Stock Price Reactions to Short-Lived Public Information: The Case of Betting Odds

Stock markets and betting markets co-exist for professional soccer clubs listed on the London Stock Exchange.For each firm, two pieces of information are released to the stock market on a weekly basis from August to June: experts expectations about game outcomes through the betting odds, and the game outcomes.Stock markets process the news about games results fast.By contrast, there is no evidence of abnormal returns on the trading days following release of betting information.Moreover, due to the absence of a market reaction to betting odds and the fact that these odds are very good predictors of game outcomes, these odds contain unpriced information and can be used to predict short-run stock returns.Our findings are consistent with theories of under-reaction to public information and the impact of the level of salience of information on the speed at which financial markets process information.

Information Salience, Investor Sentiment, and Stock Returns: The Case of British Soccer Betting

Soccer clubs listed on the London Stock Exchange provide a unique way of testing stock price reactions to different types of news. For each firm, two pieces of information are released on a weekly basis: experts’ expectations about game outcomes through the betting odds, and the game outcomes themselves. The stock market reacts strongly to news about game results, generating significant abnormal returns and trading volumes. We find evidence that the abnormal returns for the winning teams do not reflect rational expectations but are high due to overreactions induced by investor sentiment. This is not the case for losing teams. There is no market reaction to the release of new betting information although these betting odds are excellent predictors of the game outcomes. The discrepancy between the strong market reaction to game results and the lack of reaction to betting odds may not only be the result from overreaction to game results but also from the lack of informational content or information salience of the betting information. Therefore, we also examine whether betting information can be used to predict short-run stock returns subsequent to the games. We reach mixed results: we conclude that investors ignore some non-salient public information such as betting odds, and betting information predicts a stock price overreaction to game results which is influenced by investors’ mood (especially when the teams are strongly expected to win).information salience;investor sentiment;investor attention;sports betting;soccer;football;economics of sports;market efficiency

