Equity Issues Research Articles

Large Skew-t Copula Models and Asymmetric Dependence in Intraday Equity Returns

Skew-t copula models are attractive for the modeling of financial data because they allow for asymmetric and extreme tail dependence. We show that the copula implicit in the skew-t distribution of Azzalini and Capitanio allows for a higher level of pairwise asymmetric dependence than two popular alternative skew-t copulas. Estimation of this copula in high dimensions is challenging, and we propose a fast and accurate Bayesian variational inference (VI) approach to do so. The method uses a generative representation of the skew-t distribution to define an augmented posterior that can be approximated accurately. A stochastic gradient ascent algorithm is used to solve the variational optimization. The methodology is used to estimate skew-t factor copula models with up to 15 factors for intraday returns from 2017 to 2021 on 93 U.S. equities. The copula captures substantial heterogeneity in asymmetric dependence over equity pairs, in addition to the variability in pairwise correlations. In a moving window study we show that the asymmetric dependencies also vary over time, and that intraday predictive densities from the skew-t copula are more accurate than those from benchmark copula models. Portfolio selection strategies based on the estimated pairwise asymmetric dependencies improve performance relative to the index.

Option‐Implied Ambiguity and Equity Return Predictability

ABSTRACTWe propose a model‐guided option‐implied ambiguity measure to capture uncertainty regarding the return distribution of a risky asset underlying a set of options, and investigate its predictive power on the asset return. A representative investor's ambiguous beliefs or prior distributions on the underlying asset returns are extracted from the market prices of options, the expected volatility of which is then defined as the option‐implied ambiguity and is calculated in line with Brenner and Izhakian. Simulated paths of the calibrated models are utilized to compute all pertinent probability characteristics from a forward‐looking perspective. The empirical results with SSE 50 ETF options indicate that the proposed option‐implied ambiguity has strong predictive power for future returns of SSE 50 ETF. Out‐of‐sample tests also verify the significant predictive ability of the option‐implied ambiguity to the equity returns.

Quantitative analysis of social service space equity in urban parks in China

This study aims to quantitatively analyze the equity of social service space in urban parks in China, in order to explore the equity issues faced by different social groups in accessing urban park services. The research background focuses on the importance of urban parks as social service spaces, particularly in improving residents’ quality of life and well-being. Through a comprehensive literature review, the study examines the social service functions of urban parks, the relationship between parks and social psychology, and the theoretical framework of equity. The study employs quantitative research methods, collects data on urban park usage and resident satisfaction, and defines relevant analysis variables. The data analysis section reveals the basic characteristics of park service space usage and resident well-being index through descriptive statistical methods. Subsequently, quantitative analysis is conducted to evaluate the current status of equity in urban park service space and explore the key factors influencing equity. The study reveals a significant correlation between social psychological factors, resident well-being index, and equity in park service space. Finally, the research conclusion emphasizes the importance of improving equity in social service space in urban parks and provides specific policy recommendations. At the same time, the study acknowledges its limitations and suggests future research directions. This study provides insights for urban planners and policymakers on how to enhance equity in urban park services and offers important strategic guidance for improving overall well-being of urban residents.

A framework for assessing the blue equity of social-ocean systems in marine governance transformation

The equitable utilization of marine resources and the maintenance of healthy and sustainable marine ecosystems are essential to advancing the United Nations Sustainable Development Goals (SDGs) and promoting the well-being of all humanity. In this paper, we propose a Blue Equity Assessment Framework, which is based on a systematic literature review approach and takes into account the characteristics of Social-Ocean Systems (SOSs). The framework consists of Distributional Equity, Procedural Equity, Recognitional Equity, and Contextual Equity. The aim of this framework is to conduct equity analyses of policies or behaviors within SOSs in order to assess whether blue equity is explicitly implemented and practiced in these societal norms and policy mechanisms. The assessment framework reveals that blue equity has a positive synergy for the majority of the SDGs. This synergy is analyzed in terms of its influence on the assessment dimensions of distributional justice, procedural justice, recognitional justice, and contextual justice. The findings aim to enhance societal understanding of blue equity issues, thereby guiding policymakers in the prioritization of blue equity in the development and utilization of marine resources and in the transformation of global ocean governance.

