Financial Market Intermediaries and Information Asymmetry in Equity Markets

This dissertation examines the relationship between financial market intermediaries and information asymmetry. Chapters 5, 6, and 7 re-examines issues raised in the literature, but extends this research by using unique datasets not previously available to researchers. Overall, the results show that (i) market intermediaries help reduce information asymmetry in upstairs markets by filtering out information-motivated trades, (ii) market intermediaries produce information which is valuable to clients who are able to trade ahead of the market, and iii) market intermediaries are heterogeneously informed, and are therefore affected differently by a change in market structure

Mealiness detection in apples using time resolved reflectance spectroscopy

Mealiness is a textural attribute related to internal fruit disorder that is characterized by the combination of abnormal softness of the fruit and absence of free juiciness in the mouth when eaten by the consumer. Time-resolved laser reflectance spectroscopy was used as a tool to determine mealiness. This new technique in agrofood research may provide physical and chemical information independently and simultaneously, which is relevant to characterize mealiness. Using visible and near infrared lasers as light sources, time-resolved laser reflectance spectroscopy was applied to Golden Delicious and Cox apples (n = 90), to characterize batches of untreated samples and samples that were stored under conditions that promote the development of mealiness (20C & 95% RH). The collected database was clustered into different groups according to their instrumental test values. The optical coefficients were used as explanatory variables to build discriminant functions for mealiness. The performance of the classification models created ranged from 47 to 100% of correctly identified mealy versus nonmealy apples

Professionalism and the Millbank Tendency: The Political Sociology of New Labour's employees

This article analyses party employees, one of the most under-researched subjects in the study of British political parties. We draw on a blend of quantitative and qualitative data in order to shed light on the social and political profiles of Labour Party staff, and on the question of their professionalisation. The latter theme is developed through a model derived from the sociology of professions. While a relatively limited proportion of party employees conform to the pure ideal-type of professionalism, a considerably greater number manifest enough of the core characteristics of specialisation, commitment, mobility, autonomy and self-regulation to be reasonably described as 'professionals in pursuit of political outcomes'

Creating commons: reflections on creating natural resource management regimes in South Sulawesi, Indonesia

Colonial and Global Histor

Decoupling in the 1D frustrated quantum XY model and Josephson junction ladders: Ising critical behavior

A generalization of the one-dimensional frustrated quantum XY model is considered in which the inter and intra-chain coupling constants of the two infinite XY (planar rotor) chains have different strengths. The model can describe the superconductor to insulator transition due to charging effects in a ladder of Josephson junctions in a magnetic field with half a flux quantum per plaquette. From a fluctuation-effective action, this transition is expected to be in the universality class of the two-dimensional classical XY-Ising model. The critical behavior is studied using a Monte Carlo transfer matrix applied to the path-integral representation of the model and a finite-size-scaling analysis of data on small system sizes. It is found that, unlike the previous studied case of equal inter and intra-chain coupling constants, the XY and Ising-like excitations of the quantum model decouple for large interchain coupling, giving rise to pure Ising model critical behavior for the chirality order parameter and a superconductor-insulator transition in the universality class of the 2D classical XY model.Comment: 15 pages with figures, RevTex 3.0, INPE-93/00

The interaction of a gap with a free boundary in a two dimensional dimer system

Let $\ell$ be a fixed vertical lattice line of the unit triangular lattice in the plane, and let \Cal H be the half plane to the left of $\ell$. We consider lozenge tilings of \Cal H that have a triangular gap of side-length two and in which $\ell$ is a free boundary - i.e., tiles are allowed to protrude out half-way across $\ell$. We prove that the correlation function of this gap near the free boundary has asymptotics $\frac{1}{4\pi r}$, $r\to\infty$, where $r$ is the distance from the gap to the free boundary. This parallels the electrostatic phenomenon by which the field of an electric charge near a conductor can be obtained by the method of images.Comment: 34 pages, AmS-Te

Can we Determine Electric Fields and Poynting Fluxes from Vector Magnetograms and Doppler Measurements?

The availability of vector magnetogram sequences with sufficient accuracy and cadence to estimate the time derivative of the magnetic field allows us to use Faraday's law to find an approximate solution for the electric field in the photosphere, using a Poloidal-Toroidal Decomposition (PTD) of the magnetic field and its partial time derivative. Without additional information, however, the electric field found from this technique is under-determined -- Faraday's law provides no information about the electric field that can be derived the gradient of a scalar potential. Here, we show how additional information in the form of line-of-sight Doppler flow measurements, and motions transverse to the line-of-sight determined with ad-hoc methods such as local correlation tracking, can be combined with the PTD solutions to provide much more accurate solutions for the solar electric field, and therefore the Poynting flux of electromagnetic energy in the solar photosphere. Reliable, accurate maps of the Poynting flux are essential for quantitative studies of the buildup of magnetic energy before flares and coronal mass ejections.Comment: Solar Physics, in press. 14 pages, 3 figure

Random Field and Random Anisotropy Effects in Defect-Free Three-Dimensional XY Models

Monte Carlo simulations have been used to study a vortex-free XY ferromagnet with a random field or a random anisotropy on simple cubic lattices. In the random field case, which can be related to a charge-density wave pinned by random point defects, it is found that long-range order is destroyed even for weak randomness. In the random anisotropy case, which can be related to a randomly pinned spin-density wave, the long-range order is not destroyed and the correlation length is finite. In both cases there are many local minima of the free energy separated by high entropy barriers. Our results for the random field case are consistent with the existence of a Bragg glass phase of the type discussed by Emig, Bogner and Nattermann.Comment: 10 pages, including 2 figures, extensively revise