Overconfidence and investor size

Recent research documents that institutional or large investors act as antagonists to other investors by showing opposite behavior following disclosure of new information. Using an extremely comprehensive official transactions data set from Finland, we set out to explore the interrelation between investor size and behavior. More specifically, we test whether investor size is positively (negatively) correlated with investor reaction following positive (negative) news. We document robust evidence of that investor size affects investor behavior under new information, as larger investors on average react more positively (negatively) to good (bad) news than smaller investors. In the light of this study it seems increasingly feasible that several recent findings of heterogeneous investor behavior are functions of differences in overconfidence.

Versatility of azide in serendipitous assembly of Copper(II) Magnetic Polyclusters

Engineering at the molecular level is one of the most exciting new developments for the generation of functional materials. However, the concept of designing polynuclear extended structures from bottom up is still not mature. Although progress has been made with secondary building units (SBUs) in metal organic frameworks (MOFs), the control seems to be just an illusion when it comes to bridging ligands such as the azide ion. When we say that the azido ligand is versatile in its bridging capabilities, what we mean is that it would be difficult to predict or control its bridging properties. However, this kind of serendipity is not always bad news. For example, scientists have shown that the azido ligand can mediate magnetic exchanges between paramagnetic metals in a predictable fashion (usually depending upon the bonding geometries). Therefore, it is a well-respected ligand in polynuclear assemblies. Serendipitous assemblies offer new magnetic structures that we may not otherwise even think about synthesizing. The azido ligand forms a variety of complexes with copper(II) using different blocking amines or pyridine based ligands. Its structural nature changes upon changing the substitution on amine, as well as the amount of blocking ligand. In principle, if we take any of these complexes and provide more coordination sites to the bridging azido ligands by removing a fraction of the blocking ligands, we can get new complexes with intricate structural networks and therefore different magnetic properties with the same components as used for the parent complex. In this Account, we mainly discuss the development of a number of new topological and magnetic exchange systems synthesized using this concept. Not all of these new complexes can be grouped according to their basic building structures or even by the ratio of the metal to blocking ligand. Therefore, we divided the discussion by the nuclearity of the basic building structures. Some of the complexes with the same nuclearities have very similar or even almost identical basic structures. However, the way these building units are joined together (by the azido bridges) to form the overall extended structures differ almost in every case. The complexes having the Cu-6 core are particularly interesting from a structural point of view. Although they have almost identical basic structures, some of them are extended in three dimensions, but two of them are extended in two dimensions by two different bridging networks. In the complexes having linear Cu-4 basic units, we find that using similar ligands does not always give the same bridging networks even within the basic building structures. These complexes have also enriched the field of molecular magnetism. One of the complexes with a Cu-3 building unit has provided us with the opportunity to study the competing behavior of two different kinds of magnetic exchange mechanism (ferromagnetic and antiferromagnetic) acting simultaneously between two metal ions. Through density functional theory calculations, we showed how they work independently and their additive nature to produce the overall effect. The exciting methodology for the generation of copper(II) polyclusters presented in this Account will provide the opportunity to explore analogous serendipitous assembly of diverse structures with interesting magnetic behavior using other transition metal ions having more than one unpaired electrons.

Cuando el miedo invade la ficción. Análisis de Perdidos (Lost) y de otros quality dramas de la era Post 11S.

521 p.

The decline of public service broadcasting in the UK 1979-2000

O'Malley, T. (2001). The decline of public service broadcasting in the UK 1979-2000. In M. Bromley (Ed.), No News is Bad News: Radio, Television and the Public (pp.28-45). Harlow: Longman. RAE2008

