Commonality in Returns, Order Flows, and Liquidity in the Greek Stock Market

Using a unique high-frequency data-set on a comprehensive sample of Greek blue-chip stocks, spanning from September 2003 through March 2006, this note assesses the extent and role of commonality in returns, order flows (OFs), and liquidity. It also formally models aggregate equity returns in terms of aggregate equity OF, in an effort to clarify OF's importance in explaining returns for the Athens Exchange market. Almost a quarter of the daily returns in the FTSE/ATHEX20 index is explained by aggregate own OF. In a second step, using principal components and canonical correlation analyses, we document substantial common movements in returns, OFs, and liquidity, both on a market-wide basis and on an individual security basis. These results emphasize that asset pricing and liquidity cannot be analyzed in isolation from each other.

Learning and organization in the knowledge-based information economy: Initial findings from a participatory action research case study

This paper reports on an ongoing, multiphase, project-based action learning and research project. In particular, it summarizes some aspects of the learning climate and outcomes for a case study company In the software industry, Using a participatory action research approach, the learning company framework developed by Pedler et al, (1997) is used to initiate critical reflection in the company at three levels: managing director, senior management team and technical and professional staff. As such, this is one of the first systematic attempts to apply this framework to the entire organization and to a company in the knowledge-based learning economy. Two sets of issues are of general concern to the company: internal issues surrounding the company's reward and recognition policies and practices and the provision of accounting and control information in a business relevant way to all levels of staff; and external issues concerning the extent to which the company and its members actively learn from other companies and effectively capture, disseminate and use information accessed by staff in boundary-spanning roles. The paper concludes with some illustrations of changes being introduced by the company as a result of the feedback on and discussion of these issues.

The costs of bearing arms and armour in the hermit crab Pagurus bernhardus

Hermit crabs use empty gastropod shells as protective armour and enlarged chelipeds as signals and weapons. However, carrying armour and arms may impose energy costs that result in increased lactate and hence potential fatigue and there may be consequent effects on general activity. We investigated whether variation in shell and cheliped size influences lactate levels in hermit crabs. Lactate was positively related to residual cheliped size for both sexes and was higher in males than females; when we controlled for body size, the former had larger chelipeds. Shell weight unexpectedly had no effect on lactate but crabs in small shells had high lactate, possibly because of reduced ability to maintain a respiratory current. The size of natural shells had no effect on activity but the addition of food odour increased locomotion. However, activity was not related to lactate. We conclude that possession of larger chelipeds than expected for body size imposes significant costs and may limit development of sexual dimorphism. (C) 2010 The Association for the Study of Animal Behaviour. Published by Elsevier Ltd. All rights reserved.

The Hand of Government in Shaping Accounting and Reporting in the UK Charity Sector

Accounting in the UK charity sector has changed massively over the last 25 years, with various stakeholders influencing what has occurred. Using insights from stakeholder theory, and interviews with a number of key actors, this article focuses on the influence of one definitive stakeholder – government – in developing a regime of quality accounting and reporting in the sector. In particular, the evolution of the Statement of Recommended Practice for charities is explored. It is argued that a much tighter and more meaningful regime of accounting and reporting has been encouraged by government, amongst other stakeholders, and this has led to a more accountable and healthier charitable sector.

Abatement and Allocation in the Pilot Phase of the EU ETS

We use historical industrial emissions data to assess the level of abatement and over-allocation that took place across European countries during the pilot phase (2005–2007) of the European Union Emission Trading Scheme. Using a dynamic panel data model, we estimate the counter factual (business-as-usual) emissions scenario for EU member states. Comparing this baseline to allocated and verified emissions, we find that both over-allocation and abatement occurred, along with under-allocation and emissions inflation. Over the three trading years of the pilot phase we find over-allocation of approximately 280 million EUAs and total abatement of 247 Mt CO2. However, we calculate that emissions inflation of approximately 73 Mt CO2 also occurred, possibly due to uncertainty about future policy design features.

The ocean sunfish Mola mola: insights into distribution, abundance and behaviour in the Irish and Celtic Seas

Here we provide baseline data on the distribution and abundance of Mola mola within the Irish and Celtic Seas, made during aerial surveys from June to October during 2003-2005. These data were considered in conjunction with concurrent observations of three potential jellyfish prey species found throughout the region: Rhizostoma octopus, Chrysaora hysoscella and Cyanea capillata. A total area of 7850 km(2) was surveyed over the three years with an observed abundance of 68 sunfish giving a density of 0.98 ind/100 km(2). Although modest, these findings highlight that the species is more common than once thought around Britain and Ireland and an order of magnitude greater than the other apex jellyfish predator found in the region, the leatherback turtle (Dermochelys coriacea). furthermore, the distribution of sunfish sightings was inconsistent with the extensive aggregations of Rhizostoma octopus found throughout the study area. The modelled distributions of predator-prey co-occurrence (using data for all three jellyfish species) was less than the observed co-occurrence with the implication that neither jellyfish nor sunfish were randomly distributed but co-occurred more in the same areas than expected by chance. Finally, observed sunfish were typically small (similar to 1 in or less) and seen to either bask or actively swim at the surface.

Dependence of the ion energy on the parameters of the laser pulse and target in the radiation-pressure-dominated regime of acceleration

When the dominant mechanism for ion acceleration is the laser radiation pressure, the conversion efficiency of the laser energy into the energy of relativistic ions may be very high. Stability analysis of a thin plasma layer accelerated by the radiation pressure shows that Raleigh-Taylor instability may enhance plasma inhomogeneity. In the linear stage of instability, the plasma layer decays into separate bunches, which are accelerated by the radiation pressure similarly to clusters accelerated under the action of an electromagnetic wave. The energy and luminosity of an ion beam accelerated in the radiation-pressure-dominated regime are calculated.

Imperial Migrations. Colonial Communities and Diaspora in the Portuguese World

This volume explores the role and history of migration and diaspora within the Portuguese empire, investigating what role colonial communities and diaspora have had in shaping the Portuguese empire and its heritage. The book consists of twelve case studies which look at topics such as Portuguese migration to Africa, the Ismaili and the Swiss presence in Mozambique, the Goanese in East Africa, the Chinese in Brazil, and the history of the African presence in Portugal.

Stroma-free hemoglobin increases blood pressure and GFR in the hypotensive rat: role of nitric oxide.

The short-term systemic and renal hemodynamic effects of two stroma-free hemoglobin (SFH) solutions, one unmodified and the other modified by cross-linking, were examined in anesthetized rats after hemorrhagic hypotension. Both forms of SFH increased mean arterial pressure (MAP) and glomerular filtration rate (GFR) to baseline (prehemorrhage) values. The increase in MAP induced by unmodified SFH was greater than the increase in MAP caused by an albumin solution isoncotic to the unmodified SFH solution. Similarly, the increase in MAP caused by the modified SFH was also substantially greater than that induced by an albumin solution of comparable oncotic pressure to the modified SFH solution. Both unmodified and modified SFH increased GFR. As with MAP, the increase in GFR induced by both SFH solutions was greater than that associated with the oncotically matched albumin solutions. In separate experiments, the effects of nitric oxide (NO) inhibition with N omega-nitro-L-arginine methyl ester (L-NAME) on MAP after hemorrhagic hypotension and subsequent infusion of unmodified SFH or albumin were also examined. In the albumin-infused rats, L-NAME increased MAP. In marked contrast, NO inhibition with L-NAME had no further effect on MAP when infused after SFH. We conclude that both unmodified and modified SFH solutions acutely improve MAP and GFR by the combined effects of intravascular volume expansion resulting from the colloid effect of the protein and by inactivation of NO.