Stakeholders of product management in case companies

Abstract. In the current markets, the demand for new products and services have emerged as a consequence of globalization and with it, a healthy competition for market shares and product positioning arise, which have led to technological innovation of products and services. The companies are in a constant search to achieve the maximization of their profits and for that, they have adapted different measures that will improve the development of their current products and the new ones. Product Management comprises the matters related to the proficiency of the product development through the lifecycle of a product. Product Managers are responsible for several processes that encompasses not only matters directed to the product itself but also related to different functions in a company and the management of the product portfolio. Each company possess a unique set of stakeholders which complements the activities of the product managers. The aim of this Master’s Thesis research is to analyze the practices of Product Management in seven case companies and how the identification of the stakeholders that are part of the daily activities of a Product Manager can improve their role. Within this research study, three research questions were set to encompass the objectives and scope which are: 1. How can the stakeholders be analyzed in product management? 2. Who are the key stakeholders of product management in the case companies? 3. What is the development approach for product management in the Small Medium Enterprises (SMEs)? The research review literature related to Product Management which emphasized New Product Development (NPD), Product Portfolio Management (PPM) and Stakeholder Approach which delve with Stakeholder Management and Stakeholder Theory related to the Identification, Classification and Salience assessment of the stakeholders. The study discusses the role of the Product Managers and how the identification of stakeholders in the seven case companies is carried out. The results of the research indicate that among the Finnish companies a thorough process of the identification of the Stakeholders of Product Management has not been extended as a common practice. Additionally, the key stakeholders of the Case Companies have been identified as well as the active role of a Product Manager. This research study provides an extensive review of the literature and the key elements to construct a framework based on the Product Management activities which emphasizes the Stakeholder Identification, Classification and Salience assessment that leads to the correct management of the stakeholders in the companies. Salience in the Product Management Stakeholders is a subject that should be researched further.Tiivistelmä. Globalisaation myötä uusien tuotteiden ja palveluiden kysyntä nykyisillä markkinoilla on kasvanut. Se on synnyttänyt tervettä kilpailua markkinaosuuksista ja tuotteiden asemoinnista, joka puolestaan on johtanut tuotteiden ja palveluiden teknologiseen innovointiin. Yritykset etsivät jatkuvasti keinoja tuloksen maksimointiin parantamalla nykyisten ja uusien tuotteiden kehittämistä eri tavoin. Tuotehallinta käsittää tuotekehitykseen liittyvän osaamiseen koko tuotteen elinkaaren ajan. Tuotepäälliköt ovat vastuussa useista prosesseista, jotka liittyvät tuotteiden lisäksi myös muihin yrityksen prosesseihin ja tuoteportfolion hallintaan. Sidosryhmien vaikutus tuotepäällikön tehtäviin on yrityskohtaista. Tämän diplomityön tavoitteena on analysoida tuotehallinnan käytäntöjä seitsemässä case-yrityksessä ja selvittää miten tuotepäällikön päivittäisiin tehtäviin kuuluvaa sidosryhmien tunnistamista voidaan kehittää. Tutkimukselle on asetettu kolme tutkimuskysymystä, joiden avulla selvitetään: 1. Miten tuotehallinnan sidosryhmiä analysoidaan? 2. Mitkä ovat tuotehallinnan tärkeimpiä sidosryhmiä case-yrityksissä? 3. Mikä on pienten ja keskisuurten yritysten tuotehallinnan kehitysmalli? Tuotehallintaan liittyvässä kirjallisuuskatsauksessa korostuu uusien tuotteiden tuotekehitys (NPD), tuoteportfolion hallinta (PPM) ja Stakeholder Approach, joka paneutuu sidosryhmien hallintaan ja sidosryhmäteoriaan liittyen sidosryhmien tunnistamiseen, luokitteluun ja niiden tärkeyden arviointiin. Tutkimus käsittelee tuotepäällikön roolia ja sitä, miten sidosryhmien identifiointia toteutetaan seitsemässä case-yrityksessä. Tutkimustulokset osoittavat, että suomalaisissa yrityksissä tuotehallinnan sidosryhmien tunnistamiseen ei ole yleiseksi laajentunutta käytäntöä. Lisäksi tutkimus osoittaa, että case-yritykset ovat tunnistaneet tärkeimmät sidosryhmät ja ymmärtäneet tuotepäällikön roolin. Tämä tutkimus esittää laajan katsauksen kirjallisuuteen ja tärkeimmät elementit tuotehallinnan tehtävien viitekehyksen rakentamiseen, joka korostaa sidosryhmien tunnistamista ja luokittelua sekä niiden tärkeyden arviointia, joiden avulla sidosryhmiä voidaan hallita oikein yrityksissä. Jatkotutkimusaiheeksi tunnistetaan tuotannon sidosryhmien tärkeys, jota tulisi tutkia edelleen

Stock Price Reactions to Short-Lived Public Information:The Case of Betting Odds

Stock markets and betting markets co-exist for professional soccer clubs listed on the London Stock Exchange.For each firm, two pieces of information are released to the stock market on a weekly basis from August to June: experts expectations about game outcomes through the betting odds, and the game outcomes.Stock markets process the news about games results fast.By contrast, there is no evidence of abnormal returns on the trading days following release of betting information.Moreover, due to the absence of a market reaction to betting odds and the fact that these odds are very good predictors of game outcomes, these odds contain unpriced information and can be used to predict short-run stock returns.Our findings are consistent with theories of under-reaction to public information and the impact of the level of salience of information on the speed at which financial markets process information.

Thin-layer agar for detection of resistance to rifampicin, ofloxacin and kanamycin in Mycobacterium tuberculosis isolates

