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AbstractWe study volatility clustering in daily stock returns at both the index and firm levels from 1985 to 2000. We find that the relation between today's index return shock and the next period's volatility decreases when important macroeconomic news is released today and increases with the shock in today's stock market turnover. Collectively, our results suggest that volatility clustering tends to be stronger when there is more uncertainty and disperse beliefs about the market's information signal. Our findings also contribute to a better understanding of the joint dynamics of stock returns and trading volume.

This article explores the faith‐based medical missions of the Episcopal Diocese of Mississippi to underserved rural indigenous peoples of Panama. The Mississippi Model focuses on health care delivery and de‐emphasizes conversion to a religious faith, an approach that some may classify as a faith‐based community performing secular tasks. However, the Mississippi Model arises from incarnational theology, which—viewed from both historical and contemporary perspectives—argues against a secular categorizing of the mission clinics. Consistently, our interviews with missioners, participant‐observations, and review of the Episcopal Church literature, both nationally and in Mississippi, suggest that mission performance is considered a practice of faith not distinct from other expressions of faith, such as liturgical worship.