Psychology Statistics for Dummies

The quick, easy way to master all the statistics you'll ever need The bad news first: if you want a psychology degree you'll need to know statistics. Now for the good news: Psychology Statistics For Dummies. Featuring jargon-free explanations, step-by-step instructions and dozens of real-life examples, Psychology Statistics For Dummies makes the knotty world of statistics a lot less baffling. Rather than padding the text with concepts and procedures irrelevant to the task, the authors focus only on the statistics psychology students need to know. As an alternative to typical, lead-heavy statistics texts or supplements to assigned course reading, this is one book psychology students won't want to be without. Ease into statistics – start out with an introduction to how statistics are used by psychologists, including the types of variables they use and how they measure them Get your feet wet – quickly learn the basics of descriptive statistics, such as central tendency and measures of dispersion, along with common ways of graphically depicting information Meet your new best friend – learn the ins and outs of SPSS, the most popular statistics software package among psychology students, including how to input, manipulate and analyse data Analyse this – get up to speed on statistical analysis core concepts, such as probability and inference, hypothesis testing, distributions, Z-scores and effect sizes Correlate that – get the lowdown on common procedures for defining relationships between variables, including linear regressions, associations between categorical data and more Analyse by inference – master key methods in inferential statistics, including techniques for analysing independent groups designs and repeated-measures research designs Open the book and find: Ways to describe statistical data How to use SPSS statistical software Probability theory and statistical inference Descriptive statistics basics How to test hypotheses Correlations and other relationships between variables Core concepts in statistical analysis for psychology Analysing research designs Learn to: Use SPSS to analyse data Master statistical methods and procedures using psychology-based explanations and examples Create better reports Identify key concepts and pass your course

Refractory cachexia and truth-telling about terminal prognosis; A qualitative study

The purpose of this paper is to examine the consequences that medical practitioners’ decisions about whether or not to be candid about terminal prognosis have for those suffering from refractory cachexia and their families. It presents the findings of a qualitative study which used focus groups and semi-structured interviews of a volunteer sample of doctors, nurses and dieticians in a cancer centre of a large teaching hospital in Northern Ireland. Respondents reported that some physicians tended to avoid discussing terminal prognosis in a direct manner with their patients. Nurses and dieticians tended to be reluctant to engage in conversations about weight loss with patients with cachexia. One of the reasons they reported for their lack of acknowledgement of weight loss concerned the close association between refractory cachexia and terminal prognosis. Because they viewed the telling of bad news as an exclusive prerogative of medical practitioners, they did not feel in a position to discuss cachexia because they were concerned that this had the potential to raise end-of-life issues that lay outside the boundaries of their professional role. This meant patients and their families were provided with little information about how to cope with the distressing consequences of cachexia.

Reasons for non-participation in the Northern Ireland Bowel Cancer Screening Programme: a qualitative study

OBJECTIVES: To identify the reasons why some people do not participate in bowel cancer screening so that steps can be taken to improve informed decision-making.

DESIGN: Qualitative study, using focus groups with thematic analysis of data to identify, analyse and report patterns. Transcripts were repeatedly read and inductively coded using a phenomenological perspective, and organised into key themes.

SETTING: Belfast and Armagh, two areas of Northern Ireland with relatively low uptake of bowel cancer screening.

PARTICIPANTS: Ten women and 18 men in three single-gender focus groups (two male and one female), each with 9-10 participants. Study participants were recruited by convenience sampling from the general public and were eligible for, but had not taken part in, the Northern Ireland Bowel Cancer Screening Programme.

RESULTS: Key themes identified were fear of cancer; the test procedure; social norms; past experience of cancer and screening; lack of knowledge or understanding about bowel cancer screening; and resulting behaviour towards the test. Fear about receiving bad news and reluctance to conduct the test themselves were reactions that participants seemed willing to overcome after taking part in open discussion about the test.

CONCLUSIONS: We identified barriers to participation in bowel cancer screening and used these insights to develop new materials to support delivery of the programme. Some of the issues raised have been identified in other UK settings, suggesting that knowledge about barriers, and strategies to improve uptake, may be generalisable.

Broadside Reporting the Fenian Invasion, June 3 1866

The collection consists of 6 broadsides reporting the events of the Fenian invasion of Canada on June 2 and 3, 1866. Three of the broadsides are titled Leader Extra, two are titled Globe Extra, and the last is titled News Extra. This one is titled "Globe Extra!" and headings include "Colonel Peacock's Force", "Col. Lowry Joins Col. Peacock with Reinforcements", "Colonel Dennis' Skirmish", "Colonel Booker's Skirmish!", "Fenian Movements at Ogdensburg", "Tereatened Raid at St. Albans", "Preparations at Cornwall!", "Latest! Bad News! The Fenians Escaped! The Whole Horde Fled Across the River."