BACKGROUND: In low-income countries there is a great need for economical methods for testing the susceptibility of Mycobacterium tuberculosis to antibiotics. OBJECTIVE: To evaluate the thin-layer agar (TLA) for rapid detection of resistance to rifampicin (RMP), ofloxacin (OFX) and kanamycin (KM) in M. tuberculosis clinical isolates and to determine the sensitivity, specificity and time to positivity compared to the gold standard method. METHODS: One hundred and forty-seven clinical isolates of M. tuberculosis were studied. For the TLA method, a quadrant Petri plate containing 7H11 agar with RMP, OFX and KM was used. Results were compared to the Bactec MGIT960 for RMP and the proportion method for OFX and KM. RESULTS: The sensitivity and specificity for RMP and OFX were 100% and for KM they were 100% and 98.7%, respectively. The use of a TLA quadrant plate enables the rapid detection of resistance to the three anti-tuberculosis drugs RMP, OFX and KM in a median of 10 days. CONCLUSION: TLA was an accurate method for the detection of resistance in the three drugs studied. This faster method is simple to perform, providing an alternative method when more sophisticated techniques are not available in low-resource settings

Wage inequality and poverty effects of lockdown and social distancing in Europe

Social distancing and lockdown measures taken to contain the spread of COVID-19 may have distributional economic costs beyond the contraction of GDP. Here we evaluate the capacity of individuals to work under a lockdown based on a Lockdown Working Ability index which considers their teleworking capacity and whether their occupation is essential or closed. Our analysis reveals substantial and uneven potential wage losses across the distribution all around Europe and we consistently find that both poverty and wage inequality rise in all European countries. Under four different scenarios (2 months of lockdown and 2 months of lockdown plus 6 months of partial functioning of closed occupations at 80%, 70% and 60% of full capacity) we estimate for 29 European countries an average increase in the headcount poverty index that goes from 4.9 to 9.4 percentage points and a mean loss rate for poor workers between 10% and 16.2%. The average increase in the Gini coefficient ranges between 3.5% to 7.3% depending on the scenario considered. Decomposing overall wage inequality in Europe, we find that lockdown and social distance measures produce a double process of divergence: both inequality within and between countries increase

Análise das manobras de recrutamento alveolar aplicadas em sete unidades de cuidado intensivo

Introduction: During the past years, alveolar recruitment maneuvers (RM) have produced growing interest due to their beneficial potential in pulmonary protection, and have been introduced in clinical practice. Objective: To describe and analyze the knowledge of MR and its application at seven intensive care units in the city of Cali, Colombia. Methods and materials: Descriptive Cross-Sectional Study with an intentional sample of 64 professionals working in seven intensive care units and who apply MR. The self-completed survey was made up of thirteen questions, and the application period was two months. Results: Out of 64 professionals surveyed, 77.8% of them follow a protocol guide; 54.7% employes during RM the ideal Positive end-expiratory pressure (PEEP), which maintains a saturation > 90% and a PaO2 > 60 mmHg; 42.1% tolerates airway pressures between 35 and 50 cmH2O; 48.4% perform RM with a progressive increase of the PEEP and a low tidal volume. Conclusions: Regarding the knowledge related to RM, heterogeneity was found in the answers. There is currently no consensus about which is the most effective and secure way to implement an MR. This study can be the starting point to create awareness towards the revision of knowledge, capacities and abilities that are required to perform RM.Introducción: En los últimos años las maniobras de reclutamiento alveolar (MR) han despertado un interés creciente por su potencial beneficio en la protección pulmonar y se han ido introduciendo en la práctica clínica. Objetivo: Describir y analizar los conocimientos sobre las MR y su aplicación en siete Unidades de Cuidado Intensivo de la ciudad de Cali - Colombia. Materiales y métodos: Estudio descriptivo de corte transversal, con una muestra intencional de 64 profesionales que laboran en siete Unidades de Cuidado Intensivo de Cali y aplican las MR. La encuesta auto-administrada constaba de trece preguntas y el periodo de aplicación fue de dos meses. Resultados: De los 64 encuestados el 77,8% sigue una guía o protocolo para realizar las MR; el 54,7% utiliza durante la MR un nivel de Presión Positiva al Final de la Espiración (PEEP) ideal que asegure una saturación > de 90% y PaO2 > de 60 mmHg; el 42,1% acepta presiones en la vía aérea entre 35 y 50 cmH2O; el 48,4% realiza las MR con aumento progresivo de la PEEP y bajo volumen corriente. Conclusiones: Se encontró heterogeneidad en las respuestas relacionadas con el conocimiento de las MR. No existe en la actualidad un consenso acerca de cuál es la forma más eficaz y segura de aplicar una MR. Este estudio puede ser el punto de partida para un llamado de atención a la revisión de los conocimientos, competencias y habilidades que se requieren para realizar las MR.Introdução: Nos últimos anos as manobras de recrutamento alveolar (MR) têm despertado um interesse crescente por seu potencial benéfico na proteção pulmonar e têm-se ido introduzindo na prática clínica. Objetivo: Descrever e analisar os conhecimentos sobre as MR e sua aplicação em sete Unidades de Cuidado Intensivo da cidade de Cali - Colômbia. Materiais e métodos: Estudo descritivo de corte transversal, com uma amostra intencional de 64 profissionais que trabalham em sete Unidades de Cuidado Intensivo de Cali e aplicam as MR. A enquête auto-administrada constava de treze perguntas e o período de aplicação foi de sois meses. Resultados: Dos 64 pesquisados o 77,8% segue uma guia ou protocolo para realizar as MR; o 54,7% utiliza durante a MR um nível de Pressão Expiratória Positiva Final (PEEP) ideal que segure uma saturação > de 90% e PaO2 > de 60 mmHg; o 42,1% aceita pressões na via aérea entre 35 e 50 cmH2O; o 48,4% realiza as MR com aumento progressivo da PEEP e sob o volume corrente. Conclusões: Se encontrou heterogeneidade nas respostas relacionadas com o conhecimento das MR. Não existe na atualidade um consenso acerca de qual é a forma mais eficaz e segura de aplicar uma MR. Este estudo pode ser o ponto de partida para um chamado de atenção à revisão dos conhecimentos, competências e habilidades que se requerem para realizar as MR

