Commonality in Returns, Order Flows, and Liquidity in the Greek Stock Market

Using a unique high-frequency data-set on a comprehensive sample of Greek blue-chip stocks, spanning from September 2003 through March 2006, this note assesses the extent and role of commonality in returns, order flows (OFs), and liquidity. It also formally models aggregate equity returns in terms of aggregate equity OF, in an effort to clarify OF's importance in explaining returns for the Athens Exchange market. Almost a quarter of the daily returns in the FTSE/ATHEX20 index is explained by aggregate own OF. In a second step, using principal components and canonical correlation analyses, we document substantial common movements in returns, OFs, and liquidity, both on a market-wide basis and on an individual security basis. These results emphasize that asset pricing and liquidity cannot be analyzed in isolation from each other.

Folk Concepts of Intentional Action in the Contexts of Amoral and Immoral Luck

This paper concerns a recently discovered, puzzling asymmetry in judgments of whether an action is intentional or not (Knobe 2003a, b). We report new data replicating the asymmetry in the context of scenarios wherein an agent achieves an amoral or immoral goal due to luck. Participants’ justifications of their judgments of the intentionality of the agent’s action indicate that two distinct folk concepts of intentional action played a role in their judgments. When viewed from this perspective, the puzzle disappears, although the asymmetry remains

Sea turtle diving and foraging behaviour around the Greek Island of Kefalonia

The discovery of a shallow water (

The Sacred and the Obscure: Greek in the Carolingian Reception of Martianus Capella

Carolingian scholars paid considerable attention to the Greek found in Martianus Capella’s De nuptiis Philologiae et Mercurii, a late antique Latin work full of obscurities in language and imagery. This article, focusing on glosses on De nuptiis from the oldest gloss tradition, demonstrates that a range of material was available to ninth-century scholars to elucidate Martianus’s Greek and that Greek seems, at times, to have served as a means to obscure. I argue that their interest in obscurity reflects a widespread epistemology and strategy of concealment, hence their intellectual investment in Martianus. For ninth-century readers, then, the Greek in the glossed Martianus manuscripts, however decorative it may have been, also operated at the core of medieval hermeneutics.