42,602 research outputs found
"Uncertainty, Conventional Behavior, and Economic Sociology"
This paper addresses the problem of the conceptualization of social structure and its relationship to human agency in economic sociology. The background is provided by John Maynard KeynesĂs observations on the effects of uncertainty and conventional behavior on the stock market; the analysis consists of a comparison of the social ontologies of the French Intersubjectivist School and the Economics as Social Theory Project in the light of these observations. The theoretical argument is followed by concrete examples drawn from a prominent recent study of the stock market boom of the 1990s.
Uncertainty, Conventional Behavior, and Economic Sociology
This paper addresses the problem of the conceptualization of social structure and its relationship to human agency in economic sociology. The background is provided by John Maynard Keynes's observations on the effects of uncertainty and conventional behavior on the stock market; the analysis consists of a comparison of the social ontologies of the French Intersubjectivist School and the Economics as Social Theory Project in the light of these observations. The theoretical argument is followed by concrete examples drawn from a prominent recent study of the stock market boom of the 1990s.
Digital Subjectivation and Financial Markets: Criticizing Social Studies of Finance with Lazzarato
The recently rising field of Critical Data Studies is still facing fundamental questions. Among these is the enigma of digital subjectivation. Who are the subjects of Big Data? A field where this question is particularly pressing is finance. Since the 1990s traders have been steadily integrated into computerized data assemblages, which calls for an ontology that eliminates the distinction between human sovereign subjects and non-human instrumental objects. The latter subjectivize traders in pre-conscious ways, because human consciousness runs too slow to follow the volatility of the market. In response to this conundrum Social Studies of Finance has drawn on Actor-Network Theory to interpret financial markets as technically constructed networks of human and non-human actors. I argue that in order to develop an explicitly critical data study it might be advantageous to refer to Maurizio Lazzaratoâs theory of machinic subjugation instead. Although both accounts describe financial digital subjectivation similarly, Lazzarato has the advantage of coupling his description to a clear critique of and resistance to finance
Self-referential behaviour, overreaction and conventions in financial markets
We study a generic model for self-referential behaviour in financial markets,
where agents attempt to use some (possibly fictitious) causal correlations
between a certain quantitative information and the price itself. This
correlation is estimated using the past history itself, and is used by a
fraction of agents to devise active trading strategies. The impact of these
strategies on the price modify the observed correlations. A potentially
unstable feedback loop appears and destabilizes the market from an efficient
behaviour. For large enough feedbacks, we find a `phase transition' beyond
which non trivial correlations spontaneously set in and where the market
switches between two long lived states, that we call conventions. This
mechanism leads to overreaction and excess volatility, which may be
considerable in the convention phase. A particularly relevant case is when the
source of information is the price itself. The two conventions then correspond
then to either a trend following regime or to a contrarian (mean reverting)
regime. We provide some empirical evidence for the existence of these
conventions in real markets, that can last for several decades.Comment: 15 pages, 12 .eps figure
Investment Discrimination and the Proliferation of Preferential Trade Agreements
The proliferation of bilateral and regional trade agreements has arguably been the main
change to the international trading system since the end of the Uruguay Round in the mid-
1990s. We argue that investment discrimination plays a major role in this development.
Preferential trade agreements can lead to investment discrimination because of tariff
differentials on intermediary products and as result of provisions that relax investment rules
for the parties to the agreement. Excluded countries are sensitive to the costs that this
investment discrimination imposes on domestic firms and react by signing a trade agreement
that aims at leveling the playing field. We test our argument using a spatial econometric
model and a newly compiled dataset that includes 166 countries and covers a period of 18
years (1990-2007). Our findings strongly support the argument that investment discrimination
is a major driver of the proliferation of trade agreements
Sentiment Analysis of Twitter Data for Predicting Stock Market Movements
Predicting stock market movements is a well-known problem of interest.
