Trading Activity in Options and Stock Around Price-Sensitive News Announcements

This study investigates the trading activity in options and stock markets around informed events with extreme daily stock price movements. We find that informed agents are more likely to trade options prior to negative news and stocks ahead of positive news. We also show that optioned stocks overreact to the arrival of negative news, but react efficiently to positive news. However, the overreaction patterns are unique to the subsample of stocks with the lowest pre-event abnormal option/stock volume ratio (O/S). This finding suggests that the incremental benefit of option listing is related to the level of option trading activity, over and beyond the presence of an options market on the firm's stock. Finally, we find that the pre-event abnormal O/S is a better predictor of stock price patterns following a negative shock than is the pre-event O/S, implying that the former may contain more information about the future value of stocks than the latter.

The role of trust in relationship development and performance improvement

The importance of inter-organizational trust to project success has been increasingly highlighted in the construction industry. This study aims to explore the role of trust between project parties. It adopts a combination of quantitative and qualitative methodologies. Based on the analysis of the responses of a questionnaire survey, trust is demonstrated to have a significant contribution to the development of cooperative or collaborative relationships; fostering trust proves to have a major influence on the improvement of project performance; and some relationship and performance indicators are found to have closer associations with trust than others so that trust is more important to
the development of relationship and the improvement of performance in these aspects. The analysis of questionnaire responses also provides significant evidence for the reduction in monitoring and control following the increase of mutual trust. The questionnaire survey is followed by a series of expert interviews, both of which contribute to the establishment of a model that links trust with relationship and performance and distinguishes the new approach that is based on trust from the traditional mechanism that relies on monitoring and control.

Joining together or pushing apart? Building relations and exploring difference through shared education in Northern Ireland

In divided societies, the promotion of cross-cultural contact through the education system has been central to efforts to improve intergroup relations. This approach is informed by an understanding of the contact hypothesis, which suggests that positive contact with a member of a different group should contribute to improvements in attitudes towards the group as a whole. While a substantial body of research provides support for contact theory, critics have argued that its emphasis on harmonious encounters can result in the neglect of group differences and associated issues of conflict and discrimination during contact. The research discussed in this article explores this tension with reference to two shared education projects in Northern Ireland. Research data, gathered primarily through interviews with pupils, confirms that divisive issues are rarely addressed during contact and explores several influences on this: the nature of pupils’ relationships, the programme structure, and the prevailing social norms of avoidance.

Civil defence pedagogies and narratives of democracy: disaster education in Germany

‘Disaster education’ is a fledgling area of study in lifelong education. Many countries educate their populations for disasters, to mitigate potential damage and loss of life, as well as contribute to national security. In this paper, which draws on interview data from the German Federal Office for Civil Defence and Disaster Assistance and the Federal Agency for Technical Relief, archival research, analysis of websites and promotional materials as well as relevant academic literature, I examine disaster education and preparedness for national emergencies in Germany. I argue that it is not generally extended to the general public, rather confined to trained experts, decentralised, localised and exclusive. Theorising disaster education as a ‘civil defence pedagogy’ (Preston, 2008), a type of public pedagogy, which contributes to shaping narratives of national identity, I argue that it is unlikely that Germany will develop a more inclusive, universal, formalised, nor high-profile campaign in disaster education in the foreseeable future. This, I suggest, is due to narratives of the German democratic nation state as secure, federal, peaceful and unified, which originated at the founding of West Germany in 1949, and continue to shape contemporary political narratives.

The development of a knowledge-based society - Challenges for e-learning and adult students in higher education

This chapter appears in Encyclopaedia of Distance Learning 2nd Edition edit by Rogers, P.; Berg, Gary; Boettecher, Judith V.; Howard, Caroline; Justice, Lorraine; Schenk, Karen D.. Copyright 2009, IGI Global, www.igi-global.com. Posted by permission of the publisher. URL: http://www.igi-global.com/reference/ details.asp?ID=9703&v=tableOfContents

Repertory grid adaptations in detecting connotative trends and social behaviour problems in education

Please consult the paper edition of this thesis to read. It is available on the 5th Floor of the Library at Call Number: Z 9999 E38 K66 1983

Photograph - Deputy Post Master and Letter Carriers, 1910

A photograph of Stanley George Smith (deputy post master in bowler hat) and eight letter carriers. The photograph is dated 1910.

English vocabulary teaching and learning strategies in Secondary Education

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