To Trade or Not to Trade: The Strategic Trading of Insiders around News Announcements

We argue that insiders' decisions to trade in short windows before news announcements are likely to result from a trade-off between the incentives to capitalize on the foreknowledge of the disclosure and the risk of regulatory scrutiny and lost reputation. We provide evidence that insider buying is driven by the trade-off, while selling is primarily influenced by the deterring effect of the regulatory and reputation risks. We show that insiders strategically choose the amount of shares bought ahead of good news announcements. They increase their purchases as the price impact of the news goes up, but we find that the amount of shares purchased levels off as the news becomes extreme. In contrast, we find that the probability of insider selling significantly decreases with the price impact of the forthcoming bad news. To further support our arguments on the importance of incentives and disincentives to trade, we show that the strategic trading is mainly observed in the most price-sensitive groups of news announcements, it is clearly pronounced for best informed executives (CEOs), and that trading patterns change with changes in regulations, and insiders with higher reputation at risk limit their trading ahead of bad news.insider trading, private information, information disclosure, regulation

Institutional Investors and the Information Content of Earnings Announcements: The Case of Poland

This paper investigates the relationship between market reaction to earnings surprises and institutional concentration in the firm?s shareholders base. We use data from the Polish stock market where pension funds form a homogenous and highly competitive investor class with an increasing share in the market capitalisation and trading volume. We find evidence that higher pension funds holdings in a company tend to reduce the magnitude of market reaction around public disclosures. We interpret these findings as an information advantage that funds have over individual investors, which may result from scale economies in gathering and processing public information, as well as from access to privileged information in the interim period. We also find that company mangers are selective as to the type of information they provide to the market prior to their scheduled disclosures. --public disclosure,information advantage,institutional investors

Related Securities, Allocation of Attention and Price Discovery: Evidence from NYSE-Listed Non-U.S. Stocks

In this paper we explore how the composition of a market maker's portfolio and allocation of attention across securities in the portfolio affect pricing. We analyze whether more attention devoted to similar securities enables a market maker to extract information relevant to a stock from order flow to related securities and consequently whether it leads to improved price discovery of the stock. We base on the recent literature on allocation of attention in share trading (Corwin and Coughenour, 2008; Boulatov et al., 2009) and define the prominence of a security as the proportion of its dollar volume in the total volume of the specialist portfolio it belongs to. Our empirical tests are focused on New York Stock Exchange specialists and the U.S. share in price discovery of 64 British and French companies cross-listed on the NYSE. We define related securities as stocks from the same country, the same region or other foreign stocks. We find strong evidence that an increase in the prominence of related stocks in the specialist portfolio leads to a higher U.S. share in price discovery of our sample stocks. We interpret our findings as evidence that concentrating market makers in similar stocks reduces information asymmetries and improves the information environment. To support our argument, we show that an increase in the prominence of other foreign stocks in the specialist portfolio significantly reduces the adverse selection component of the bid-ask spread.NYSE specialists, cross-listing, related stocks, price discovery

The Educational Fortunes of the Three Waves of Polish Emigration to Australia in its historical and Cultural Context

The problem focused upon in this article is approached by presenting the characteristics of three waves of Polish emigration to Australia, with particular emphasis on the question of education. The factors, the presence of which influenced the course of emigration, have been discussed in detail. In particular, the motives of migration and the socio-political background and the socio-economic underpinnings accompanying the cultural adaptation of the Polish diaspora in Australia are explored within a specific time period. By making a historic analysis of Polish emigration to Australia, one can discern more waves. However, the most important waves are those related to historic events in Poland such as World War II, the activity of the Solidarity opposition and the transformation changes after the year 1989.The turning point was the year 1947, in which the presence of Poland in Australia became noticeable. With the passing of time, and the emergence of some significant political events in Poland, the number of emigrants in Australia has risen. However, each of the waves have differed, in many aspects, from earlier ones which, as the author proves, has had a significant effect on the educational fortunes of persons belonging to a particular wave of emigration.Problematyka skupia się dokonaniu charakterystyki trzech fal polskiej emigracji do Australii ze szczególnym uwzględnieniem wątku edukacyjnego. Dokonując analizy historycznej polskiej emigracji w Australii można by ich wyróżnić więcej. Najważniejsze są jednak powiązane z takimi wydarzeniami historycznymi w Polsce jak: druga wojna światowa, działalność opozycji solidarnościowej oraz przemiany ustrojowe po 1989 roku. Punktem zwrotnym był 1947 rok, w którym obecność Polaków na antypodach stała się zauważalna. W miarę upływu czasu i zaistnieniu ważnych politycznie wydarzeń w Polsce ilość emigrantów w Australii rosła. Każda z fal różniła się jednak w wielu aspektach od poprzedniej, co miało znaczący wpływ również na losy edukacyjne emigrantów.

