Essays on Collective Investor's Behavior

The 1980s has given rise to a new area of Finance, namely Behavioral Finance, which challenged the so far dominance of the Neoclassical Finance. Particularly, this new area introduced concepts from cognitive psychology in order to explain investors’ behavior at the collective level. Two of the most known faucets of collective investors’ behavior are herding and feedback trading. The first one is the phenomenon where investors copy the actions of the other investors, often disregarding their own beliefs, whereas the second one involves the chase of trends on behalf of the investors. Our thesis first examines the relationship between style investing and institutional herding under the context of a concentrated market. Style investing has been found to promote herding in numerous studies; however, given that these studies have been carried out in large markets, there has not been examined what is the impact of market concentration over this relationship, as a concentrated market may produce different trading dynamics than those in large markets. What is next is to examine the impact of the introduction of the Exchanged Traded Funds over noise trading; these relatively new financial products have special characteristics that can make them appealing to the investors and they could positively contribute towards markets’ completion. Finally, our research focuses on the issue whether institutional investors herd intentionally at the industry level; this issue has never been explored, to our knowledge, before and we will try examine this by using the interaction of institutional herding with various market and sector conditions. As a result, our research makes a contribution to the research on herding and feedback trading, examining important issues that have not been addressed before

“Home Bias Puzzle”. Is It a Puzzle or Not?

The benefits of international diversification have been well documented over the last decades. Despite this however, investors seem unwilling to exploit this opportunity in order to limit the risk of their portfolio and they continue to invest the largest percentage of their wealth in domestic assets. This phenomenon is called the Home Bias Puzzle and the given explanations for it have not been empirically proven to justify its existence. The purpose of this paper is to present a literature review on the opinions and possible explanations about the home bias puzzle. Furthermore, concluding, it will try to answer whether the home bias puzzle is a puzzle or not

Usare picturebooks per la comunicazione intergenerazionale

This essay based on the opinion that the intergenerational communication is a prerequisite for a harmonic and creative coexistence of all members of a society examines the potential utilization of children’s books, especially picturebooks, in the reinforcement of intergenerational relations. It also arguesthat children’s books not only constitute a suitable tool for the reinforcement of the adult-child relationship but also constitute an interesting reading experience for the adult while contributing in a variety of different ways to the lifelong education of both adults and children.Questo saggio parte dall’idea che la comunicazione intergenerazionale è un prerequisito per una convivenza armonica e creativa di tutti i membri di una società. Il lavoro esamina pertanto il potenziale utilizzo della letteratura per l’infanzia, in particolare i picturebooks, come mezzo per il rafforzamento delle relazioni intergenerazionali. Si sostiene, inoltre, che la letteratura per l’infanzia non solo costituisce uno strumento adeguato per il rafforzamento della relazione adulto-bambino, ma può diventare anche un’esperienza interessante per l’adulto, contribuendo in una varietà di modi diversi alla formazione permanente di adulti e bambini

The adventures of translation in The Adventures of Pinocchio

Η έρευνα κατά τις τελευταίες δεκαετίες στον τομέα της μετάφρασης και των πολιτιστικών σπουδών έδειξε ότι, κατά τη μεταφορά ενός λογοτεχνικού κειμένου από ένα γλωσσικό / πολιτιστικό σύστημα σε άλλο, χρησιμοποιούνται τροποποιητικοί μηχανισμοί. Σύμφωνα με σχετικές μελέτες, η ανάλυση του πώς οι μεταφραστές διαχειρίζονται πολιτισμικά αλλότρια στοιχεία παρέχει πληροφορίες για τη δυναμική της διαπολιτισμικής λειτουργίας του μεταφρασμένου κειμένου. Το ίδιο το κείμενο είναι επίσης ενδεικτικό των ιδεολογικών αξιών που προωθεί η εγχώρια βιομηχανία βιβλίων. Συγκεκριμένα, στην περίπτωση της παιδικής λογοτεχνίας, μελέτες έχουν δείξει ισχυρές τροποποιήσεις στις μεταφράσεις. Αυτή η τάση έχει προκαλέσει αμφιβολίες σχετικά με τις έννοιες της διαπολιτισμικότητας και της ένταξης που φέρεται ότι συνδέονται με τη Παιδική Λογοτεχνία. Η παρούσα μελέτη εξετάζει την ποικιλομορφία της μεταφρασμένης παιδικής λογοτεχνίας αντιπαραθέτοντας τις πρόσφατες μεταφράσεις του κλασικού βιβλίου The Adventures of Pinocchio στα ελληνικά και τα τουρκικά με το αρχικό ιταλικό κείμενο. Οι μελέτες περιγραφικής μετάφρασης χρησιμοποιήθηκαν ως σημείο αναφοράς. Οι στρατηγικές των μεταφραστών εξετάζονται και σχολιάζονται σε σχέση με τις αξίες και τις αρχές του πολιτισμού-στόχου και το κοινωνικοπολιτικό πλαίσιο της περιόδου κατά την οποία εκδόθηκε κάθε μεταφρασμένη έκδοση. Η συγκριτική μελέτη των μεταφρασμένων κειμένων έδειξε ότι οι ελληνικές μεταφράσεις τείνουν να είναι πιο πιστές στο αρχικό κείμενο, ενώ οι τουρκικές μεταφράσεις εκδηλώνουν μια κλίση στις ηθικές αξίες που συνδέονται με τα εθνικά και θρησκευτικά ιδανικά.Research over the recent decades in the field of translation and cultural studies has shown that, during the transfer of a literary text from a linguistic/cultural system to another, modifying mechanisms are employed. According to relevant studies, the analysis of how translators manage culturally exotic elements provides insights into the dynamics of the intercultural function of the translated text; the text itself is also indicative of the ideological values promoted by the domestic book industry. Specifically, in the case of children’s fiction, studies have shown strong modifying interventions in translation. This tendency has triggered doubts over the notions of interculturality and integration allegedly connected with Children’s Literature.The present paper explores diversity in translated children’s literature by juxtaposing recent translations of the classic book The Adventures of Pinocchioin Greek and Turkish with the original Italian text. The descriptive translation studies have been used as a point of reference. Translators’ strategies are examined and commented upon in relation with the values and principles of the target culture and the sociopolitical context of the period during which each translated version was published. The comparative study of the translated texts has shown that Greek translations tend to be more faithful to the original text, while the Turkish translations manifest an inclination to moral values connected with national and religious ideals

