ABD Promos, September 2016, Vol. 16, no.9

The ABD Promos Newsletter is produced monthly and details Division announcements, holiday schedules, broker promotions and a newly listed codes clip out section.

ABD Promos, October 2016, Vol. 16, no.10

The ABD Promos Newsletter is produced monthly and details Division announcements, holiday schedules, broker promotions and a newly listed codes clip out section.

As reações do mercado acionista e obrigacionista dos GIPSI às notícias da Troika durante o período de crise financeira: 2010-2013

A zona euro e mais concretamente o conjunto de países constituído por Grécia, Itália, Portugal, Espanha e Irlanda chamado de GIPSI, atravessam uma das maiores crises desde a Grande Depressão. De forma a ajudar estes países mais afetados, um conjunto de organizações internacionais (FMI/BCE/CE) apelidado de Troika, tem unido esforços para debelar as dificuldades de financiamento e criarem políticas de reforma com o objetivo de devolver a independência e potenciar o crescimento económico dos mesmos. As ações e comunicados destas organizações passaram assim a gozar de uma maior visibilidade e interesse por parte dos investidores. Tendo isso em conta, neste trabalho estudamos o impacto das notícias da Troika nos mercados acionista e obrigacionista dos GIPSI, com um maior foco no mercado português. Em Portugal não encontramos evidência de que as notícias diretamente relacionadas com as ações e comunicações da Troika têm efetivamente impactos significativos, quer no mercado acionista, quer no obrigacionista. No entanto, as notícias de carácter internacional sobre a crise, respeitantes aos outros países afetados, impactaram de forma significativa o PSI 20, especialmente quando estas foram boas, assim como outras notícias relativas a avaliações, anúncios de apoio ou críticas de outras organizações europeias e mundiais, bem como como de líderes de países intervenientes na ajuda aos países afetados e anúncios macroeconómicos, sendo que aqui esse impacto foi mais sentido nas más notícias. No mercado obrigacionista, voltamos a ter impactos significativos dos mesmos tipos de notícias juntando-se aqui as notícias relativas às medidas tomadas pelo Governo português e outros agentes governamentais. Os restantes mercados, Espanha e Grécia apresentaram impactos significativos no mercado acionista e obrigacionista, o que nos leva a confirmar estudos anteriores de que notícias relacionadas com a crise têm efeitos para além do país visado e impactam de forma significativa outros mercados, em especial os mais afetados.

Análise do mercado de trabalho para o bibliotecário na região sul do Brasil, a partir de anúncios divulgados no site Bibliovagas

Buscou-se com essa pesquisa perceber como se apresenta o mercado de trabalho do profissional bibliotecário nos estados do Paraná (PR), Rio Grande do Sul (RS) e Santa Catarina (SC), que correspondem à região sul do Brasil (isso é metodologia). A pesquisa teve como objetivo geral analisar os anúncios publicados no site Bibliovagas (http://www.bibliovagas.com.br/), e específicos identificar fatores como: número de anúncios relativos à região Sul do Brasil, média da remuneração, competências e habilidades exigidas, jornada de trabalho, setor que mais procura esse profissional (Público x privado), além de perceber outras exigências requeridas, como por exemplo: Conhecimentos intelectuais, experiência profissional, gênero, etc.. Quanto aos aspectos metodológicos, trata-se de uma pesquisa descritiva, com procedimento técnico documental e abordagem qualiquantitativa. O intervalo de pesquisa se deu entre junho de 2014 e maio de 2015. Como resultados, foram contabilizados 109 anúncios, e 113 vagas na região Sul brasileira. Como consideração destaca-se que há mercado para o profissional, e este exige além dos conhecimentos técnicos, características pessoais, psicológicas e emocionais determinadas.

No right to sext? A critical examination of media and legal debates about teenage girls' sexual agency in the digital age

