Volume-Synchronized Probability of Informed Trading (VPIN), Market Volatility, and High-Frequency Liquidity

We assess the predictive ability of three VPIN metrics on the basis of two highly volatile market events of China, and examine the association between VPIN and toxic-induced volatility through conditional probability analysis and multiple regression. We examine the dynamic relationship on VPIN and high-frequency liquidity using Vector Auto-Regression models, Granger Causality tests, and impulse response analysis. Our results suggest that Bulk Volume VPIN has the best risk-warning effect among major VPIN metrics. VPIN has a positive association with market volatility induced by toxic information flow. Most importantly, we document a positive feedback effect between VPIN and high-frequency liquidity, where a negative liquidity shock boosts up VPIN, which, in turn, leads to further liquidity drain. Our study provides empirical evidence that reflects an intrinsic game between informed traders and market makers when facing toxic information in the high-frequency trading world.

Marketing Brock University in the 1980's: assessing freshman student feedback in strategic planning approach

Universities have entered a period of rapid change and upheaval due to an external environment beyond their control which includes shifting demographic patterns, accelerating technology, funding shortages, and keener competition for students. Strategic planning, a comprehensive vision which challenges universities to take bold and creative measures to meet the threats and opportunities of the future, is an institutional imperative in the 1980's. This paper examines freshman student feedback in an effort to incorporate this important element into a strategic plan for Brock University, a small, predominantly liberal arts university in St. Catharines, Ontario. The study was designed to provide information on the characteristics of the 1985-86 pool of freshman registrants: their attitudes towards Brock's recruitment measures, their general university priorities, and their influences in regard to university selection (along with other demographical and attitudinal data). A survey involving fixed-alternative questions of a subjective and objective nature was administered in two large freshman classes at Brock in which a broad cross-section of academic programs was anticipated. Computer analysis of the data for the 357 respondents included total raw frequencies and rounded percentages, as well as subgroup cross-tabulation by geographic home area of respondent, academic major, and high school graduating average. The four directional hypotheses put forward were all substantiatied by the survey data, indicating that 1) the university's current recruitment program had been a positive influence during their university search 2) parents were the most influential group in the students' decisions related to university 3) respondents viewed institutional reputation as less of a priority than an enjoyable university lifestyle in a personal learning atmosphere 4) students had a decided preference for co-operative study and internship programs. Strategic planning recommendations included a reduction in the faculty/student ratio through faculty hirings to restore the close rapport between professors and students, increased recruitment presentations in Ontario high schools to enlarge the applicant pool, creation of an Office of Co-operative Study and Internship Programs, institutional emphasis on a "customer orientation", and an extension of research into student demographics and attitudinal data.

Can a Manipulated Mind Alter Matter? : The Effects of Verbal Feedback on Self-Efficacy, Exercise Intention, and Exercise Behaviour among Low-Active College-Aged Women

Self-efficacy (SE), a person’s confidence in the ability to perform a task, is an important predictor of the adoption and maintenance of physical activity. The present study examined the effects of SE manipulated through verbal persuasion on exercise intentions and behaviour during a 4-week follow-up period and investigated the role of social physique anxiety (SPA) as a moderator. Female college infrequent exercisers (n = 66) were randomly assigned into one of three groups (high-efficacy [HE], low-efficacy [LE], or control) and asked to complete several questionnaires at baseline. The HE and LE groups were provided with positive and negative exercise adherence feedback, respectively. The HE group reported higher SE from pre- to post-feedback. Both the HE and LE groups reported increases in exercise behaviour at the 4-week follow-up. Pre- to post-feedback changes in SE, exercise intention, and exercise behaviour did not depend on level of SPA reported.

Variational Monte Carlo study of core-valence separation schemes for first-row atoms and positive ions /

All-electron partitioning of wave functions into products ^core^vai of core and valence parts in orbital space results in the loss of core-valence antisymmetry, uncorrelation of motion of core and valence electrons, and core-valence overlap. These effects are studied with the variational Monte Carlo method using appropriately designed wave functions for the first-row atoms and positive ions. It is shown that the loss of antisymmetry with respect to interchange of core and valence electrons is a dominant effect which increases rapidly through the row, while the effect of core-valence uncorrelation is generally smaller. Orthogonality of the core and valence parts partially substitutes the exclusion principle and is absolutely necessary for meaningful calculations with partitioned wave functions. Core-valence overlap may lead to nonsensical values of the total energy. It has been found that even relatively crude core-valence partitioned wave functions generally can estimate ionization potentials with better accuracy than that of the traditional, non-partitioned ones, provided that they achieve maximum separation (independence) of core and valence shells accompanied by high internal flexibility of ^core and Wvai- Our best core-valence partitioned wave function of that kind estimates the IP's with an accuracy comparable to the most accurate theoretical determinations in the literature.

