Three Essays on Informed Trading

This thesis consists of three essays examining the behavior of informed traders in financial markets and how they affect asset pricing. It examines informed traders’ role in shaping securities prices in three ways. It examines whether on a macro and micro basis insider traders move prices to a different degree than non-insiders. In addition, it uses econometric methods to determine what exchange generates permanent price trends in UK shares. Lastly, it looks at another side effect of fragmentation – how a ‘best execution’ mandate and related market structure changes affect transactions costs in liquid UK, French, and German shares. These studies expand on current literature in various ways – extant insider trading literature has either primarily focused on daily price movement and volume or had consisted of case studies, the conclusions of which may be idiosyncratic and therefore unrepresentative of typical insider behavior. The new phenomenon of multilateral trading facilities (also known as electronic communications networks) and the proliferation of algorithmic or computer-mediated trading had not been examined in price discovery papers, due to their relative novelty. In addition, despite a bevy of literature offering informed insight into the impact of the European Union’s Markets in Financial Instruments Directive (MiFID), there has been a dearth of empirical studies assessing its impact on European securities markets. Chapters 2 and 3 examine MiFID and computerized trading from two different perspectives: that of which trades lead to permanent prices, and that of transactions costs. The conclusions drawn in this thesis will be of interest to regulators, market operators, and traders, as they offer insight into the impact of market structure and how it impacts informed traders who participate in them

On the formation of the welding seams with high speed

Целью настоящей работы является определение направлений исследований по установлению возможности повышения качества формирования сварочных швов с повышенной скоростью формирования тела шва. В статье вопрос решается путём отклонения сварочной дуги углом вперед, поперечным магнитным полем. Дополнительное магнитное поле в зоне сварки генерируют, пропуская часть сварочного тока по присадочной проволоке. Проволока подается в сварочную ванну позади дуги параллельно электроду в плоскости свариваемого стыка, в направлении, противоположном току дуги. Проведенный анализ отечественных и зарубежных литературных источников по рассматриваемой теме показал, что современный подход к определению влияния на повышение качества формирования сварочных швов с повышенной скоростью формирования тела шва, за счет дополнительного поперечного магнитного поля является актуальным в настоящее время и недостаточно изучен. Приведены сведения о формировании тела шва при скоростной сварке вольфрамовым электродом с присадочной проволокой, которые могут быть использованы для повышения производительности сварочных работ.The aim of this work is to determine the areas of research to establish the possibility of improving the quality of the formation of welds with an increased rate of formation of the joint body. In the article the problem is solved by the deviation of the arc angle forward transverse magnetic field. Additional magnetic field generated in the welding zone by passing part of the welding current for the filler wire. The wire is fed into the weld puddle behind the arc electrode in the plane parallel to the welded joint, in a direction opposite to the arc current. The analysis of domestic and foreign literature on the topic has shown that the modern approach to determine the effect on the improvement of quality of formation of welds with an increased rate of formation of the joint body, due to the additional transverse magnetic field is relevant in the present and not fully understood. Information is given about the formation of a seam in the tungsten electrode welding with filler wire, which can be used to improve the performance of welding

Improv Comedy and Identity Formation: The Importance of Serious Leisure in Emerging Adulthood

The purpose of this autoethnography is to evocatively and vulnerably share my story of participating in a collegiate improvisational comedy troupe in order to understand how my participation influenced my identity as an emerging adult. In this personal narrative, I take the reader through my experience of the practices, shows, feelings, emotions, and significance that accompanied my membership on an improv comedy troupe. I then analyze my experience from the framework of serious leisure and from the viewpoint of an emerging adult in order to bring light to how serious leisure, especially improv comedy, can significantly influence identity formation in emerging adulthood. An analysis of my personal narrative revealed that serious leisure, namely improv comedy, contributed significantly to my identity formation as an improviser as well as an emerging adult. The study also revealed that passion and peer relationships have significant roles in serious leisure pursuits as well as the formation of identity. This study proposes additions to Stebbins’ (1982) serious leisure perspective and to Kleiber’s (1999) conditions for identity formation through leisure. It also adds to the literature of positive youth development and the discussion of emerging adulthood as a significant developmental stage

Banking in times of climate change : next steps for UK’s financial regulators

The transition to net zero greenhouse gas emissions by 2050 requires a step change in bank lending behaviour. This policy report contributes to the wider sustainable development debate by investigating the next steps UK’s financial regulators need to take to tackle climate change via the banking sector. An in-depth analysis of various policy options shows that the current market-based approach is likely to be ineffective and more proactive and market-shaping policy tools are warranted. Therefore, the reconsideration of credit guidance policy tools is recommended. While more research is needed to establish the feasibility and effectiveness of these policies, they would clearly necessitate a paradigm shift in banking regulators’ currently dominant narrative

The Law and Economics of Insider Trading

Several recent high-profile insider trading losses have not stopped the federal government from aggressively prosecuting insider trading cases. The first of its kind, this law review article offers both a legal analysis and an empirical analysis that would aid the government in detecting and prosecuting insider trading. Specifically, this article finds that insider traders move prices more than non-insider trades of similar characteristics and insiders trade on high-volume days based on a dataset generated from SEC litigation releases

