Matching and the Estimated Impact of Inter-listing (updated July 2003)

sing 1998 trade and quote data for securities listed on the Toronto Stock Exchange, this paper employs nonparametric estimation to measure the effect of being interlisted on a US exchange on: (i) the daily number of trades, trading volume, and dollar trading volume; (ii) the number of inside quote revisions and the percentage bid-ask spread; (iii) registered trader gross trading revenues; (iv) composition of order flow between orders submitted for client, non-client, and registered trader accounts. Unlike previous studies, I use kernel-based matching estimates in addition to variants of the standard nearest-neighbor approach for constructing matched samples of interlisted stocks and non-interlisted stocks. I explore the sensitivity of results to: (i) using different bandwidth parameters and caliper-matching criteria; (ii) using different matching characteristics; (iii) the exclusion/inclusion of firms. I highlight instances when kernel-based and nearest-neighbor matching estimation techniques produce significantly different results and thereby argue that results based on standard matching techniques commonly employed in the finance literature should be interpreted cautiously.Matched samples, kernel estimation; interlisted securities; responsible registered trader

Long-term information, short-lived derivative securities

This paper explores strategic trade in short-lived derivative securities by agents that possess long-term information about an underlying asset. In contrast to trading equity, where an informed agent will ultimately benefit from his trades, trading short-lived securities is profitable only if the price impounds the private information before expiry. A consequence is that a risk neutral informed agent's holdings of the short-lived security affect his trading behavior: Past informed trading leads to greater future informed trading. The shorter horizon in which information must be impounded for a short-lived security to pay off makes an informed agent more reluctant to trade at earlier dates. By characterizing the conditions under which liquidity traders choose to incur extra costs to roll over their short-term positions rather than trade in longer-term derivative securities, we provide a possible explanation for why most markets for longer-term derivative securities have little liquidity and large bid-ask spreads.Private information, liquidity, derivative securities, strategic trade

Uncovering the unpublished chamber music of George Frederick Boyle Volume I: Dissertation

This dissertation examines the chamber works for piano and strings by Australian--‐born American composer, pianist, and teacher, George Frederick Boyle (1886–1948). Boyle was somewhat of a prodigy in his younger years and contributed much to Australia’s burgeoning concert scene. In 1905 he left Australia to study with Ferruccio Busoni, and from 1910 until his death he lived and worked in the United States, where he was on the faculty of some of the most prestigious music schools. Despite Boyle\u27s eminence as a pianist, composer and educator, today he is almost forgotten. This dissertation offers a reappraisal of George Boyle through focussing on his chamber works for piano and strings. Editions of Boyle’s chamber works and a DVD recorded performance of these same works are included as part of this research project

Explicit and implicit narratives in the co-design of videogames

This paper discusses key narrative design challenges posed by an on-going multi-disciplinary research project, Maritime City. The paper focuses on how narrative has, in different ways, been at the centre of the design process and on how principles of co-design might be used and adapted to address the challenges posed by the project

Action research project to analyse and evaluate 14-19 vulnerable learner and parent perceptions to progression within a collaborative framework

Researching the operation of a collaborative framework within the Concorde Partnership has highlighted a number of significant factors, from the perspective of students and parents that will allow the partnership to exploit particular opportunities, and to better understand the inherent challenges and constraints within an on-going planning process for future collaborative activity and cross-site working. The views of students and parents to students travelling were the vehicle used to gain much of the baseline data, but it became apparent very early on that there were fundamental social and location issues underlying the attitudes to travel held by students, and parents, that could impact negatively upon collaborative working within the Concorde partnership schools