Advances in digital photography and distribution technologies enable many people to produce and distribute images of their sex acts. When teenagers do this, the photos and videos they create can be legally classified as child pornography since the law makes no exception for youth who create sexually explicit images of themselves. The dominant discussions about teenage girls producing sexually explicit media (including sexting) are profoundly unproductive: (1) they blame teenage girls for creating private images that another person later maliciously distributed and (2) they fail to respect—or even discuss—teenagers’ rights to freedom of expression. Cell phones and the internet make producing and distributing images extremely easy, which provide widely accessible venues for both consensual sexual expression between partners and for sexual harassment. Dominant understandings view sexting as a troubling teenage trend created through the combination of camera phones and adolescent hormones and impulsivity, but this view often conflates consensual sexting between partners with the malicious distribution of a person’s private image as essentially equivalent behaviors. In this project, I ask: What is the role of assumptions about teen girls’ sexual agency in these problematic understandings of sexting that blame victims and deny teenagers’ rights? In contrast to the popular media panic about online predators and the familiar accusation that youth are wasting their leisure time by using digital media, some people champion the internet as a democratic space that offers young people the opportunity to explore identities and develop social and communication skills. Yet, when teen girls’ sexuality enters this conversation, all this debate and discussion narrows to a problematic consensus. The optimists about adolescents and technology fall silent, and the argument that media production is inherently empowering for girls does not seem to apply to a girl who produces a sexually explicit image of herself. Instead, feminist, popular, and legal commentaries assert that she is necessarily a victim: of a “sexualized” mass media, pressure from her male peers, digital technology, her brain structures or hormones, or her own low self-esteem and misplaced desire for attention. Why and how are teenage girls’ sexual choices produced as evidence of their failure or success in achieving Western liberal ideals of self-esteem, resistance, and agency? Since mass media and policy reactions to sexting have so far been overwhelmingly sexist and counter-productive, it is crucial to interrogate the concepts and assumptions that characterize mainstream understandings of sexting. I argue that the common sense that is co-produced by law and mass media underlies the problematic legal and policy responses to sexting. Analyzing a range of nonfiction texts including newspaper articles, talk shows, press releases, public service announcements, websites, legislative debates, and legal documents, I investigate gendered, racialized, age-based, and technologically determinist common sense assumptions about teenage girls’ sexual agency. I examine the consensus and continuities that exist between news, nonfiction mass media, policy, institutions, and law, and describe the limits of their debates. I find that this early 21st century post-feminist girl-power moment not only demands that girls live up to gendered sexual ideals but also insists that actively choosing to follow these norms is the only way to exercise sexual agency. This is the first study to date examining the relationship of conventional wisdom about digital media and teenage girls’ sexuality to both policy and mass media.

A distributed, compact routing protocol for the Internet

The Internet has grown in size at rapid rates since BGP records began, and continues to do so. This has raised concerns about the scalability of the current BGP routing system, as the routing state at each router in a shortest-path routing protocol will grow at a supra-linearly rate as the network grows. The concerns are that the memory capacity of routers will not be able to keep up with demands, and that the growth of the Internet will become ever more cramped as more and more of the world seeks the benefits of being connected. Compact routing schemes, where the routing state grows only sub-linearly relative to the growth of the network, could solve this problem and ensure that router memory would not be a bottleneck to Internet growth. These schemes trade away shortest-path routing for scalable memory state, by allowing some paths to have a certain amount of bounded “stretch”. The most promising such scheme is Cowen Routing, which can provide scalable, compact routing state for Internet routing, while still providing shortest-path routing to nearly all other nodes, with only slightly stretched paths to a very small subset of the network. Currently, there is no fully distributed form of Cowen Routing that would be practical for the Internet. This dissertation describes a fully distributed and compact protocol for Cowen routing, using the k-core graph decomposition. Previous compact routing work showed the k-core graph decomposition is useful for Cowen Routing on the Internet, but no distributed form existed. This dissertation gives a distributed k-core algorithm optimised to be efficient on dynamic graphs, along with with proofs of its correctness. The performance and efficiency of this distributed k-core algorithm is evaluated on large, Internet AS graphs, with excellent results. This dissertation then goes on to describe a fully distributed and compact Cowen Routing protocol. This protocol being comprised of a landmark selection process for Cowen Routing using the k-core algorithm, with mechanisms to ensure compact state at all times, including at bootstrap; a local cluster routing process, with mechanisms for policy application and control of cluster sizes, ensuring again that state can remain compact at all times; and a landmark routing process is described with a prioritisation mechanism for announcements that ensures compact state at all times.

Auction sale to close estate of Mary P. Chrystie, dec'd, 23 building plots, also Harlem River water front, near Morris Heights stations, N.Y. Central and N.Y. & Northern railroads : Wednesday, November 22d, 1893, at 12 o'clock noon at no. 111 Broadway, New York Real Estate salesroom : by order of Morris & Steele, attorneys ... New York City /

Street map showing properties to be sold, existing buildings (some with owners' names), and railroad stations.

Draft Genome of Australian Environmental Strain WM 09.24 of the Opportunistic Human Pathogen Scedosporium aurantiacum

International audience

Complete Genome Sequence of the Hyperthermophilic and Piezophilic Archeon Thermococcus piezophilus CDGS T , Able To Grow under Extreme Hydrostatic Pressures

We report the genome sequence of Thermococcus superprofundus strain CDGST, a new piezophilic and hyperthermophilic member of the order Thermococcales isolated from the world’s deepest hydrothermal vents, at the Mid-Cayman Rise. The genome is consistent with a heterotrophic, anaerobic, and piezophilic lifestyle.