Non-ecological factors affect human interaction with urban nature and perception of cultural ecosystem services

Cultural ecosystem services (CESs) are not only affected by ecological factors, but also by non-ecological factors such as demographic and socio-political factors. Especially for CESs in urban ecosystems, it is necessary to study how the people's perception of CESs change during the changes in social contexts and urban management. The COVID-19 outbreak caused dramatic changes for human society. In this study, we evaluated people's perceptions of CESs provided by an urban park of Shanghai in four phases of the pre-, during and post-COVID period. It is found that aesthetic, historical and recreational values are perceived in the four phases, but the distribution of people's perceptions for CESs varied considerably, influenced by the socio-political contexts. Besides, we emphasized the importance of focusing on the CESs perceived during the prohibited use, as this is a rare period when people were separated from the park and can only perceive CESs indirectly. People's perception of CESs through indirect interactions with ecosystems has received little attention in previous research, but it should be valued by mangers to respond the issues of CESs equity.

Modeling Risk Sharing and Impact on Systemic Risk

This paper develops a simplified agent-based model to investigate the dynamics of risk transfer and its implications for systemic risk within financial networks, focusing specifically on credit default swaps (CDSs) as instruments of risk allocation among banks and firms. Unlike broader models that incorporate multiple types of economic agents, our approach explicitly targets the interactions between banks and firms across three markets: credit, interbank loans, and CDSs. This model diverges from the frameworks established by prior researchers by simplifying the agent structure, which allows for more focused calibration to empirical data—specifically, a sample of Swiss banks—and enhances interpretability for regulatory use. Our analysis centers around two control variables, CDSc and CDSn, which control the likelihood of institutions participating in covered and naked CDS transactions, respectively. This approach allows us to explore the network’s behavior under varying levels of interconnectedness and differing magnitudes of deposit shocks. Our results indicate that the network can withstand minor shocks, but higher levels of CDS engagement significantly increase variance and kurtosis in equity returns, signaling heightened instability. This effect is amplified during severe shocks, suggesting that CDSs, instead of mitigating risk, propagate systemic risk, particularly in highly interconnected networks. These findings underscore the need for regulatory oversight to manage risk concentration and ensure financial stability.

Asian Diaspora: Understanding Toronto Public Spaces Through Art and Performances

In this article, I explore how art can help Asian immigrants in Ontario understand the public spaces and the community of Toronto. Using Shusterman’s Pragmatist Aesthetics as a theoretical framework, this study asks: How does navigating and responding to issues of equity, inclusion, and environmental resiliency foster residents’ understanding? The study is based on field research that involved a series of improvised art and performance activities in Toronto’s outdoor public spaces from February 2022 to May 2022. I argue that art can enable individuals to recognize and challenge the inequity in public places and develop relational understandings and practices that can inform public policy and inspire further research and action. The findings reveal that participants’ social interactions through artmaking in public spaces enhanced their personal growth, learning, and creativity, connecting their everyday lives with formal education. This article highlights the impact of diasporic experiences in shaping the process of placemaking within these spaces.

