Do retail option traders know better about market volatility?

This paper examines the informational content and predictive power of implied volatility over different forecasting horizons in a sample of European covered warrants traded in the Hong Kong and Singapore markets. The empirical results show that time-series-based volatility forecasts outperform implied volatility forecast as a predictor of future volatility. The finding also suggests that implied volatility is biased and informationally inefficient. The results are attributable to the fact in Hong Kong and Singapore the covered warrants markets are dominated by retail investors, who tend to use covered warrants' leverage to speculate on the price movements of the underlying rather than to express their view on volatility.

Comprehensive look at the re-examination of the re-valuation effect of auditor switch and its determinants in Malaysia : a post crises analysis from Bursa Malaysia

This study examines economic rational for auditor switch and its impact on share revaluation of 51 switched firms main board of Bursa Malaysia for the post crisis period (1997-2002). This study adopted both logistic regression model and event study methodology to examine the determinants of auditor switches and its impact to share price. Findings show that the auditor switch decision of Malaysian listed finns for post crisis period has been partly explained by audit report, turnover growth and firm's performance. While, findings suggest no significant evidence of wealth effect from auditor switch announcements once switches were divided along the line of auditor switch type, different findings emerged.

Internet-based psychological and oral medical treatment compared to psychological treatment alone for ED

Introduction. Sexual function through pregnancy and the postpartum period is an important aspect of quality of life.
Despite this, prospective studies are limited, and the impact of body image on sexual function has not been explored.
Aims. The current study reports on a pilot study that evaluated the effectiveness of a combined Internet-based
psychological treatment program and oral medication compared to an Internet-based psychological program.
Methods. Twelve men with ED participated in the study.
Main Outcome Measures. Assessments were made pre and postintervention on ED, relationship satisfaction, sexual
satisfaction, self-esteem, and quality of life.
Results. Multivariate analyses of variance demonstrated that both treatment conditions showed improvements from
pretest to posttest in sexual functioning, relationships, and personal well-being.
Conclusions. This study indicates the importance of targeting psychological and relationship variables in the
treatment of ED. Further research with larger numbers of participants is necessary for a more rigorous evaluation
of treatment programs that combine psychological and medication interventions for ED.

Do retail option traders know better about market volatility?

This paper examines the informational content and predictive power of implied volatility over different forecasting horizons in a sample of European covered warrants traded in the Hong Kong and Singapore markets. The empirical results show that time-series-based volatility forecasts outperform implied volatility forecast as predictors of future volatility. The finding also suggests that implied volatility is biased and informationally inefficient and that covered warrants are typically overvalued. The results are attributable to the fact that, in Hong Kong and Singapore, the covered warrants markets are dominated by retail investors who tend to use covered warrants' leverage to speculate on the price movements of the underlying assets rather than to express their view on volatility. Arbitrage is not possible in the markets as short-selling of covered warrants is prohibited.

Attrition from an internet-based psychological intervention for erectile dysfunction : who is likely to drop out?

The current study evaluated the dropout rate from an internet-based treatment program for erectile dysfunction (ED), and determined reasons for attrition from this program. Only 12 of 40 treatment group men and 19 of 20 control group men completed the post-test measures. Reasons for the men being excluded or dropping out of the study are discussed. These reasons included medical conditions that contributed to their ED, the man's partner not being interested in participating in the program, a lack of motivation from the man, or the time commitment being too demanding.

The hidden martingale restriction in Gram-Charlier option prices

A hidden martingale restriction is developed for option pricing models based on Gram-Charlier expansions of the normal density function. The restriction is hidden behind a reduction in parameter space for the Gram-Charlier expansion coefficients. The resulting restriction is invisible in the option price.

Considerations for appraisers in regard to dummy auction bids

Focuses on the auction process and the practice of dummy bids in Melbourne, Victoria. Techniques employed by a dummy bidder during the auction process for a residential real estate; Effect of dummy bidding on market value; Suggested amendments to the auction process.

