A note on information seasonality and the disappearance of the weekend effect in the UK stock market

The weekend effect in UK stock prices has disappeared in the 1990s. Beneath the surface however there remain systematic day-of-the-week effects only visible when returns are partitioned by the direction of the market. A systematic pattern of market-wide news arrivals into the UK stock market is discovered and found to provide an explanation for these day-of-the-week effects.

A neoliberális "kapitalizmus" fogalom megszűnése (The disappearance of the term “neoliberal capitalism”)

A kommunizmusnak – vagy amit a XX. században annak neveztek – a fasizmus nem elfogadható alternatívája. Az elmúlt húsz év meghatározó ideológiai áramlata, a neoliberalizmus ezt nem értette meg. A baloldallal szemben túlzott mértékben lépett fel, míg ezzel szemben a jobboldali szélsőségnek jelentős teret engedett. A szélsőjobboldali szemlélet, az anakronisztikus, barbár provincializmus felszámolásához szükség van a nyugati típusú konzervativizmus és a szociáldemokrácia együttműködésére, a két elméleti irányzat partneri viszonyára. Ehhez mindenekelőtt a neoliberalizmus elméleti meghaladására van szükség. A tanulmányban ezért a neoliberalizmus meghatározó tételeinek kritikáját végezzük el annak érdekében, hogy az új világrendhez igazodó elméleti keret kialakulásához hozzájáruljunk. _____ The acceptable alternative of communism, or what it had been called in the 20th century, is not fascism. The mainstream in the ideology of the last couple of decades, neo-liberalism, has not understood this statement. It allows too wide range for the extremists in the far right; however, in the other side it was too rigid with the left. To terminate the barbarian, anachronistic provincialism in the far right, cooperation between the neo-conservativism prevailing in the West and the social democrat movement is needed. The partnership between the two streams is inevitable. In order to achieve this goal the first step is the debate with the theoretical background of the neo-liberal way of thinking. The main purpose of this paper is to start this discussion hoping that we can contribute to the new theoretical framework in the social sciences.

Selective disappearance of individuals with high levels of glycated haemoglobin in a free-living bird

Peer reviewed

Big data: appearance and disappearance

The mainstay of Big Data is prediction in that it allows practitioners, researchers, and policy analysts to predict trends based upon the analysis of large and varied sources of data. These can range from changing social and political opinions, patterns in crimes, and consumer behaviour. Big Data has therefore shifted the criterion of success in science from causal explanations to predictive modelling and simulation. The 19th-century science sought to capture phenomena and seek to show the appearance of it through causal mechanisms while 20th-century science attempted to save the appearance and relinquish causal explanations. Now 21st-century science in the form of Big Data is concerned with the prediction of appearances and nothing more. However, this pulls social science back in the direction of a more rule- or law-governed reality model of science and away from a consideration of the internal nature of rules in relation to various practices. In effect Big Data offers us no more than a world of surface appearance and in doing so it makes disappear any context-specific conceptual sensitivity.

In vivo and in vitro disappearance of energy and nutrients in novel carbohydrates and cereal grains by pigs