Teamwork and leadership : competitive youth soccer as a context for positive youth development

The purpose of this study was to examine processes and interactions that characterized positive developmental experiences in sport. A highly competitive and reputable U-17 girls' soccer team was chosen for the study through purposeful sampling, providing an information rich case from which data could be derived (Patton, 2002). Seventeen players and three coaches participated in this study. Based on an ethnographic methodology data were collected via observations and both informal and formal semi-structured interviews. Tlie data were coded according to the three procedures outlined by Seidel and Kelle (1995): a) noticing relevant phenomena, b) collecting examples of those phenomena, and c) analyzing those phenomena in order to find commonalities, differences, patterns and structures. Significant events and underlying themes were recounted chronologically through a collection of vignettes, aimed to provide a contextual lens for the reader. Results revolved around two prominent themes: Teamwork and leadership. These were closely related concepts that required players to demonstrate a wide range of developmental skills for the team to move collectively towards their end goal. Furthermore, teamwork and leadership experiences took both desirable and undesirable forms. For example, at the beginning of the season competition existed amongst the players at the expense of teamwork and leadership. As the season progressed the pursuit of a shared goal allowed the players to view each other as collaborators and teamwork and leadership skills became increasingly evident. At times, however, success on the field was prioritized above maintaining relationships off the field, requiring the coaches to intervene and re-establish equilibrium.

The examination of predictors of success in two programmes requiring self-direction /

The new Physiotherapy and Occupational Therapy programmes, based in the Faculty of Health Sciences, McMaster University (Hamilton, Ontario) are unique. The teaching and learning philosophies utilized are based on learner-centred and selfdirected learning theories. The 1991 admissions process of these programmes attempted to select individuals who would make highly qualified professionals and who would have the necessary skills to complete such unique programmes. In order to: 1 . learn more about the concept of self-directed learning and its related characteristics in health care professionals; 2. examine the relationship between various student characteristics - personal, learner and those assessed during the admissions process - and final course grades, and 3. determine which, if any, smdent characteristics could be considered predictors for success in learner-centred programmes requiring self-directed learning skills, a correlational research design was developed and carried out. Thirty Occupational Therapy and thirty Physiotherapy smdents were asked to complete 2 instruments - a questionnaire developed by the author and the Oddi Continuing Learning Inventory (Oddi, 1986). Course grades and ratings of students during the admissions process were also obtained. Both questionnaires were examined for reliability, and factor analyses were conducted to determine construct validity. Data obtained from the questionnaires, course grades and student ratings (from the admissions process) were analyzed and compared using the Contingency Co-efficient, the Pearson's product-moment correlation co-efficient, and the multiple regression analysis model. The research findings demonstrated a positive relationship (as identified by Contingency Coefficient or Pearson r values) between various course grades and the following personal and learner characteristics: field of smdy of highest level of education achieved, level of education achieved, sex, marital stams, motivation for completing the programmes, reasons for eru-oling in the programmes, decision to enrol in the programmes, employment history, preferred learning style, strong selfconcept and the identification of various components of the concept of self-directed learning. In most cases, the relationships were significant to the 0.01 or 0.(X)1 levels. Results of the multiple regression analyses demonstrated that several learner and admissions characteristic variables had R^ values that accounted for the largest proportion of the variance in several dependent variables. Thus, these variables could be considered predictors for success. The learner characteristics included: level of education and strong self-concept. The admissions characteristics included: ability to evaluate strengths, ability to give feedback, curiosity and creativity, and communication skills. It is recommended that research continue to be conducted to substantiate the relationships found between course grades and characteristic variables in more diverse populations. "Success in self-directed programmes" from the learner's perspective should also be investigated. The Oddi Continuing Learning Inventory should continue to be researched. Further research may lead to refinement or further development of the instrument, and may provide further insight into self-directed learner attributes. The concept of self-directed learning continues to be incorporated into educational programmes, and thus should continue to be explored.

