Tiede ja tutkijan sosiaalinen vastuu : Joseph Ben-Davidin, Roger Sperryn ja Knut Erik Tranøyn käsitykset tieteestä ja tutkijan sosiaalisesta vastuusta

Science and the Scientist's Social Responsibility. Joseph Ben-David's, Roger Sperry's and Knut Erik Tranøy's Views of Science and the Scientist's Social Responsibility The aim of the study was to investigate, whether or not there is any connection between Jewish sociologist Joseph Ben-David's, American neuroscientist Roger Sperry's and Norwegian philosopher Knut Erik Tranøy's views of science and views of the scientist's social responsibility. The sources of information were their writings concerning this topic. Ben-David has a classical view of science. He thinks that the Mertonian norms of scientific activity, first written in 1942, are still valid in modern science. With the help of these norms Ben-David defends the view that science is morally neutral. Ben-David thinks that a scientist has a limited social responsibility. A scientist only reports on the new results, but he is not responsible for applying the results. In any case Ben-David's ideas are no longer valid. Sperry has a scientistic view of science. According to Sperry, science is the source of moral norms and also the best guide for moral action. The methods of natural sciences "show" how to solve moral problems. A scientist's personal views of science and social responsibility are not important. However Sperry's view is very problematic on the ethical side. Tranøy stresses the scientist's social responsibility. A scientist has common norms with the society from with he or she comes. This is why a scientist has the right, and also the responsibility, to discuss social and ethical questions between science and society. Tranøy's view has some ethical and practical problems, but it is valid in principle. Finally, Ben-David's, Sperry's and Tranøy's views of both science and the scientist's social responsibility have a connection: the view of science corresponds to the certain view of scientist's social responsibility. The result of this study is: Ben-David's, Sperry's and Tranøy's view of science have an ethical starting point as its fundamental presupposition, which include certain views of scientific knowledge, good and the scientist's ethical responsibilities. The connection between Ben-David's, Sperry's and Tranøy's views of science and views of the scientist's social responsibility means that their views of epistemology, meta-ethics and the scientist's ethical responsibilities have a connection to their views of the scientist's social responsibility. The results of this study can help the scientific community to organize the social responsibility of a scientist and deepen the conversation concerning the scientist's social responsibility.

Essays on the Role of Time in Price Discovery (summary section only)

The purpose of this thesis is to examine the role of trade durations in price discovery. The motivation to use trade durations in the study of price discovery is that durations are robust to many microstructure effects that introduce a bias in the measurement of returns volatility. Another motivation to use trade durations in the study of price discovery is that it is difficult to think of economic variables, which really are useful in the determination of the source of volatility at arbitrarily high frequencies. The dissertation contains three essays. In the first essay, the role of trade durations in price discovery is examined with respect to the volatility pattern of stock returns. The theory on volatility is associated with the theory on the information content of trade, dear to the market microstructure theory. The first essay documents that the volatility per transaction is related to the intensity of trade, and a strong relationship between the stochastic process of trade durations and trading variables. In the second essay, the role of trade durations in price discovery is examined with respect to the quantification of risk due to a trading volume of a certain size. The theory on volume is intrinsically associated with the stock volatility pattern. The essay documents that volatility increases, in general, when traders choose to trade with large transactions. In the third essay, the role of trade durations in price discovery is examined with respect to the information content of a trade. The theory on the information content of a trade is associated with the theory on the rate of price revisions in the market. The essay documents that short durations are associated with information. Thus, traders are compensated for responding quickly to information

Test of the Clustering Hypothesis in the Helsinki Exchanges

This paper investigates the clustering pattern in the Finnish stock market. Using trading volume and time as factors capturing the clustering pattern in the market, the Keim and Madhavan (1996) and the Engle and Russell (1998) model provide the framework for the analysis. The descriptive and the parametric analysis provide evidences that an important determinant of the famous U-shape pattern in the market is the rate of information arrivals as measured by large trading volumes and durations at the market open and close. Precisely, 1) the larger the trading volume, the greater the impact on prices both in the short and the long run, thus prices will differ across quantities. 2) Large trading volume is a non-linear function of price changes in the long run. 3) Arrival times are positively autocorrelated, indicating a clustering pattern and 4) Information arrivals as approximated by durations are negatively related to trading flow.

An Empirical Study of the Mixture of Time and Movements in Prices

This paper investigates the persistent pattern in the Helsinki Exchanges. The persistent pattern is analyzed using a time and a price approach. It is hypothesized that arrival times are related to movements in prices. Thus, the arrival times are defined as durations and formulated as an Autoregressive Conditional Duration (ACD) model as in Engle and Russell (1998). The prices are defined as price changes and formulated as a GARCH process including duration measures. The research question follows from market microstructure predictions about price intensities defined as time between price changes. The microstructure theory states that long transaction durations might be associated with both no news and bad news. Accordingly, short durations would be related to high volatility and long durations to low volatility. As a result, the spread will tend to be larger under intensive moments. The main findings of this study are 1) arrival times are positively autocorrelated and 2) long durations are associated with low volatility in the market.