In vivo and in vitro experiments were conducted to determine digestibility of GE and nutrients, as well as DE and ME of carbohydrates fed to growing pigs. The objective of Exp. 1 was to determine the DE and ME of 4 novel carbohydrates fed to pigs. The 4 novel carbohydrates were 2 sources of resistant starch (RS 60 and RS 70), soluble corn fiber (SCF), and pullulan. These carbohydrates were produced to increase total dietary fiber (TDF) intake by humans. Maltodextrin (MD) was used as a highly digestible control carbohydrate. The DE and ME for RS 60 (1,779 and 1,903 kcal/kg, respectively), RS 75(1,784 and 1,677 kcal/kg, respectively), and SCF (1,936 and 1,712 kcal/kg, respectively) were less (P < 0.05) than for MD (3,465 and 3,344 kcal/kg, respectively) and pullulan (2,755 and 2,766 kcal/kg, respectively), and pullulan contained less (P < 0.05) DE and ME than MD. However, there was no difference in the DE and ME for RS 60, RS 75, and SCF. The varying degrees of small intestinal digestibility and differences in fermentability among these novel carbohydrates may explain the differences in the DE and ME among carbohydrates. Therefore, the objectives of Exp. 2 were to determine the effect of these 4 novel carbohydrates and cellulose on apparent ileal (AID) and apparent total tract (ATTD) disappearance, and hindgut disappearance (HGD) of GE, TDF, and nutrients when added to diets fed to ileal-cannulated pigs. The second objective was to measure the endogenous flow of TDF to be able to calculate the standardized ileal disappearance (SID) and standardized total tract (STTD) disappearance of TDF in the 4 novel fibers fed to pigs. Results of the experiment indicated that the AID of GE and DM in diets containing cellulose or the novel fibers was less (P < 0.05) than of the maltodextrin diet, but the ATTD of GE and DM was not different among diets. The addition of RS 60, RS 75, and SCF did not affect the AID of acid hydrolysed ether extract (AEE), CP, or ash, but the addition of cellulose and pullulan reduced (P < 0.01) the AID of CP. The average ileal and total tract endogenous losses of TDF were calculated to be 25.25 and 42.87 g/kg DMI, respectively. The SID of TDF in diets containing RS 60, SCF, and pullulan were greater (P < 0.01) than the SID of TDF in the cellulose diet, but the STTD of the SCF diet was greater (P < 0.05) than for the cellulose and pullulan diets. Results of this experiment indicate that the presence of TDF reduces small intestinal disappearance of total carbohydrates and energy which may reduce the DE and ME of diets and ingredients. Therefore, the objective of Exp. 3 was to determine the DE and ME in yellow dent corn, Nutridense corn, dehulled barley, dehulled oats, polished rice, rye, sorghum, and wheat fed to growing pigs and to determine the AID and ATTD of GE, OM, CP, AEE, starch, total carbohydrates, and TDF in these cereal grains fed to pigs. Results indicated that the AID of GE, OM, and total carbohydrates was greater (P < 0.001) in rice than in all other cereal grains. The AID of starch was also greater (P < 0.001) in rice than in yellow dent corn, dehulled barley, rye, and wheat. The ATTD of GE was greater (P < 0.001) in rice than in yellow dent corn, rye, sorghum, and wheat. With a few exceptions, the AID and ATTD of GE and nutrients in Nutridense corn was not different from the values for dehulled oats. Likewise, with a few exceptions, the AID, ATTD, and HGD of GE, OM, total carbohydrates, and TDF in yellow corn, sorghum, and wheat were not different from each other. The AID of GE and AEE in dehulled barley was greater (P < 0.001) than in rye. The ATTD of GE and most nutrients was greater (P < 0.001) in dehulled barley than in rye. Dehulled oats had the greatest (P < 0.001) ME (kcal/kg DM) whereas rye had the least ME (kcal/kg DM) among the cereal grains. Results of the experiment indicate that the presence of TDF and RS may reduce small intestinal digestibility of starch in cereal grains resulting in reduced DE and ME in these grains. Digestibility experiments involving animals are time consuming and expensive. Therefore, the objective of Exp. 4 was to correlate DM and OM digestibility obtained from 3 in vitro procedures with ATTD of GE and with the concentration of DE in 50 corn samples that were fed to growing pigs. The second objective was to develop a regression model that can predict the ATTD of GE or the concentration of DE in corn. The third objective was to evaluate the suitability of using the DaisyII incubator as an alternative to the traditional water bath when determining in vitro DM and OM digestibility. Results indicated that corn samples incubated with Viscozyme for 48 h in the DaisyII incubator improved (P < 0.001) the ability of the procedure to detect small differences in the ATTD of GE or to detect small differences in the concentration of DE in corn. Likewise, compared with using cellulase or fecal inoculum, the variability in the ATTD of GE and the variability in the DE in corn was better (R2 = 0.56; P < 0.05 and R2 = 0.53; P < 0.06, respectively) explained if Viscozyme was used than if cellulase or fecal inoculum was used. A validated regression model that predicted the DE in corn was developed using Viscozyme and with the corn samples incubated in the DaisyII incubator for a 48 h. In conclusion, this present work used the pig as a model for human gastrointestinal function and evaluates carbohydrates from 2 different nutritional perspectives – humans and animals. The addition of novel carbohydrates reduced the digestibility of energy in the diets without necessarily reducing the digestibility of other nutrients. Thus, supplementation of novel carbohydrates in the diets may be beneficial for the management of diabetes. Aside from diabetic management, cereal grains such as rye and sorghum, may also help in BW management because of there low caloric value, but for undernourished individuals, dehulled oats, dehulled barley, and rice are the ideal grains. From an animal nutrition standpoint, high concentration of dietary fiber is undesirable because it reduces feed efficiency. Therefore, the inclusion of feed ingredients that have a high concentration of dietary fiber is often limited in animal diets. Although in vivo determination is ideal, in vitro procedures are useful tools to determine caloric value of food and feed ingredients.