A school-based cognitive behavior modification intervention strategy for learned helpless mentally retarded students

This study assessed the usefulness of a cognitive behavior modification (CBM) intervention package with mentally retarded students in overcoming learned helplessness and improving learning strategies. It also examined the feasibility of instructing teachers in the use of such a training program for a classroom setting. A modified single subject design across individuals was employed using two groups of three subjects. Three students from each of two segregated schools for the mentally retarded were selected using a teacher questionnaire and pupil checklist of the most learned helpless students enrolled there. Three additional learned helplessness assessments were conducted on each subject before and after the intervention in order to evaluate the usefulness of the program in alleviating learned helplessness. A classroom environment was created with the three students from each school engaged in three twenty minute work sessions a week with the experimenter and a tutor experimenter (TE) as instructors. Baseline measurements were established on seven targeted behaviors for each subject: task-relevant speech, task-irrelevant speech, speech denoting a positive evaluation of performance, speech denoting a negative evaluation of performance, proportion of time on task, non-verbal positive evaluation of performance and non-verbal negative evaluation of performance. The intervention package combined a variety of CBM techniques such as Meichenbaum's (1977) Stop, Look and Listen approach, role rehearsal and feedback. During the intervention each subject met with his TE twice a week for an individual half-hour session and one joint twenty minute session with all three students, the experimentor and one TE. Five weeks after the end of this experiment one follow up probe was conducted. All baseline, post-intervention and probe sessions were videotaped. The seven targeted behaviors were coded and comparisons of baseline, post intervention, and probe testing were presented in graph form. Results showed a reduction in learned helplessness in all subjects. Improvement was noted in each of the seven targeted behaviors for each of the six subjects. This study indicated that mentally retarded children can be taught to reduce learned helplessness with the aid of a CBM intervention package. It also showed that CBM is a viable approach in helping mentally retarded students acquire more effective learning strategies. Because the TEs (Tutor experimenters) had no trouble learning and implementing this program, it was considered feasible for teachers to use similar methods in the classroom.

A social-cognitive model of monitoring and its relationship to behaviour in a naturalistic observation : development and individual differences

years 8 months) and 24 older (M == 7 years 4 months) children. A Monitoring Process Model (MPM) was developed and tested in order to ascertain at which component process ofthe MPM age differences would emerge. The MPM had four components: (1) assessment; (2) evaluation; (3) planning; and (4) behavioural control. The MPM was assessed directly using a referential communication task in which the children were asked to make a series of five Lego buildings (a baseline condition and one building for each MPM component). Children listened to instructions from one experimenter while a second experimenter in the room (a confederate) intetjected varying levels ofverbal feedback in order to assist the children and control the component ofthe MPM. This design allowed us to determine at which "stage" ofprocessing children would most likely have difficulty monitoring themselves in this social-cognitive task. Developmental differences were obselVed for the evaluation, planning and behavioural control components suggesting that older children were able to be more successful with the more explicit metacomponents. Interestingly, however, there was no age difference in terms ofLego task success in the baseline condition suggesting that without the intelVention ofthe confederate younger children monitored the task about as well as older children. This pattern ofresults indicates that the younger children were disrupted by the feedback rather than helped. On the other hand, the older children were able to incorporate the feedback offered by the confederate into a plan ofaction. Another aim ofthis study was to assess similar processing components to those investigated by the MPM Lego task in a more naturalistic observation. Together the use ofthe Lego Task ( a social cognitive task) and the naturalistic social interaction allowed for the appraisal of cross-domain continuities and discontinuities in monitoring behaviours. In this vein, analyses were undertaken in order to ascertain whether or not successful performance in the MPM Lego Task would predict cross-domain competence in the more naturalistic social interchange. Indeed, success in the two latter components ofthe MPM (planning and behavioural control) was related to overall competence in the naturalistic task. However, this cross-domain prediction was not evident for all levels ofthe naturalistic interchange suggesting that the nature ofthe feedback a child receives is an important determinant ofresponse competency. Individual difference measures reflecting the children's general cognitive capacity (Working Memory and Digit Span) and verbal ability (vocabulary) were also taken in an effort to account for more variance in the prediction oftask success. However, these individual difference measures did not serve to enhance the prediction oftask performance in either the Lego Task or the naturalistic task. Similarly, parental responses to questionnaires pertaining to their child's temperament and social experience also failed to increase prediction oftask performance. On-line measures ofthe children's engagement, positive affect and anxiety also failed to predict competence ratings.

