Exchange-traded funds and information asymmetry

This thesis focuses on three main questions. The first uses ExchangeTraded Funds (ETFs) to evaluate estimated adverse selection costs obtained spread decomposition models. The second compares the Probability of Informed Trading (PIN) in Exchange-Traded Funds to control securities. The third examines the intra-day ETF trading patterns. These spread decomposition models evaluated are Glosten and Harris (1988); George, Kaul, and Nimalendran (1991); Lin, Sanger, and Booth (1995); Madhavan, Richardson, and Roomans (1997); Huang and Stoll (1997). Using the characteristics of ETFs it is shown that only the Glosten and Harris (1988) and Madhavan, et al (1997) models provide theoretically consistent results. When the PIN measure is employed ETFs are shown to have greater PINs than control securities. The investigation of the intra-day trading patterns shows that return volatility and trading volume have a U-shaped intra-day pattern. A study of trading systems shows that ETFs on the American Stock Exchange (AMEX) have a U-shaped intra-day pattern of bid-ask spreads, while ETFs on NASDAQ do not. Specifically, ETFs on NASDAQ have higher bid-ask spreads at the market opening, then the lowest bid-ask spread in the middle of the day. At the close of the market, the bid-ask spread of ETFs on NASDAQ slightly elevated when compared to mid-day.

LRD : Latent Relation Discovery for vector space expansion and information retrieval

In this paper, we propose a text mining method called LRD (latent relation discovery), which extends the traditional vector space model of document representation in order to improve information retrieval (IR) on documents and document clustering. Our LRD method extracts terms and entities, such as person, organization, or project names, and discovers relationships between them by taking into account their co-occurrence in textual corpora. Given a target entity, LRD discovers other entities closely related to the target effectively and efficiently. With respect to such relatedness, a measure of relation strength between entities is defined. LRD uses relation strength to enhance the vector space model, and uses the enhanced vector space model for query based IR on documents and clustering documents in order to discover complex relationships among terms and entities. Our experiments on a standard dataset for query based IR shows that our LRD method performed significantly better than traditional vector space model and other five standard statistical methods for vector expansion.

Visual data mining using principled projection algorithms and information visualization techniques

We introduce a flexible visual data mining framework which combines advanced projection algorithms from the machine learning domain and visual techniques developed in the information visualization domain. The advantage of such an interface is that the user is directly involved in the data mining process. We integrate principled projection algorithms, such as generative topographic mapping (GTM) and hierarchical GTM (HGTM), with powerful visual techniques, such as magnification factors, directional curvatures, parallel coordinates and billboarding, to provide a visual data mining framework. Results on a real-life chemoinformatics dataset using GTM are promising and have been analytically compared with the results from the traditional projection methods. It is also shown that the HGTM algorithm provides additional value for large datasets. The computational complexity of these algorithms is discussed to demonstrate their suitability for the visual data mining framework. Copyright 2006 ACM.

Understanding supply chain disruption risk with the aid of social networks and information flows analysis

Supply Chain Risk Management (SCRM) has become a popular area of research and study in recent years. This can be highlighted by the number of peer reviewed articles that have appeared in academic literature. This coupled with the realisation by companies that SCRM strategies are required to mitigate the risks that they face, makes for challenging research questions in the field of risk management. The challenge that companies face today is not only to identify the types of risks that they face, but also to assess the indicators of risk that face them. This will allow them to mitigate that risk before any disruption to the supply chain occurs. The use of social network theory can aid in the identification of disruption risk. This thesis proposes the combination of social networks, behavioural risk indicators and information management, to uniquely identify disruption risk. The propositions that were developed from the literature review and exploratory case study in the aerospace OEM, in this thesis are:- By improving information flows, through the use of social networks, we can identify supply chain disruption risk. - The management of information to identify supply chain disruption risk can be explored using push and pull concepts. The propositions were further explored through four focus group sessions, two within the OEM and two within an academic setting. The literature review conducted by the researcher did not find any studies that have evaluated supply chain disruption risk management in terms of social network analysis or information management studies. The evaluation of SCRM using these methods is thought to be a unique way of understanding the issues in SCRM that practitioners face today in the aerospace industry.

Risk communication and social media:are we ready?