Implementing Dodd-Frank Act Stress Testing

In recent years, the question of how to prevent another crippling re- cession has become a prominent one. The answer provided by the Dodd-Frank Act is stress testing, which examines through economic models how banks would react to a bad turn of economic events, such as negative interest rates. The first of its kind in the legal literature, this Article offers a model for stress testing that banks should use in com- plying with Dodd-Frank. Specifically, this Article finds that the Baye- sian model that takes into account past outcomes, namely the Federal Reserve's previous stress test scenarios, is the most accurate model in stress testing

Expression of Nestin by Neural Cells in the Adult Rat and Human Brain

Neurons and glial cells in the developing brain arise from neural progenitor cells (NPCs). Nestin, an intermediate filament protein, is thought to be expressed exclusively by NPCs in the normal brain, and is replaced by the expression of proteins specific for neurons or glia in differentiated cells. Nestin expressing NPCs are found in the adult brain in the subventricular zone (SVZ) of the lateral ventricle and the subgranular zone (SGZ) of the dentate gyrus. While significant attention has been paid to studying NPCs in the SVZ and SGZ in the adult brain, relatively little attention has been paid to determining whether nestin-expressing neural cells (NECs) exist outside of the SVZ and SGZ. We therefore stained sections immunocytochemically from the adult rat and human brain for NECs, observed four distinct classes of these cells, and present here the first comprehensive report on these cells. Class I cells are among the smallest neural cells in the brain and are widely distributed. Class II cells are located in the walls of the aqueduct and third ventricle. Class IV cells are found throughout the forebrain and typically reside immediately adjacent to a neuron. Class III cells are observed only in the basal forebrain and closely related areas such as the hippocampus and corpus striatum. Class III cells resemble neurons structurally and co-express markers associated exclusively with neurons. Cell proliferation experiments demonstrate that Class III cells are not recently born. Instead, these cells appear to be mature neurons in the adult brain that express nestin. Neurons that express nestin are not supposed to exist in the brain at any stage of development. That these unique neurons are found only in brain regions involved in higher order cognitive function suggests that they may be remodeling their cytoskeleton in supporting the neural plasticity required for these functions

Atrasentan and renal events in patients with type 2 diabetes and chronic kidney disease (SONAR): a double-blind, randomised, placebo-controlled trial

Background: Short-term treatment for people with type 2 diabetes using a low dose of the selective endothelin A receptor antagonist atrasentan reduces albuminuria without causing significant sodium retention. We report the long-term effects of treatment with atrasentan on major renal outcomes. Methods: We did this double-blind, randomised, placebo-controlled trial at 689 sites in 41 countries. We enrolled adults aged 18–85 years with type 2 diabetes, estimated glomerular filtration rate (eGFR)25–75 mL/min per 1·73 m 2 of body surface area, and a urine albumin-to-creatinine ratio (UACR)of 300–5000 mg/g who had received maximum labelled or tolerated renin–angiotensin system inhibition for at least 4 weeks. Participants were given atrasentan 0·75 mg orally daily during an enrichment period before random group assignment. Those with a UACR decrease of at least 30% with no substantial fluid retention during the enrichment period (responders)were included in the double-blind treatment period. Responders were randomly assigned to receive either atrasentan 0·75 mg orally daily or placebo. All patients and investigators were masked to treatment assignment. The primary endpoint was a composite of doubling of serum creatinine (sustained for ≥30 days)or end-stage kidney disease (eGFR <15 mL/min per 1·73 m 2 sustained for ≥90 days, chronic dialysis for ≥90 days, kidney transplantation, or death from kidney failure)in the intention-to-treat population of all responders. Safety was assessed in all patients who received at least one dose of their assigned study treatment. The study is registered with ClinicalTrials.gov, number NCT01858532. Findings: Between May 17, 2013, and July 13, 2017, 11 087 patients were screened; 5117 entered the enrichment period, and 4711 completed the enrichment period. Of these, 2648 patients were responders and were randomly assigned to the atrasentan group (n=1325)or placebo group (n=1323). Median follow-up was 2·2 years (IQR 1·4–2·9). 79 (6·0%)of 1325 patients in the atrasentan group and 105 (7·9%)of 1323 in the placebo group had a primary composite renal endpoint event (hazard ratio [HR]0·65 [95% CI 0·49–0·88]; p=0·0047). Fluid retention and anaemia adverse events, which have been previously attributed to endothelin receptor antagonists, were more frequent in the atrasentan group than in the placebo group. Hospital admission for heart failure occurred in 47 (3·5%)of 1325 patients in the atrasentan group and 34 (2·6%)of 1323 patients in the placebo group (HR 1·33 [95% CI 0·85–2·07]; p=0·208). 58 (4·4%)patients in the atrasentan group and 52 (3·9%)in the placebo group died (HR 1·09 [95% CI 0·75–1·59]; p=0·65). Interpretation: Atrasentan reduced the risk of renal events in patients with diabetes and chronic kidney disease who were selected to optimise efficacy and safety. These data support a potential role for selective endothelin receptor antagonists in protecting renal function in patients with type 2 diabetes at high risk of developing end-stage kidney disease. Funding: AbbVie