Imagery or video feedback : which is the "route" to strategic improvement?

The implementation of imagery and video feedback programs has become an important tool for aiding athletes in achieving peak performance (Halliwell, 1990). The purpose of the study was to determine the effect of strategic imagery training and video feedback on immediate performance. Participants were two university goaltenders. An alternating treatment design (ATD; Barlow & Hayes, 1979; Tawney & Gast, 1984) was employed. The strategies were investigated using three plays originating from the right side by a right-handed shooting defenceman from the blueline. The baseline condition consisted of six practices and was used to establish a stable and "ideal" measure of performance. The intervention conditions included alternating the use of strategic imagery (Cognitive general; Paivio, 1985) and video feedback. Both participants demonstrated an increase in the frequency of Cognitive general use. Specific and global performance measures were assessed to determine the relative effectiveness of the interventions. Poor inter-rater reliability resulted in the elimination of specific performance measures. Consequently, only the global measure (i.e., save percentage) was used in subsequent analyses. Visual inspection of participant save percentage was conducted to determine the benefits of the intervention. Strategic imagery training resulted in performance improvements for both participants. Video feedback facilitated performance for Participant 2, but not Participant 1. Results are discussed with respect to imagery and video interventions and the challenges associated with applied research. KEYWORDS: imagery, video, goaltenders, alternating treatment design.

Disrupting heterosexual space? : the implementation of a campus Positive Space Campaign

Drawing on a growing literature on the interconnection of queer theory, sexuality and space, this thesis critically assesses the development, implementation and impact of a campus-based Positive Space Campaign aimed at raising the visibility and number of respectful, supportive, educational and welcoming spaces for lesbian, gay, bi, trans, two-spirited, queer and questioning (LGBTQ) students staff and faculty. The analysis, based on participatory action research (PAR), interrogates the extent to which the Positive Space Campaign challenges heteronormativity on campus. I contend that the Campaign, in its attempt to challenge dominant notions of sex, gender and sexuality, disrupts heterosexual space. Further, as I consider the meanings of 'queer', I consider the extent to which Positive Space Campaigns may be 'queering' space, by contributing to an 'imagined' campus space free of sexual and gender-based discrimination. The case study contributes to queer theory, the literature on sexuality and space, the literature on queer organizing in educational spaces and to broader queer organizing efforts in Canada.

An investigation on peer feedback for EFL students ages 10 to 14 /

The purpose of this study was to leam more about how EFL (English as Foreign Language) students interacted during peer feedback conferences. Thirty EFL students from Mexico aged 10 to 14 years old participated in this study. The following four main questions were addressed: 1 . What criteria did the students use to evaluate their peers' writing? 2. What revisions were made in relation to peer feedback comments? 3. What was the students' behaviour like during peer feedback conferences? 4. What were the students' perceived attitudes concerning peer feedback conferences? Each of the 30 students wrote a first and a second draft and then took part in a peer feedback conference. All students were interviewed and asked to rate a story and provide a peer feedback comment for the author during interview. The study found that the EFL students were able to provide comments to their peers' writing, but only after their third conference were they actually able to provide higher level comments. The majority of students said that they liked peer feedback sessions. The results also indicated that the students needed more practice with their revisions because they did not make a lot of revisions to make their writing clearer with fewer mistakes. This study concludes that there still needs to be further research. First of all, it would be useful to conduct a similar study with EFL students but one that is conducted over a longer period of time in order to determine if the students continued to develop their peer feedback comments and revision strategies.