Oral presentation

New developments in library orientation and information literacy:regenerating library services for new students

Over the last six years, Aston University Library & Information Services Induction Team have worked on the Welcome experience for new and returning students to the Library.  The article provides an overview of the Induction programme and how it has evolved to engage students pre and post arrival to the University. 

Models, Techniques and Applications of e-Learning Personalization

In recent years Web has become mainstream medium for communication and information dissemination. This paper presents approaches and methods for adaptive learning implementation, which are used in some contemporary web-interfaced Learning Management Systems (LMSs). The problem is not how to create electronic learning materials, but how to locate and utilize the available information in personalized way. Different attitudes to personalization are briefly described in section 1. The real personalization requires a user profile containing information about preferences, aims, and educational history to be stored and used by the system. These issues are considered in section 2. A method for development and design of adaptive learning content in terms of learning strategy system support is represented in section 3. Section 4 includes a set of innovative personalization services that are suggested by several very important research projects (SeLeNe project, ELENA project, etc.) dated from the last few years. This section also describes a model for role- and competency-based learning customization that uses Web Services approach. The last part presents how personalization techniques are implemented in Learning Grid-driven applications.

A patient's perspective:the impact of adverse drug reactions on patients and their views on reporting

What is known and objective: Adverse drug reactions to prescribed medication are relatively common events. However, the impact such reactions have on patients and their attitude to reporting such events have only been poorly explored. Previous studies relying on self-reporting patients indicate that altruism is an important factor. In the United Kingdom, patient reporting started in 2005; though, numbers of serious reports remain low. Method: A purposive sample of fifteen patients who had been admitted to an inner city hospital with an adverse drug reaction were interviewed using a semi-structured questionnaire. Patients were asked to relate in their own words their experience of an adverse drug reaction. Patient's reactions to the information leaflet, adherence to treatment and use of other sources of information on medication were assessed. Interviews were recorded, and a thematic analysis of patients'responses was performed. Results and discussion: Analysis of the patient interviews demonstrated the reality of being admitted to hospital is often a frightening process with a significant emotional cost. Anger, isolation, resentment and blame were common factors, particularly when medicines had been prescribed for acute conditions. For patients with chronic conditions, a more phlegmatic approach was seen especially with conditions with a strong support networks. Patients felt that communication and information should have been more readily available from the health care professional who prescribed the medication, although few had read the patient information leaflet. Only a minority of patients linked the medication they had taken to the adverse event, although some had received false reassurance that the drug was not related to their illness creating additional barriers. In contrast to previous studies, many patients felt that adverse drug reporting was not their concern, particularly as they obtained little direct benefit from it. The majority of patients were unaware of the Yellow Card Scheme in the UK for patient reporting. Even when explained, the scheme was felt too cold and impersonal and not a patient's 'job'. What is new and conclusion: Patients having a severe adverse drug reaction following an acute illness felt negative emotions towards their health care provider. Those with a chronic condition rationalized the event and coped better with its impact. Neither group felt that reporting the adverse reaction was their responsibility. Encouraging patients to report remains important but expecting patients to report solely for altruistic purposes may be unrealistic. © 2011 Blackwell Publishing Ltd.

Mathematical Packages for Teaching and Research in Internet – Application and Information Support

The paper considers the use and the information support of the most important mathematical Application Packages (AP), such as Maple, Matlab, Mathcad, Mathematica, Statistica and SPSS – mostly used during Calculus tuition in Universities. The main features of the packages and the information support in the sites of the producers are outlined, as well as their capacity for work in Internet, together with educational sites and literature related to them. The most important resources of the TeX system for preparation of mathematical articles and documents are presented.

Learning by Doing in the Context of Modern Information and Media Literacy of Students in “Library and Information Management” in ULSIT Using the Digital Collection “Bulgarian Revival”

The purpose of this article is to evaluate the effectiveness of learning by doing as a practical tool for managing the training of students in "Library Management" at the ULSIT, Sofia, Bulgaria, by using the creation of project 'Data Base “Bulgarian Revival Towns” (CD), financed by Bulgarian Ministry of Education, Youth and Science (1/D002/144/13.10.2011) headed by Prof. DSc Ivanka Yankova, which aims to create new information resource for the towns which will serve the needs of scientific researches. By participating in generating the an array in the database through searching, selection and digitization of documents from these period, at the same time students get an opportunity to expand their skills to work effectively in a team, finding the interdisciplinary, a causal connection between the studied items, objects and subjects and foremost – practical experience in the field of digitization, information behavior, strategies for information search, etc. This method achieves good results for the accumulation of sustainable knowledge and it generates motivation to work in the field of library and information professions.

