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.

CERAMICS IN BRITAIN (1840-90): MEANINGS AND METAPHORS

The intention of this thesis, “Ceramics in Britain (1840–90): Meanings and Metaphors” is to present new approaches for interpreting ceramics in nineteenth-century Britain by situating, problematizing, and contextualizing pottery and porcelain in the popular debates of the day within the methodologies of material culture, design, cultural and art histories. I ask how did ceramics—portable, functional, and often decorative objects—contribute to shaping modes of experiences? Crockery, tableware and blue-white-porcelain, admittedly largely mediated in texts and paintings, are at the centre of this research to examine how they imposed symbolism and influenced the engagement of their subjects beyond their intended meanings and functions. This thesis tracks a common rhetoric shared by writers and artists across genres and understood by readers and viewers: crockery in the cupboard, on the mantel, the table or the floor were popular motifs exemplifying class, gender, character, etiquette, and taste. This thesis also seeks to map ceramics’ relations with other objects and people depicted. Their meanings and metaphors changed, depending on their exchange with other objects in the room and who uses them. The conventions of representing ceramics dictated a particular grammar that writers and artists used, critiqued, discarded or personalized. The examination of ceramics mediated in text and image especially in comparison with extant objects invites a deeper probing of both material culture and artistic practice, which helps to situate the agency of the ceramic objects themselves. Also this thesis, in attempt to explore new methodological approaches for ceramic studies, examines the social life of the mid-Victorian relief-moulded “Minster” Jug in the Gardiner Museum in Toronto. The product originating in Staffordshire in 1843 and exported to the colonies holds significance due to its multiple life histories. Viewing the “Minster” through the lenses of curator, collector, consumer, and critic its layered lives unfold to reveal the protocols of museum praxis as well as important aspects of mid-nineteenth-century British society related to design reform, gender, imperialism and consumption patterns. This thesis contends that the British experienced ceramics in sometimes unexpected ways, unrelated to their original purpose, such as tools of violence or containers of solace, and transformative fantasy.

WAKING (TO) THINKING BEING: A STUDY OF EDUCATION, METAPHYSICS, MIND, AND LANGUAGE

This dissertation articulates the basic aims and achievements of education. It recognizes language as central to thinking, and philosophy and education as belonging profoundly to one another. The first step is to show that although philosophy can no longer claim to dictate the foundations of knowledge or of disciplines of inquiry, it still offers an exceptionally general level of self-understanding. Education is equally general and faces a similar crisis of self-identity, of coming to terms with reality. Language is the medium of thought and the repository of historical mind; so a child’s acquisition of language is her acquisition of rational freedom. This marks a metaphysical change: no longer merely an animal, she comes to exercise her powers of rationality, transcending her environment by seeking and expressing reasons for thinking and doing. She can think about herself in relation to the universe, hence philosophize and educate others in turn. The discussion then turns to the historical nature of language. The thinking already embedded in language always anticipates further questioning. Etymology serves as a model for philosophical understanding, and demonstrates how philosophy can continue to yield insights that are fundamental, but not foundational, to human life. The etymologies of some basic educational concepts disclose education as a leading out and into the midst of Being. The philosophical approach developed in previous chapters applies to the very idea of an educational aim. Discussion concerning the substantiality of educational ideals results in an impasse: one side recommends an open-­ended understanding of education’s aims; the other insists on a definitive account. However, educational ideals exhibit a conceptual duality: the fundamental achievements of education, such as rational freedom, are real; but how we should understand them remains an open question. The penultimate chapter investigates philosophical thinking as the fulfillment of rational freedom, whose creative insights can profoundly transform our everyday activities. That this transformative self-understanding is without end suggests the basic aims of education are unheimlich. The dissertation concludes with speculative reflection on the shape and nature of language, and with the suggestion that through education reality awakens to itself.

