A new method for estimating liquidity risk: Insights from a liquidity-adjusted CAPM framework

This paper proposes a new non-parametric method for estimating model-free, time-varying liquidity betas which builds on realized covariance and volatility theory. Working under a liquidity-adjusted CAPM framework we provide evidence that liquidity risk is a factor priced in the Greek stock market, mainly arising from the covariation of individual liquidity with local market liquidity, however, the level of liquidity seems to be an irrelevant variable in asset pricing. Our findings provide support to the notion that liquidity shocks transmitted across securities can cause market-wide effects and can have important implications for portfolio diversification strategies. ©2012 Elsevier B.V. All rights reserved.

Cultures of Rioting and Anti-Systemic Politics in Southern Europe

The article investigates why, despite similar background conditions, Greece has been the site of frequent, highly visible, fringe, anti-system politics and street riots, while similar phenomena are rare in Spain. Although the article's focal point is the eruption of the December 2008 riots in Athens, it sheds light on the two countries' diverse social reactions to the sovereign debt crisis. Deploying the tool of media framing, it argues that historical legacies and political cultures matter. In the Greek case, the transition to democracy shaped a political ‘culture of sympathy’ towards acts of resistance to the state, a culture that has been institutionalised since the mid-1970s.

Tragedy, Euripides, Melodrama: Hamartia, Medea, Liminality

This article examines socio-historical dimensions and cultural and dramaturgic implications of the Greek playwright Euripides’ treatment of the myth of Medea. Euripides gives voice to victims of adventurism, aggression and betrayal in the name of ‘reason’ and the ‘state’ or ‘polity.’ Medea constitutes one of the most powerful mythic forces to which he gave such voice by melodramatizing the disturbing liminality of Greek tragedy’s perceived social and cultural order. The social polity is confronted by an apocalyptic shock to its order and its available modes of emotional, rational and social interpretation. Euripidean melodramas of horror dramatize the violation of rational categories and precipitate an abject liminality of the tragic vision of rational order. The dramaturgy of Euripides’ Medea is contrasted with the norms of Greek tragedy and examined in comparison with other adaptations — both ancient and contemporary — of the myth of Medea, in order to unfold the play’s transgression of a tragic vision of the social polity.

Jazz in Athens: Frustrated Cosmopolitans in a Music Subculture

This paper presents an ethnographic account of jazz music in Athens. The small scene under scrutiny is mainly populated by professional session instrumentalists of the Greek popular music scene who perform jazz as a side activity for their own pleasure. In the process, they construct a conceptual dichotomy between ‘work’ and ‘play’. Drawing on the author’s extended involvement in this scene, and focusing on private interviews with musicians, this article unveils the discourses of cosmopolitanism invoked through local jazz music making. The ethnographic material presented aims to illustrate how even a small subculture can serve as a terrain for contesting cosmopolitan imaginaries.

Decoding semantics across fMRI sessions with different stimulus modalities:a practical MVPA study

Both embodied and symbolic accounts of conceptual organization would predict partial sharing and partial differentiation between the neural activations seen for concepts activated via different stimulus modalities. But cross-participant and cross-session variability in BOLD activity patterns makes analyses of such patterns with MVPA methods challenging. Here, we examine the effect of cross-modal and individual variation on the machine learning analysis of fMRI data recorded during a word property generation task. We present the same set of living and non-living concepts (land-mammals, or work tools) to a cohort of Japanese participants in two sessions: the first using auditory presentation of spoken words; the second using visual presentation of words written in Japanese characters. Classification accuracies confirmed that these semantic categories could be detected in single trials, with within-session predictive accuracies of 80-90%. However cross-session prediction (learning from auditory-task data to classify data from the written-word-task, or vice versa) suffered from a performance penalty, achieving 65-75% (still individually significant at p « 0.05). We carried out several follow-on analyses to investigate the reason for this shortfall, concluding that distributional differences in neither time nor space alone could account for it. Rather, combined spatio-temporal patterns of activity need to be identified for successful cross-session learning, and this suggests that feature selection strategies could be modified to take advantage of this.

Truth Recovery and Transitional Justice: Deferring human rights issues

This book investigates why some societies defer the solution of transitional justice issues, such as the disappeared/missing, even after successful democratic consolidation. It also explains why the same societies finally decide to deal with these human rights issues. In short, it considers the interesting and understudied phenomenon of post-transitional justice. The prolonged silences in Spain, Cyprus and Greece contradict the experience of other countries -- such as South Africa, Bosnia, and Guatemala -- where truth recovery for disappeared/missing persons was a central element of the transition to peace and democracy. Despite democratization, the exhumation of mass graves containing the victims from the violence in Cyprus (1963-1974) and the Spanish civil war (1936-1939) was delayed until the early 2000s, when both countries suddenly decided to revisit the past. Cyprus and Spain are not alone: this is an increasing trend among countries trying to come to terms with past violence. Interestingly, despite similar background conditions, Greece is resisting the trend, challenging both theory and regional experience. Truth Recovery and Transitional Justice considers three interrelated issues. First, what factors can explain prolonged silence on the issue of missing persons in some transitional settings? Second, which processes can address the occasional yet puzzling transformation of victims’ groups from opponents of truth recovery to vocal pro-reconciliation pressure groups? Third, under which conditions is it better to tie victims’ rights to an overall political settlement? The book looks at Spain and Cyprus to show how they have attempted to bring closure to deep trauma by exhuming and identifying their missing, albeit under considerably different conditions. It then probes the generalizability of the conclusions on Spain and Cyprus by looking at the Greek experience; oddly, despite similar background conditions, Greece remains resistant to post-transitional justice norms. Interestingly, each case study takes a different approach to transitional justice.

'If we do not cut social spending, we will end up like Greece': Challenging consent to austerity through social work action

'If we do not cut social spending, we will end up like Greece'. Establishment politicians and media figures use this new ideological mantra throughout the Western world to frighten people into consenting to further neo-liberal restructuring along with cuts in social spending. This phrase and other ideologically laden assertions hide the real causes of the Greek public debt crisis. This commentary challenges the dominant discourse by contextualizing the Greek case within the larger global neo-liberal restructuring processes and then, drawing upon Gramsci's concept of the organic intellectual, proposes ways that the members of the Professional Association of Social Workers (PASW) can engage in a war of ideas and action, as organic intellectuals, to delegitimize the dominant discourse, which seeks consent for social spending cuts and further neo-liberal restructuring of society. © The Author(s) 2013.

Productive Knowledge of English Binomials by Japanese Learners of English

The purpose of this research is to reveal (1) which English binomials Japanese learners of English have productive knowledge of and (2) what strategies they use to produce English binomials when they do not know the binomials. One hundred and three Japanese learners of English with intermediate proficiency level completed an online survey of 44 binomials. The participants were given the first word of a binomial and asked to type a word following “and”. The target word was provided by more than 75% of participants for 19 of the 44 binomials, meaning that learners have productive knowledge for certain binomials. An analysis of errors suggested that the participants relied heavily on semantic relationships between items in binomials.However, the use of a semantic strategy for producing the second words often leads to non-binomial expressions. From these results we suggest that giving more input to learners, as well as teaching the “Me first” principle (Cooper & Ross, 1975) explicitly would help the learners to develop more accurate and effective strategies for uncertain or unfamiliar binomials.