Efficient Prices at Any Cost: Does Algorithmic Trading Deter Information Acquisition?

I demonstrate a powerful tension between acquiring information and incorporating it into asset prices, the two core elements of price discovery. As a salient case, I focus on the transformative rise of algorithmic trading (AT) typically associated with improved price efficiency. Using a measure of the relative information content of prices and a comprehensive panel of 37,325 stock-quarters of SEC market data, I establish instead that algorithmic trading strongly decreases the net amount of information in prices. The increase in price distortions associated with the AT “information gap” is roughly $42.6 billion/year for U.S. common stocks around earnings announcement events alone. Information losses are concentrated among stocks with high shares of algorithmic liquidity takers relative to algorithmic liquidity makers, suggesting that aggressive AT powerfully deters fundamental information acquisition despite its importance for translating available information into prices.

The Evolution of Chimpanzee Sanctuaries in the United States

Chimpanzees are native only to the jungles of equatorial Africa, but for the last hundred years, they have also lived in captivity in the United States, most commonly in biomedical research laboratories, but also at Air Force bases for experiments for the space program, at accredited and unaccredited zoos, at circuses, as performers in Hollywood and even in private homes and backyards as pets. But that has been gradually evolving over the last few decades, as more and more chimpanzees move to newly-established chimpanzee sanctuaries. That transition was already underway even before the announcement by the National Institutes of Health (NIH) last year that it will retire all of its remaining chimpanzees from labs to sanctuaries. By thoroughly examining the evolution of these sanctuaries leading up to that seminal decision, along with the many challenges they face, including money, medical care, conflicting philosophies on the treatment of animals and the pitfalls that have led other sanctuaries to the brink of ruin, we can take away a better understanding of why chimpanzee sanctuaries are needed and why caretakers of other animal species are now looking to the chimpanzee sanctuary movement as a model to show how animals can be cared for in retirement.

Effects of Prenatal and Early Postnatal Exposure to Aversive Stimuli on Fearfulness and Exploratory Behavior in Bobwhite Qauil Neonates (Colinus virginianus)

Neophobia, the fear of novelty, is a behavioral trait found across a number of animal species, including humans. Neophobic individuals perceive novel environments and stimuli to have aversive properties, and exhibit fearful behaviors when presented with non-familiar situations. The present study examined how early life exposure to aversive novel stimuli could reduce neophobia in bobwhite quail chicks. Experiment 1 exposed chicks to a novel auditory tone previously shown to be aversive to naïve chicks (Suarez, 2012) for 24 hours immediately after hatching, then subsequently tested them in the presence of the tone within a novel maze task. Postnatally exposed chicks demonstrated decreased fearfulness compared to naïve chicks, and behaved more similarly to chicks tested in the presence of a known attractive auditory stimulus (a bobwhite maternal assembly call vocalization). Experiment 2 exposed chicks to the novel auditory tone for 24 hours prenatally, then subsequently tested them within a novel maze task. Prenatally exposed chicks showed decreased fearfulness to a similar degree as those postnatally exposed, revealing that both prenatal and postnatal exposure methods are capable of decreasing fear of auditory stimuli. Experiment 3 exposed chicks to a novel visual stimulus for 24 hours postnatally, then subsequently tested them within a novel emergence box / T-maze apparatus. Chicks exposed to the visual stimulus showed decreased fearfulness compared to naïve chicks, thereby demonstrating the utility of this method across sense modalities. Experiment 4 assessed whether early postnatal exposure to one novel stimulus could generalize and serve to decrease fear of novelty when chicks were tested in the presence of markedly different stimuli. By combining the methods of Experiments 1 and 3, this experiment revealed that chicks exposed to one type of stimulus (auditory or visual) demonstrated decreased fear when subsequently tested in the presence of the opposite type of novel stimulus. These results suggest that experience with novel stimuli can moderate the extent to which neophobia will develop during early development.