Empowering development: capabilities and Latin American critical traditions

This thesis theoretically and critically examines the move towards people-centred approaches to development. It offers a critical examination of the work of Amartya Sen using theoretical resources emerging from Latin American traditions. Amartya Sen’s calls to understand Development as Freedom (1999) have significantly influenced mainstream development thinking and practice, constituting the clearest example of people-centred approaches to development today. Overcoming the limitations of previous state-centred notions of development articulated around ideas of economic growth, in Sen’s Capability Approach (CA) development is seen as a process of expanding the real freedoms that people enjoy. In this understanding, the agency of development shifts from the state to individuals and the analytic focus moves from economic growth to individual capabilities. In this manner, this framework is structured towards the central goal of empowerment, wherein the expansion of capabilities is seen both as the means and end of development. Since its inception, the widespread support for the CA has allowed for the expansion of ethical considerations within mainstream development thinking. Even while the remarkable advances offered by Sen’s work should be praised, this thesis argues that these have come with new limitations. These limitations stem from, what is termed here, a “Paradox of Empowerment” that effectively encloses Sen’s approach within Western notions of development. While Sen’s approach is poised to provide a theoretical framework that is built on the expansion of freedom and individual agency, there is little agency here to move beyond the ideas of development fundamentally linked to liberal democracies and market economies. This thesis engages with several critical traditions from Latin America, recovering their often undervalued insights for development thinking. Crucially, this engagement provides the critical framework to illustrate the aforementioned paradox and explore multiple dimensions of empowerment central for contemporary development thinking and practice. In this, the thesis engages Sen’s work with the Liberation Theology of Gustavo Gutierrez, with Paulo Freire’s Critical Pedagogy and with the contemporary discussions of ‘Buen Vivir’ associated with Indigenous philosophies of the Andean region. Throughout its chapters,it uncovers the conceptual baggage within the Paradox of Empowerment in Sen’s work and examines the ethical challenges and boundaries of this approach in relation to the collective dimension of development processes, the possibilities for structural transformation and concerns for sustainability. Progressively engaging the different dimensions of this paradox, this thesis advances the recovery of the transformative potential of the ideas of empowerment for development.

Caught in the conundrum: neoliberalism and education in post-conflict Northern Ireland: Exploring Shared Education

Northern Ireland (NI) is emerging from a violent period in its troubled history and remains a
society characterized by segregation between its two main communities. Nowhere is this more
apparent than in education, where for the most part Catholic and Protestant pupils are
educated separately. During the last 30 years there has been a twofold pressure placed on the
education system in NI - at one level to respond to intergroup tensions by promoting
reconciliation, and at another, to deal with national policy demands derived from a global neoliberalist
economic agenda. With reference to current efforts to promote shared education
between separate schools, we explore the uneasy dynamic between a school-based
reconciliation programme in a transitioning society and system-wide values that are driven by
neo-liberalism and its organizational manifestation - new managerialism. We argue that whilst
the former seeks to promote social democratic ideals in education that can have a potentially
transformative effect at societal level, neoliberal priorities have the potential to both subvert
shared education and also to embed it.

Assessing the Societal Impact of Research: The Relational Engagement Approach

Marketing and policy researchers seeking to increase the societal impact of their scholarship should engage directly with relevant stakeholders. For maximum societal effect, this engagement needs to occur both within the research process and throughout the complex process of knowledge transfer. A relational engagement approach to research impact is proposed as complementary and building upon traditional approaches. Traditional approaches to impact employ bibliometric measures and focus on the creation and use of journal articles by scholarly audiences, an important but incomplete part of the academic process. The authors suggest expanding the strategies and measures of impact to include process assessments for specific stakeholders across the entire course of impact: from the creation, awareness, and use of knowledge to societal impact. This relational engagement approach involves the co-creation of research with audiences beyond academia. The authors hope to begin a dialogue on the strategies researchers can make to increase the potential societal benefits of their research.

Responsibility and Well-Being: Resource Integration Under Responsibilization in Expert Services

Responsibilization, or the shift of functions and risks from providers and producers to consumers, has become an increasingly common policy in service systems and marketplaces (e.g., financial, health, governmental). As responsibilization is often considered synonymous with consumer agency and well-being, the authors take a transformative service research perspective and draw on resource integration literature to investigate whether responsibilization is truly associated with well-being. The authors focus on expert services, for which responsibilization concerns are particularly salient, and question whether this expanding policy is in the public interest. In the process, they develop a conceptualization of resource integration under responsibilization that includes three levels of actors (consumer, provider, and service system), the identification of structural tensions to resource integration, and three categories of resource integration practices (access, appropriation, and management) necessary to negotiate responsibilization. The findings have important implications for health care providers, public and institutional policy makers, and other service systems, all of which must pay more active attention to the challenges consumers face in negotiating responsibilization and the resulting well-being outcomes.

Responsibility and Well-being: Resource Integration under Responsibilization in Expert Services

Responsibilization, or the shift in functions and risks from providers and producers to the consumer, has become an increasingly common policy in service systems and marketplaces (e.g., financial, health, governmental). Responsibilization is often presented as synonymous with consumer agency and well-being. We take a transformative service research perspective and utilize the resource integration framework to investigate whether responsibilization is truly associated with well-being. We focus on expert services, where responsibilization concerns are particularly salient, and question whether this expanding policy is in the public interest. In the process, we develop a conceptualization of resource integration under responsibilization that includes three levels of actors (consumer, provider and service system), the identification of structural tensions to resource integration and three categories of resource integration practices (access, appropriation and management) necessary to negotiate responsibilization. Our findings have important implications for health care providers, public policy makers, and other service systems, all of which must pay more active attention to the challenges consumers face in negotiating responsibilization and the resulting well-being outcomes.