Information Content of Bank Credit Rating Changes: Evidence from Europe

This thesis examines the short-term impact of credit rating announcements on daily stock returns of 41 European banks indexed in STOXX Europe 600 Banks. The time period of this study is 2002–2015 and the ratings represent long-term issuer ratings provided by S&P, Moody’s and Fitch. Bank ratings are significant for a bank’s operation costs so it is interesting to investigate how investors react to changes in creditworthiness. The study objective is achieved by conducting an event study. The event study is extended with a cross-sectional linear regression to investigate other potential determinants surrounding rating changes. The research hypotheses and the motivation for additional tests are derived from prior research. The main hypotheses are formed to explore whether rating changes have an effect on stock returns, when this possible reaction occurs and whether it is asymmetric between upgrades and downgrades. The findings provide evidence that rating announcements have an impact on stock returns in the context of European banks. The results also support the existence of an asymmetry in capital market reaction to rating upgrades and downgrades. The rating downgrades are associated with statistically significant negative abnormal returns on the event day although the reaction is rather modest. No statistically significant reaction is found associated with the rating upgrades on the event day. These results hold true with both rating changes and rating watches. No anticipation is observed in the case of rating changes but there is a statistically significant cumulative negative (positive) price reaction occurring before the event day for negative (positive) watch announcements. The regression provides evidence that the stock price reaction is stronger for rating downgrades occurring within below investment grade class compared with investment grade class. This is intuitive as investors are more concerned about their investments in lower-rated companies. Besides, the price reaction of larger banks is more mitigated compared with smaller banks in the case of rating downgrades. The reason for this may be that larger banks are usually more widely followed by the public. However, the study results may also provide evidence of the existence of the so-called “too big to fail” subsidy that dampens the negative returns of larger banks.

Reputational risk of banks : a study on the effects of regulatory sanctions for major european banks

Mestrado em Finanças

Implementation of China's new policies on organ procurement: An important but challenging step forward

In the last decade, health authorities in China have made a series of policy announcements concerning organ procurement programs and changes in practice have been intermittently reported (1). The international community of transplant professionals has followed these reports closely, preoccupied with one fundamental issue: the procurement of organs from executed prisoners, a practice that for many years has provided the majority of organs transplanted in China. Sharif et al. describe this practice as “ethically indefensible” (2), an evaluation that reflects the position embraced by the international community for more than two decades (3-5). Sharif et al. express concern that whilst some transplant programs in China have ceased using organs from executed prisoners, others continue to do so, and that all organs procured from the deceased may be allocated through a collective pool as part of the new China Organ Transplant Response System, effectively “laundering” organs obtained from prisoners. They also note that one of the new strategies to encourage deceased donation of organs among the Chinese public has involved financial incentives for donor families, another practice that has been strongly critiqued by the international professional community and global health authorities (6,7).

In China and in the United States, proponents of organ procurement from executed prisoners have argued that prisoners should not be denied the option to donate organs after their death if they so choose, as this may provide them or their families solace and an opportunity for moral, spiritual or social redemption (8,9). However, the predominant argument in favour of the practice appears to be essentially pragmatic: prisoners condemned to death represent an additional pool of potential “donors” with organs that will otherwise “go to waste” (10). In contrast, international professional societies and the World Health Organization among others have argued that the practice not only violates the core principles of medical ethics but also thereby undermines efforts to establish a sufficient supply of deceased donor organs. In this commentary, we reaffirm the ethics policy of The Transplantation Society (TTS) concerning organ procurement from executed prisoners (4), and briefly discuss the implications of this policy for international professional engagement with China at this time of significant evolution of Chinese organ procurement programs.

Information content of directors' trading around acquisitions

This paper investigates the patterns of directors' trades and returns around takeover announcements. We find that the pre-announcement net value (the difference between buy value and sell value) of directors' trading is positively related to acquirers' announcement period abnormal returns. This relation is stronger for private target acquisitions and for stock-financed acquisitions, when the information asymmetry between directors and outside investors is more pronounced. However, this relation does not hold for better governed and highly monitored acquirers. Our findings indicate opportunistic trading by directors prior to takeovers and highlight a significant role that corporate governance mechanism plays in restraining these opportunistic behaviors.

Informed options trading prior to takeovers - Does the regulatory environment matter?

We investigate the prevalence of informed options trading prior to takeover announcements, when the legal prohibition against insider trading is strictest. Although insider trading laws apply equally to the options and stock markets, the options market is considerably more transparent than the equity market, which makes insider trading in options more easily detectable. We find that privately informed investors trade in the options market prior to takeover announcements; however, their transactions are limited to liquid call options and options with high inherent leverage. Furthermore, we find that prior to takeover announcements, informed investors trade on their private information in the options market only when a SEC investigation of insider trading is unlikely to occur. Our results suggest that even prior to takeover announcements informed investors are attracted to the options market, which increases profit making potential due the greater leverage it affords, although they trade in a way which minimizes the likelihood of detection.

Cash holdings and bond returns around takeovers

Using a large sample of 2712 unique U.S. domestic takeovers over the period 1993 to 2014, we show a negative relation between the level of cash holdings and post-announcement corporate bond returns. Our findings support the agency cost of cash holdings view and show that bondholders and shareholders share the same interests with respect to cash policy around takeovers. We further find that cash holdings are viewed less negatively by bondholders in firms with strong shareholders. This paper is the first to document the role of cash holdings on bondholder wealth around takeover announcements.