An Empirical Analysis of Legal Insider Trading in the Netherlands

In this paper, we employ a registry of legal insider trading for Dutch listed firms to investigate the information content of trades by corporate insiders. Using a standard event-study methodology, we examine short-term stock price behavior around trades. We find that purchases are followed by economically large abnormal returns. This result is strongest for purchases by top execu- tives and for small market capitalization firms, which is consistent with the hypothesis that legal insider trading is an important channel through which information flows to the market. We analyze also the impact of the implementation of the Market Abuse Directive (European Union Directive 2003/6/EC), which strengthens the existing regulation in the Netherlands. We show that the new regulation reduced the information content of sales by top executives.Insider trading;Financial market regulation

An Empirical Analysis of Legal Insider Trading in the Netherlands

In this paper, we employ a registry of legal insider trading for Dutch listed firms to investigate the information content of trades by corporate insiders. Using a standard event-study methodology, we examine short-term stock price behavior around trades. We find that purchases are followed by economically large abnormal returns. This result is strongest for purchases by top executives and for small market capitalization firms, which is consistent with the hypothesis that legal insider trading is an important channel through which information flows to the market. We analyze also the impact of the implementation of the Market Abuse Directive (European Union Directive 2003/6/EC), which strengthens the existing regulation in the Netherlands. We show that the new regulation reduced the information content of sales by top executives.insider trading, financial market regulation

Thinking past Henri Lefebvre : introducing “the theory of ground rent and rural sociology"

This introduction to the translation of Henri Lefebvre's 1956 essay “The theory of ground rent and rural Sociology” moves through three stages. First, it suggests that Anglophone appropriations of Lefebvre have tended to focus too much on his urban writings, at the expense of understanding his early work on rural sociology, and failing to recognise how his urban focus emerged as a result of his interest in rural–urban transformation. Second, it provides a summary of his wider work on rural questions, including his unfinished work on a major treatise of rural sociology; and outlines the key themes of the present essay in relation to these other projects. Third, it connects Lefebvre's issues to wider debates in political economy and geography about aspects of the rural, land and ground rent, not least including the work of Antonio Gramsci and José Carlos Mariátegui

An improved reconstruction procedure for the correction of local magnification effects in three-dimensional atom-probe

A new 3DAP reconstruction procedure is proposed that accounts for the evaporation field of a secondary phase. It applies the existing cluster selection software to identify the atoms of the second phase and, subsequently, an iterative algorithm to homogenise the volume laterally. This Procedure, easily implementable on existing reconstruction software, has been applied successfully on simulated and real 3DAP analyses

Dynamic assessment of exposure to air pollution using mobile phone data

Background: Exposure to air pollution can have major health impacts, such as respiratory and cardiovascular diseases. Traditionally, only the air pollution concentration at the home location is taken into account in health impact assessments and epidemiological studies. Neglecting individual travel patterns can lead to a bias in air pollution exposure assessments. Methods: In this work, we present a novel approach to calculate the daily exposure to air pollution using mobile phone data of approximately 5 million mobile phone users living in Belgium. At present, this data is collected and stored by telecom operators mainly for management of the mobile network. Yet it represents a major source of information in the study of human mobility. We calculate the exposure to NO2 using two approaches: assuming people stay at home the entire day (traditional static approach), and incorporating individual travel patterns using their location inferred from their use of the mobile phone network (dynamic approach). Results: The mean exposure to NO2 increases with 1.27 mu g/m(3) (4.3 %) during the week and with 0.12 mu g/m(3) (0.4 %) during the weekend when incorporating individual travel patterns. During the week, mostly people living in municipalities surrounding larger cities experience the highest increase in NO2 exposure when incorporating their travel patterns, probably because most of them work in these larger cities with higher NO2 concentrations. Conclusions: It is relevant for health impact assessments and epidemiological studies to incorporate individual travel patterns in estimating air pollution exposure. Mobile phone data is a promising data source to determine individual travel patterns, because of the advantages (e.g. low costs, large sample size, passive data collection) compared to travel surveys, GPS, and smartphone data (i.e. data captured by applications on smartphones)

Zero kinetic energy-pulsed field ionization and resonance enhanced multiphoton ionization photoelectron spectroscopy: Ionization dynamics of Rydberg states in HBr

The results of rotationally resolved resonance enhanced multiphoton ionization photoelectron spectroscopy and zero kinetic energy‐pulsed field ionization studies on HBr via various rotational levels of the F^ 1Δ_2 and f^ 3Δ_2 Rydberg states are reported. These studies lead to an accurate determination of the lowest ionization threshold as 94 098.9±1 cm^(−1). Observed rotational and spin–orbit branching ratios are compared to the results of ab initio calculations. The differences between theory and experiment highlight the dominant role of rotational and spin–orbit interactions for the dynamic properties of the high‐n Rydberg states involved in the pulsed field ionization process

Optimizing state trajectories using surrogate models with application on a mechatronic example

The classic design- and simulation methodologies, that are constituting today’s engineer main tools, fall behind with industry’s ever increasing complexity. The strive for technological advancement heralds new performance requirements and optimality remains no longer a concern limited to regime operation. Since the corresponding dynamic optimization problems incorporate accurate system models, the current techniques are plagued by the high computational weight these multi-disciplinary and highly dimensional system models bear with them. This imbalance advocates for the need to adapt the existing approaches. In this study we propose an algorithmic framework as an extension of the direct transcription method, which has already proven its usefulness concerning this matter. It is suggested to construct a surrogate model of the derivative function that is iteratively refined in a region of interest. Thereafter the method will be illustrated on an academic yet nonlinear example