Lost in Translation? Russian Media Portrayals and Laypersons’ Interpretations of Angelina Jolie’s Breast Cancer Discourse

In May 2013, Angelina Jolie revealed that because she had a family history of breast and ovarian cancer and carried a rare BRCA gene mutation, she had undergone a preventive double mastectomy. Media coverage has been extensive around the world, including in Russia, not an English-language country, where all global news is inevitably filtered by translation. After examining the reactions of Russian mass media and members of the public to Jolie’s disclosure, I consider what transformations have occurred with Jolie’s message in the process of cross-cultural transfer. I explore the mass media portrayal of Jolie’s announcement, laypersons’ immediate and prolonged reactions, and the reflections of patients involved directly in the field of hereditary breast cancer. To my knowledge, this multifaceted and bilingual project is the first conceptualization of Jolie’s story as it has been translated in a different sociocultural environment. I start with examination of offline and online publications that appeared in Russia within two months after Jolie’s announcement. In this part of my analysis, I conceptualize the representation of Jolie’s case in Russian mass media and grasp what sociocultural waves were generated by this case among general lay audiences. Another part of my study contains the results of qualitative in-depth interviews. Eight women with a family history of hereditary breast cancer were recruited to participate in the research. The findings represent Jolie’s case through the eyes of Russian women with the same gene mutation as Jolie. Consolidating my findings, I argue that Jolie’s announcement was misinterpreted and misrepresented by Russian mass media, as well as misunderstood by a considerable part of the media audience. Jolie’s perspective on hereditary breast cancer mostly remained unheard among members of the Russian public. I make suggestions about the reasons for such a phenomenon, and demonstrate how Jolie’s case is implicated in politics, economics, and the culture of contemporary Russia.

Financial media, globalisation, and China’s economic integration: comparing narrative construction of the Economist and Caijing

