Behind the price: on the role of agent's reflexivity in financial market microstructure

In this chapter we review some recent results on the dynamics of price formation in financial markets and its relations with the efficient market hypothesis. Specifically, we present the limit order book mechanism for markets and we introduce the concepts of market impact and order flow, presenting their recently discovered empirical properties and discussing some possible interpretation in terms of agent's strategies. Our analysis confirms that quantitative analysis of data is crucial to validate qualitative hypothesis on investors' behavior in the regulated environment of order placement and to connect these micro-structural behaviors to the properties of the collective dynamics of the system as a whole, such for instance market efficiency. Finally we discuss the relation between some of the described properties and the theory of reflexivity proposing that in the process of price formation positive and negative feedback loops between the cognitive and manipulative function of agents are present.Comment: 12 pages, 1 figur

Evaluation of genome-wide chromatin library of Stat5 binding sites in human breast cancer

BACKGROUND: There is considerable interest in identifying target genes and chromatin binding sites for transcription factors in a genome-wide manner. Such information may become useful in diagnosis and treatment of disease, drug target identification, and for prognostication. In cancer diagnosis, patterns of transcription factor binding to specific regulatory chromatin elements are expected to complement and enhance current diagnostic predictions of tumor behavior based on protein and mRNA analyses. Signal transducer and activator of transcription-5 (Stat5) is a cytokine-activated transcription factor implicated in growth and progression of many malignancies, including hematopoietic, prostate, and breast cancer. We have explored immunoaffinity purification of Stat5-bound chromatin from breast cancer cells to identify Stat5 target sites in an unbiased, genome-wide manner. RESULTS: In this report, we evaluate the efficacy of a Stat5-bound chromatin library to identify valid Stat5 chromatin binding sites within the oncogenome of T-47D human breast cancer cells. A general problem with cloning of immunocaptured, transcription factor-bound chromatin fragments is contamination with non-specific chromatin. However, using an optimized strategy, five out of ten randomly selected clones could be experimentally verified to bind Stat5 both in vitro and in vivo as tested by electrophoretic mobility shift assay and chromatin immunoprecipitation, respectively. While there was no binding to fragments lacking a Stat5 consensus binding sequence, presence of a Stat5 binding sequence did not assure binding. CONCLUSION: A chromatin library coupled with experimental validation may productively identify novel in vivo Stat5 chromatin binding sites in cancer, including abnormal regulatory sites in tumor-specific neochromatin

Governing Global Supply Chain Sustainability Through the Ethical Audit Regime

Over the past two decades multinational corporations have been expanding ‘ethical’ audit programs with the stated aim of reducing the risk of sourcing from suppliers with poor practices. A wave of government regulation—such as the California Transparency in Supply Chains Act (2012) and the UK Modern Slavery Act (2015)—has enhanced the legitimacy of auditing as a tool to govern labor and environmental standards in global supply chains, backed by a broad range of civil society actors championing audits as a way of promoting corporate accountability. The growing adoption of auditing as a governance tool is a puzzling trend, given two decades of evidence that audit programs generally fail to detect or correct labor and environmental problems in global supply chains. Drawing on original field research, this article shows that in spite of its growing legitimacy and traction among government and civil society actors, the audit regime continues to respond to and protect industry commercial interests. Conceptually, the article challenges prevailing characterizations of the audit regime as a technical, neutral, and benign tool of supply chain governance, and highlights its embeddedness in struggles over the legitimacy and effectiveness of the industry-led privatization of global governance

Leverage-induced systemic risk under Basle II and other credit risk policies

We use a simple agent based model of value investors in financial markets to test three credit regulation policies. The first is the unregulated case, which only imposes limits on maximum leverage. The second is Basle II and the third is a hypothetical alternative in which banks perfectly hedge all of their leverage-induced risk with options. When compared to the unregulated case both Basle II and the perfect hedge policy reduce the risk of default when leverage is low but increase it when leverage is high. This is because both regulation policies increase the amount of synchronized buying and selling needed to achieve deleveraging, which can destabilize the market. None of these policies are optimal for everyone: Risk neutral investors prefer the unregulated case with low maximum leverage, banks prefer the perfect hedge policy, and fund managers prefer the unregulated case with high maximum leverage. No one prefers Basle II.Comment: 27 pages, 8 figure

Prokaryotic respiration and production in the meso- and bathypelagic realm of the eastern and western North Atlantic basin

We measured prokaryotic production and respiration in the major water masses of the North Atlantic down to a depth of,4,000 m by following the progression of the two branches of North Atlantic Deep Water (NADW) in the oceanic conveyor belt. Prokaryotic abundance decreased exponentially with depth from 3 to 0.4 3 105 cells mL21 in the eastern basin and from 3.6 to 0.3 3 105 cells mL21 in the western basin. Prokaryotic production measured via 3H-leucine incorporation showed a similar pattern to that of prokaryotic abundance and decreased with depth from 9.2 to 1.1 mmol C m23 d21 in the eastern and from 20.6 to 1.2 mmol C m23 d21 in the western basin. Prokaryotic respiration, measured via oxygen consumption, ranged from about 300 to 60 mmol C m23 d21 from,100 m depth to the NADW. Prokaryotic growth efficiencies of,2 % in the deep waters (depth range 1,200–4,000 m) indicate that the prokaryotic carbon demand exceeds dissolved organic matter input and surface primary production by 2 orders of magnitude. Cell-specific prokaryotic production was rather constant throughout the water column, ranging from 15 to 32 3 1023 fmol C cell21 d21 in the eastern and from 35 to 58

Governance gaps in eradicating forced labor: from global to domestic supply chains

