Explaining turn of the year order flow imbalance

The paper provides evidence of a turn of the year effect in the order flow imbalance of both retail and institutional investors. In December there is net selling pressure which is reversed in January. We examine high frequency intraday order flow information and find that the changes in order flow imbalance between December and January are related to firm risk factors and characteristics. We find that retail order flow imbalances are associated with a wide range of risk characteristics including beta, illiquidity and unsystematic risk. Imbalances in institutional order flow are associated with only a small number of risk variables. We show that these order flow changes are important because risk premiums are elevated in January. Our results are robust to the effects of decimalization.

"Belonging” in the gentrified Golden Horn/Halic neighbourhoods of Istanbul

Mainstream gentrification research predominantly examines experiences and motivations of the middle-class gentrifier groups, while overlooking experiences of non-gentrifying groups including the impact of in situ local processes on gentrification itself. In this paper, I discuss gentrification, neighbourhood belonging and spatial distribution of class in Istanbul by examining patterns of belonging both of gentrifiers and non-gentrifying groups in historic neighbourhoods of the Golden Horn/Halic. I use multiple correspondence analysis (MCA), a methodology rarely used in gentrification research, to explore social and symbolic borders between these two groups. I show how gentrification leads to spatial clustering by creating exclusionary practices and eroding social cohesion, and illuminate divisions that are inscribed into the physical space of the neighbourhood.