Market panic on different time-scales

Cross-sectional signatures of market panic were recently discussed on daily time scales in [1], extended here to a study of cross-sectional properties of stocks on intra-day time scales. We confirm specific intra-day patterns of dispersion and kurtosis, and find that the correlation across stocks increases in times of panic yielding a bimodal distribution for the sum of signs of returns. We also find that there is memory in correlations, decaying as a power law with exponent 0.05. During the Flash-Crash of May 6 2010, we find a drastic increase in dispersion in conjunction with increased correlations. However, the kurtosis decreases only slightly in contrast to findings on daily time-scales where kurtosis drops drastically in times of panic. Our study indicates that this difference in behavior is result of the origin of the panic-inducing volatility shock: the more correlated across stocks the shock is, the more the kurtosis will decrease; the more idiosyncratic the shock, the lesser this effect and kurtosis is positively correlated with dispersion. We also find that there is a leverage effect for correlations: negative returns tend to precede an increase in correlations. A stock price feed-back model with skew in conjunction with a correlation dynamics that follows market volatility explains our observations nicely

La centralisation de l'offre de sécurité en France : efficacité économique versus efficacité politique

Cet article propose d'expliquer le démantèlement progressif des ordres privés qui géraient la sécurité intérieure au Moyen-âge et l'avènement d'un quasi monopole d'État de la sécurité. La première partie de l'article discute de la thèse néo-institutionnaliste. Dans cette perspective la centralisation s'explique par la défaillance des ordres privés et la plus grande efficacité des ordres centralisés pour gérer et produire de la sécurité. La seconde partie critique cette thèse de l'efficacité économique et propose une explication alternative fondée sur l'efficacité politique de la centralisation. Le démantèlement des ordres privés n'a pas débouché sur un marché de la sécurité parce que l'Etat n'y avait pas intérêt. Il avait même besoin de renouveler sa légitimité en proposant aux individus de sécuriser leur bien et leur personne

Media, Celebrity and Philanthropy in China: Doing Good or Doing Nothing?

Based on a statistical analysis of 91 celebrity-endorsed charities in the People’s Republic of China, this paper challenges the popular assumption that celebrity involvement with not-for-profit organizations attracts extensive media coverage. Although China is the largest media market in the world, previous studies of celebrity philanthropy have been conducted almost exclusively in a Western context. Such studies argue passionately for and against the role that celebrities can play in attracting attention to humanitarian causes, focusing on the activities of Western celebrities, corporations and consumers as essential or problematic promoters and providers of aid to people in developing countries. We show that – in China, at least – most of this debate is overblown. Rather than arguing in favour of or against 20 celebrity philanthropy, we provide statistical results suggesting that celebrity endorsement has very little impact on press coverage of charities

Doing good or doing nothing? Celebrity, media and philanthropy in China

© 2015 Southseries Inc., www.thirdworldquarterly.com. Based on a statistical analysis of 91 celebrity-endorsed charities in the People’s Republic of China, this paper challenges the popular assumption that celebrity involvement with not-for-profit organisations attracts extensive media coverage. Although China is the largest media market in the world, previous studies of celebrity philanthropy have been conducted almost exclusively in a Western context. Such studies argue passionately for and against the role that celebrities can play in attracting attention to humanitarian causes, focusing on the activities of Western celebrities, corporations and consumers as essential or problematic promoters and providers of aid to people in developing countries. We show that – in China, at least – most of this debate is overblown. Rather than arguing in favour of or against celebrity philanthropy, we provide statistical results suggesting that celebrity endorsement has very little impact on press coverage of charities

An Oracle without Foresight - Plaintiffs\u27 Arduous Burdens under U.S. v. Oracle

The decision in United States v. Oracle Corp. has the potential to obliterate the government\u27s ability to successfully block certain mergers. The unique set of circumstances in Oracle created little binding precedent on Judge Vaughn Walker, who did not shy away from using this freedom. The court set forth requirements for the government that differed drastically from those proposed in Merger Guidelines promulgated by the Federal Trade Commission and the Department of Justice -requirements that effectively .increased the burden of proof for the government. In addition, the Oracle court disregarded volumes of the government\u27s evidence, requesting instead evidence that would be nearly impossible for any litigant to offer

Similarities and differences between households' and SME's financial knowledge and behaviour: A Greek survey

In this paper, we examine the financial literacy, thus the financial behaviour of 352 Greek households. In turn, we compare our findings with results from a similar survey we conducted on an equivalent sample of small and medium-sized enterprises (SMEs). Our aim was to realise if there is any link between financial knowledge and behaviour in each surveyed micro-system and, further, indicate similarities and differences between them. ?t is argued that the sample of households make better use of financial knowledge than the surveyed SMEs. Further, even in cases where financial knowledge was of high performance, both groups did not perform accordingly in terms of their financial behaviour. Such results indicate the complexity of the relationship between knowledge and behaviour

La centralisation de l'offre de sécurité en France : efficacité économique versus efficacité politique

Cet article propose d'expliquer le démantèlement progressif des ordres privés qui géraient la sécurité intérieure au Moyen-âge et l'avènement d'un quasi monopole d'État de la sécurité. La première partie de l'article discute de la thèse néo-institutionnaliste. Dans cette perspective la centralisation s'explique par la défaillance des ordres privés et la plus grande efficacité des ordres centralisés pour gérer et produire de la sécurité. La seconde partie critique cette thèse de l'efficacité économique et propose une explication alternative fondée sur l'efficacité politique de la centralisation. Le démantèlement des ordres privés n'a pas débouché sur un marché de la sécurité parce que l'Etat n'y avait pas intérêt. Il avait même besoin de renouveler sa légitimité en proposant aux individus de sécuriser leur bien et leur personne.police, coût de transaction, Etat prédateur, Moyen-âge, centralisation

Les business models dans la distribution : repérer les chemins de la performance

National audienceIn spite of a widespread usage among retail professionals, the concept of business model (BM) deserves some clarifications. Building on this point, the objective of our research is to shed some light on the constituents of BM's in the retail trades, and to offer a first typology.Malgré un usage répandu dans le secteur du commerce, le concept de business model (BM) reste largement à préciser. L'objectif de cet article est donc de mettre en évidence les éléments constitutifs d'un BM dans la distribution puis d'en dresser une première typologie. Nous sommes amenés à distinguer un BM qui consiste à simplifier la proposition de valeur tout en diminuant les coûts pour gagner en efficience, et un BM qui consiste à enrichir la proposition de valeur pour gagner en attractivité " par le haut "