Internet-based cognitive behaviour therapy for erectile dysfunction

This thesis involved the development and evaluation of "Rekindle", an internet-based cognitive behaviour therapy (CBT) for erectile dysfunction (ED). For highly motivated couples, "Rekindle" was more effective than no treatment for improving sexual function and relationships. Most men who completed "Rekindle" had maintained treatment gains at 3-month follow-up. The professional portfolio presented 4 case studies which demonstrate that barriers to recovery from early psychosis are often complex and challenging issues, and that effective strategies need to be implemented to overcome these issues during treatment. When insufficient intervention is provided to address these barriers, the likelihood of successful outcome following early psychosis is significantly reduced.

Evaluation of an internet-based psychological intervention for the treatment of erectile dysfunction

Recent research on the treatment of erectile dysfunction (ED) has focused on medical interventions, in particular oral medications. The current study examined the effectiveness of an internet-based psychological intervention for this condition. In total, 31 men (12 in treatment group, 19 in control group) completed the program. The results demonstrated that men who completed the program reported improved erectile functioning and sexual relationship satisfaction and quality. The implications of these findings for the treatment of ED are discussed.

Residential auction clearance rates – what do they really mean?

The residential market in Melbourne is often referred to as the ‘auction capital of the world’ with approximately 30-35% of housing transfers undertaken via the auction process, most of which are conducted on the weekend and then reported in the media the following day. The most quoted measurement of auction success is via the clearance rate which simply indicates the proportion of signed contracts of sale within the auction process. At the same time the clearance rate can have a relatively large variance where the residential market can traditionally range from very good (i.e. a high clearance rate) to very poor (i.e. a low clearance rate). The subsequent effect on the market can directly increase or decrease demand, predominantly based only on this single measure of the perceived level of auction clearance rates only.

This paper examines the concept of the auction clearance rates and the heavy reliance on the only one measure of success (i.e. the clearance rates), regardless of other variables. The emphasis is placed on the auction clearance rate as one measure of demand in the housing market but within the context of the definition of market value i.e. willing buyer-willing seller. This is supported by a discussion about other variables including the asking price, the auction process itself, marketing considerations and seasonal adjustments. The findings provide an insight into how to correctly interpret the auction clearance rate in the context of the overall supply-demand interactions. Whilst the auction process is clearly an integral part of the residential transfer process it is essential that the auction clearance rate is used with caution and also in conjunction with other variables.

Better off dead? Prices realised for Australian paintings sold at auction

Using auction sales data on Australian paintings over the period 1995 and 2003 we investigate the relationship between artists‟ living status and the price of paintings sold at auction. For deceased artists we consider the time since their death and for living artists their conditional life expectancy. Hedonic regression analysis is applied separately to the data on Indigenous and non-Indigenous paintings. Comparing the modelling results across Indigenous and non-Indigenous paintings we see evidence of two different patterns of response to an artist‟s living status. Both yield non-linear impacts but for Indigenous paintings these are quadratic and for non-Indigenous they are quartic. Thus the response to living status in the more recent market for Indigenous paintings is different to the more established market for non-Indigenous paintings. Whilst the responses differ for the two types of paintings, in answer to the question posed and in terms of the price of a painting at auction an artist is better off long dead or close to death.

Examining ‘Latinidad’ in Latin America: race, ‘Latinidad’ and the decolonial option

This article provides a critical account of the idea of race, conceived of and derived from European colonisers in the New World. The paper argues that race became a crucial category to the colonising projects of the New World, and in particular in the distribution of power during colonialism. The paper further examines how the notion of Latinidad (Latinity), entrenched in the term Latin America, continued to enact a discourse of racial superiority/inferiority even after the battles for Independence had taken place. Employing the critical vocabulary and framework of Decolonial theory, the paper introduces key arguments against Western European universality, and calls for a re-reading of the processes that structure privilege across racial and ethnic lines.