Against interpretation? On global (non-)law, the breaking-up of homo juridicus, and the disappearance of the jurist

This paper investigates the nullification of homo juridicus and the vanishing of the jurist in relation to the liberal global-order project and the emergence and spread of soft-networked channels of post-national governance. By inquiring into the shift from the individual’s active will to the sterile behavioural schemes prompted by the universalisation of liberalism and economic analysis of social interactions, it will be argued that the jurist and the (rule of) law are no longer needed in a post-national system of rational and mechanic causations. Through an analysis of Susan Sontag’s and Josef Esser’s accounts for and against the interpretative task, it will be contended that the re-discovery of the anthropological and onto-sociopolitical function of the jurist depends upon the re-affirmation of: (1) the will’s oscillation between velle and nolle as constitutive of human uniqueness; (2) the need to interpret homo juridicus’s will power normativistically, and what this power leads to.

An enforced cooperation : understanding scientific assessments in adversarial polities through Quebec shale gas policymaking, 2010-2014

Les biotechnologies, le réchauffement climatique, les ressources naturelles et la gestion des écosystèmes sont tous représentatifs de la “nouvelle politique de la nature” (Hajer 2003), un terme englobant les enjeux marqués par une grande incertitude scientifique et un encadrement réglementaire inadapté aux nouvelles réalités, suscitant de fait un conflit politique hors du commun. Dans l'espoir de diminuer ces tensions et de générer un savoir consensuel, de nombreux gouvernements se tournent vers des institutions scientifiques ad hoc pour documenter l'élaboration des politiques et répondre aux préoccupations des partie-prenantes. Mais ces évaluations scientifiques permettent-elles réellement de créer une compréhension commune partagée par ces acteurs politiques polarisés? Alors que l'on pourrait croire que celles-ci génèrent un climat d'apprentissage collectif rassembleur, un environnement politique conflictuel rend l'apprentissage entre opposant extrêmement improbable. Ainsi, cette recherche documente le potentiel conciliateur des évaluation scientifique en utilisant le cas des gaz de schiste québécois (2010-2014). Ce faisant, elle mobilise la littérature sur les dimensions politiques du savoir et de la science afin de conceptualiser le rôle des évaluations scientifiques au sein d'une théorie de la médiation scientifique (scientific brokerage). Une analyse de réseau (SNA) des 5751 références contenues dans les documents déposés par 268 organisations participant aux consultations publiques de 2010 et 2014 constitue le corps de la démonstration empirique. Précisément, il y est démontré comment un médiateur scientifique peut rediriger le flux d'information afin de contrer l'incompatibilité entre apprentissage collectif et conflit politique. L'argument mobilise les mécanismes cognitifs traditionnellement présents dans la théorie des médiateurs de politique (policy broker), mais introduit aussi les jeux de pouvoir fondamentaux à la circulation de la connaissance entre acteurs politiques.

