There is something about pairs trading

The process of pairs trading involves exhaustively matching and ranking pairwise stocks based on some prespecified measure of closeness; e.g., correlation, cointegration, sum-of-squared price difference. Pairs trading is popular for various reasons. It is simple to follow and execute. The pairwise portfolio can be nearly market-neutral, such that it does not require the comprehensive analysis of macroeconomic news. Since it is based on relative valuation, the actual worth of individual firms is not a pertinent consideration. The strategy is sufficiently flexible to accommodate various investment styles. Lastly, it does not evoke frequent intraday rebalancing, such that pairs trading can be automated to a certain extent and be cost-feasibly profitable. Despite its long history on Wall Street, pairs trading remains elusive in nature. The academic attention it attracts is modest compared to contrarian and momentum trading.

Today's news tomorrow : researching archival television

Television may be the most pervasive medium of mass communication but, unlike the print media. Australian television news and current affairs have largely defied the efforts of researchers to mount comprehensive retrospective research into their form and content. This paper looks at the reasons for the dearth of this research. It considers the technical and the policy issues involved in preserving Australian television and argues that media researchers need to take a greater interest in the preservation of and access to archival television.

News values and country non-daily reporting

Australia's country, non-daily newspapers present journalism graduates with excellent opportunities to get a foot in the door, experience a wide range of journalistic responsibilities and compile an impressive portfolio. However, tertiary journalism courses largely ignore the unique news values, issues and challenges involved with country non-daily reporting. Considering a large percentage of future journalists are likely to enter the industry on a country non-daily, journalism education's current attitude has serious implications for the profession. However, this situation cannot be rectified until these specific news values, issues and challenges have been documented in order for them to be integrated into pedagogical models. This article documents the country non-daily's news values, issues and challenges, and indicates their importance to journalism training and education.

Just 'good and bad news'? Disciplinary imaginaries of head teachers in Australian and English print media

Australian and English print media are actively engaged in producing reports that claim to find the 'best schools', the 'real state of education', and 'star head teachers'. This article considers the production of knights and dames, maverick heads and struggling schools. It argues that some of these stories are clearly the products of departmental press bureau activities and policy agendas. It shows, however, that even those stories intended to critique government policy support paradoxically a notion of the singular importance of the headship and the virtues of heroic leadership. It is suggested that the simulacrum of the heroic head works as a normative disciplinary device for performative and market practices and is singularly off-putting to both serving and aspirant school leaders.

User-generated content and the changing news cycle

Blogs represent a major development in media consumption and practice.  The Pew Center in the United States reported in mid-2005 that about eight million Americans had created blogs and 32 million read them.  That's equivalent to two-thirds the number of people who read a daily newspaper during a week, a challenging giguew in the context of dwindling circulations.  Blogs represent the start of the 'personal media' revolution, but are only the tip of a range of new media developments.  This paper describes the blog phenomenon and notes its arrival via a series of major new stories.  It suggests we are seeing the emergence of a new news cycle, as blogs and other internet-based media usurp broadcast's role in breaking news.  The paper describes a range of emerging digital journalism forms that make up the 'personal media' revolution.  These include blogs delivered via mobile phones (moblogs); video-based blogs (v-logs); newspapers' use of podcasting to deliver content; and wikis, or peer-generated online content. The media's reaction to this new form of content is described, and the other concludes by looking at the forces driving this new form of journalism.

Granger causality among house price and macroeconomic variables in Victoria

This study analyses the dynamic causality of four macroeconomic variables on house prices. The four macroeconomic variables have interrelationships with house prices in certain lagged terms, but these relationships are not always the same as the notions put forward in prior research. The relationships are detected to be unstable in the three observation periods. The instability of these relationships would cause difficulty in predicting house prices in the market, especially for policy makers and market participants.

How is gender-based violence covered in the sporting news? An account of the Australian Football League sex scandal

Despite the significant amount of feminist and sociological research devoted to the question of sexual harassment and assault in sport, there has been little accompanying exploration of how the media discuss gender-based violence by sportsmen. This study examines the narratives of gendered behaviour that emerge in stories about Australian rules footballers and violence against women in the sport sections of two major Australian newspapers. As the audience for sport news is primarily male, the way that sexual misconduct by footballers is reported in this section of the newspaper provides an important dimension in theorising how media institutions influence public discourse and understandings of gender.

Intelligent financial news digest system

We present an agent-based system Intelligent Financial News Digest System (IFNDS) for analyzing online financial news articles and associated material. The system can abstract, synthesize, digest, and classify the contents, and assesses whether the report is favorable to any company discussed in the reports. It integrates artificial intelligence technologies including traditional information retrieval and extraction techniques for the news analysis. It makes use of keyword statistics and backpropagation training data to identify companies named in reportage whether it is, evaluatively speaking, positive, negative or neutral. The system would be of use to media such as clipping services, media management, advertising, public relations, public interest, and e-commerce professionals and government non-governmental bodies interested in monitoring the media profiles of corporations, products, and issues.

"Information effect" of economic news: SPI futures

The present study investigates the behaviour of Share Price Index (SPI) futures returns, volatility, and trading volume behaviour around the announcement of Current Account Deficit (CAD), Gross Domestic Product (GDP), and Inflation (CPI). The futures market data are sampled at 1-, 5-, and 10-min intervals at the announcement time. After controlling for risk, a significant positive abnormal return can be earned based on the good news release. However, it is unlikely that traders could make an economic profit by exploiting this effect. In this sense, this futures market returns are found to react efficiently to good news. Volatility behaviour around announcements provides the same conclusion. As for the relationship between returns, volatility, and volume upon information arrival, returns are positively related to trading volume, which is inconsistent with the ‘short sales constraint’ theory. Trading volume is found to increase as the level of volatility rises. The redenomination of the SPI futures and options contract from A$100 to A$25 per basis point is found to increase trading volume in excess of that expected due to the redenomination. However, market return and volatility are unaffected by the redenomination.

Conversations on convergence : insiders' views on news production in the twenty-first century

Convergence is a major topic of discussion at professional and academic journalism conferences and seminars around the world. This book presents the insights of major players and academics in the field of convergence. Here is your chance to read what the experts think about one of the most significant changes that journalism faces. It should be on the desk of all managers keen to know where the future will take us, and on the reading list of every student of journalism and media.