Informed traders

This article is available open access through the publisher’s website at the link below. Copyright @ 2008 The Royal Society.An asymmetric information model is introduced for the situation in which there is a small agent who is more susceptible to the flow of information in the market than the general market participant, and who tries to implement strategies based on the additional information. In this model market participants have access to a stream of noisy information concerning the future return of an asset, whereas the informed trader has access to a further information source which is obscured by an additional noise that may be correlated with the market noise. The informed trader uses the extraneous information source to seek statistical arbitrage opportunities, while at the same time accommodating the additional risk. The amount of information available to the general market participant concerning the asset return is measured by the mutual information of the asset price and the associated cash flow. The worth of the additional information source is then measured in terms of the difference of mutual information between the general market participant and the informed trader. This difference is shown to be non-negative when the signal-to-noise ratio of the information flow is known in advance. Explicit trading strategies leading to statistical arbitrage opportunities, taking advantage of the additional information, are constructed, illustrating how excess information can be translated into profit

BlackRock Review (excerpt)

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A Study of Quarterly Trend of Infectious Tuberculosis and Evaluation of Tuberculosis Control Program in Post Conflict Sierra Leone, 2002-2005

This study aimed to measure the impact of directly observed treatment short-course (DOTS) coverage on notification of infectious tuberculosis (TB) and treatment cure rate in the post conflict period of 2002 to 2005 in Sierra Leone. The study was a population based retrospective study on implementation of DOTS expansion by the National Leprosy TB Control Program (NLTCP). Data recorded in district TB registers and TB annual reports were analysed for trend of infectious TB registered quarterly, treatment cure rates and number DOTS centres opened per annum. A trend analysis of proportion of infectious TB (sputum smear positive) to all TB cases reported to the central program each quarter during the periods 2002 to 2005 was plotted. However, this did not appear to show any discernable pattern but the following observations were made. In 2003 the lowest proportion of infectious TB cases was reported. Furthermore, there appeared to be a decline in proportion of infectious TB cases reported in the third quarter of each year, corresponding to the peak of the rainy season. An evaluation of DOTS expansion based on Donabedian’s triad showed that 76% of the target set for 2005 was achieved; that is, 53 of the targeted 70 DOTS centres were opened by the end of 2005. A correlation-regression analysis gave a correlation coefficient (R) of 0.22 which suggests a weak relationship between treatment cure rate and district population DOTS coverage. The implementation of DOTS expansion by the NLTCP considerably improved DOTS coverage and treatment cure rates in the immediate post conflict period of 2002 to 2005. However, there was a weak association between district DOTS coverage and treatment cure rates, and its impact on trend of infectious TB notification was limited during this period

Philosophical dialogue in Arabic diaspora literature with special reference to ‎Kahlil Gibran’s poems

Philosophy regulates the functioning of human life. Good philosophies are the cross-cutting faces of human life. This theoretical thinking in Arabic literature dates back to the Jahiliyya period. Arab literary figures that, have appeared throughout history, have made significant contributions to the regulation of human life by conveying philosophical ideas in their literary works. These philosophical dialogues have the potential to elicit a positive response in solving the various social, economic and political issues of human life. In this manner, the Lebanese Arab diaspora poet Khalil Gibran is one of the foremost contributors to the Arabic literary world. The research tries to introduce Arabic diaspora literatue and poet Khalil Zibran and to express the theoretical and social ideas expressed in his poems. For this purpose, descriptive and analytical methods were used and studied. The poet Khalil Gibran writes in these poems all his philosophical thoughts and social views, and speaks in it with the senses of nature and its details, arguing that nature is the cause of complete happiness and that the world is free from hypocrisy. This is what he describes as the characteristic of souls who strive to achieve their distant goal behind perfect human life away from the false world of materialism

First, do no harm: The patient\u27s experience of avoidable suffering as harm

Although my entire career has been spent in Patient Experience, nothing I have learned from data, evidence-based practice, or experience-based correlations, has been near as impactful as what I learned from being a patient. This article discusses my own experiences as a patient. I ask readers to consider instances of avoidable suffering as sources of harm that negatively impact patient perceptions, erode trust in care providers and healthcare delivery systems, and create barriers to engaging patients in their care. Recognizing how avoidable suffering creates harm challenges traditional views of Patient Experience as hospitality-based “soft skills” and helps to establish patient perceptions as valid indicators of quality care

'n Teoretiese besinning oor die invloed van kultuur op leerders se intelligensie -, leerstyl - en kommunikasie - ontwikkeling: implikasies vir assessering

A theoretical reflection on the influence of culture on learners' intelligence, learning styles and communication development These aspects have certain implications for assessment in the classroom. It is a known fact that biological characteristics influence learners' intelligence, learning styles and communication development. However, there are an increasing number of researchers who have established that culture plays a very important role in the development of intelligence, learning styles and communication. Researchers have identified four factors that contribute to the phenomenon, namely: socialising, conformity, ecological adaptation, and language. It should, however, be kept in mind that culture does not always influence the factors mentioned in the same manner. Diversity regarding intelligence, learning styles and communication will have an influence on the teaching and assessment practices of teachers. South African Journal of Education Vol.23(4) 2003: 344-34