Trainees’ perspectives on sickle cell education: a qualitative needs assessment

BackgroundSickle cell disease (SCD) exemplifies many of the social, racial, and healthcare equity issues in the United States. Despite its high morbidity, mortality, and cost of care, SCD has not been prioritized in research and clinical teaching, resulting in under-trained clinicians and a poor evidence base for managing complications of the disease. This study aimed to perform a needs assessment, examining the perspectives of medical trainees pursuing hematology/oncology subspecialty training regarding SCD-focused education and clinical care.MethodInductive, iterative thematic analysis was used to explore qualitative interviews of subspecialty hematology-oncology trainees’ attitudes and preferences for education on the management of patients with SCD. Fifteen trainees from six programs in the United States participated in 4 focus groups between April and May 2023.ResultsThematic analysis resulted in 3 themes: 1. Discomfort caring for patients with SCD. 2. Challenges managing complications of SCD, and 3. Desire for SCD specific education. Patient care challenges included the complexity of managing SCD complications, limited evidence to guide practice, and healthcare bias. Skill-building challenges included lack of longitudinal exposure, access to expert clinicians, and didactics.ConclusionsVariations in exposure, limited formal didactics, and a lack of national standardization for SCD education during training contributes to trainees' discomfort and challenges in managing SCD, which in turn, contribute to decreased interest in entering the SCD workforce. The findings underscore the need for ACGME competency amendments, dedicated SCD rotations, and standardized didactics to address the gaps in SCD education.Graphical

Blended pedagogy for computer programming language

In the face of the challenges posed by the COVID-19 pandemic, the hybrid teaching model has garnered significant attention for its combination of the depth of traditional education with the convenience of distance learning. Focusing on the domain of computer programming language instruction, this study innovatively designs a hybrid teaching strategy aimed at fully exploiting the flexibility of its teaching design and the variety of pedagogical approaches. The strategy integrates face-to-face teaching with online autonomous learning, incorporating project-based teaching methodologies and immediate feedback mechanisms to facilitate active student engagement and deep learning. Through a year-long practice in a C++ programming course, encompassing 68 students, the study empirically validates the effectiveness of the hybrid teaching approach. It not only demonstrates remarkable educational outcomes, enhancing the quality of programming instruction and student satisfaction with their learning experience, but also employs Bayesian analysis to delve into the relationship between learning trajectories and students’ sense of self-efficacy. By focusing on key indicators during the learning process, such as the timeliness and quality of online learning, laboratory work, and project assignments, the study then utilizes Bayesian models to directly assess the impact of these learning behavior metrics on students’ perceived self-efficacy. The findings reveal that students with outstanding academic achievements exhibit higher levels of self-efficacy, confirming that academic performance can reasonably reflect teaching effectiveness and provide a quantifiable basis for assessing individual learning progress. Consequently, this research not only contributes a novel strategy to computer programming education practice but also offers a valuable reference for the application of hybrid teaching models in other disciplines. Furthermore, it promotes in-depth contemplation on post-pandemic innovations in teaching modes and issues of educational equity, laying a solid foundation for constructing a more adaptive and inclusive future education system.

The Influence of Dr. Rima Rudd's Organizational Health Literacy Scholarship in Maryland.

This article analyzes and reflects on Dr. Rima Rudd's organizational health literacy ideas and tools and their influence on the field generally and on four projects over 12 years in Maryland specifically. We present four organizational health literacy projects - two from oral health and two from COVID-19 vaccination - that used or were influenced by Dr. Rudd's the Health Literacy Environment of Hospitals and Health Centers. In the oral health projects, we describe the organizational assessments we conducted, the assessment results, and the actions organizations took in response. In a Frederick, Maryland, COVID-19 project, we worked with multiple organizations in a single city to train them in the organizational assessment process, and we report the activities and results of this training. In the Baltimore, Maryland COVID-19 project, we provided general information about organizational health literacy and trained key health professionals in local organizations. Our results confirm that Dr. Rudd's tools work mainly as intended because they help organizations or third-party evaluators identify health literacy barriers and create health literacy insights. Also, we observed that organizational health literacy tools can support organizations' interest in equity goals and increase their willingness to spend time on health literacy projects. Translating knowledge and skills to actions can require more time than organizations can commit or be more difficult than they can handle. In our projects, the four most positive examples were driven by a collaboration between our team and a change champion who had the power to institute new ideas and actions. While it can take time and money to gain traction, our Maryland work shows that organizational assessments are accessible, practical and tangible. We conclude that Dr. Rudd's influence extends beyond specific tools and is reflected in the field's acceptance of organizational and professional responsibility for health literacy as an equity and justice issue. [HLRP: Health Literacy Research and Practice. 2024;8(3):e151-e158.].