In June 2015, legal frameworks of the Asian Infrastructural Investment Bank were signed by its 57 founding members. Proposed and initiated by China, this multilateral development bank is considered to be an Asian counterpart to break the monopoly of the World Bank and the International Monetary Fund. In October 2015, China’s Central Bank announced a benchmark interest rate cut to combat the economic slowdown. The easing policy coincides with the European Central Bank’s announcement of doubts over US Fed’s commitment to raise interest rates. Global stock markets responded positively to China’s move, with the exception of the indexes from Wall Street (Bland, 2015; Elliott, 2015). In the meantime, China’s ‘One Belt, One Road’ (or New Silk Road Economic Belt) became atopic of discourse in relation to its growing global economy, as China pledged $40 billion to trade and infrastructure projects (Bermingham, 2015). The foreign policy aims to reinforce the economic belt from western China through Central Asia towards Europe, as well as to construct maritime trading routes from coastal China through the South China Sea (Summers, 2015). In 2012, The Economist launched a new China section, to reveal the complexity of the‘meteoric rise’ of China. John Micklethwait, who was then the chief editor of the magazine, said that China’s emergence as a global power justified giving it a section of its own(Roush, 2012). In July 2015, Hu Shuli, the former chief editor of Caijing, announced the launch of a think tank and financial data service division called Caixin Insight Group, which encompasses the new Caixin China Purchasing Managers Index (PMI). Incooperation with with Markit Group, a principal global provider of PMI, the index soon became a widely cited economic indicator. One anecdote from November’s Caixin shows how much has changed: in a high-profile dialogue between Hu Shuli and Kevin Rudd, Hu insisted on asking questions in English; interestingly, the former Prime Minister of Australia insisted on replying in Chinese. These recent developments point to one thing: the economic ascent of China and its increasing influence on the power play between economics and politics in world markets. China has begun to take a more active role in rule making and enforcement under neoliberal frameworks. However, due to the country’s size and the scale of its economy in comparison to other countries, China’s version of globalisation has unique characteristics. The ‘Capitalist-socialist’ paradox is vital to China’s market-oriented transformation. In order to comprehend how such unique features are articulated and understood, there are several questions worth investigating in the realms of media and communication studies,such as how China’s neoliberal restructuring is portrayed and perceived by different types of interested parties, and how these portrayals are de-contextualised and re-contextualised in global or Anglo-American narratives. Therefore, based on a combination of the themes of globalisation, financial media and China’s economic integration, this thesis attempts to explore how financial media construct the narratives of China’s economic globalisation through the deployment of comparative and multi-disciplinary approaches. Two outstanding elite financial magazines, Britain’s The Economist, which has a global readership and influence, and Caijing, China’s leading financial magazine, are chosen as case studies to exemplify differing media discourses, representing, respectively, Anglo-American and Chinese socio-economic and political backgrounds, as well as their own journalistic cultures. This thesis tries to answer the questions of how and why China’s neoliberal restructuring is constructed from a globally-oriented perspective. The construction primarily involves people who are influential in business and policymaking. Hence, the analysis falls into the paradigm of elite-elite communication, which is an important but relatively less developed perspective in studying China and its globalisation. The comparing of characteristics of narrative construction are the result of the textual analysis of articles published over a ten-year period (mid-1998 to mid-2008). The corpus of samples come from the two media outlets’ coverage of three selected events:China becoming a member of the World Trade Organization, its outward direct investment, and the listing of stocks of Chinese companies in overseas exchanges, which are mutually exclusive in sample collection and collectively exhaustive in the inclusion of articles regarding China’s economic globalisation. The findings help to understand that, despite language, socio-economic and political differences, elite financial media with globally-oriented readerships share similar methods of and approaches to agenda setting, the evaluation of news prominence, the selection of frame, and the advocacy of deeply rooted neoliberal ideas. The comparison of their distinctive features reflects the different phases of building up the sense of identity in their readers as global elites, as well as the different economic interests that are aligned with the corresponding readerships. However, textual analysis is only relevant in terms of exploring how the narratives are constructed and the elements they include; textual analysis alone prevents us from seeing the obstacles and the constrains of the journalistic practices of construction. Therefore, this thesis provides a brief discussion of interviews with practitioners from the two media, in order to understand how similar or different narratives are manifested and perceived, how the concept of neoliberalism deviates from and is justified in the Chinese context, and how and for what purpose deviations arise from Western to Chinese contexts. The thesis also contributes to defining financial media in the domain of elite communication. The relevant and closely interlocking concepts of globalisation, elitism and neoliberalism are discussed, and are used as a theoretical bedrock in the analysis of texts and contexts. It is important to address the agenda-setting and ideological role of elite financial media, because of its narrative formula of infusing business facts with opinions,which is important in constructing the global elite identity as well as influencing neoliberal policy-making. On the other hand, ‘journalistic professionalism’ has been redefined, in that the elite identity is shared by the content producer, reader and the actors in the news stories emerging from the much-compressed news cycle. The professionalism of elite financial media requires a dual definition, that of being professional in the understanding of business facts and statistics, and that of being professional in the making sense of stories by deploying economic logic.

Impact of the Financial Crisis on the Performance of European Acquisitions

This study looks at the impact of the recent financial crisis on the short-term performance of European acquisitions. We use institutional theory and transaction cost economic theory to study whether bidders derive lower or higher returns from acquisitions announced after 2008. We investigate shareholders’ stock price reaction to 2245 deals which occurred during 2004–12 across 22 European Union countries. Our results from both univariate and multivariate analysis show that the deals announced in the post-crisis period, corresponding to the period of economic recession, generate higher returns to shareholders as compared to acquisitions announced in the pre-crisis period. We also test the relevance of the Economic and Monetary Union (EMU), that is, the Eurozone, to this value accrual during the recessionary period. We observe that non-EMU transactions obtain significantly higher gains vis-à-vis EMU transactions in the post-crisis years. Overall, announcement returns of European acquisitions have been affected by the financial crisis and the global recession; and companies that target countries with different currency regimes are likely to generate better returns from their acquisitions.

