Information content: assessing meso-scale structures in complex networks

We propose a novel measure to assess the presence of meso-scale structures in complex networks. This measure is based on the identi?cation of regular patterns in the adjacency matrix of the network, and on the calculation of the quantity of information lost when pairs of nodes are iteratively merged. We show how this measure is able to quantify several meso-scale structures, like the presence of modularity, bipartite and core-periphery con?gurations, or motifs. Results corresponding to a large set of real networks are used to validate its ability to detect non-trivial topological patterns.

Information content at night of roof-mounted emergency vehicle lights. Final report.

Transportation Department, Office of University Research, Washington, D.C.

The effect of timeliness and credit ratings on the information content of earnings announcements

Abstract: This paper investigates the impact of timeliness and credit ratings on the information content of the earnings announcements of Greek listed firms from 2001 to 2008. Using the classical event study methodology and regression analysis, we find that firms tend to release good news on time and are inclined to delay the release of bad news. We also provide evidence that the level of corporate risk differentiates the information content of earnings according to the credit rating category. Specifically, firms displaying high creditworthiness enjoy positive excess returns on earnings announcement dates. In contrast, firms with low creditworthiness undergo significant share price erosions on earnings announcement days. We also observe a substitution effect between timeliness and credit ratings in relation to the information content of earnings announcements. Specifically, we find that as the credit category of earnings-announcing firms improves, the informational role of timeliness is mitigated.

The effect of past earnings and dividend patterns on the information content of dividends when earnings are reduced

This study pursues two objectives: first, to provide evidence on the information content of dividend policy, conditional on past earnings and dividend patterns prior to an annual earnings decline; second, to examine the effect of the magnitude of low earnings realizations on dividend policy when firms have more-or-less established dividend payouts. The information content of dividend policy for firms that incur earnings reductions following long patterns of positive earnings and dividends has been examined (DeAngelo et al., 1992, 1996; Charitou, 2000). No research has examined the association between the informativeness of dividend policy changes in the event of an earnings drop, relative to varying patterns of past earnings and dividends. Our dataset consists of 4,873 U.S. firm-year observations over the period 1986-2005. Our evidence supports the hypotheses that, among earnings-reducing or loss firms, longer patterns of past earnings and dividends: (a) strengthen the information conveyed by dividends regarding future earnings, and (b) enhance the role of the magnitude of low earnings realizations in explaining dividend policy decisions, in that earnings hold more information content that explains the likelihood of dividend cuts the longer the past earnings and dividend patterns. Both results stem from the stylized facts that managers aim to maintain consistency with respect to historic payout policy, being reluctant to proceed with dividend reductions, and that this reluctance is higher the more established is the historic payout policy. © 2010 The Authors. Journal compilation © 2010 Accounting Foundation, The University of Sydney.

A csomagoláson található információtartalom újragondolása sokdimenziós skálázással az élelmiszeripar példáján (Rethinking of information content on food packaging using multidimensional scaling)

A csomagolás részét képezi a jelölés – vagy más néven címke, label –, aminek elsődleges funkciója a termék tulajdonságairól való tájékoztatás, amellett, hogy a vállalat és a fogyasztó egyik legfontosabb találkozási pontja. Kiemelt szerepe van a marketing és a vállalati menedzsment eszköztárában, hiszen a fogyasztói döntéshozatal meghatározó forrása. A szerző írásában a jelölések definícióját, fajtáit és csoportosítását tárja az olvasó elé, majd ismerteti jelentőségét, fontosságát és szerepét az élelmiszer-ipari termékek segítségével. Ezután egy 630 fős megkérdezés eredményeképp a sokdimenziós skálázás (MDS) módszerével a jelölések új értelmezését mutatja be: a jelöléseket három dimenzió mentén lehet elhelyezni (előzetes tudás, érdek, megbízhatóság), valamint ezenkívül a jelölések öt homogén csoportot alkotnak (klasszikus, diétás, funkcionális, tudatos, előállítási). A téma jelentőségét az egészség és a környezet iránti növekvő érdeklődés, valamint a változó jogszabályi környezet is alátámasztja. / === / Signs, labels, claims are to inform consumers of product attributes, and are part of the packaging. Labeling is one of the most important marketing and management tool, while purchase decision is made at the point of purchase. The aim of this paper is to present the basic definitions and elements of information content on food packaging. The author developed a new approach to examine labeling using multidimensional scaling as a result of a pilot study. Labels are to distinguish through three dimensions: precognition, interest and reliability. Beyond that labels can be sorted to five homogeneous clusters based on classic, dietary, functional, conscious and production attributes. The relevancy of labeling is supported by growing interest of health and environmental issues and changing law environment.

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.

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.

Combination of web usage, content and structure information for diverse web mining applications in the tourism context and the context of users with disabilities

188 p.