The Role of Implementation Climate in Moderating Educator Use of Evidence-Based Practices and Outcomes for Autistic Students.

Ensuring effective use of evidence-based practice (EBP) for autism in schools is imperative due to the significantly increasing number of autistic students receiving school services each year. High-quality EBP use has proven challenging in schools. Research indicates implementation climate, or how EBP are supported, rewarded, and valued, and EBP resources are related to successful implementation. However, limited understanding of system-level contextual factors that impact EBP implementation for school-based providers makes development of appropriate implementation supports challenging. Understanding these factors is crucial for selecting and tailoring implementation strategies to support EBP scale up. In this observational study, California school-based providers (n = 1084) completed surveys related to implementation climate, leadership, autism experience and EBP implementation (use, competence, knowledge). Student outcomes included state level academic and behavioral indicators. Using an implementation science framework (Aarons et al., in Administration and Policy in Mental Health and Mental Health Services Research 38:4-23, 2011) and multilevel modeling, we examined the relationship between EBP Implementation and student outcomes and the moderation effects of provider and district level factors. Higher implementation climate predicted better EBP implementation outcomes, and proved more impactful when provider hands-on autism experience was low. Greater EBP resources predicted a higher percentage of students who met math standards only when district poverty level was high. Our findings suggested moderating effects on EBP implementation from both provider and system level factors. Implementation climate and resources may be especially key in addressing equity issues related to high poverty schools in which teachers often have less autism experience.

Fear of COVID-19 and Financial Sector of Tadawul Stock Exchange

The objective of this study is to analyse the effect of the COVID-19 outbreak on the financial sector's equity returns, specifically focusing on Sukuk & Bonds (TSBI), Diversified Financials (TDFI), Banks (TBNI), Insurance (TISII), and the Tadawul All Share (TASI) Index. This will be done through the utilisation of t-test and event study technique. The event will take place from December 2018 to March 2020. The estimation period covers the time frame from December 2018 to December 2019. The pre-announcement phase of the WHO notice spans the month of January 2020, while the post-announcement phase encompasses February 2020 to March 2020. The study suggests that, prior to the alarm given by the WHO, the majority of the financial sector exhibits positive returns, with the exception of Banks. The results validate the substantial and adverse influence of the COVID-19 epidemic on Diversified Financials (TDFI), Banks (TBNI), and Insurance (TISII) following the global alert notice by the World Health Organisation (WHO). The study indicates that the Sukuk & Bonds (TSBI) sector has remained unaffected by the epidemic and has shown a favourable influence on returns. This industry provides a fixed interest rate and does not influence the expectations of investors. Saudi Arabia's government announced a stimulus package of $18.7 billion on March 20, 2020. The adverse consequences suggest that the policymakers failed to foresee this issue and did not take timely action. This study recommends that effective policies must be designed by the policymakers in anticipation of such pandemic outbreak that may help the investors to devise diversification strategies.

English as a Medium of Instruction in Pakistan: Equity, inclusion and Social Justice Issues

The language of education plays a substantial role in the development of a nation. It is not only a means to transfer knowledge to the masses, but it also shapes the feelings and attitudes of individual students. Unfortunately, if the language (s) of education is not chosen carefully or if its status and role are not defined adequately, it may give rise to inequality and injustice. In Pakistan, during General Musharraf’s regime (2001-2008), English was proclaimed as the medium of instruction with the aim of introducing a unified medium of instruction for all, (Asif et al, 2020). English as the medium of instruction (EMI) has always remained controversial in Pakistan. It is often criticized for paving ways for a number of issues of equity, inclusion and social justice. Thus, the studyaims to explore the extent to which English medium instruction (EMI) addresses social equality and social justice issues in the public-school system of Pakistan. Data for the study is collected via interviews with ELT (English Language Teacher) professionals from the public- school system who are facing such issues because of EMI. Additionally, employing a thematic approach to analysis, study provides a critical analysis of inclusion and injustice issues. Finally, it draws implications for teachers, schools, and policymakers, and will make recommendations to address the issues.

