Trading Activity in Options and Stock Around Price-Sensitive News Announcements

This study investigates the trading activity in options and stock markets around informed events with extreme daily stock price movements. We find that informed agents are more likely to trade options prior to negative news and stocks ahead of positive news. We also show that optioned stocks overreact to the arrival of negative news, but react efficiently to positive news. However, the overreaction patterns are unique to the subsample of stocks with the lowest pre-event abnormal option/stock volume ratio (O/S). This finding suggests that the incremental benefit of option listing is related to the level of option trading activity, over and beyond the presence of an options market on the firm's stock. Finally, we find that the pre-event abnormal O/S is a better predictor of stock price patterns following a negative shock than is the pre-event O/S, implying that the former may contain more information about the future value of stocks than the latter.

Genome Sequence of Klebsiella pneumoniae Ecl8, a Reference Strain for Targeted Genetic Manipulation

We report the genome sequence of Klebsiella pneumoniae subsp. pneumoniae Ecl8, a spontaneous streptomycin-resistant mutant of strain ECL4, derived from NCIB 418. K. pneumoniae Ecl8 has been shown to be genetically tractable for targeted gene deletion strategies and so provides a platform for in-depth analyses of this species.

Whose sins do the Brethren confess? The problem of sin as the problem of expiation

Among Brethren fisher families in Gamrie, northeast Scotland, professional clergy and written liturgy are held to be blasphemous denials of the true workings of the Holy Spirit. God, I was told, chooses to speak through all born-again (male) persons, unrestricted by the vain repetitions of lettered clerics and their prayer books. In this context, confession of one’s own sin is a private and pointedly interior affair. In Gamrie, not only did every man seek to be his own skipper, but also his own priest. Yet, much of Brethren worship is given over to ritualised acts of confession. So whose sins do the Brethren confess, and to what end? This article argues that among the Brethren of Gamrie, such acts involve confessing not one’s own sin, but the sins of a ‘sick’ and ‘fallen’ world. More than this, by attending to the sociological (as opposed to theological) processes of confessing the sins of another, we see a collapse in the distinction between confiteor and credo that has so dogged anthropological studies of Christianity. In Brethren prayer and bible study, as well as in everyday gossip, the “I confess” of the confiteor and the “I believe” of credo co-constitute one another in and through evidences of the ‘lostness’ of ‘this present age’. But how, if at all, does this solve ‘the problem of sin’? This article suggests that, with the ritual gaze of confession turned radically outward, Brethren announcements of global wickedness enact (in a deliberate tautology) both a totalising call for repentance from sin, and a millenarian creed of the imminent apocalypse. Here, the problem of ritual can be understood as the problem of (partially failed) expiation.

Draft Genome Sequence of Staphylococcus succinus Strain CSM-77, a Moderately Halophilic Bacterium Isolated from a Triassic Salt Mine.

Here, we report the draft genome sequence of Staphylococcus succinus strain CSM-77. This moderately halophilic bacterium was isolated from the surface of a halite sample obtained from a Triassic salt mine.