Fashioning a city of culture: ‘life and place changing’ or ’12 month party’?

The current trend in public policy is to valorise culture as a tool for social, economic and political transformation. This paper offers a direct contribution to debates that seek to unpack and problematise cities of culture. We adopt a more circumspect approach towards some aspects of the anticipated transformative powers of culture, and in particular the tendency to fetishize the economics of culture. Our empiricism is grounded in a detailed study of Derry~Londonderry as the inaugural UK City of Culture in 2013. We question whether City of Culture was ‘life and place changing’ or a ’12 month party’, and reveal different interpretations of success. In our view there is more potential in viewing culture as a peace resource for overcoming divisions in a socially and culturally segregated city, rather than its ability to tackle entrenched economic problems. Moving beyond the specifics of the case study we also provide lessons for future cities of culture and more generalizable insights for the academic and policy literatures.

Deep Corals, Deep Learning: Moving the Deep Net Towards Real-Time Image Annotation

The mismatch between human capacity and the acquisition of Big Data such as Earth imagery undermines commitments to Convention on Biological Diversity (CBD) and Aichi targets. Artificial intelligence (AI) solutions to Big Data issues are urgently needed as these could prove to be faster, more accurate, and cheaper. Reducing costs of managing protected areas in remote deep waters and in the High Seas is of great importance, and this is a realm where autonomous technology will be transformative.

Catalysing the Irish Energy Transition: Capacities and Challenges

The transition to a “low carbon, climate resilient and environmentally sustainable economy by the end of the 
year 2050” has been conceptualised as the “national transition objective” in the Irish Climate Action and Low Carbon Development Bill, passed in late 2015. This has raised a myriad of questions over how this can be operationalised and resourced and whether it can maintain political momentum. This paper assesses the utility of framings informed by the transitions (MLP) and technological innovation systems perspectives in contributing to transformative societal processes, by examining their application in an Irish case study on policy and technology. Through a qualitative exploration of the broader societal and policy context of the energy sector and a more detailed examination of the innovation systems of selected niche technologies (bioenergy and electric vehicles), the Irish case study sought to identify potential catalysts for a sustainability transition in the energy sector in Ireland: where these exist, how these are being built or enabled, and barriers to change. Following a discussion on the theoretical approaches used, a description will be given of how these were applied in the conducting of the research on transition in Ireland case study and the key findings which emerged. A critical reflection will then be made on the utility of these perspectives (as applied) to contribute to broader processes of societal transformation in Ireland.

Transformer les pratiques professionnelles vis-à-vis des personnes prestataires de l’aide sociale : développement participatif et évaluation d’une formation continue en cabinet dentaire