Assessing the Spatial Equity of Urban Park Green Space Layout from the Perspective of Resident Heterogeneity

Urban park green spaces (UPGS) are essential resources for improving the urban ecological environment and meeting residents’ recreational needs. However, during rapid urbanization, the layout of UPGS often exhibits spatial inequity, with significant differences in the resources enjoyed by resident groups with different socioeconomic attributes. Accurately assessing the spatial equity of the UPGS layout (the equal accessibility of UPGS) is crucial for optimizing resource allocation and promoting social equity. This study takes the main urban area of Nanjing as an example and utilizes location-based service (LBS) data and multi-source geographic data to conduct an in-depth characterization of residents’ socioeconomic attributes, recreational behaviors, and park green space layout at the street scale. By constructing indicators of resident heterogeneity and UPGS supply–demand matching degree, it reveals the differences in park green space accessibility among different social groups and locations and explores the correlation between resident heterogeneity and UPGS spatial equity. The study finds that the layout of UPGS in the main urban area of Nanjing exhibits significant spatial inequity, with generally poor accessibility to park green spaces in the central urban area and low-income communities. The higher degree of diversification of residents’ socioeconomic attributes leads to a lower level of UPGS spatial equity in their streets. The results of the big data analysis verify the significant impact of resident heterogeneity on the equity of park green space layout. This study reveals the spatial equity issues of UPGS layout from the perspective of resident heterogeneity, providing new ideas and evidence for optimizing the allocation of park green space resources. Future UPGS planning should pay more attention to the diversity of residents’ recreational needs, focus on improving the accessibility of park green spaces in central urban areas and low-income communities, and balance the interests and demands of different stakeholders through public participation mechanisms.

An interview with Gerald Cupchik: Equity, diversity and inclusion

How should we address equity, diversity, and inclusion issues in the ‘Post-COVID era’? Some students just want the degree, whereas others miss the social intimacy of classroom experiences. In this interview, we address a dissociation between university administrations with top-down, ideologically driven agendas, and the lived experiences of students. Students become immersed in diversity by participating in classes based on shared interests that cut across backgrounds and reflect experiential learning; moving from ‘cliques to networks.’ Inclusion cannot be mandated by the university and formally required of lecturers. Rather, it reflects a student’s feeling of belonging based on acceptance by others in the classroom setting and this is something that lecturers can foster. Equity is a more delicate theme tied to past exclusions that touch many communities. Gatekeepers have historically excluded students based on race or cultural affiliation. Attempts to redress this imbalance for specific communities can forget the historical exclusion of others. My approach favors ‘inclusive authenticity,’ whereby students are in touch with their heritage, and ‘reflective awareness,’ a sensitivity to the political dynamics that surround them. We can move from ‘surface to depth,’ both as institutions and individuals by fostering critical thinking and listening to the voices of students.

Sense of place as anticolonial pedagogy in outdoor adventure education: lessons learned

ABSTRACT This paper suggested that one way that ongoing issues of equity and justice in outdoor adventure education (OAE) is prioritized is through the critical renovation of sense of place (SOP) curriculum. The researcher shared findings from a qualitative study that considered participant experiences as a way to understand how SOP in the outdoors can serve as a site of anticolonial intervention for OAE to address issues of equity. This study employed an anticolonial and anti-racial capitalist theoretical framework and qualitative description as its methodology. Findings were interpreted as: 1. An uncritical SOP in OAE perpetuates inequity, 2. By theorizing power OAE practitioners can renovate SOP curriculum towards anticolonial aims, and 3. A renovated SOP curriculum can become a site of anticolonial intervention and underscores the importance of offering students ways to affect change. The research generated possible paths forward for practitioners in OAE concerning equity and SOP curriculum and practice.