Students’ Digital Archive at the State University of Library Studies and Information Technologies, Sofia

The paper describes the creation and content of the digital archive of photographs, films and materials from fieldwork (interviews, surveys, and observations) of students from the Information Funds of the Cultural and Historical Heritage program at the State University of Library Studies and Information Technologies, Sofia, Bulgaria. The text discusses the educational opportunities of the archive, and the plans for publishing it as CD and for conversion into an electronic archive on the Internet.

Internal communication and prosocial service behaviors of front-line employees:investigating mediating mechanisms

This paper contributes to the prosocial service behavior (PSB) literature by developing and testing a conceptual framework to investigate the mediating mechanisms underlying the relationships between internal communication and PSBs. Data collected from front-line employees (FLEs) in a UK based service organization was used to test our conceptual framework. Our findings demonstrate that FLE perceptions of internal communication practices influence their role stress and organizational commitment, which, in turn, influence their PSBs. The results highlight the significance of studying role stress and organizational commitment as mediators in the relationship between internal communication and PSBs. The limitations of the study are then sketched, and suggestions for future research are also provided.

Signal processing and information fusing algorithms for the synthesis of an alternative electromyogram/eye gaze tracking computer cursor control system

This research pursued the conceptualization and real-time verification of a system that allows a computer user to control the cursor of a computer interface without using his/her hands. The target user groups for this system are individuals who are unable to use their hands due to spinal dysfunction or other afflictions, and individuals who must use their hands for higher priority tasks while still requiring interaction with a computer. ^ The system receives two forms of input from the user: Electromyogram (EMG) signals from muscles in the face and point-of-gaze coordinates produced by an Eye Gaze Tracking (EGT) system. In order to produce reliable cursor control from the two forms of user input, the development of this EMG/EGT system addressed three key requirements: an algorithm was created to accurately translate EMG signals due to facial movements into cursor actions, a separate algorithm was created that recognized an eye gaze fixation and provided an estimate of the associated eye gaze position, and an information fusion protocol was devised to efficiently integrate the outputs of these algorithms. ^ Experiments were conducted to compare the performance of EMG/EGT cursor control to EGT-only control and mouse control. These experiments took the form of two different types of point-and-click trials. The data produced by these experiments were evaluated using statistical analysis, Fitts' Law analysis and target re-entry (TRE) analysis. ^ The experimental results revealed that though EMG/EGT control was slower than EGT-only and mouse control, it provided effective hands-free control of the cursor without a spatial accuracy limitation, and it also facilitated a reliable click operation. This combination of qualities is not possessed by either EGT-only or mouse control, making EMG/EGT cursor control a unique and practical alternative for a user's cursor control needs. ^

An examination of Lotka's law in the field of Library and Information Studies

The purpose of this study was to test Lotka’s law of scientific publication productivity using the methodology outlined by Pao (1985), in the field of Library and Information Studies (LIS). Lotka’s law has been sporadically tested in the field over the past 30+ years, but the results of these studies are inconclusive due to the varying methods employed by the researchers. ^ A data set of 1,856 citations that were found using the ISI Web of Knowledge databases were studied. The values of n and c were calculated to be 2.1 and 0.6418 (64.18%) respectively. The Kolmogorov-Smirnov (K-S) one sample goodness-of-fit test was conducted at the 0.10 level of significance. The Dmax value is 0.022758 and the calculated critical value is 0.026562. It was determined that the null hypothesis stating that there is no difference in the observed distribution of publications and the distribution obtained using Lotka’s and Pao’s procedure could not be rejected. ^ This study finds that literature in the field of Library and Information Studies does conform to Lotka’s law with reliable results. As result, Lotka’s law can be used in LIS as a standardized means of measuring author publication productivity which will lead to findings that are comparable on many levels (e.g., department, institution, national). Lotka’s law can be employed as an empirically proven analytical tool to establish publication productivity benchmarks for faculty and faculty librarians. Recommendations for further study include (a) exploring the characteristics of the high and low producers; (b) finding a way to successfully account for collaborative contributions in the formula; and, (c) a detailed study of institutional policies concerning publication productivity and its impact on the appointment, tenure and promotion process of academic librarians. ^