents and educators are forced to ask themselves why these negative behaviors occur so often. One of the most common responses is that the youth of today lack respect for others and their property. Indeed, if children respected the rights of others and considered the justice and welfare of other persons during their daily interactions, these behaviors might not take place. Thus, the question becomes not why are these negative behaviors occurring, but how can we, as parents and educators, promote the moral development of children to their highest potential. The key to promoting moral behavior lies in understanding the development of moral reasoning in young children. Although moral reasoning ability does not predict moral behavior in any given situation, moral reasoning ability provides the necessary foundation for increasing the likelihood of moral behavior across many situations (Damon, 1988; Kohlberg, 1981; Piaget, 1965). Thus, ensuring that each child attains his or her highest potential level of moral reasoning results in each child having the resources necessary to guide his or her behavior across social situations. In order to know how to best promote the development of moral reasoning, we must first understand how children's moral reasoning develops. The purpose of the present study is to increase understanding of the development of young children's moral reasoning. Young children were chosen in order to target the point at which children begin to reason morally. Research has shown that at age four or five, children become capable of moral reasoning (Piaget, 1981; Wadsworth, 1989).