Can company-fund manager meetings convey informational benefits? Exploring the rationalisation of equity investment decision making by UK fund managers

Conventional economic theory, applied to information released by listed companies, equates ���useful��� with ���price-sensitive���. Stock exchange rules accordingly prohibit the selec- tive, private communication of price-sensitive information. Yet, even in the absence of such communication, UK equity fund managers routinely meet privately with the senior execu- tives of the companies in which they invest. Moreover, they consider these brief, formal and formulaic meetings to be their most important sources of investment information. In this paper we ask how that can be. Drawing on interview and observation data with fund managers and CFOs, we find evidence for three, non-mutually exclusive explanations: that the characterisation of information in conventional economic theory is too restricted, that fund managers fail to act with the rationality that conventional economic theory assumes, and/or that the primary value of the meetings for fund managers is not related to their investment decision making but to the claims of superior knowledge made to clients in marketing their active fund management expertise. Our findings suggest a disconnect between economic theory and economic policy based on that theory, as well as a corre- sponding limitation in research studies that test information-usefulness by assuming it to be synonymous with price-sensitivity. We draw implications for further research into the role of tacit knowledge in equity investment decision-making, and also into the effects of the principal���agent relationship between fund managers and their clients.

Evaluating explanations about drug prescriptions: effects of varying the nature of information about side effects and its relative position in explanations

This study evaluates computer-generated written explanations about drug prescriptions that are based on an analysis of both patient and doctor informational needs. Three experiments examine the effects of varying the type of information given about the possible side effects of the medication, and the order of information within the explanation. Experiment 1 investigated the effects of these two factors on people's ratings of how good they consider the explanations to be and of their perceived likelihood of taking the medication, as well as on their memory for the information in the explanation. Experiment 2 further examined the effects of varying information about side effects by separating out the contribution of number and severity of side effects. It was found that participants in this study did not ���like��� explanations that described severe side effects, and also judged that they would be less likely to take the medication if given such explanations. Experiment 3 therefore investigated whether information about severe side effects could be presented in such a way as to increase judgements of how good explanations are thought to be, as well as the perceived likelihood of adherence. The results showed some benefits of providing additional explanatory information.

The neural processing of masked speech: Evidence for different mechanisms in the left and right temporal lobes

It has been previously demonstrated that extensive activation in the dorsolateral temporal lobes associated with masking a speech target with a speech masker, consistent with the hypothesis that competition for central auditory processes is an important factor in informational masking. Here, masking from speech and two additional maskers derived from the original speech were investigated. One of these is spectrally rotated speech, which is unintelligible and has a similar (inverted) spectrotemporal profile to speech. The authors also controlled for the possibility of ���glimpsing��� of the target signal during modulated masking sounds by using speech-modulated noise as a masker in a baseline condition. Functional imaging results reveal that masking speech with speech leads to bilateral superior temporal gyrus (STG) activation relative to a speech-in-noise baseline, while masking speech with spectrally rotated speech leads solely to right STG activation relative to the baseline. This result is discussed in terms of hemispheric asymmetries for speech perception, and interpreted as showing that masking effects can arise through two parallel neural systems, in the left and right temporal lobes. This has implications for the competition for resources caused by speech and rotated speech maskers, and may illuminate some of the mechanisms involved in informational masking.

The neural processing of masked speech: evidence for different mechanisms in the left and right temporal lobes

It has been previously demonstrated that extensive activation in the dorsolateral temporal lobes associated with masking a speech target with a speech masker, consistent with the hypothesis that competition for central auditory processes is an important factor in informational masking. Here, masking from speech and two additional maskers derived from the original speech were investigated. One of these is spectrally rotated speech, which is unintelligible and has a similar (inverted) spectrotemporal profile to speech. The authors also controlled for the possibility of "glimpsing" of the target signal during modulated masking sounds by using speech-modulated noise as a masker in a baseline condition. Functional imaging results reveal that masking speech with speech leads to bilateral superior temporal gyrus (STG) activation relative to a speech-in-noise baseline, while masking speech with spectrally rotated speech leads solely to right STG activation relative to the baseline. This result is discussed in terms of hemispheric asymmetries for speech perception, and interpreted as showing that masking effects can arise through two parallel neural systems, in the left and right temporal lobes. This has implications for the competition for resources caused by speech and rotated speech maskers, and may illuminate some of the mechanisms involved in informational masking.