L’annonce d’un décès au service des urgences : une étude qualitative

Nous cherchions à explorer les compétences que les intervenants du service des urgences (SU), des médecins et des infirmières travaillant en équipe dans des rôles complémentaires, ont développées dans la divulgation d‘un décès, pour éclairer l‘apprentissage de cette compétence de « Communicateur ». Nous avons utilisé des entrevues semi-dirigées et un échantillonnage non probabiliste de 8 intervenants. Nous avons analysé les entrevues à l‘aide de méthodes qualitatives reconnues. Le nombre total de présences de nos intervenants à une divulgation est estimé supérieur à 2000. Notre analyse a démontré qu‘ils utilisent une structure de divulgation uniforme. Néanmoins, ils repoussaient l‘utilisation d‘un protocole, parce que jugé trop rigide. La flexibilité et l‘empathie se sont révélées des qualités essentielles pour les intervenants. Nous représentons la visite de la famille comme un épisode de désorganisation/dysfonction qui se résorbe partiellement durant le séjour au SU. Nous proposons un modèle pédagogique qui est basé sur nos résultats.

Análisis de la Política Exterior Rusa en materia energética, comercial y militar hacia la República de Moldavia (Período 2000-2010)

Rusia sufrió grandes cambios tras la desintegración de la URSS en 1991. No obstante, con la llegada de Vladimir Putin al poder, los intereses geoestratégicos de Rusia sobre el espacio postsoviético revivieron con nuevo ímpetu debido a una mayor cantidad de recursos a disposición del Estado. La República de Moldavia es un claro ejemplo del resurgir de la política exterior rusa hacia el espacio postsoviético, siendo incluso, una región clave en la lucha de la Federación Rusa por recuperar su zona de influencia.

Estilos de liderazgo y su relación con los niveles de optimismo de los colaboradores, en entornos culturales de países suramericanos

Los estudios del liderazgo dentro de un contexto empresarial se han desarrollado para alcanzar la perdurabilidad empresarial, generar bienestar, lograr el éxito esperado, valorar el capital humano, los talentos y los recursos existentes, etc. Sin embargo, aún existen muchos aspectos que se deben analizar. Uno de ellos es entender los conceptos del optimismo, del tipo de liderazgo y las diferencias culturales de diversos países. Por otro lado, no hay evidencia precisa de la repercusión que tiene el tipo de liderazgo en los seguidores según la cultura presente, que permita comprender las relaciones existentes entre estas variables. Este texto que se presenta se basa en una revisión conceptual de los diferentes tipos de liderazgo; transaccional y transformacional, de la psicología positiva, del capital psicológico y del optimismo. Así mismo, presenta los diferentes estudios que se han realizado acerca de la relación que existe entre el liderazgo y el optimismo generado en los empleados para lograr mayores y mejores resultados, y una relación del liderazgo en diferentes culturas con poca distancia cultural frente a Colombia.

Autoregressive conditional kurtosis

This article proposes a new model for autoregressive conditional heteroscedasticity and kurtosis. Via a time-varying degrees of freedom parameter, the conditional variance and conditional kurtosis are permitted to evolve separately. The model uses only the standard Student’s t-density and consequently can be estimated simply using maximum likelihood. The method is applied to a set of four daily financial asset return series comprising U.S. and U.K. stocks and bonds, and significant evidence in favor of the presence of autoregressive conditional kurtosis is observed. Various extensions to the basic model are proposed, and we show that the response of kurtosis to good and bad news is not significantly asymmetric.

Does active management add any value?

The question as to whether active management adds any value above that of the funds investment policy is one of continual interest to investors. In order to investigate this issue in the UK real estate market we examine a number of related questions. First, how much return variability is explained by investment policy? Second, how similar are the policies across funds? Third, how much of a fund’s return is determined by investment policy? Finally, how was this added value achieved? Using data for 19 real estate funds we find that investment policy explains less than half of the variability in returns over time, nothing of the variation across funds and that more than 100% of a level of return is attributed to investment policy. The results also show UK real estate fund focus exclusively on trying to pick winners to add value and that in pursuit of active return fund mangers incur high tracking error risk, consequently, successful active management is very difficult to achieve. In addition, the results are dependent on the benchmark used to represent the investment policy of the fund. Nonetheless, active management can indeed add value to a real estate funds performance. This is the good news. The bad news is adding value is much more difficult to achieve than is generally accepted.

The effect of asymmetries on optimal hedge ratios

There is widespread evidence that the volatility of stock returns displays an asymmetric response to good and bad news. This article considers the impact of asymmetry on time-varying hedges for financial futures. An asymmetric model that allows forecasts of cash and futures return volatility to respond differently to positive and negative return innovations gives superior in-sample hedging performance. However, the simpler symmetric model is not inferior in a hold-out sample. A method for evaluating the models in a modern risk-management framework is presented, highlighting the importance of allowing optimal hedge ratios to be both time-varying and asymmetric.