A growing body of scholarship analyzes the emergence and resilience of forced labor in developing countries within global value chains (GVCs). However, little is known about how forced labor arises within domestic supply chains concentrated within national borders, producing products for domestic consumption. We conduct one of the first studies of forced labor in domestic supply chains, through a cross-industry comparison of the regulatory gaps surrounding forced labor in the United Kingdom. We find that understanding the dynamics of forced labor in domestic supply chains requires us to conceptually modify the GVC framework to understand similarities and differences across these contexts. We conclude that addressing the governance gaps that surround forced labor will require scholars and policymakers to carefully refine their thinking about how we might design operative governance that effectively engages with local variation

Blind spots in IPE : marginalized perspectives and neglected trends in contemporary capitalism

Which blind spots shape scholarship in International Political Economy (IPE)? That question animates the contributions to a double special issue—one in the Review of International Political Economy, and a companion one in New Political Economy. The global financial crisis had seemed to vindicate broad-ranging IPE perspectives at the expense of narrow economics theories. Yet the tumultuous decade since then has confronted IPE scholars with rapidly-shifting global dynamics, many of which had remained underappreciated. We use the Blind Spots moniker in an attempt to push the topics covered here higher up the scholarly agenda—issues that range from institutionalized racism and misogyny to the rise of big tech, intensifying corporate power, expertise-dynamics in global governance, assetization, and climate change. Gendered and racial inequalities as blind spots have a particular charge. There has been a self-reinforcing correspondence between topics that have counted as important, people to whom they matter personally, and the latter’s ability to build careers on them. In that sense, our mission is not only to highlight collective blind spots that may dull IPE’s capacity to theorize the current moment. It is also a normative one—a form of disciplinary housekeeping to help correct both intellectual and professional entrenched biases

Choreography, controversy and child sex abuse: Theoretical reflections on a cultural criminological analysis of dance in a pop music video

This article was inspired by the controversy over claims of ‘pedophilia!!!!’ undertones and the ‘triggering’ of memories of childhood sexual abuse in some viewers by the dance performance featured in the music video for Sia’s ‘Elastic Heart’ (2015). The case is presented for acknowledging the hidden and/or overlooked presence of dance in social scientific theory and cultural studies and how these can enhance and advance cultural criminological research. Examples of how these insights have been used within other disciplinary frameworks to analyse and address child sex crime and sexual trauma are provided, and the argument is made that popular cultural texts such as dance in pop music videos should be regarded as significant in analysing and tracing public perceptions and epistemologies of crimes such as child sex abuse

Hellea balneolensis gen. nov., sp. nov., a prosthecate alphaproteobacterium from the Mediterranean Sea

This is an author manuscript that has been accepted for publication in International Journal of Systematic and Evolutionary Microbiology, copyright Society for General Microbiology, but has not been copy-edited, formatted or proofed. Cite this article as appearing in International Journal of Systematic and Evolutionary Microbiology. This version of the manuscript may not be duplicated or reproduced, other than for personal use or within the rule of 'Fair Use of Copyrighted Materials' (section 17, Title 17, US Code), without permission from the copyright owner, Society for General Microbiology. The Society for General Microbiology disclaims any responsibility or liability for errors or omissions in this version of the manuscript or in any version derived from it by any other parties. The final copy-edited, published article, which is the version of record, can be found at http://mic.sgmjournals.org, and is freely available without a subscription.International audienceA novel aerobic, heterotrophic, prosthecate bacterium, designated 26III/A02/215(T), was isolated from surface water of the north-western Mediterranean Sea. Cells stained Gram-negative and were straight to slightly curved rods, forming red colonies on agar plates. The strain grew at 15-37 degrees C inclusive (optimum 30 degrees C) and grew optimally at seawater salinity. Growth was observed on organic acids, amino acids and complex organic substrates. The fatty acids (>5 %) detected in strain 26III/A02/215(T) were C(17 : 1)omega6c, C(18 : 1)omega7c and C(17 : 0). The lipid pattern indicated the presence of phosphatidylglycerol, glucuronopyranosyldiglyceride, monoglycosyldiglyceride, an unidentified glycolipid and three unidentified phospholipids. Phosphatidylethanolamine and diphosphatidylglycerol were absent. Ubiquinone Q-10 was the only respiratory lipoquinone. The G+C content of the genomic DNA was 46.8 mol%. Comparative 16S rRNA gene sequence analysis indicated that strain 26III/A02/215(T) belonged to the Hyphomonas-Hirschia-Robiginitomaculum branch of the order Caulobacterales. This affiliation was consistent with the results of polar lipid analyses. Among this group, the novel isolate was most closely related to Robiginitomaculum antarcticum (93.9 % 16S rRNA gene sequence similarity to the type strain). On the basis of genotypic, chemotaxonomic and phenotypic distinctness, we propose a novel genus, Hellea gen. nov., with Hellea balneolensis sp. nov. as the type species. The type strain of Hellea balneolensis is 26III/A02/215(T) (=DSM 19091(T) =CIP 109500(T) =OOB 269(T))

Ethical Audits and the Supply Chains of Global Corporations

Incidents such as the collapse of the Rana Plaza factory in Bangladesh in April 2013 and the exposé of slavery and human trafficking in the Thai shrimp industry in 2014 have focused attention on the supply chains of global corporations. The new Brief demonstrates that, despite increased ‘audits’ and inspections, labour abuses, poor working conditions and environmental degradation within global supply chains remain widespread. Ultimately, the Brief concludes that the auditing system for global supply chains is ‘working’ for corporations, but failing workers in developing countries and the planet