Interrelationship between skin sensitization, rhinitis, and asthma in patients with allergic rhinitis: a study of Spain and Portugal

OBJECTIVE: Allergic rhinitis can determine the presence and type of asthma. The main aim of this study was to evaluate the link between allergic rhinitis, asthma, and skin test sensitization in patients with allergic rhinitis. METHODS: Patients with allergic rhinitis, aged 10 to 50 years, were consecutively enrolled at different allergy centers in Spain and Portugal. All the patients underwent skin prick tests with a panel of 20 biologically standardized aeroallergens. Allergic rhinitis was classified according to etiology and the Allergic Rhinitis and its Impact on Asthma guidelines and asthma was classified according to the Global Initiative for Asthma guidelines. RESULTS: A total of 3225 patients, with a mean age of 27 years, were evaluated. House dust mites and grass and olive tree pollens were the most common aeroallergens. The mean (SD) number of positive skin tests per patient was 6.5 (4), the mean wheal size was 42.3 (28) mm2, and the mean atopy index was 6.5 (2). Forty-nine percent of the patients had concomitant asthma. Asthma severity was associated with a longer time since onset (P < .04) and allergic rhinitis severity (P < .001). Patients with concomitant asthma had a significantly higher number of aeroallergens and sensitization intensity than those without asthma (P < .001). CONCLUSIONS: In this broad population sample, the presence and type of asthma was influenced by skin sensitization and both time since onset and severity of allergic rhinitis

Lean Manufacturing Production Management Model focused on Worker Empowerment aimed at increasing Production Efficiency in the textile sector

For companies operating within the garment manufacturing industry, having frequent downtimes in their production flows is an extremely common issue. In this context, a balanced production line is required to prevent high waiting times due to limited productive capacity. A well-balanced assembly line allows products to be produced in an optimum time while using less resources, such as machines, materials, or labour, since the right number of products is produced with the exact amount of resources, thus generating savings in production costs. This paper seeks to foster optimum resource allocation through the line balancing tool. Finally, to define a work methodology, best practices were selected, and a procedures manual was developed focusing on Standardization. Both tools were implemented after implementing changes to the company culture by means of the Employee Empowerment tool. As a result of this implementation, workers acquired greater accountability and control over the resources, methods, and equipment of their work areas. After the proposed improvements had been deployed, the company reported an increase of over 20% in production line quality, performance, and efficiency