Order Submission Strategies and Information: Empirical Evidence from the NYSE

We investigate the role of asymmetric information in affecting order submission strategies. Order aggressiveness depends on the state of the order book and on the asset dynamics. We find that the most important determinants are the depth on the same side of the book and a momentum indicator. When we focus on specific situations characterized by higher probability of information-based trading, we find that orders are less aggressive, suggesting strategic behavior of informed traders. This conjecture is supported by a different response to changes in the investor's information set and by a stronger price impact of less aggressive orders.Order Aggressiveness, Informed Trading, Order Flow

RNA Polymerase II identifies enhancers in different states of activation

Enhancer regulieren die Transkription ihrer Zielgene und deren Expression. Sie bieten eine Bindestelle für verschiedenste Transkriptionsfaktoren (TF) und RNA Polymerase II (RNAPII) und unterstützen die Gentranskription durch das Zustandekommen von Chromatinkontakten. Zusätzlich transkribiert RNAPII in Enhancer-Regionen kurze, non-polyadenylierte Transkripte, die man Enhancer-RNA (eRNA) nennt. Der Mechanismus der RNAPII-Rekrutierung und –Regulation an Enhancern ist bisher wenig verstanden, insbesondere wie das Vorhandensein von RNAPII-Modifikationen den Chromatinstatus, -faltung sowie die Genaktivierung beeinflusst. In dieser Arbeit wurden verschiedene Ansätze der Enhancer-Bestimmung miteinander verglichen. Während eine klare Bestimmung des besten Ansatzes sich als komplex erwies, konnte gezeigt werden, dass die Bindung von RNAPII an regulatorische Regionen in Zusammenhang mit TF eine universelle Konstante darstellte. Weiterhin wurden der Status der Enhancer-gekoppelten RNAPII-Aktivierung und deren Transkriptionsaktivität untersucht. Als Hauptergebnis ergab sich, dass der RNAPII-Status mit der Enhancer-Aktivität und daraus folgend mit veränderter Transkriptionsaktivität korreliert ist. Weiterhin konnte gezeigt werden, dass das Vorhandensein extragenischer RNAPII ein neues Werkzeug zur Identifikation von regulatorischen Regionen ist. Erfolgreich konnten regulatorische Regionen in embryonalen Stammzellen der Maus sowie während der neuronalen Differenzierung vorhergesagt und mittels Enhancer-Aktivität in-vivo bestätigt werden. Dabei zeigte sich, dass im Laufe der der neuronalen Differenzierung extragenische RNAPII-Bindung spezifische Aktivierungsmuster aufweist: ihr Transkriptionslevel wird durch Kinasen feinmaschig reguliert und es werden verschiedene Formen maturierter RNA erzeugt. Zusammenfassend konnte RNAPII als Werkzeug zur Identifikation und Charakterisierung regulatorischer Regionen in verschiedenen Zelltypen ausgemacht werden. Selbst mit minimalen RNAPII-Datensätzen ist es möglich, gleichzeitig regulatorische Regionen zu identifizieren als auch ihren eigenen Aktivierungsstatus sowie den ihrer kodierender Genpromotoren zu bestimmen.Enhancers regulate transcription of target genes and gene expression. They act as recruitment sites for multiple transcription factors (TFs) and RNA polymerase II (RNAPII) and favour transcription of target genes through chromatin contacts. RNAPII at enhancer regions transcribes short and mostly non-polyadenylated transcripts, called enhancer RNAs (eRNAs). The mechanisms of RNAPII recruitment and regulation at enhancers remain ill understood, in particular how signalling through RNAPII modifications may influence chromatin states, looping and gene activation. In this study, I compare enhancer lists defined with different approaches and find that their relation is very complex. However, I find that RNAPII binding co-occurs with TF binding at regulatory regions, independently of the identification approach used. I characterize the state of RNAPII activation at enhancers and its transcriptional activity. I find that RNAPII state reflects enhancer activation state and correlates with different transcriptional outputs. In addition, I demonstrate that extragenic RNAPII is a novel tool to identify regulatory regions. I successfully identified putative regulatory regions in mESC and during neuronal differentiation, with enhancer activity in vivo. Extragenic RNAPII regions have specific activation patterns during neuronal differentiation, are finely regulated at the transcriptional level by kinases and transcribe differently mature RNAs. In conclusion, I establish RNAPII as a tool to identify and characterise regulatory regions in a cell type of interest. With minimal RNAPII datasets it is possible to simultaneously identify regulatory regions, infer their state of activation, and the state of activation of coding gene promoters

Saying more with less? Disclosure conciseness, completeness and balance in Integrated Reports