Acoustic signalling reflects personality in a social mammal

Social interactions among individuals are often mediated through acoustic signals. If acoustic signals are consistent and related to an individual's personality, these consistent individual differences in signalling may be an important driver in social interactions. However, few studies in non-human mammals have investigated the relationship between acoustic signalling and personality. Here we show that acoustic signalling rate is repeatable and strongly related to personality in a highly social mammal, the domestic pig (Sus scrofa domestica). Furthermore, acoustic signalling varied between environments of differing quality, with males from a poor-quality environment having a reduced vocalization rate compared with females and males from an enriched environment. Such differences may be mediated by personality with pigs from a poor-quality environment having more reactive and more extreme personality scores compared with pigs from an enriched environment. Our results add to the evidence that acoustic signalling reflects personality in a non-human mammal. Signals reflecting personalities may have far reaching consequences in shaping the evolution of social behaviours as acoustic communication forms an integral part of animal societies.

Réactions des bébés au chant et à la parole : impacts sur l’attention et l’affect

Les parents à travers le monde chantent et parlent à leurs bébés. Ces deux types de vocalisations aux enfants préverbaux partagent plusieurs similarités de même que des différences, mais leurs conséquences sur les bébés demeurent méconnues. L’objectif de cette thèse était de documenter l’efficacité relative du chant et de la parole à capter l’attention des bébés sur de courtes périodes de temps (Étude 1) ainsi qu’à réguler l’affect des bébés en maintenant un état de satisfaction sur une période de temps prolongée (Étude 2). La première étude a exploré les réactions attentionnelles des bébés exposés à des enregistrements audio non familiers de chant et de parole. Lors de l’expérience 1, des bébés de 4 à 13 mois ont été exposés à de la parole joyeuse s’adressant au bébé (séquences de syllabes) et des berceuses fredonnées par la même femme. Ils ont écouté significativement plus longtemps la parole, qui contenait beaucoup plus de variabilité acoustique et d’expressivité que les berceuses. Dans l’expérience 2, des bébés d’âges comparables n’ont montré aucune écoute différentielle face à une version parlée ou chantée d’une chanson pour enfant turque, les deux versions étant exprimées de façon joyeuse / heureuse. Les bébés de l’expérience 3, ayant entendu la version chantée de la chanson turque ainsi qu’une version parlée de façon affectivement neutre ou s’adressant à l’adulte, ont écouté significativement plus longtemps la version chantée. Dans l’ensemble, la caractéristique vocale joyeuse plutôt que le mode vocal (chanté versus parlé) était le principal déterminant de l’attention du bébé, indépendamment de son âge. Dans la seconde étude, la régulation affective des bébés a été explorée selon l’exposition à des enregistrements audio non familiers de chant ou de parole. Les bébés ont été exposés à du chant ou de la parole jusqu’à ce qu’ils rencontrent un critère d’insatisfaction exprimée dans le visage. Lors de l’expérience 1, des bébés de 7 à 10 mois ont écouté des enregistrements de paroles s’adressant au bébé, de paroles s’adressant à l’adulte ou du chant dans une langue non familière (turque). Les bébés ont écouté le chant près de deux fois plus longtemps que les paroles avant de manifester de l’insatisfaction. Lors de l’expérience 2, des bébés ont été exposés à des enregistrements de paroles ou de chants issus d’interactions naturelles entre la mère et son bébé, dans une langue familière. Comme dans l’expérience 1, le chant s’adressant au bébé était considérablement plus efficace que les paroles pour retarder l’apparition du mécontentement. La construction temporelle du chant, avec notamment son rythme régulier, son tempo stable et ses répétitions, pourrait jouer un rôle important dans la régulation affective, afin de soutenir l’attention, rehausser la familiarité ou promouvoir l’écoute prédictive et l’entraînement. En somme, les études présentées dans cette thèse révèlent, pour la première fois, que le chant est un outil parental puissant, tout aussi efficace que la parole pour capter l’attention et plus efficace que la parole pour maintenir les bébés dans un état paisible. Ces découvertes soulignent l’utilité du chant dans la vie quotidienne et l’utilité potentielle du chant dans des contextes thérapeutiques variés impliquant des bébés.