Now-a-days social media is perfectly representing the public sentiment and
opinion about current events. Especially, twitter has attracted a lot of
attention from researchers for studying the public sentiments. Stock market
prediction on the basis of public sentiments expressed on twitter has been an
intriguing field of research. Previous studies have concluded that the
aggregate public mood collected from twitter may well be correlated with Dow
Jones Industrial Average Index (DJIA). The thesis of this work is to observe
how well the changes in stock prices of a company, the rises and falls, are
correlated with the public opinions being expressed in tweets about that
company. Understanding author's opinion from a piece of text is the objective
of sentiment analysis. The present paper have employed two different textual
representations, Word2vec and N-gram, for analyzing the public sentiments in
tweets. In this paper, we have applied sentiment analysis and supervised
machine learning principles to the tweets extracted from twitter and analyze
the correlation between stock market movements of a company and sentiments in
tweets. In an elaborate way, positive news and tweets in social media about a
company would definitely encourage people to invest in the stocks of that
company and as a result the stock price of that company would increase. At the
end of the paper, it is shown that a strong correlation exists between the rise
and falls in stock prices with the public sentiments in tweets.Comment: 6 pages 4 figures Conference Pape
Paths to Fisheries Subsidies Reform: Creating Sustainable Fisheries Through Trade and Economics
The world depends on the oceans for food and livelihood. More than a billion people worldwide depend on fish as a source of protein, including some of the poorest populations on earth. According to the United Nations Food and Agriculture Organization (FAO), the world must produce 70 percent more food to meet coming hunger needs.Fishing activities support coastal communities and hundreds of millions of people who depend on fishing for all or part of their income. Of the world's fishers, more than 95 percent engage in small-scale and artisanal activity and catch nearly the same amount of fish for human consumption as the highly capitalized industrial sector. Small-scale and artisanal fishing produces a greater return than industrial operations by unit of input, investment in catch, and number of people employed.Today, overfishing and other destructive fishing practices have severely decreased the world's fish populations. The FAO estimates that 90 percent of marine fisheries worldwide are now overexploited, fully exploited, significantly depleted, or recovering from overexploitation
At the Waterâs Hedge: International Insider-Trading Enforcement After Morrison
From copy rooms to boardrooms, many Americans have succumbed to the siren song of insider trading. As U.S. companies have gone international, so too have corporate secrets ripe for exploitation. With the growth of overseas derivatives based on U.S. stock, foreigners are able to engage in insider trading to a similar extent as Americans.
But in Morrison v. National Australia Bank, the Supreme Court limited the reach of the statutory insider-trading prohibition to transactions taking place in U.S. territory or transactions in securities listed on U.S. exchanges. Neither condition applies to overseas insider trading using derivatives. However, courts have reasoned that when the traderâs broker hedges by buying stock on a U.S. exchange, that transaction can be attributed to the trader, thus bringing the scheme within Morrison.
This hedging theory depends on the acts of third partiesâthe brokersâto create insider-trading liability, thus giving arbitrary windfalls to blameworthy traders and creating both evidentiary and legal hurdles for U.S. enforcement. Because Morrison has backed courts into this unworkable corner, it should not govern in insider-trading cases.
There is a fix: the Dodd-Frank Wall Street Reform and Consumer Protection Act abrogated Morrison for enforcement actions, albeit imperfectly. By abandoning the theory in favor of Dodd-Frankâs pragmatic standard, courts can more nimbly and forcefully protect U.S. markets from foreign fraud
PRODUCT COMPLEXITY, QUALITY OF INSTITUTIONS AND THE PRO-TRADE EFFECT OF IMMIGRANTS
The paper assesses the trade-creating impact of foreign-born residents on the international imports and exports of the French regions where they are settled. The pro-trade effect of immigrants is investigated along two intertwined dimensions: the complexity of traded goods and the quality of institutions in partner countries. The trade-enhancing impact of immigrants is, on average, more salient when they come from a country with weak institutions. However, this positive impact is especially large on the imports of simple products. When we turn to complex goods, for which the information channel conveyed by immigrants is the most valuable, immigration enhances imports regardless of the quality of institutions in the partner country. Regarding exports, immigrants substitute for weak institutions on both simple and complex goods.MAUP; concentration; agglomeration; wage equations; gravity
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