L’objectif de la présente thèse est de générer des connaissances sur les contributions possibles d’une formation continue à l’évolution des perspectives et pratiques des professionnels de la santé buccodentaire. Prônant une approche centrée sur le patient, la formation vise à sensibiliser les professionnels à la pauvreté et à encourager des pratiques qui se veulent inclusives et qui tiennent compte du contexte social des patients. L’évaluation de la formation s’inscrit dans le contexte d’une recherche-action participative de développement d’outils éducatifs et de transfert des connaissances sur la pauvreté. Cette recherche-action aspire à contribuer à la lutte contre les iniquités sociales de santé et d’accès aux soins au Québec; elle reflète une préoccupation pour une plus grande justice sociale ainsi qu’une prise de position pour une santé publique critique fondée sur une « science des solutions » (Potvin, 2013). Quatre articles scientifiques, ancrés dans une philosophie constructiviste et dans les concepts et principes de l’apprentissage transformationnel (Mezirow, 1991), constituent le cœur de cette thèse. Le premier article présente une revue critique de la littérature portant sur l’enseignement de l’approche de soins centrés sur le patient. Prenant appui sur le concept d’une « épistémologie partagée », des principes éducatifs porteurs d’une transformation de perspective à l’égard de la relation professionnel-patient ont été identifiés et analysés. Le deuxième article de thèse s’inscrit dans le cadre du développement participatif d’outils de formation sur la pauvreté et illustre le processus de co-construction d’un scénario de court-métrage social réaliste portant sur la pauvreté et l’accès aux soins. L’article décrit et apporte une réflexion, notamment sur la dimension de co-formation entre les différents acteurs des milieux académique, professionnel et citoyen qui ont constitué le collectif À l’écoute les uns des autres. Nous y découvrons la force du croisement des savoirs pour générer des prises de conscience sur soi et sur ses préjugés. Les outils développés par le collectif ont été intégrés à une formation continue axée sur la réflexion critique et l’apprentissage transformationnel, et conçue pour être livrée en cabinet dentaire privé. Les deux derniers articles de thèse présentent les résultats d’une étude de cas instrumentale évaluative centrée sur cette formation continue et visant donc à répondre à l’objectif premier de cette thèse. Le premier consiste en une analyse des transformations de perspectives et d’action au sein d’une équipe de 15 professionnels dentaires ayant participé à la formation continue sur une période de trois mois. L’article décrit, entre autres, une plus grande ouverture, chez certains participants, sur les causes structurelles de la pauvreté et une plus grande sensibilité au vécu au quotidien des personnes prestataires de l’aide sociale. L’article comprend également une exploration des effets paradoxaux dans l’apprentissage, notamment le renforcement, chez certains, de perceptions négatives à l’égard des personnes prestataires de l’aide sociale. Le quatrième article fait état de barrières idéologiques contraignant la transformation des pratiques professionnelles : 1) l’identification à l’idéologie du marché privé comme véhicule d’organisation des soins; 2) l’attachement au concept d’égalité dans les pratiques, au détriment de l’équité; 3) la prédominance du modèle biomédical, contraignant l’adoption de pratiques centrées sur la personne et 4) la catégorisation sociale des personnes prestataires de l’aide sociale. L’analyse des perceptions, mais aussi de l’expérience vécue de ces barrières démontre comment des facteurs systémiques et sociaux influent sur le rapport entre professionnel dentaire et personne prestataire de l’aide sociale. Les conséquences pour la recherche, l’éducation dentaire, le transfert des connaissances, ainsi que pour la régulation professionnelle et les politiques de santé buccodentaire, sont examinées à partir de cette perspective.

At the Crossroads: Pre-service Teachers, Community Mentors, and the Dialectic

Thesis (Ph.D.)--University of Washington, 2016-06

Three horizons: a pathways practice for transformation

Global environmental change requires responses that involve marked or qualitative changes in individuals, institutions, societies, and cultures. Yet, while there has been considerable effort to develop theory about such processes, there has been limited research on practices for facilitating transformative change. We present a novel pathways approach called Three Horizons that helps participants work with complex and intractable problems and uncertain futures. The approach is important for helping groups work with uncertainty while also generating agency in ways not always addressed by existing futures approaches. We explain how the approach uses a simple framework for structured and guided dialogue around different patterns of change by using examples. We then discuss some of the key characteristics of the practice that facilitators and participants have found to be useful. This includes (1) providing a simple structure for working with complexity, (2) helping develop future consciousness (an awareness of the future potential in the present moment), (3) helping distinguish between incremental and transformative change, (4) making explicit the processes of power and patterns of renewal, (5) enabling the exploration of how to manage transitions, and (6) providing a framework for dialogue among actors with different mindsets. The complementarity of Three Horizons to other approaches (e.g., scenario planning, dilemma thinking) is then discussed. Overall, we highlight that there is a need for much greater attention to researching practices of transformation in ways that bridge different kinds of knowledge, including episteme and phronesis. Achieving this will itself require changes to contemporary systems of knowledge production. The practice of Three Horizons could be a useful way to explore how such transformations in knowledge production and use could be achieved.

Interlinking ecosystem services and Ostrom’s framework through orientation in sustainability research

Structuring integrated social-ecological systems (SES) research remains a core challenge for achieving sustainability. Numerous concepts and frameworks exist, but there is a lack of mutual learning and orientation of knowledge between them. We focus on two approaches in particular: the ecosystem services concept and Elinor Ostrom’s diagnostic SES framework. We analyze the strengths and weaknesses of each and discuss their potential for mutual learning. We use knowledge types in sustainability research as a boundary object to compare the contributions of each approach. Sustainability research is conceptualized as a multi-step knowledge generation process that includes system, target, and transformative knowledge. A case study of the Southern California spiny lobster fishery is used to comparatively demonstrate how each approach contributes a different lens and knowledge when applied to the same case. We draw on this case example in our discussion to highlight potential interlinkages and areas for mutual learning. We intend for this analysis to facilitate a broader discussion that can further integrate SES research across its diverse communities.