Accounting Earnings Announcements, Institutional Investor Concentration, and Common Stock Returns

[Excerpt] This study examines the relation between the level of institutional investor ownership and the magnitude of security price variability at quarterly earnings announcement dates. Prior research consistently documents a negative association between firm size and announcement-date return variability. One explanation for this finding is that as more timely, alternative information becomes available on large firms prior to an announcement date, their security prices become informative, thereby reducing the information content of the earnings announcement. Large firms are closely followed by institutional investors. These investors dedicate substantial resources to information search. Therefore, the link between size and information production may be attributable to the influence of institutional investors on the information production process. Because institutional trades can also affect security prices, however, the precise impact of institutional following on the variability of prices at quarterly earnings dates is not evident.

Monsters Take to the Streets! Monstrous Street-Art as Pedagogy of Resistance to Post-Olympic Regeneration in Hackney Wick?

This chapter explores geographies of gentrification and resistance in relation to the monstrous through the lens of street-art in post-Olympic London. It takes as a geographic case study Hackney Wick, which has for a long time been a bastion of alternative and creative living due to cheap rents in large, ex-industrial warehouse spaces. The artistic sociality of the area is imbued within its landscape, as prolific street artists have adorned ex-industrial warehouses and canal-side walls with graffiti and murals. Since the announcement of the 2012 Olympic Games, the area has been a site of intense political and aesthetic contestation. The post-Olympic legacy means that the area has been earmarked for redevelopment, with current residents facing the possibility of joining thousands already displaced by the games. The anxiety of dispossession is reflected by monstrous characters and sinister disembodied teeth, eyes and fingers embedded within the landscape, painted by local artists. Using geographically sensitive mobile and visual methodology to document the landscape and artwork, the chapter analyses and interprets the monstrous themes using a range of theorists including Mikhail Bakhtin, Georges Bataille and Nick Land. I argue that monstrous street-art lays visible claim to public territory for aesthetic purposes at odds with the visions of redevelopers and the needs of capital. Whilst street-art and graffiti do not fit easily within frameworks of organized political resistance or collective social movements, they operate as a kind of epistemological transgression that triggers transformative affects in the viewer. This creates conditions for pedagogies of resistance to gentrification by expressing and mobilizing political affects such as anger and anxiety, raising awareness of geographical politics, and encouraging the viewer to question the status quo of the built environment.

Impacto das fusões e aquisições no desempenho de empresas portuguesas

As fusões e aquisições (F&A) são operações estratégicas usadaspor empresas para fortalecer e manter a sua posição no mercado. Estas são vistas por muitos como uma forma relativamente rápida, flexível e eficiente de expandir para novos mercados, incorporar novas tecnologias e inovar. Sem essas qualidades, as empresas acreditam que é praticamente impossível ser competitivo na economia global de hoje. No entanto, o seu sucesso não é de forma alguma garantido. Perante esta incerteza de que tudo corra de forma vantajosa, o presente trabalho pretende avaliar através do estudo do impacto do processo de fusão ou aquisição o desempenho das empresas portuguesas. Procedemos a duas metodologias para chegar a uma conclusão sobre este estudo. Primeiramente foi feito o cálculo e análise de indicadores económico-financeiros antes e depois da realização da F&A e em segundo, uma análise do efeito de notícias boas e más referentes ao anúncio da mesma através da metodologia das janelas de eventos para cinco casos de F&A ocorridos em Portugal, sendo assim o método de análise baseado em casos de estudo. Foi possível verificar, regra geral, um desempenho superior das empresas adquirentes após o processo de F&A. Concluiu-se que os mercados reagem de forma distinta às boas e às más notícias e que o investidor é alvo de alterações de comportamento em termos de sentimento antes e após o anúncio. Deste modo a análise é sensível à distinção por tipos de notícias, sendo necessária a sua correta classificação. Por último, os resultados parecem indiciar que as reações do mercado acionista aos processos de F&A estão dependentes da situação económico-financeira corrente, resultado que merecerá futuramente uma análise posterior mais cuidada e profunda.