An enforced cooperation : understanding scientific assessments in adversarial polities through Quebec shale gas policymaking, 2010-2014

Les biotechnologies, le réchauffement climatique, les ressources naturelles et la gestion des écosystèmes sont tous représentatifs de la “nouvelle politique de la nature” (Hajer 2003), un terme englobant les enjeux marqués par une grande incertitude scientifique et un encadrement réglementaire inadapté aux nouvelles réalités, suscitant de fait un conflit politique hors du commun. Dans l'espoir de diminuer ces tensions et de générer un savoir consensuel, de nombreux gouvernements se tournent vers des institutions scientifiques ad hoc pour documenter l'élaboration des politiques et répondre aux préoccupations des partie-prenantes. Mais ces évaluations scientifiques permettent-elles réellement de créer une compréhension commune partagée par ces acteurs politiques polarisés? Alors que l'on pourrait croire que celles-ci génèrent un climat d'apprentissage collectif rassembleur, un environnement politique conflictuel rend l'apprentissage entre opposant extrêmement improbable. Ainsi, cette recherche documente le potentiel conciliateur des évaluation scientifique en utilisant le cas des gaz de schiste québécois (2010-2014). Ce faisant, elle mobilise la littérature sur les dimensions politiques du savoir et de la science afin de conceptualiser le rôle des évaluations scientifiques au sein d'une théorie de la médiation scientifique (scientific brokerage). Une analyse de réseau (SNA) des 5751 références contenues dans les documents déposés par 268 organisations participant aux consultations publiques de 2010 et 2014 constitue le corps de la démonstration empirique. Précisément, il y est démontré comment un médiateur scientifique peut rediriger le flux d'information afin de contrer l'incompatibilité entre apprentissage collectif et conflit politique. L'argument mobilise les mécanismes cognitifs traditionnellement présents dans la théorie des médiateurs de politique (policy broker), mais introduit aussi les jeux de pouvoir fondamentaux à la circulation de la connaissance entre acteurs politiques.

Contributions of vision-proprioception interactions to the estimation of time-varying hand and target locations

We investigated the relative importance of vision and proprioception in estimating target and hand locations in a dynamic environment. Subjects performed a position estimation task in which a target moved horizontally on a screen at a constant velocity and then disappeared. They were asked to estimate the position of the invisible target under two conditions: passively observing and manually tracking. The tracking trials included three visual conditions with a cursor representing the hand position: always visible, disappearing simultaneously with target disappearance, and always invisible. The target’s invisible displacement was systematically underestimated during passive observation. In active conditions, tracking with the visible cursor significantly decreased the extent of underestimation. Tracking of the invisible target became much more accurate under this condition and was not affected by cursor disappearance. In a second experiment, subjects were asked to judge the position of their unseen hand instead of the target during tracking movements. Invisible hand displacements were also underestimated when compared with the actual displacement. Continuous or brief presentation of the cursor reduced the extent of underestimation. These results suggest that vision–proprioception interactions are critical for representing exact target–hand spatial relationships, and that such sensorimotor representation of hand kinematics serves a cognitive function in predicting target position. We propose a hypothesis that the central nervous system can utilize information derived from proprioception and/or efference copy for sensorimotor prediction of dynamic target and hand positions, but that effective use of this information for conscious estimation requires that it be presented in a form that corresponds to that used for the estimations.

Corporate governance and compliance : preventative measure or just another fad?

In the wake of recent corporate collapses, 'corporate governance' has received unprecedented levels of attention. It can be narrowly defined as how a company is directed and steered. The responsibility of steering a company is entrusted with the board of directors, who become the focus of governance mechanisms.Yet this is not as straightforward as it appears - Australia has experienced massive shifts in business regulations over the past two decades. One innovation in Australian business regulation is 'enforced self-regulation' which combines the benefits of voluntary self-regulation with the coercive power of the State, implemented via a compliance program. A possible hazard of compliance system is that management might treat this responsibility as a 'box ticking' exercise. Therefore effective governance and compliance entails more than setting up internal and regulatory mechanisms; the willingness of various stakeholders to collaborate is crucial. This suggests that managing relationships between stakeholders of an organization is the key to averting corporate collapses.

Surviving the Titanic disaster : economic, natural and social determinants

The sinking of the Titanic in April 1912 took the lives of 68 percent of the people aboard. Who survived? It was women and children who had a higher probability of being saved, not men. Likewise, people traveling in first class had a better chance of survival than those in second and third class. British passengers were more likely to perish than members of other nations. This extreme event represents a rare case of a well-documented life and death situation where social norms were enforced. This paper shows that economic analysis can account for human behavior in such situations.