Troubled waters? The disproportionate impact of lead water pollution: Evidence from three American communities

<p>Although water is considered essential to life and an important natural resource, disadvantaged communities, such as low-income and minority communities, are disproportionately burdened by lead exposure in drinking water. In this paper, we highlight case studies that have received national press coverage as well as recent examples of community lead poisoning hazards that are still ongoing across various regions of the US. We show through these three case studies of Flint, Michigan, Washington, D.C., and Birmingham, Alabama, that the severity and frequency of this pervasive public health problem are highly concentrated in minority and low-income populations, and thus they bear the brunt of the socio-economic impacts. We identify the use of sensors to improve detection of hazardous materials and decrease inequities in drinking water contamination. To address water-related equity issues, we call for a sustainable community capacity approach that consists of shared governance between those who live in a community and stakeholders, such as businesses and health services, who have vested interests in it. We conclude by highlighting ways that a community could build collective social capital, safeguarding its environment from lead poisoning through health literacy education. Promoting water literacy is highly significant since water knowledge is crucial towards achieving water sustainability and equity.</p>

Lassoed boosting and linear prediction in the equities market

We consider a two-stage estimation method for linear regression. First, it uses the lasso in Tibshirani to screen variables and, second, re-estimates the coefficients using the least-squares boosting method in Friedman on every set of selected variables. Based on the large-scale simulation experiment in Hastie, Tibshirani, and Tibshirani, lassoed boosting performs as well as the relaxed lasso in Meinshausen and, under certain scenarios, can yield a sparser model. Applied to predicting equity returns, lassoed boosting gives the smallest mean-squared prediction error compared to several other methods.

The Impact and Reconstruction of Computational Thinking on Educational Models in the Era of Artificial Intelligence

This paper explores the impact and reconstruction of computational thinking on educational models in the era of artificial intelligence. With the rapid advancement of artificial intelligence technologies, the importance of computational thinking in the field of education is becoming increasingly prominent. The paper first introduces the concept of computational thinking and its significance in the era of artificial intelligence, then discusses the evolution of traditional educational models in the context of artificial intelligence and the need for adaptation. It further analyzes the influence of computational thinking on education, including integrating computational thinking into the curriculum, developing problem-solving skills, and fostering creativity and innovation. Lastly, strategies for restructuring educational models are proposed, such as promoting technology-driven learning, encouraging collaborative and project-based learning, and enhancing teacher training and professional development. The paper also discusses challenges and considerations, such as addressing equity and access issues and ensuring ethical use of artificial intelligence in education. Finally, future prospects and recommendations are provided, emphasizing leveraging computational thinking for enhanced educational outcomes and advocating for a holistic approach to educational transformation.

Usability Testing of a Web Tool for Dissemination and Implementation Science Models

Dissemination and Implementation science is dedicated to increasing the speed of evidence-based research translated into practice as guided by one or multiple D&I theories, models, and frameworks. The Dissemination and Implementation Models in Health Research and Practice web tool guides users on how to plan, select, combine, adapt, use, and assess theories, models, and frameworks. This paper describes usability testing to update the web tool. Iterative user testing was conducted with implementation science research and clinical participants to facilitate updates and optimize the functionality of the tool. A multi-step protocol involved quantitative and qualitative data collection including a survey, interviews, and a usability testing session. Data from the pre-testing surveys were summarized as frequencies. Data from the usability testing sessions were analyzed using a hybrid adapted deductive rapid matrix qualitative analysis. Data from the interviews were analyzed by deductive a priori coding. Fifteen interviewees represented different research and clinical groups and levels of expertise utilizing D&I TMFs. Participants were purposively selected to represent a range of disciplines and D&I expertise, all invited via one-time email. The 847 total interview comments were reduced by similarity to 259 comments, and 142 were feasible changes fitting the priorities of the web tool. Changes to content, format, and functionality are described in this paper. The iterative usability testing elicited improvements to the web tool including adding more examples, definitions, visuals, and tutorials and simplifying the written content. The web tool remains flexible for additions concerning health equity, de-implementation, and other issues.