Information Disclosure, Intertemporal Risk Sharing, and Asset Prices

Disclosure of information triggers immediate price movements, but it mitigates price movements at a later date, when the information would otherwise have become public. Consequently, disclosure shifts risk from later cohorts of investors to earlier cohorts. Hence, disclosure policy can be interpreted as a tool to “control” interim asset price movements, and to allocate risk intertemporally. This paper shows that a policy of partial disclosure (and, hence, of intertemporal risk sharing) can maximize, but surprisingly also minimize, the market value of the firm. Our model also applies to a setting where a central bank chooses the quality and frequency of the disclosure of macroeconomic information, or to the precision of disclosure by (distressed) banks.Financial reporting, disclosure, information policy, asset pricing, intertemporal risk sharing, general equilibrium

Information acquisition in double auctions

This paper analyses information acquisition in the Reny and Perry (2006) type double auction environment and shows that an efficient and fully revealing equilibrium may fail to exist if information is endogenous and costly. As the number of traders increases, the equilibria are inefficient even though the information cost is very large. Because of endogenous noise trading, the price is also not fully revealing. This paper provides a strategic foundation for Grossman and Stiglitz (1980) and discusses some market microstructure implications

Alternating offer bargaining with endogenous information : timing and surplus division

Two ex ante identically informed agents play a two-period alternating offer bargaining game over the division of a known surplus with endogenous information and common values. This paper shows that a low discounting of trading surplus, a positive externality of information acquisition and an endogenous lemons problem can cause delay of agreement. In the period of disagreement the buyer and the seller have symmetric information. For the case where the discount factor d of trading surplus is zero, a perfect equilibrium exists in which the responder captures full surplus in take-it-or-leave-it offer bargaining. The equilibrium payoff of the first period proposer can increase with d, the bargaining power of the counter party

On bargaining with endogenous information

Two ex ante identically informed agents play a double auction over the division of a trading surplus with endogenous information and common values. This paper shows that if information acquisition is not observable, three types of inefficiencies can arise. If the information cost is in an intermediate range, no pure strategy equilibrium with trade exists although the agents maintain symmetric information. If the information cost is low, any trading equilibrium exhibits costly information acquisition. If the agents face asymmetric information cost the Akerlof’s lemons problem arises as a self-fulfilling equilibrium and only partial trade occurs

Combination of Domain Knowledge and Deep Learning for Sentiment Analysis of Short and Informal Messages on Social Media

Sentiment analysis has been emerging recently as one of the major natural language processing (NLP) tasks in many applications. Especially, as social media channels (e.g. social networks or forums) have become significant sources for brands to observe user opinions about their products, this task is thus increasingly crucial. However, when applied with real data obtained from social media, we notice that there is a high volume of short and informal messages posted by users on those channels. This kind of data makes the existing works suffer from many difficulties to handle, especially ones using deep learning approaches. In this paper, we propose an approach to handle this problem. This work is extended from our previous work, in which we proposed to combine the typical deep learning technique of Convolutional Neural Networks with domain knowledge. The combination is used for acquiring additional training data augmentation and a more reasonable loss function. In this work, we further improve our architecture by various substantial enhancements, including negation-based data augmentation, transfer learning for word embeddings, the combination of word-level embeddings and character-level embeddings, and using multitask learning technique for attaching domain knowledge rules in the learning process. Those enhancements, specifically aiming to handle short and informal messages, help us to enjoy significant improvement in performance once experimenting on real datasets.Comment: A Preprint of an article accepted for publication by Inderscience in IJCVR on September 201

D,L-SERINE BASED pH-SENSITIVE OLIGOESTER

In recent years, pH/temperature-sensitive polymers have attracted increasing attention as drug/protein delivery systems. In this study, the main objective was to synthesize a pH-sensitive oligoester. The oligoester was synthesized by condensation reaction from carboxylic and hydroxyl groups of D,L-Serine, which had been previously modified with benezenesulfonyl chloride in order to create sulfonamides as pH sensitive groups. Various molecular weights of the oligoesters were obtained by means of manipulating the mole ratio of N,N'-Dicyclohexylcarbodiimide (DCC)/Serine (DCC acts as a coupling agent) and the Dimethylformamide (DMF)/Serine (v/w) ratio (DMF acts as solvent). The synthesized oligoesters were characterized by 1H-NMR and their molecular weights were measured by gel permeation chromatography (GPC). Also, the pKa values of pH-sensitive oligoesters were obtained by the titration method. This pH dependent property of the polymers could be very useful for preparing drug carriers that are sensitive to pH environment

Studying livestock breeding wastewater treatment with bentonite adsorbent

The possibility of using adsorbents (bentonite, diatomite and kaolinite) for obtaining adsorptive materials effective in livestock breeding wastewater treatment has been assessed. It has been shown on the example of ions of ammonia (NH4) and phosphate (PO43) that particles of bentonite have relatively high adsorption capacity. The data about adsorption kinetics have been processed with the use of first and second-order kinetic models. It has been revealed that the second-order kinetic model described better adsorption of ammonia and phosphate from aqueous solutions by particles of bentonit