Short-term impacts of the cricket match performances on national share markets – a case study of India and Australia

We investigate the impact that investor sentiment can have on stock market following performances by the national cricket teams of India and Australia in one-day cricket matches from 1990 to 2011. Motivated by previous findings of cricket’s impacts on stock markets, this study expands on previous research by investigating whether performances of individuals within the teams can also have an impact on their respective leading stock indices. Using an event study, we find no evidence of player or team performances significantly impacting the stock or futures markets. However, we find evidence of a ‘mood effect’ of poor performance by key players of national cricket teams in terms of significant drop in trading volumes in the following day. Our research poses and statistically examines some interesting questions and opens up the field for further research on this intriguing topic of sporting event impacts on national economies.

Non-tradable share reform, liquidity, and stock returns in China

This article studies the influence of the non-tradable share reform in the cross-section of stock returns in China. Prior research has generally neglected this important development in the Chinese stock market. We find that the firm-specific illiquidity measures that reflect direct transaction costs, price impact and difficulties in trading immediacy, exhibit a positive and significant relationship with stock returns. These effects are particularly pronounced after the non-tradable share reform. Furthermore, in the post-reform era, portfolios with high illiquidity (i.e. high relative bid-ask spread, high Amihud illiquidity, low Amivest liquidity ratio) significantly outperform portfolios with low illiquidity, controlling for size, and book-to-market effects.

Controlling shareholder, expropriations and firm’s leverage decision: Evidence from Chinese Non-tradable share reform

This paper examines the effect of excess control rights on the leverage decisions made by Chinese non-SOEs before and after the Non-tradable share reform (NTS reform). We find that firms with excess control rights have more excess leverage and their controlling shareholders use the resources for tunneling rather than investing in positive NPV projects. We also find that excess leverage in firms with excess control rights decreases and the market reaction to announcements of related party transactions are more positive after NTS reform. This confirms that tunneling by the controlling shareholders actually reduced. We argue that in emerging markets where legal protection for creditors and shareholders is weak, controlling shareholders borrow excess debt to tunnel through inter-corporate loans and related party transactions. Furthermore the privatization of these economies can reduce the controlling shareholders' tunneling activities and associated excess leverage which destroys firm value.

What shall i share and with whom? A multi-task learning formulation using multi-faceted task relationships

Multi-task learning is a learning paradigm that improves the performance of "related" tasks through their joint learning. To do this each task answers the question "Which other task should I share with"? This task relatedness can be complex - a task may be related to one set of tasks based on one subset of features and to other tasks based on other subsets. Existing multi-task learning methods do not explicitly model this reality, learning a single-faceted task relationship over all the features. This degrades performance by forcing a task to become similar to other tasks even on their unrelated features. Addressing this gap, we propose a novel multi-task learning model that leams multi-faceted task relationship, allowing tasks to collaborate differentially on different feature subsets. This is achieved by simultaneously learning a low dimensional sub-space for task parameters and inducing task groups over each latent subspace basis using a novel combination of L1 and pairwise L∞ norms. Further, our model can induce grouping across both positively and negatively related tasks, which helps towards exploiting knowledge from all types of related tasks. We validate our model on two synthetic and five real datasets, and show significant performance improvements over several state-of-the-art multi-task learning techniques. Thus our model effectively answers for each task: What shall I share and with whom?

Vocal negotiation over parental care? Acoustic communication at the nest predicts partners' incubation share

In species with biparental care, individuals adjust their workload to that of their partner to either compensate or match its investment. Communication within a pair might be crucial for achieving this adjustment. Zebra finches, Taeniopygia guttata, form life-long monogamous pair bonds, in which partners are highly coordinated and both incubate the eggs. When relieving each other during incubation, partners perform a structured call duet at the nest. If this duet functions to coordinate incubation workload, disrupting the pair's usual nest-relief pattern by delaying the male's return to the nest should affect the structure of the duet. Using domesticated birds breeding in a large aviary, we found that delaying the male's return induced shorter duets with higher call rates. In addition, we tracked the location of individuals with a transponder at the nest and the feeder, and showed that these accelerated duets were associated with an increased haste of the partners to take turns incubating and foraging. Females also spent less time incubating during their subsequent shift, and females' time off-nest was best predicted by their mate's calling behaviour in the previous duet. Taken together, these results suggest that duets may function as 'vocal negotiation' over parental care.

Spreading the word: using film to share research findings and knowledge about children with disabilities in Vanuatu and Papua New Guinea

While there is increasing international interest in disability inclusive development, people with disability largely remain ‘unseen, unheard and uncounted’ (UN ESCAP 2012:1). Children with disability, particularly, remain excluded from research informing development, and there is a paucity of information that is drawn directly from the self-report of children with disability living in developing countries. This exclusion occurs across all stages of research, including access to research findings. When child research is conducted in such countries, to gain further evidence to support disability inclusive development and advance human rights, researchers must question how findings will be reported back to participants and their communities, and seek a method that is both accessible and culturally relevant. This paper reports on the Voices of Pacific children with disability research project about the human rights of children with disability in Vanuatu and Papua New Guinea (PNG), and focuses on film as a dissemination method. Project researchers developed methods to enhance the participation of children with diverse disabilities as informants, and drew upon community development principles to disseminate research findings via film; a method that resonated with the aural and visual story telling traditions of participants.This medium also included accessibility features that have been utilised by local and international audiences.