Intraday volatility interaction between the crude oil and equity markets

This paper investigates the price volatility interaction between the crude oil and equity markets in the US using 5-min data over the period 2009-2012. Our main findings can be summarised as follows. First, we find strong evidence to demonstrate that the integration of the bid-ask spread and trading volume factors leads to a better performance in predicting price volatility. Second, trading information, such as bid-ask spread, trading volume, and the price volatility from cross-markets, improves the price volatility predictability for both in-sample and out-of-sample analyses. Third, the trading strategy based on the predictive regression model that includes trading information from both markets provides significant utility gains to mean-variance investors.

Establishing insurance markets in settler economies. a comparison of Australian and South Africa insurance markets, 1820-1910

How did insurance markets in the settler economies of Australia and South Africa develop? This paper investigates the establishment of the local insurance industries in two settler economies in the wake of the absence of comparative studies in the emergence of insurance markets in the periphery. The paper compares conditions in these settler economies and notes the innovative role of local entrepreneurs. British insurance companies extended operations into the British colonies, but local interests emerged to challenge their dominance. Innovations in organisational form, product offerings and distribution channels afforded local entrepreneurs a competitive advantage in the life market. Collusion in the fire market restricted innovative practices and retained foreign control. This article explains the agency of local entrepreneurs in the emergence of insurance markets in two settler societies at the end of the nineteenth century. This historical development path has notable implications for the current development of insurance markets in Africa.

Incomplete recovery of lumbar intervertebral discs 2 years after 60-day bed rest

STUDY DESIGN: Prospective longitudinal study. OBJECTIVE: To evaluate the recovery of the lumbar intervertebral discs after bed rest. SUMMARY OF BACKGROUND DATA: Prolonged bed rest is a useful model to understand the modeling and remodeling of tissues due to disuse and reloading, yet this process in the lumbar intervertebral discs has not been examined in detail. METHODS: A total of 24 male subjects completed 60 days of head-down tilt bed rest as part of the 2nd Berlin BedRest Study and returned for magnetic resonance scanning 180 days (n = 22) and 2 years (n = 21) after bed rest. Lumbar disc volume, anterior and posterior disc height, disc signal intensity, intervertebral length, and lordosis were measured on sagittal plane magnetic resonance images. RESULTS.: Compared with prior to bed rest, increases in disc volume, disc height, and intervertebral length persisted 180 days (P ≤ 0.0004) and 720 days (P ≤ 0.024) after bed rest. Disc signal intensity remained increased 180 days (P = 0.034) after bed rest but was then decreased (P = 0.018) compared with baseline at the next measurement date. CONCLUSION: The recovery of the lumbar intervertebral discs after 60-day bed rest is a prolonged process and incomplete within 2 years.

Competitive and cooperative behavior in embedded markets: developing an institutional perspective on bazaars

In an ethnographic study of a retail setting, we examine relationships among competitors. We find that competitors often emphasize various forms of cooperation, and we describe socio-economic behaviors that illustrate how cooperation transcends or mediates competition among retailers. Retailers selectively cooperate and compete for customers in ways that alter our understandings of concepts such as loyalty and market stability, and practices such as marketing communications and pricing. We highlight the significance of these institutional practices and the role they play in forming and maintaining community in a bazaar.

Embedded markets, communities, and the invisible hand of social norms

The authors'ethnographic work on social norms is intended to unravel the noninstrumental core of embedded markets. In offering a theory of “the invisible hand of social norms,” the authors show that consumer and seller behavior have expressive, moral, and emotional underpinnings that cannot be understood without a broader conceptualization of human motives and actions. This ethnography provides a rich understanding of the role of community and the behavioral dimensions of markets, which in turn helps deconstruct the current axiomatic treatment of transaction-centric markets and to reconstruct the market as a socially embedded institution in which community ties are formed and sustained.

The political economy of markets and development: a case study of health care consumption in the State of Kerala, India

Marketing theory has largely ignored the issue of power in influencing exchanges. Most of the studies either disregard the role of power, or resource power is the only dimension taken into account. In this study, we expand the existing understanding by centrally situating the role of socio-political power in the consumption process. We examine the health care system in the Indian state of Kerala and highlight that socio-political power is a crucial determinant of consumption levels. In the process, we argue that in a resource—constrained Third World society socio-political empowerment is critical to the development process.

Investment banks' entry into new IPO markets and IPO underpricing

We examine the relationship between investment banks' initial public offering (IPO) market shares and their prior IPO underpricing in the new IPO market for China-based companies on the Hong Kong Stock Exchange. To gain expertise in Chinese business practices, investment banks have the incentive to obtain business in this new IPO market by providing high offer prices to the issuer, leading to less underpricing and less money on the table. We hypothesize and find that the less an investment bank underprices Chinabased company IPOs, the greater its subsequent market share of China-based company IPOs in the Hong Kong Stock Exchange. Furthermore, this relationship is driven by a bank's initial China-based company IPO deals. These results suggest that in new IPO markets, investment banks' initial market shares, obtained through lower underpricing, help them grow their market shares in later periods, possibly through the expertise gained in the initial business.

A learning method for Top-N recommendations with incomplete data

In this paper, we tackle the incompleteness of user rating history in the context of collaborative filtering for Top-N recommendations. Previous research ignore a fact that two rating patterns exist in the user × item rating matrix and influence each other. More importantly, their interactive influence characterizes the development of each other, which can consequently be exploited to improve the modelling of rating patterns, especially when the user × item rating matrix is highly incomplete due to the well-known data sparsity issue. This paper proposes a Rating Pattern Subspace to iteratively re-optimize the missing values in each user’s rating history by modelling both the global and the personal rating patterns simultaneously. The basic idea is to project the user × item rating matrix on a low-rank subspace to capture the global rating patterns. Then, the projection of each individual user on the subspace is further optimized according to his/her own rating history and the captured global rating patterns. Finally, the optimized user projections are used to improve the modelling of the global rating patterns. Based on this subspace, we propose a RapSVD-L algorithm for Top-N recommendations. In the experiments, the performance of the proposed method is compared with the state-of-the-art Top-N recommendation methods on two real datasets under various data sparsity levels. The experimental results show that RapSVD-L outperforms the compared algorithms not only on the all items recommendations but also on the long tail item recommendations in terms of accuracy.