Niçin su? Miletli Tales’in evren anlayışı

MakaleThis article is intended to show the presence of the element water in the prephilosophical wisdom of the ancient Greeks. This provides an argument for an immaterial treatment of the element. In order to provide an insight into the philosophy of Thales, I shall gather together all preserved accounts concerning his views.Bu makalenin yazılış amacı antik Greklerin felsefe öncesi hikmetlerinde su unsurunun var olduğunu göstermektir. Bu çalışma söz konusu unsuru gayr-i maddi olarak ele alınması gerektiğini öne sürmektedir. Thales’in felsefesini daha iyi anlaşılmasını sağlamak için onun görüşleriyle ilgili bütün mevcut bilgileri bir araya getireceğiz

Praca z tekstem matematycznym w gimnazjum

Publikacja bezpłatna - rozdział z książki „Matematyka. Materiały metodyczne”, red. R. J. Pawlak, Z. Walczak, Wydawnictwo Uniwersytetu Łódzkiego, Łódź 2014Publikacja przygotowana w ramach realizacji projektu „Nowoczesny nauczyciel Matematyki. Wzmocnienie kompetencji nauczycieli matematyki z województwa łódzkiego”, współfinansowanego ze środków Unii Europejskiej w ramach Europejskiego Funduszu Społecznego

Baseball and Its Anti-Trust Exemption

Somewhere in small town America there is a group of young boys with an old tattered ball and a game tested Louisville Slugger playing a pick up game of baseball. It doesn\u27t matter that there is no crowd cheering them on, or that none of the players have a uniform, or even that not one of them is being paid. All of these youngsters are playing simply for the love of the game. And this is how the majority of people in America view baseball, as a game that people play for fun and enjoyment. This is not the case however, with the select few that are talented enough to play baseball professionally. Their reasons for playing go further than their passion for the game; they also make a living by playing. So, to some, these rare athletic marvels could be said to view the game as a business. Just as in any other business, these workers are paid to perform a service and, since their craft is in high demand, some are paid well. These two contrasting situations, though, present a problem: should baseball be considered a game or a business? As a legal matter, that question was answered by the United States Supreme Court. And since the Court\u27s 1922 decision, America\u27s Pastime has never been the same. It is likely that Justice Oliver Wendell Holmes had no idea what sort of impact his ruling of baseball as an exhibition would have, but some eighty years later we are still feeling the ripples from this drop in the pond

Luovuutta edistävät tunteet, metodit ja tekniikat - miten tukea nuorten muotoilijoiden luovuutta?

