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.

Struell Wells: pagan past and Christian present

The complex of buildings at Struell Wells, near Downpatrick, Co. Down, is the most extensive at a holy well in Ireland. It comprises two wells, two bath-houses and the ruins of a church. Nearby is a natural rock feature known as St Patrick’s Chair. The earliest reference to the wells is likely to be in the 8th century Fíacc’s Hymn which records the site being visited by St Patrick. The earliest reference to their healing powers can be dated to the 11th/12th century and the site continued to be a focus of pilgrimage at midsummer until its suppression in the nineteenth century. The site seems to be unique in that bathing in the wells constituted an integral part of the rituals performed by pilgrims. A recent study of the holy well phenomenon in Ireland has suggested that the rituals associated with them have their origins in the Counter-Reformation (Carroll 1999). The evidence from Struell, however, strongly suggests that it was an important sacred site in pre-Christian times.

Sea turtle diving and foraging behaviour around the Greek Island of Kefalonia

The discovery of a shallow water (

Ant-lore in Anglo-Saxon England

Two Old English versions of a sunshine prognostication survive in the mid-eleventh century Cambridge, Corpus Christi College 391, p. 713, and in a twelfth-century addition to Oxford, Bodleian Library, Hatton 115, 149v–150r. Among standard predictions promising joy, peace, blossom, abundance of milk and fruit, and a great baptism sent by God, one encounters an enigmatic prophecy which involves camels stealing gold from the ants. These gold-digging ants have a long pedigree, one which links Old English with much earlier literature and indicates the extent to which Anglo-Saxon culture had assimilated traditions of European learning. It remains difficult to say what is being prophesied, however, or to explain the presence of the passage among conventional predictions. Whether the prediction was merely a literary exercise or carried a symbolic implication, it must have originated in an ecclesiastical context. Its mixture of classical learning and vernacular tradition, Greek and Latin, folklore and Christian, implies an author with some knowledge of literary and scholarly traditions.

The Sacred and the Obscure: Greek in the Carolingian Reception of Martianus Capella

Carolingian scholars paid considerable attention to the Greek found in Martianus Capella’s De nuptiis Philologiae et Mercurii, a late antique Latin work full of obscurities in language and imagery. This article, focusing on glosses on De nuptiis from the oldest gloss tradition, demonstrates that a range of material was available to ninth-century scholars to elucidate Martianus’s Greek and that Greek seems, at times, to have served as a means to obscure. I argue that their interest in obscurity reflects a widespread epistemology and strategy of concealment, hence their intellectual investment in Martianus. For ninth-century readers, then, the Greek in the glossed Martianus manuscripts, however decorative it may have been, also operated at the core of medieval hermeneutics.

Epistolarum Familiarium Liber Unus in The Complete Works of John Milton: Volume XI (672pp.)

This edition of Milton’s Epistolarum Familiarium Liber Unus and of his Uncollected Letters, will appear as 672 pp. of The Complete Works of John Milton Volume XI, eds. Gordon Campbell and Edward Jones (Oxford University Press, forthcoming 2016). A diplomatic Latin text and a new facing English translation are complemented by a detailed Introduction and commentary that situate Milton’s Latin letters in relation to the classical, pedagogical and essentially humanist contexts at the heart of their composition. Now the art of epistolography advocated and exemplified by Cicero and Quintilian and embraced by Renaissance pedagogical manuals is read through a humanist filter whereby, via the precedent (and very title) of Epistolae Familiares, the Miltonic Liber is shown to engage with a neo-Latin re-invention of the classical epistola that had come to birth in quattrocento Italy in the letters of Petrarch and his contemporaries. At the same time the Epistolae are seen as offering fresh insight into Milton’s views on education, philology, his relations with Italian literati, his blindness, the poetic dimension of his Latin prose, and especially his verbal ingenuity as the ‘words’ of Latin ‘Letters’ become a self-conscious showcasing of etymological punning on the ‘letters’ of Latin ‘words’. The edition also announces several new discoveries, most notably its uncovering and collation of a manuscript of Henry Oldenburg’s transcription (in his Liber Epistolaris held in Royal Society, London) of Milton’s Ep. Fam. 25 (to Richard Jones). Oldenburg’s transcription (from the original sent to his pupil Jones) is an important find, given the loss of all but two of the manuscripts of Milton’s original Latin letters included in the 1674 volume. The edition also presents new evidence in regard to Milton’s relationships with the Italian philologist Benedetto Buonmattei, the Greek humanist Leonard Philaras, the radical pastor Jean Labadie (and the French church of London), and the elusive Peter Heimbach.

Christian Gottlob Neefe and the Bonn National Theatre, with New Light on the Beethoven Family

When the Bonn stage was closed after the death of Elector Max Friedrich in 1784, the director of its theatre company, Gustav Friedrich Wilhelm Großmann, decided to leave the city to further his career elsewhere in the Rhinelands. During the next few years, he was kept informed about developments in Bonn by two of his erstwhile colleagues, Christian Gottlob Neefe and Nikolaus Simrock, whose correspondence paints a vivid picture of musical life in the city during the later 1780s. The new Elector, Maximilian Franz, permitted a visiting troupe to perform during Carnival each year, but repeatedly delayed the decision to re-establish a resident troupe. In 1787 Christoph Brandt, a singer in the Bonn Hofkapelle, attempted a home-grown initiative, perhaps to test the market for a new permanent company. Although this failed almost immediately, a single, well-attended public rehearsal of Monsigny’s Le Déserteur was given, in which Johann van Beethoven made what was probably his last stage appearance. In a letter dated 14 May 1787, Simrock rated his performance ‘zimlich gut’. In the event, a new Bonn troupe was not recruited until 1789, when it featured the young singer Magdalena Willmann. Neefe and his musical colleagues were relieved finally to be able to resume their theatrical careers.