The Integrated Reporting Framework of 2013 represents the latest international attempt to connect a firm’s financial and sustainability (i.e., environmental, social and governance) performance in one company report. An Integrated Report (IR) should communicate “concisely” about how a firm’s strategy, governance, performance and prospects, in the context of its external environment, lead to the creation of sustainable value. At the same time, an IR needs to be “complete and balanced”, i.e., broadly including all material matters, both positive and negative, in a balanced way. Drawing on impression management studies, we examine a selection of performance determinants to gain insights into the factors associated with conciseness, completeness and balance in IR. The results from a sample of IR early adopters show that in the presence of a firm’s weak financial performance, the IR tends to be significantly longer and less readable (i.e., less concise), and more optimistic (i.e., less balanced). We additionally find that firms with worse social performance provide reports that are foggier (i.e., less concise) and with less information on their sustainability performance (i.e., less complete). Our evidence implies that IR early adopters employ quantity and syntactical reading ease manipulation as well as thematic content and verbal tone manipulation as impression management strategies. The results also suggest that such strategies depend not only on the level of firms’ performance but also on the type of performance (financial versus nonfinancial/sustainability). This paper adds to the limited literature on IR in sustainability accounting as well as to the research in mainstream financial accounting that examines disclosure quality using textual analysis

Keep them close: PRC2 poises enhancer-promoter interactions at anterior neuronal genes

Enhancers exist in different epigenetic states: active, primed, or poised. However, it is not yet understood how the different enhancer states influence gene activation. In this issue of Cell Stem Cell, Cruz-Molina et al. (2017) unravel how poised enhancers activate anterior neural genes and the role of Polycomb proteins in enhancer-promoter contacts

Has financial fair play changed European football?

In 2011 UEFA, the governing body of European football, introduced the Financial Fair Play Regulation (FFPR), consisting of a set of financial restraints to be met by clubs as a prerequisite for participation to its competitions. The aim of the FFPR was to introduce financial discipline into the clubs' decision-making processes, and ultimately protect the long-term viability of the European football industry. The reform was criticized because of possible unintended detrimental consequences. In particular, Peeters and Szymanski 2014 provided a model-based ex-ante simulation analysis showing that the reform would increase the profitability of clubs, but also tilt the competitive balance in favor of the top teams, thus reducing the interest of fans and investors as one of the main attractions in sports is precisely that the best team does not always win. Exploiting an original dataset between the seasons 2007-2008 and 2019-2020, we provide an ex-post econometric evaluation of the effects of the introduction of the FFPR revealing causal evidence that largely vindicates those ex-ante predictions

Internet technologies and interactivity of management control systems: some empirical evidence

The article seeks to address the question whether or not the dynamic environment characterized by the organizational and competitive patterns of the information economy influences the interactivity of management control systems. Particularly, the research presented in the article aims at comparing and contrasting the degree of interactivity featuring the management control systems of “traditional” versus “internet-based” or “internet-related” companies. The study is exploratory and descriptive, and it is based both on a questionnaire analysis and on some interviews. The questionnaire was sub-ministered to Italian companies listed in the FTSE MIB 40 (the industrial index, except for banks and insurance companies) and in the FTSE Star (once TechStar). The article develops along three sections. In the first part, the aims and motivations of the article are clarified. In the second part, the contingency theory is revisited in the context of information economy and propositions are drafted to frame the factors that may influence the degree of interactivity of management control systems. In the third part, the research design and the empirical evidence are described as a premise to our final discussion of the results. Concluding remarks essentially suggest that companies leveraging on internet technologies will not necessarily leverage upon the same technologies to foster interactivity of their management control systems

Management Accountant's Role and Functions in the Enterprise Resource Planning Environment - Author's Own Research into Enterprises in Poland

This article seeks to answer whether the implementation of an ERP system has an effect on the management accountant's tasks and functions, especially in the field of performance measurement and internal reporting. The ERP impacts on the controller's role in the organization will be evaluated using field studies on six enterprises owned by multinational corporations. The question that should be asked here is whether controller's functions and tasks will also be unaffected.Celem badania jest próba odpowiedzi na pytanie czy zastosowanie zintegrowanego systemu informatycznego w przedsiębiorstwie zmienia zadania i funkcje specjalisty do spraw rachunkowości zarządczej. Na podstawie studium przypadku sześciu przedsiębiorstw będących częścią koncernów międzynarodowych zostaje dokonana ocena wpływu zastosowania ERP na rolę kontrolera w organizacji. Autor odpowiada również na pytanie czy w funkcjach i zadaniach kontrolera nie zaobserwowane zostaną zmiany w związku z implementacją ERP