Zmiany w systemach komunikacji akustycznej ptaków jako bioindykatory zmian w środowisku

Wydział Biologii

Réactions des bébés au chant et à la parole : impacts sur l’attention et l’affect

Les parents à travers le monde chantent et parlent à leurs bébés. Ces deux types de vocalisations aux enfants préverbaux partagent plusieurs similarités de même que des différences, mais leurs conséquences sur les bébés demeurent méconnues. L’objectif de cette thèse était de documenter l’efficacité relative du chant et de la parole à capter l’attention des bébés sur de courtes périodes de temps (Étude 1) ainsi qu’à réguler l’affect des bébés en maintenant un état de satisfaction sur une période de temps prolongée (Étude 2). La première étude a exploré les réactions attentionnelles des bébés exposés à des enregistrements audio non familiers de chant et de parole. Lors de l’expérience 1, des bébés de 4 à 13 mois ont été exposés à de la parole joyeuse s’adressant au bébé (séquences de syllabes) et des berceuses fredonnées par la même femme. Ils ont écouté significativement plus longtemps la parole, qui contenait beaucoup plus de variabilité acoustique et d’expressivité que les berceuses. Dans l’expérience 2, des bébés d’âges comparables n’ont montré aucune écoute différentielle face à une version parlée ou chantée d’une chanson pour enfant turque, les deux versions étant exprimées de façon joyeuse / heureuse. Les bébés de l’expérience 3, ayant entendu la version chantée de la chanson turque ainsi qu’une version parlée de façon affectivement neutre ou s’adressant à l’adulte, ont écouté significativement plus longtemps la version chantée. Dans l’ensemble, la caractéristique vocale joyeuse plutôt que le mode vocal (chanté versus parlé) était le principal déterminant de l’attention du bébé, indépendamment de son âge. Dans la seconde étude, la régulation affective des bébés a été explorée selon l’exposition à des enregistrements audio non familiers de chant ou de parole. Les bébés ont été exposés à du chant ou de la parole jusqu’à ce qu’ils rencontrent un critère d’insatisfaction exprimée dans le visage. Lors de l’expérience 1, des bébés de 7 à 10 mois ont écouté des enregistrements de paroles s’adressant au bébé, de paroles s’adressant à l’adulte ou du chant dans une langue non familière (turque). Les bébés ont écouté le chant près de deux fois plus longtemps que les paroles avant de manifester de l’insatisfaction. Lors de l’expérience 2, des bébés ont été exposés à des enregistrements de paroles ou de chants issus d’interactions naturelles entre la mère et son bébé, dans une langue familière. Comme dans l’expérience 1, le chant s’adressant au bébé était considérablement plus efficace que les paroles pour retarder l’apparition du mécontentement. La construction temporelle du chant, avec notamment son rythme régulier, son tempo stable et ses répétitions, pourrait jouer un rôle important dans la régulation affective, afin de soutenir l’attention, rehausser la familiarité ou promouvoir l’écoute prédictive et l’entraînement. En somme, les études présentées dans cette thèse révèlent, pour la première fois, que le chant est un outil parental puissant, tout aussi efficace que la parole pour capter l’attention et plus efficace que la parole pour maintenir les bébés dans un état paisible. Ces découvertes soulignent l’utilité du chant dans la vie quotidienne et l’utilité potentielle du chant dans des contextes thérapeutiques variés impliquant des bébés.

A holistic attempt to predicating excess aftermarket returns of IPOs over a 90-day period post IPO

Double Degree

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

Mestrado em Finanças