An information approach to the dynamics in farm income: implications for farmland markets

The valuation of farmland is a perennial issue for agricultural policy, given its importance in the farm investment portfolio. Despite the significance of farmland values to farmer wealth, prediction remains a difficult task. This study develops a dynamic information measure to examine the informational content of farmland values and farm income in explaining the distribution of farmland values over time.

FACSGen: a tool to synthesize emotional facial expressions through systematic manipulation of facial action units

To investigate the perception of emotional facial expressions, researchers rely on shared sets of photos or videos, most often generated by actor portrayals. The drawback of such standardized material is a lack of flexibility and controllability, as it does not allow the systematic parametric manipulation of specific features of facial expressions on the one hand, and of more general properties of the facial identity (age, ethnicity, gender) on the other. To remedy this problem, we developed FACSGen: a novel tool that allows the creation of realistic synthetic 3D facial stimuli, both static and dynamic, based on the Facial Action Coding System. FACSGen provides researchers with total control over facial action units, and corresponding informational cues in 3D synthetic faces. We present four studies validating both the software and the general methodology of systematically generating controlled facial expression patterns for stimulus presentation.

Permanent trading impacts and bond yields

We analyze four years of transaction data for euro-area sovereign bonds traded on the MTS electronic platforms. In order to measure the informational content of trading activity, we estimate the permanent price response to trades. We find not only strong evidence of information asymmetry in sovereign bond markets, but we also show the relevance of information asymmetry in explaining the cross-sectional variations of bond yields across a wide range of bond maturities and countries. Our results confirm that trades of more recently issued bonds and longer maturity bonds have a greater permanent effect on prices. We compare the price impact of trades for bonds across different maturity categories and find that trades of French and German bonds have the highest long-term price impact in the short maturity class whereas trades of German bonds have the highest permanent price impacts in the long maturity class. More importantly, we study the cross-section of bond yields and find that after controlling for conventional factors, investors demand higher yields for bonds with larger permanent trading impact. Interestingly, when investors face increased market uncertainty, they require even higher compensation for information asymmetry.

How level and type of deafness affects user perception of multimedia video clips

Our research investigates the impact that hearing has on the perception of digital video clips, with and without captions, by discussing how hearing loss, captions and deafness type affects user QoP (Quality of Perception). QoP encompasses not only a user's satisfaction with the quality of a multimedia presentation, but also their ability to analyse, synthesise and assimilate informational content of multimedia . Results show that hearing has a significant effect on participants��� ability to assimilate information, independent of video type and use of captions. It is shown that captions do not necessarily provide deaf users with a ���greater level of information��� from video, but cause a change in user QoP, depending on deafness type, which provides a ���greater level of context of the video���. It is also shown that post-lingual mild and moderately deaf participants predict less accurately their level of information assimilation than post-lingual profoundly deaf participants, despite residual hearing. A positive correlation was identified between level of enjoyment (LOE) and self-predicted level of information assimilation (PIA), independent of hearing level or hearing type. When this is considered in a QoP quality framework, it puts into question how the user perceives certain factors, such as ���informative��� and ���quality���.

Stars in their eyes: what eye-tracking reveal about multimedia perceptual quality

Perceptual multimedia quality is of paramount importance to the continued take-up and proliferation of multimedia applications: users will not use and pay for applications if they are perceived to be of low quality. Whilst traditionally distributed multimedia quality has been characterised by Quality of Service (QoS) parameters, these neglect the user perspective of the issue of quality. In order to redress this shortcoming, we characterise the user multimedia perspective using the Quality of Perception (QoP) metric, which encompasses not only a user���s satisfaction with the quality of a multimedia presentation, but also his/her ability to analyse, synthesise and assimilate informational content of multimedia. In recognition of the fact that monitoring eye movements offers insights into visual perception, as well as the associated attention mechanisms and cognitive processes, this paper reports on the results of a study investigating the impact of differing multimedia presentation frame rates on user QoP and eye path data. Our results show that provision of higher frame rates, usually assumed to provide better multimedia presentation quality, do not significantly impact upon the median coordinate value of eye path data. Moreover, higher frame rates do not significantly increase level of participant information assimilation, although they do significantly improve overall user enjoyment and quality perception of the multimedia content being shown.