This thesis aimed at identifying key feelings as well as creativity methods and techniques that would support young designers´ creativity. Research was qualitative and the methods forconducting analysis were literature review and interviews with six students and five experienced design managers. Literature review and interviews show that feelings influence young designers´ creativity, some of them being strongly inborne and some dependable on management style and company culture. Seven groups of feelings were identified: peace of mind, welcomed pressure, openness, positivity, trust, self-confidence and sense of community: Peace of mind refers to limiting the physical and mental disturbances and giving room for creativity and concentration. Welcomed pressure, on the other hand, refers to the balance between idleness and stress. Openness means allowing the inflow of information, being curious and alert and seeking actively after inspiration, whereas positivity, being excited, passionate and cheerful is based on the content of work and the working environment. Trust is a necessity of all idea sharing and self-confidence helps young designers to trust in own capabilities. Sense of community is an interesting study area of creativity for the future; how to transform from an individualistic “me” designer into a team player? The creativity methods and techniques were discussed in four categories, which reflect the situations of use: information gathering, setting up optimal mood, working on object and human interaction. Used methods seem to be individual adaptations of commonly known methods; many of them are used for processing in mind. It depends on the situation, personality and the assignment, which ones to use and young designers should, therefore, collect a personal creativity tool kit. Different methods work in interaction, in a cycle or even parallel. Interesting findings were e.g. autosuggestion, controversial opinions regarding the visualization software, use of NLP (Neuro Linguistic Programming) technique in visualization and the value of casual brainstorming with friends. Many interviewees saw technology more as a thread than a source of creativity. However, it is recommended that young designers keep the possibilities of e.g. artificial intelligence on eye. Feelings and creativity methods and techniques are linked to each other. The better young designer manages the methods and techniques, the better she copes in demanding multitasking environments and under pressure; leading to relaxation and creativity. Feelings, on the other hand, support the successful application of the methods and techniques; you need right conditions to optimally apply them. It is possible to utilize the results of this thesis in companies and education institutions in order to get the whole creative potential of young designers into practice. Based on the results, creativity of a young designer is not dependable on the industry. Instead, it seems possible to build up an organization that is supporting young designer´s creativity in any field, if the content of work is aligned with young designer´s values.Tämän kandidaatintyön tavoite oli identifioida, mitkä tunteet ja luovan työn edistämiseen tarkoitetut metodit ja tekniikat parhaiten tukevat nuoren muotoilijan luovuutta. Tutkimus oli kvalitatiivinen ja tutkimusmenetelminä käytettiin kirjallisuuskatsausta sekä haastatteluja, joihin osallistui kuusi opiskelijaa sekä viisi kokenutta muotoilutiimin vetäjää. Kirjallisuuskatsaus sekä haastattelut osoittavat, että tunteet vaikuttavat nuoren muotoilijan luovuuteen. Osa tunteista on henkilösidonnaisia ja osa riippuu johtamistyyleistä ja yrityskulttuurista. Työssä identifioitiin seitsemän tunneryhmää: mielenrauha, tervetullut suorituspaine, avoimuus, positiivisuus, luottamus, itsevarmuus ja yhteisöllisyyden tunne. Mielenrauha viittaa fyysisten ja psyykkisten häiritsevien tekijöiden rajoittamiseen. Tervetullut suorituspaine viittaa stressin ja joutilaisuuden väliseen tasapainoon. Avoimuus tarkoittaa avoimuutta tietovirroille, uteliaisuutta, tarkkaavaisuutta sekä inspiraation etsimistä. Positiivisuus, kuten iloisuus, innostuneisuus ja intohimoisuus perustuvat työn sisältöön ja työympäristöön. Luottamus on ideoiden jakamisen edellytys. Itsevarmuus auttaa nuorta muotoilijaa luottamaan omiin kykyihinsä. Yhteisöllisyyden tunteen merkitys luovuudelle on kiinnostava tulevaisuuden aihealue; miten kuoriutua yksilökeskeisestä ”minä” -muotoilijasta tiimipelaajaksi? Luovuutta edistävät metodit ja tekniikat käsiteltiin neljän kategorian kautta, jotka heijastavat käyttötilannetta: tiedonkeruu, optimaalisen mielialan luominen, kohteen työstäminen ja vuorovaikutus. Käytetyt metodit osoittautuivat muunnelmiksi yleisesti tunnetuista; osaa käytetään vain mielessä prosessointiin. Riippuu tilanteesta, muotoilijan luonteesta ja tehtävästä, mitä kannattaa käyttää ja suositeltavaa on kerätä henkilökohtainen työkalupakki. Eri metodit toimivat yhdessä, syklissä tai jopa samanaikaisesti. Mielenkiintoisia löydöksiä olivat mm. itsesuggestio, eriävät mielipiteet visualisointiohjelmistojen mahdollisuuksista, NLP-tekniikan (Neuro Linguistic Programming) käyttäminen visualisoinnissa sekä vapaa-ajan aivoriihen hyödyllisyys ystävien kanssa. Monet haastateltavat näkivät teknologian pikemminkin luovuuden uhkana kuin mahdollisuutena. Tästä huolimatta nuorien muotoilijoiden kannattaa seurata aktiivisesti esim. tekoälyn tarjoamia mahdollisuuksia. Tunteet ja luovuutta edistävät metodit ja tekniikat ovat vuorovaikutuksessa toisiinsa; mitä paremmin hallitaan menetelmät ja tekniikat, sitä paremmin selviydytään vaativissa multitasking-työympäristöissä ja paineen alla; johtaen parempaan itseluottamukseen, rentoutumiseen ja luovuuteen. Tunteet tukevat menetelmien ja tekniikoiden käyttöä, koska niiden soveltamiseen tarvitaan oikeat olosuhteet. Tämän työn tuloksia on mahdollista soveltaa yrityksissä ja koulutusyksiköissä, jotta nuorten muotoilijoiden koko luova työpanos saataisiin käyttöön. Tutkimus osoittaa, että nuoren muotoilijan luovuus ei ole riippuvainen alasta, kunhan työ on linjassa nuoren muotoilijan arvojen kanssa