Longitudinal associations between passions and adjustment in adolescence: Positive mood and unstructured leisure activities as mediators

Passions are activities that people find important, like or enjoy, and on which they spend large amounts of time. Research examining passions in adolescence has been limited, despite a tendency for adolescents to explore their identity by trying new activities (Dworkin et aI., 2003). The purpose of the present study was to examine the association between adolescent passions and positive adjustment (psychological well-being, optimism, purpose in life, and low risktaking), as well as investigate possible underlying mechanisms for the link between passions and adjustment. High school students (N=2270, 48.7% female) from Southern Ontario completed questionnaires in grades 10, 11, and 12. Path analyses were conducted to examine cross-lag paths among all study variables. Passions predicted higher optimism and purpose, as well as lower negative risk-taking, over time, but these adjustment indicators in tum did not predict higher passions over time. Additionally, positive mood and unstructured leisure activities partially mediated these associations. Passions appears to be important for adolescent adjustment, and may serve as a protective factor or help to foster thriving.

Hot cognition and activation of the medial prefrontal cortex: Self-regulating in contexts involving motivational pressures

The medial prefrontal cortex (mPFC) is involved in performance-monitoring and has been implicated in the generation of several electrocortical responses associated with self-regulation. The error-related negativity (ERN), the inhibitory Nogo N2 (N2), and the feedback-related negativity (FRN) are event-related potential (ERP) components which reflect mPFC activity associated with feedback to behavioural (ERN, N2) and environmental (FRN) consequences. Our main goal was to determine whether or not rnPFC activation varies as a function of motivational context (e.g., those involving performance-related incentives) or the use of internally versus externally generated feedback signals (i.e., errors). Additionally, we assessed medial prefrontal activity in relation to individual differences in personality and temperament. Participants completed a combination of tasks in which performance-related incentives were associated with task performance and feedback generated from internal versus external responses. MPFC activity was indexed using both ERP scalp voltage peaks and intracerebral current source density (CSD) of dorsal and ventral regions. Additionally, participants completed several questionnaires assessing personality and temperament styles. Given previous studies have shown that enhanced mPFC activity to loss (or negative) feedback, we expected that activity in the mPFC would generally be greater during the Loss condition relative to the Win condition for both the ERN and N2. Also, due to the evidence that the (vmPFC) is engaged in arousing contexts, we hypothesized that activity in the ventromedial prefrontal cortex (vmPFC) would be greater than activity in the dorsomedial prefrontal cortex (dmPFC), especially in the Loss condition of the GoNogo task (ERN). Similarly, loss feedback in the BART (FRN) was expected to engage the vmPFC more than the dmPFC. Finally, we predicted that persons rating themselves as more willing to engage in approach-related behaviours or to exhibit rigid cognitive styles would show reduced activity of the mPFC. Overall, our results emphasize the role of affective evaluations of behavioural and environmental consequences when self-regulating. Although there were no effects of context on brain activity, our data indicate that, during the time of the ERN and N2 on the MW Go-Nogo task and the FRN on the BART, the vrnPFC was more active compared to the dmPFC. Moreover, regional recruitment in the mPFC was similar across internally (ERN) and externally (FRN) generated errors signals associated with loss feedback, as reflected by relatively greater activity in the vmPFC than the dmPFC. Our data also suggest that greater activity in the mPFC is associated with better inhibitory control, as reflected by both scalp and CSD measures. Additionally, deactivation of the subgenual anterior cingulate cortex (sgACC) and lower levels of self-reported positive affect were both related to increased voluntary risk-taking on the BART. Finally, persons reporting higher levels of approach-related behaviour or cognitive rigidity showed reduced activity of the mPFC. These results are in line with previous research emphasizing that affect/motivation is central to the processes reflected by mediofrontal negativities (MFNs), that the vmPFC is involved in regulating demands on motivational/affective systems, and that the underlying mechanisms driving these functions vary across both individuals and contexts.

Managerial Risk-Taking and CEO Excess Compensation

This paper examines risk taking and CEO excess compensation problems in U.S firms to determine their impact on shareholders wealth. Literature suggests a positive effect of CEO incentive risk and strong corporate governance on CEO risk taking. Furthermore, the strong governance mitigates excess compensation problem. Controlling for governance quality and incentive risk, I provide empirical evidence of a significant association between risk taking and CEO excess compensation. When I also control for pay-performance sensitivity (delta) and feedback effects of incentive compensation on CEO risk taking, I find that higher use of incentive pay encourages risk taking, and due to a high exposure to risk CEOs draws excess compensation. Furthermore, I find that the excess compensation problem is more serious with CEOs taking high risk than with those taking low risk. Finally, I find that CEO risk taking also has structural impacts on CEO compensation