Aerobic oxidation of alcohols using a slurry loop membrane reactor

A loop reactor was designed and employed in the safe oxidation of alcohols using a flat polymeric membrane for controlling oxygen dosing, a circulating catalyst slurry for efficient catalyst usage and an extendable loop volume for higher productivity

A reading of contemporary short stories dealing with food and humour

Playing with food could be funny! Reading about animated sandwiches could be hilarious. Writing about the adventures of vegetables, chocolate and toothpicks could be creative. Therefore, the unfolding of texts in children’s literature, which depict humorous eating habits, is the objective of our presentation. A selection of children’s texts joined under the topic of food has been gathered. The common framing of these cotemporary short stories is the multiple connections between food, humour and social behaviour, offering fertile grounds for linguistic and literacy approaches to the increasingly important field of humour studies. More specifically, we are exploring distinctive literacy contexts in which the act of playing with food is represented with humour, for the latter has been proved to be a significant key feature of contemporary children’s literature. Issues of how different types of food inspired the generation of these short stories, the extent to which eating habits are framed with humorous implications and the level of connection between the social aspects of eating and humour occurring across literacy cultures, are discussed

Finite element analysis of tidal turbine blade subjected to impact loads from sea animals

The present work investigates structural response of tidal stream turbine blades subjected to impact loads from sea animals. A full-scale tidal turbine blade model was developed using a finite element modelling software ABAQUS, while a simplified geometry of an adult killer whale (Orcinus orca) was assumed in simulating impact on the blade. The foil profiles along the turbine blade were based on the NACA 63-8XX series, while the geometric and material properties of the sea animal were calibrated with experimental results. The numerical model simulated the dynamic response of the blade, accounting for radial velocities of the blade corresponding to real life scenarios. Different magnitudes and trajectories of the velocity vector of the sea animal were simulated, in order to investigate their influence on the turbine blade’s plastic deformation. Furthermore, multiple impacts were analysed, in order to monitor the accumulation of plastic strain in the material of the blade. Finally, the potential application of stainless steel material in tidal stream turbine blades for impact resistance was evaluated, through comparison of numerical results obtained from models using stainless steel and mild carbon steel materials

