Insider Trading in Germany - Do Corporate Insiders Exploit Inside Information?

Our study focuses on the question whether corporate insiders in Germany exploit inside information while trading in their company’s stock. In contrast to prior international studies, which are not able to link insider transactions to a formal definition of inside information, we relate insider transactions to subsequent releases of inside information via ad-hoc news disclosures. We find evidence that corporate insiders as a group seem to trade on inside information. Moreover, members of the supervisory board seem to be most active in exploiting inside information, since they realize exceptionally high profits with their frequent front-running transactions.

Chinese Internet language: A sociolinguistic analysis of adaptations of the Chinese writing system

This paper examines the adaptations of the writing system in Internet language in mainland China from a sociolinguistic perspective. A comparison is also made of the adaptations in mainland China with those that Su (2003) found in Taiwan. In Computer-Mediated Communication (CMC), writing systems are often adapted to compensate for their inherent inadequacies (such as difficulty in input). Su (2003) investigates the creative uses of the writing system on the electronic bulletin boards (BBS) of two college student organizations in Taipei, Taiwan, and identifies four popular and creative uses of the Chinese writing system: stylized English, stylized Taiwanese-accented Mandarin, stylized Taiwanese, and the recycling of a transliteration alphabet used in elementary education. According to Coupland (2001; cited in Su 2003), stylization is “the knowing deployment of culturally familiar styles and identities that are marked as deviating from those predictably associated with the current speaking context”. Within this framework and drawing on the data in previous publications on Internet language and online sources, this study identifies five types of adaptations in mainland China’s Internet language: stylized Mandarin (e.g., 漂漂 piāopiāo for 漂亮 ‘beautiful’), stylized dialect-accented Mandarin (e.g., 灰常 huīcháng for 非常 ‘very much’), stylized English (e.g., 伊妹儿 yīmèier for ‘email’), stylized initials (e.g., bt 变态 biàntài for ‘abnormal’; pk, short form for ‘player kill’), and stylized numbers (e.g., 9494 jiùshi jiùshi 就是就是 ‘that is it’). The Internet community is composed of highly mobile individuals and thus forms a weak-tie social network. According to Milroy and Milroy (1992), a social network with weak ties is often where language innovation takes place. Adaptations of the Chinese writing system in Internet language provide interesting evidence for the innovations within a weak-tie social network. Our comparison of adaptations in mainland China and Taiwan shows that, in maximizing the effectiveness and functionality of their communication, participants of Internet communication are confronted with different language resources and situations, including differences in Romanization systems, English proficiency level, and attitudes towards English usage. As argued by Milroy and Milroy (1992), a weak-tie social network model can bridge the social class and social network. In the Internet community, the degree of diversity of the stylized linguistic varieties indexes the virtual and/or social status of its participants: the more diversified one’s Internet language is, the higher is his/her virtual and/or social status.

Matching form with content

Successful computer-supported distance education requires that its enabling technologies are accessible and usable anywhere. They should work seamlessly inside and outside the information superhighway, wherever the target learners are located, without obtruding on the learning activity. It has long been recognised that the usability of interactive computer systems is inversely related to the visibility of the implementing technologies. Reducing the visibility of technology is especially challenging in the area of online language learning systems, which require high levels of interactivity and communication along multiple dimensions such as speaking, listening, reading and writing. In this article, the authors review the concept of invisibility as it applies to the design of interactive technologies and appliances. They describe a specialised appliance matched to the requirements for distance second language learning, and report on a successful multi-phase evaluation process, including initial field testing at a Thai open university.

Matching form with content

Successful computer-supported distance education requires that its enabling technologies are accessible and usable anywhere. They should work seamlessly inside and outside the information superhighway, wherever the target learners are located, without obtruding on the learning activity. It has long been recognised that the usability of interactive computer systems is inversely related to the visibility of the implementing technologies. Reducing the visibility of technology is especially challenging in the area of online language learning systems, which require high levels of interactivity and communication along multiple dimensions such as speaking, listening, reading and writing. In this article, the authors review the concept of invisibility as it applies to the design of interactive technologies and appliances. They describe a specialised appliance matched to the requirements for distance second language learning, and report on a successful multi-phase evaluation process, including initial field testing at a Thai open university.