Product-library-derived specification parameters in building information models augmentation

This paper conceptualizes a framework for bridging the BIM (building information modelling)-specifications divide through augmenting objects within BIM with specification parameters derived from a product library. We demonstrate how model information, enriched with data at various LODs (levels of development), can evolve simultaneously with design and construction using different representation of a window object embedded in a wall as lifecycle phase exemplars at different levels of granularity. The conceptual standpoint is informed by the need for exploring a methodological approach which extends beyond current limitations of current modelling platforms in enhancing the information content of BIM models. Therefore, this work demonstrates that BIM objects can be augmented with construction specification parameters leveraging product libraries.

Consequences of Converting Graded to Action Potentials upon Neural Information Coding and Energy Efficiency

Information is encoded in neural circuits using both graded and action potentials, converting between them within single neurons and successive processing layers. This conversion is accompanied by information loss and a drop in energy efficiency. We investigate the biophysical causes of this loss of information and efficiency by comparing spiking neuron models, containing stochastic voltage-gated Na+ and K+ channels, with generator potential and graded potential models lacking voltage-gated Na+ channels. We identify three causes of information loss in the generator potential that are the by-product of action potential generation: (1) the voltage-gated Na+ channels necessary for action potential generation increase intrinsic noise and (2) introduce non-linearities, and (3) the finite duration of the action potential creates a `footprint' in the generator potential that obscures incoming signals. These three processes reduce information rates by similar to 50% in generator potentials, to similar to 3 times that of spike trains. Both generator potentials and graded potentials consume almost an order of magnitude less energy per second than spike trains. Because of the lower information rates of generator potentials they are substantially less energy efficient than graded potentials. However, both are an order of magnitude more efficient than spike trains due to the higher energy costs and low information content of spikes, emphasizing that there is a two-fold cost of converting analogue to digital; information loss and cost inflation.

Redefining knowledge in an information world – a polemic

This paper looks at knowledge and information as different forms of the same ideas or "memes". Very different, for knowledge is live, and information is dead. Knowledge is personal, difficult to acquire; information is plentiful, a commodity. Dawkins coined the term meme to refer to a "unit of cultural transmission". I distinguish between forms of the meme that are live knowledge – the internal idea, or imago, and the external transient representation of it, the ephemeron – and those which are permanent information (artefact and permaphemeron). It is a mistake to talk of a "content-free" learning experience, as though content were "just information". Content is knowledge. The point of education is not just to regenerate live knowledge from one generation to the next, it is to extend and add to it through knowledge creation. And knowledge creativity does not operate in a knowledge vacuum. You need ideas to breed ideas.

Living is Information Processing: From Molecules to Global Systems

We extend the concept that life is an informational phenomenon, at every level of organisation, from molecules to the global ecological system. According to this thesis: (a) living is information processing, in which memory is maintained by both molecular states and ecological states as well as the more obvious nucleic acid coding; (b) this information processing has one overall function-to perpetuate itself; and (c) the processing method is filtration (cognition) of, and synthesis of, information at lower levels to appear at higher levels in complex systems (emergence). We show how information patterns, are united by the creation of mutual context, generating persistent consequences, to result in 'functional information'. This constructive process forms arbitrarily large complexes of information, the combined effects of which include the functions of life. Molecules and simple organisms have already been measured in terms of functional information content; we show how quantification may be extended to each level of organisation up to the ecological. In terms of a computer analogy, life is both the data and the program and its biochemical structure is the way the information is embodied. This idea supports the seamless integration of life at all scales with the physical universe. The innovation reported here is essentially to integrate these ideas, basing information on the 'general definition' of information, rather than simply the statistics of information, thereby explaining how functional information operates throughout life. © 2013 Springer Science+Business Media Dordrecht.

The basic principles of uncertain information fusion. An organised review of merging rules in different representation frameworks.

We propose and advocate basic principles for the fusion of incomplete or uncertain information items, that should apply regardless of the formalism adopted for representing pieces of information coming from several sources. This formalism can be based on sets, logic, partial orders, possibility theory, belief functions or imprecise probabilities. We propose a general notion of information item representing incomplete or uncertain information about the values of an entity of interest. It is supposed to rank such values in terms of relative plausibility, and explicitly point out impossible values. Basic issues affecting the results of the fusion process, such as relative information content and consistency of information items, as well as their mutual consistency, are discussed. For each representation setting, we present fusion rules that obey our principles, and compare them to postulates specific to the representation proposed in the past. In the crudest (Boolean) representation setting (using a set of possible values), we show that the understanding of the set in terms of most plausible values, or in terms of non-impossible ones matters for choosing a relevant fusion rule. Especially, in the latter case our principles justify the method of maximal consistent subsets, while the former is related to the fusion of logical bases. Then we consider several formal settings for incomplete or uncertain information items, where our postulates are instantiated: plausibility orderings, qualitative and quantitative possibility distributions, belief functions and convex sets of probabilities. The aim of this paper is to provide a unified picture of fusion rules across various uncertainty representation settings.