The adventures of translation in The Adventures of Pinocchio

Η έρευνα κατά τις τελευταίες δεκαετίες στον τομέα της μετάφρασης και των πολιτιστικών σπουδών έδειξε ότι, κατά τη μεταφορά ενός λογοτεχνικού κειμένου από ένα γλωσσικό / πολιτιστικό σύστημα σε άλλο, χρησιμοποιούνται τροποποιητικοί μηχανισμοί. Σύμφωνα με σχετικές μελέτες, η ανάλυση του πώς οι μεταφραστές διαχειρίζονται πολιτισμικά αλλότρια στοιχεία παρέχει πληροφορίες για τη δυναμική της διαπολιτισμικής λειτουργίας του μεταφρασμένου κειμένου. Το ίδιο το κείμενο είναι επίσης ενδεικτικό των ιδεολογικών αξιών που προωθεί η εγχώρια βιομηχανία βιβλίων. Συγκεκριμένα, στην περίπτωση της παιδικής λογοτεχνίας, μελέτες έχουν δείξει ισχυρές τροποποιήσεις στις μεταφράσεις. Αυτή η τάση έχει προκαλέσει αμφιβολίες σχετικά με τις έννοιες της διαπολιτισμικότητας και της ένταξης που φέρεται ότι συνδέονται με τη Παιδική Λογοτεχνία. Η παρούσα μελέτη εξετάζει την ποικιλομορφία της μεταφρασμένης παιδικής λογοτεχνίας αντιπαραθέτοντας τις πρόσφατες μεταφράσεις του κλασικού βιβλίου The Adventures of Pinocchio στα ελληνικά και τα τουρκικά με το αρχικό ιταλικό κείμενο. Οι μελέτες περιγραφικής μετάφρασης χρησιμοποιήθηκαν ως σημείο αναφοράς. Οι στρατηγικές των μεταφραστών εξετάζονται και σχολιάζονται σε σχέση με τις αξίες και τις αρχές του πολιτισμού-στόχου και το κοινωνικοπολιτικό πλαίσιο της περιόδου κατά την οποία εκδόθηκε κάθε μεταφρασμένη έκδοση. Η συγκριτική μελέτη των μεταφρασμένων κειμένων έδειξε ότι οι ελληνικές μεταφράσεις τείνουν να είναι πιο πιστές στο αρχικό κείμενο, ενώ οι τουρκικές μεταφράσεις εκδηλώνουν μια κλίση στις ηθικές αξίες που συνδέονται με τα εθνικά και θρησκευτικά ιδανικά.Research over the recent decades in the field of translation and cultural studies has shown that, during the transfer of a literary text from a linguistic/cultural system to another, modifying mechanisms are employed. According to relevant studies, the analysis of how translators manage culturally exotic elements provides insights into the dynamics of the intercultural function of the translated text; the text itself is also indicative of the ideological values promoted by the domestic book industry. Specifically, in the case of children’s fiction, studies have shown strong modifying interventions in translation. This tendency has triggered doubts over the notions of interculturality and integration allegedly connected with Children’s Literature.The present paper explores diversity in translated children’s literature by juxtaposing recent translations of the classic book The Adventures of Pinocchioin Greek and Turkish with the original Italian text. The descriptive translation studies have been used as a point of reference. Translators’ strategies are examined and commented upon in relation with the values and principles of the target culture and the sociopolitical context of the period during which each translated version was published. The comparative study of the translated texts has shown that Greek translations tend to be more faithful to the original text, while the Turkish translations manifest an inclination to moral values connected with national and religious ideals

Effect of inlet conditions on taylor bubble length in microchannels

This paper was presented at the 2nd Micro and Nano Flows Conference (MNF2009), which was held at Brunel University, West London, UK. The conference was organised by Brunel University and supported by the Institution of Mechanical Engineers, IPEM, the Italian Union of Thermofluid dynamics, the Process Intensification Network, HEXAG - the Heat Exchange Action Group and the Institute of Mathematics and its Applications.The effect of inlet conditions on the frequency and size of the bubbles that form during gas-liquid Taylor flow in microchannels is investigated in this paper. Three different inlet configurations, T-, Y- and Mjunction as well as three test channels with hydraulic diameters 0.345mm, 0.577mm and 0.816mm were used. The test fluids were nitrogen and water or octane, that have different surface tension. It was found that bubble length increased with increasing gas flowrate, gas inlet size and liquid surface tension and decreasing liquid flowrate. From the different inlet configurations, the M-junction resulted in the largest bubbles and the Y-junction in the smallest ones particularly at low liquid flowrates. The experimental bubble sizes were tested against a number of literature correlations but the agreement was not very good. Two new correlations were developed for the T- and the Y-junctions to calculate the unit cell (one bubble and one slug) frequency from which the bubble length can be found. Bubble lengths predicted from these correlations were in good agreement with experimental ones obtained from video recordings

Investigation of liquid phase characteristics in an inclined open microchannel

This paper was presented at the 3rd Micro and Nano Flows Conference (MNF2011), which was held at the Makedonia Palace Hotel, Thessaloniki in Greece. The conference was organised by Brunel University and supported by the Italian Union of Thermofluiddynamics, Aristotle University of Thessaloniki, University of Thessaly, IPEM, the Process Intensification Network, the Institution of Mechanical Engineers, the Heat Transfer Society, HEXAG - the Heat Exchange Action Group, and the Energy Institute.An important variable in the designing of gas-liquid reactors is the interfacial area available for the conduction of the two phases. Falling film microreactors (FFMR) are devices which can offer extended specific surfaces (up to 20,000m2/m3) and for this reason they are used in many multiphase processes. The aim of this work is to assess the effect of the microchannel width as well as the flow rate and the physical properties of the liquid phase on the geometrical characteristics (i.e. thickness and surface shape) of the liquid film, which were measured using Micro Particle Image Velocimetry (μ-PIV). The experiments were conducted in single microchannels with widths of 1200, 600 and 300μm and for Reynolds numbers between 0.9 and 39.7, while water and aqueous solutions of glycerol and butanol were used as working fluids. It was also verified that a common expression for predicting film thickness in macroscale is not applicable in microscale