Re-making jobs : enacting and learning work practices

This paper takes up understandings of organisations where practices constitute and frame past and present work, as well as future work practice possibilities. Within this view, work practices, and thus organisations, are both perpetuated and varied through employees’ enactments of work. Using a practice lens, we are particularly interested in the ways workers simultaneously maintain and alter practices in their workplace—we characterise this as re-making one’s job. This perspective challenges ways in which managers often depict jobs and everyday work—as rational, linear and easily describable. We suggest that workers at various levels of responsibility contribute more to the formation of organisational practices than is often assumed. The processes of re-making jobs and remaking organisational practices create tensions that we posit as sites for learning. This paper addresses these issues through a focus on work practices in two Australian organisations that have been undergoing significant cultural change.

Call auction transparency and market liquidity: Evidence from China

This paper uses the natural experiment offered by the Shanghai Stock Exchange to investigate the impact of opening call auction transparency on market liquidity. We find that the dissemination of indicative trade information during the pre-open call auction session leads to an overall improvement in stock liquidity in the continuous trading session. Bid-ask spreads narrow in the first trading hour because adverse selection risk fell significantly and there is less price volatility in the continuous market. This effect is greater for actively traded securities than illiquid securities. Our findings are robust for different lengths of sample period, different lengths of trading hours after market open, and stocks that had (and had not) reformed the share split structure during our research period.

Estratégia de migração de aplicações legadas visuais (tipo WIMP) para o ambiente Web

O sucesso da Internet como plataforma de distribuição de sistemas de informação encoraja organizações a disponibilizar serviços presentes em seus sistemas legados nesse ambiente. Uma parte desses sistemas foi desenvolvida na fase inicial do desenvolvimento das aplicações cliente/servidor para banco de dados, usando ambientes visuais com interfaces gráficas tipo WIMP, implementadas sob o paradigma procedimental/estruturado, baseado em objetos e eventos. Como conseqüência, produziu-se sistemas legados difíceis de manter, evoluir e adaptar a novas tecnologias e arquiteturas, pois os projetos desenvolvidos não seguiam, na maioria das vezes, os bons preceitos e práticas modernas defendidas na Engenharia de Software. O objetivo deste trabalho é propor uma metodologia para migrar sistemas legados com as características citadas acima para a plataforma Web. O processo de migração proposto destaca duas estratégias: a elaboração de modelos de classes conceituais da aplicação e o tratamento dado à interface do usuário, para serem utilizados na reconstrução de uma nova aplicação. O processo é baseado em técnicas e métodos de engenharia reversa, que visa obter abstrações por meio de análise estática e dinâmica da aplicação. Na análise dinâmica, destaca-se o mecanismo para recuperar aspectos dos requisitos funcionais do sistema legado e representá-los na ferramenta denominada UC/Re (Use Case para Reengenharia). Todos os artefatos gerados durante o processo podem ser armazenados em um repositório, representando os metamodelos construídos na metodologia. Para delimitar e exemplificar o processo, escolheu-se como domínio de linguagem de programação do software legado, o ambiente Delphi (sob a linguagem Object Pascal). É proposto também um ambiente CASE, no qual é descrito o funcionamento de um protótipo que automatiza grande parte das funcionalidades discutidas nas etapas do processo. Algumas ferramentas desenvolvidas por terceiros são empregadas na redocumentação do sistema legado e na elaboração dos modelos UML do novo sistema. Um estudo de caso, apresentando uma funcionalidade específica de um sistema desenvolvido em Delphi, no paradigma procedimental, é usado para demonstrar o protótipo e serve de exemplo para a validação do processo. Como resultado do processo usando o protótipo, obtém-se o modelo de classes conceituais da nova aplicação no formato XMI (formato padrão para exportação de modelos UML), e gabaritos de páginas em HTML, representando os componentes visuais da interface original na plataforma Web.