International order flows: Explaining equity and exchange rate returns

Macroeconomic models of equity and exchange rate returns perform poorly at high frequencies. The proportion of daily returns that these models explain is essentially zero. Instead of relying on macroeconomic determinants, we model equity price and exchange rate behavior based on a concept from microstructure – order flow. The international order flows are derived from belief changes of different investor groups in a two-country setting. We obtain a structural relationship between equity returns, exchange rate returns and their relationship to home and foreign equity market order flow. To test the model we construct daily aggregate order flow data from 800 million equity trades in the U.S. and France from 1999 to 2003. Almost 60% of the daily returns in the S&P100 index are explained jointly by exchange rate returns and aggregate order flows in both markets. As predicted by the model, daily exchange rate returns and order flow into the French market have significant incremental explanatory power for the daily S&P returns. The model implications are also validated for intraday returns.

Reading the Irishwoman: Studies in Cultural Encounter and Exchange, 1714-1960

In 1700 few Irishwomen were literate. Most lived in a rural environment, rarely encountered a book or a play or ventured much beyond their own domestic space. By 1960 literacy was universal, all Irishwomen attended primary school, had access to a variety of books, magazines, newspapers and other forms of popular media and the wider world was now part of their every-day life. This study seeks to examine the cultural encounters and exchanges inherent in this transformation. It analyses reading and popular and consumer culture as sites of negotiation of gender roles. This is not an exhaustive treatment of the theme but focusses on three key points of cultural encounter: the Enlightenment, emigration and modernism. The writings and intellectual discourse generated by the Enlightenment was one of the most influential forces shaping western society. It set the agenda for scientific, political and social thought for the eighteenth and nineteenth centuries. The migration of peoples to north America was another key historical marker in the development of the modern world. Emigration altered and shaped American society as well as the lives of those who remained behind. By the twentieth century, aesthetic modernism suspicious of enlightenment rationalism and determined to produce new cultural forms developed in a complex relationship with the forces of industrialisation, urbanisation and social change. This study analyses the impact of these three key forces in Western culture on changing roles and perceptions of Irish women from 1700 to 1960.

A Royal Encounter: space, spectacle and the Queen’s visit to Ireland 2011

This commentary reflects on the first official visit made by a British monarch to Ireland since its independence. Focusing on three key moments of Queen Elizabeth's itinerary – the Garden of Remembrance, the Irish National War Memorial, Islandbridge, and the state banquet, Dublin Castle – I suggest that efforts to simultaneously honour rebels/soldiers in acts of public remembrance sought to re-position the past between these two islands in ways which recognised conflict but also aspired towards reconciled understandings of how that past could be more peacefully calibrated.

Philosophers and practical men: Charles Babbage, Irish merchants and the economics of information

Before the emergence of coordination of production by firms, manufacturers and merchants traded in markets with asymmetric information. Evidence suggests that the practical knowledge thus gained by these agents was well in advance of contemporary political economists and anticipates twentieth-century developments in the economics of information. Charles Babbage, who regarded merchants and manufacturers as the chief sources of reliable economic data, drew on this knowledge as revealed in the evidence of manufacturers and merchants presented to House of Commons select committees to make an important pioneering contribution to the theory of production and exchange with information asymmetries.

Making space: English women, letter-writing, and the life of the mind, c.1650-1750

This article uses women's letter-writing from the late seventeenth and early eighteenth centuries to explore the home as a site of female intellectual endeavour. Far from representing a static backdrop to the action of domestic life, the home played a dynamic role in women's experiences of the life of the mind and shaped the ways in which women thought and wrote. Letters were penned in dining rooms, parlours and closets, by firesides, and on desks and laps. In their letters, women projected images of themselves scribbling epistles to friends in order to maintain their mental intimacy. Space was both real and imagined and the physical realities of a hand-written and hand-delivered letter gave way to the imaginative possibilities brought by networks of epistolary exchange and the alternative spaces of creative thought. By reinstating the home more fully in the history of female intellectual experience, a more nuanced view of the domestic arena can be developed: one that sees the home not as a site of exclusion and confinement, but as a space for scholarship and exchange. 

By our tongues united? Irish and Scots language contact in rural Ulster

This article suggests that the impact of long-term language contact between the languages of Irish, Scots and English in the province of Ulster led to a hybridisation of accent which challenges traditional ethnolinguistic differentiations - namely, the myth that Catholics and Protestants can be differentiated by their accent. The digitisation of archive recordings from the Tape Recorded Survey of Hiberno-English (TRSHE) permitted a detailed phonetic analysis of two speakers from Atticall, a rural townland in the Mourne Mountains with a unique geographical and linguistic setting, due to the close proximity of Ulster Scots and Irish speakers in the area. Phonological features associated with Irish, Northern English and Lowland Scots were garnered from previous dialectological research in Irish, English and Scots phonologies, which aided with the interpretation of the data. Other contemporaneous recordings from the TRSHE allowed further comparison of phonological features with areas of Ulster in which linguistic interaction between Scots and Irish was expected to be less prevalent, such as Arranmore, Donegal (primarily Irish) and Glarryford, Antrim (primarily Scots). Accommodation theory and substrate/superstrate interaction illuminate patterns of phonological transfer in Mourne, Arranmore and Glarryford English, supporting the conclusion that accent in contemporary Northern Ireland is built upon a linguistic heritage of contact and exchange, rather than political or ethnolinguistic division