Insider trading restrictions and the stock market: Evidence from the Amsterdam Stock Exchange\ud

This paper examines the effect of introducing insider trading restrictions on the behaviour of the Amsterdam Stock Exchange. From 1987 on, insiders are no longer allowed to trade two months before an annual earnings announcement. The results indicate that stocks became less liquid (when liquidity is measured by trading volume) when insiders were not allowed to trade. We also find some evidence that the introduction of insider trading restrictions reduced the stock market's speed of adjustment to positive earnings news.\ud \u

Insider trading restrictions and the stock market

Stock Markets;monetary economics

Stock Repurchases in Canada: Performance and Strategic Trading

During the 1980s, U.S. firms that announced stock repurchase programs earned favorable long-run returns. Recently, concerns have been raised regarding the robustness of these findings. This comes at a time of explosive worldwide growth in the adoption of repurchase programs. This study provides out-of-sample evidence for 1,060 Canadian repurchase programs announced between 1989 and 1997. As in the U.S., the Canadian stock market seems to discount the information contained in repurchase announcements. Value stocks announcing repurchase programs have particularly favorable returns. Canadian law requires companies to report how many shares they repurchase on a monthly basis. We find that managers are sensitive to mispricing as completion rates are higher in cases where undervaluation may be a more important factor. Moreover, trades are linked to price movements; managers buy more shares when prices fall and reduce their buying when prices rise.

Vaccine strategies to improve anti-cancer cellular immune responses

More than many other fields in medicine, cancer vaccine development has been plagued by a wide gap between the massive amounts of highly encouraging preclinical data on one hand, and the disappointing clinical results on the other. It is clear now that traditional approaches from the infectious diseases' vaccine field cannot be borrowed as such to treat cancer. This review highlights some of the strategies developed to improve vaccine formulations for oncology, including research into more powerful or "smarter" adjuvants to elicit anti-tumoral cellular immune responses. As an illustration of the difficulties in translating smart preclinical strategies into real benefit for the cancer patient, the difficult road of vaccine development in lung cancer is given as example. Finally, an outline is provided of the combinatorial strategies that leverage the increasing knowledge on tumor-associated immune suppressive networks. Indeed, combining with drugs that target the dominant immunosuppressive pathway in a given tumor promises to unlock the true power of cancer vaccines and potentially offer long-term protection from disease relapse

Vue sur l’atelier d’Elliott Carter (à partir du Triple Duo)

Après avoir opéré une distinction entre la phase d’élaboration structurelle et le travail de composition proprement dit, cet article s’efforce de dégager la relation qui les unit et leur articulation dans la pensée musicale d’Elliott Carter en montrant précisément, à partir de l’exemple du Triple Duo, comment s’effectue l’interprétation, dans l’écriture, d’un polyrythme de grande ampleur entièrement planifié dans les esquisses conservées à la Fondation Paul Sacher, à Bâle : quelle est la fonction du polyrythme dans la composition ? En quoi le schéma préparatoire est-il déterminant pour le mouvement musical et pourquoi est-il finalement laissé en suspens ?This article begins by defining the differences between two stages of musical creativity: the structural elaboration phase, and the work of composition proper. An explanation of how the two are united and how they are articulated in the work of Elliott Carter follows, by showing precisely how the composer worked out a large-scale polyrhythm in the writing of Triple Duo—a process documented in its entirety in sketches preserved at the Paul Sacher Institute in Basel. What is the function of the polyrhythm in the composition? How does the preparatory sketch shape the musical movement, and why is it left dangling in the end

Decision Making in the Life of Elizabeth Ann Seton

Discernment involves finding the ways in which God speaks to us. God spoke to Elizabeth Seton in nature, daily events, and prayer. She constantly sought God’s will and discovered it using what we now delineate as male and female ways of knowing. This article pays particular attention to her discernment as she made the decision to become Catholic. It also offers guidelines for individual and group discernment

Managerial trustworthiness and buybacks

Working paper available at https://ink.library.smu.edu.sg/soa_research/1860/</p