Impact of captions on deaf and hearing perception of multimedia video clips

We investigate the impact of captions on deaf and hearing perception of multimedia video clips. We measure perception using a parameter called Quality of Perception (QoP), which encompasses not only a user's satisfaction with multimedia clips, but also his/her ability to perceive, synthesise and analyse the informational content of such presentations. By studying perceptual diversity, it is our aim to identify trends that will help future implementation of adaptive multimedia technologies. Results show that although hearing level has a significant affect on information assimilation, the effect of captions is not significant on the objective level of information assimilated. Deaf participants predict that captions significantly improve their level of information assimilation, although no significant objective improvement was measured. The level of enjoyment is unaffected by a participant���s level of hearing or use of captions.

Infotainment across access devices: the perceptual impact of multimedia QoS

The introduction of multimedia on pervasive and mobile communication devices raises a number of perceptual quality issues. However, limited work has been done examining the 3-way interaction between use of equipment, user perceptual quality and quality of service. Our work measures user perceptual quality with the quality of perception (QoP) metrics which comprises levels of informational transfer (objective) and user satisfaction (subjective) when users are presented with multimedia video clips at three different frame rates, using four different display devices. Finally, our results will show that variation in frame-rate does not impact a user���s level of information assimilation (IA), however, does impact a users��� perception of multimedia video ���quality���.

Pronoun processing in Broca's aphasia: discourse-syntax effects in ambiguous anaphora resolution

Background: The interpretation of ambiguous subject pronouns in a null subject language, like Greek, requires that one possesses grammatical knowledge of the two subject pronominal forms, i.e., null and overt, and that discourse constraints regulating the distribution of the two pronouns in context are respected. Aims: We investigated whether the topic-shift feature encoded in overt subject pronouns would exert similar interpretive effects in a group of seven participants with Broca���s aphasia and a group of language-unimpaired adults during online processing of null and overt subject pronouns in referentially ambiguous contexts. Method & Procedures: An offline picture���sentence matching task was initially administered to investigate whether the participants with Broca���s aphasia had access to the gender and number features of clitic pronouns. An online self-paced listening picture-verification task was subsequently administered to examine how the aphasic individuals resolve pronoun ambiguities in contexts with either null or overt subject pronouns and how their performance compares to that of language-unimpaired adults. Outcomes & Results: Results demonstrate that the Broca group, along with controls, had intact access to the morphosyntactic features of clitic pronouns. However, the aphasic individuals showed decreased preference for non-salient antecedents in object position during the online resolution of ambiguous overt subject pronouns and preferred to pick the subject antecedent instead. Conclusions: Broca���s aphasic participants��� parsing decisions in the online task reflect their difficulty with establishing topic-shifted interpretations of the ambiguous overt subject pronouns. The presence of a local topic-shift effect in the immediate temporal vicinity of the overt pronoun suggests that sensitivity to the marked informational status of overt pronouns is preserved in the aphasic individuals, yet, it is blocked under conditions of global sentential processing.

Sociodemographic determinants of diet quality of the EU elderly: a comparative analysis in four countries

Objective: To investigate the sociodemographic determinants of diet quality of the elderly in four EU countries. Design: Cross-sectional study. For each country, a regression was performed of a multidimensional index of dietary quality v. sociodemographic variables. Setting In Finland, Finnish Household Budget Survey (1998 and 2006); in Sweden, SNAC-K (2001���2004); in the UK, Expenditure & Food Survey (2006���07); in Italy, Multi-purpose Survey of Daily Life (2009). Subjects: One- and two-person households of over-50s (Finland, n 2994; UK, n 4749); over-50 s living alone or in two-person households (Italy, n 7564); over-60 s (Sweden, n 2023). Results: Diet quality among the EU elderly is both low on average and heterogeneous across individuals. The regression models explained a small but significant part of the observed heterogeneity in diet quality. Resource availability was associated with diet quality either negatively (Finland and UK) or in a non-linear or non-statistically significant manner (Italy and Sweden), as was the preference for food parameter. Education, not living alone and female gender were characteristics positively associated with diet quality with consistency across the four countries, unlike socio-professional status, age and seasonality. Regional differences within countries persisted even after controlling for the other sociodemographic variables. Conclusions: Poor dietary choices among the EU elderly were not caused by insufficient resources and informational measures could be successful in promoting healthy eating for healthy ageing. On the other hand, food habits appeared largely set in the latter part of life, with age and retirement having little influence on the healthiness of dietary choices.