A philosophy of performance, politics and composition

This thesis discusses socio-political issues worldwide through philosophical approaches to performance, politics and composition. My research also discuss sound decisions which I regard to be simultaneously an outlet for personal expression, as well as a practical tool to inspire a socio-political change in society. Although the latter is paramount to the methodology of the project, the sound cannot be regarded in isolation as a “political composition”. It can only become truly functional in a political sense through interaction with other art forms, within the context of a specific place and time. My portfolio for this project is of two socio-political projects which are my chief concern. The first project concerns the Israeli-Palestinian conflict. I named this project PATH. PATH aims to foster and expand peaceful thought between Jewish and Palestinian civilians in Israel-Palestine. Through performance art, PATH spreads a message of acceptance, unity and brotherhood between our peoples. Above all, PATH demands and end to intolerance, hatred and violence among all the inhabitants of the State of Israel. The second project concerns women’s rights globally. I have realised that although we have come a long way in our struggle for rights for women, great challenges remain. There is a need to unite women and men against a form of oppression that discriminates against 50% of the world’s population. I called this project, For Utopia.

Pairs trading in the UK equity market: risk and return

In this paper, we provide the first comprehensive UK evidence on the profitability of the pairs trading strategy. Evidence suggests that the strategy performs well in crisis periods, so we control for both risk and liquidity to assess performance. To evaluate the effect of market frictions on the strategy, we use several estimates of transaction costs. We also present evidence on the performance of the strategy in different economic and market states. Our results show that pairs trading portfolios typically have little exposure to known equity risk factors such as market, size, value, momentum and reversal. However, a model controlling for risk and liquidity explains a far larger proportion of returns. Incorporating different assumptions about bid-ask spreads leads to reductions in performance estimates. When we allow for time-varying risk exposures, conditioned on the contemporaneous equity market return, risk-adjusted returns are generally not significantly different from zero.