High-frequency trading,algorithmic finance and the Flash Crash: reflections on eventalization

The Flash Crash of 6 May 2010 has an interesting status in discussions of high-frequency trading, i.e. fully automated, superfast computerized trading: it is invoked both as an important illustration of how this field of algorithmic trading operates and, more often, as an example of how fully automated trading algorithms are prone to run amok in unanticipated frenzy. In this paper, I discuss how and why the Flash Crash is being invoked as a significant event in debates about high-frequency trading and algo-financial markets. I analyse the mediatization of the event, as well as the variety of eventalizations of the Flash Crash - the different ways in which the Flash Crash is being mobilized as an illustrative event. I critically discuss the impact often associated with the Flash Crash – and on that basis, inquire into why the event nonetheless attracts so much attention. I suggest that a key reason why the Flash Crash is widely discussed is that eventalizations of 6 May 2010 evoke familiar tropes about the fear of technology and the fear of herding. Finally, and given their emphasis on herding, I argue that the Flash Crash eventalizations may contribute to discussions within economic sociology about resonance in quantitative finance.     

China’s Phantom Urbanisation and the Pathology of Ghost Cities

This article examines the production of China’s “ghost cities” and constant urban expansion to challenge the dominant conceptual narrative of rural-to-urban migration as the driver of urbanisation. It argues that behind China’s “miraculous” urbanisation story is a powerful ideological commitment to urban growth as the “royal road” to modernity and assessment of political performance. Local governments have a wide-ranging “tool-kit” for pursuing urbanisation, ranging from administrative border-drawing to expropriation of rural land and investment in expanding urban infrastructures. Urbanisation is the destination to which all paths seem to lead. Indeed, local states pursue the construction of new urban space, even when doing so harms them financially. But why? The concept of phantom urbanisation names the process whereby constructing the aesthetic form of the urban is even more important to local state actors than economic, demographic or environmental repercussions.     

Procompetitive dual pricing

We analyze the procompetitive effects of dual pricing, that is, input market price discrimination. An upstream firm has an incentive to maintain competition downstream which is realized by selling at an advantageous price to an inefficient downstream firm when discrimination is possible while it would exit under uniform pricing. We augment the exit issue into existing frameworks of Katz (Am Econ Rev 77:154–167, 1987), DeGraba (Am Econ Rev 80:1246–1253, 1990), and Yoshida (Am Econ Rev 90:240–246, 2000) which allows us to show that price discrimination in intermediary goods markets tends to have positive effects on allocative, dynamic and productive efficiency, respectively. In contrast, a discrimination ban tends to facilitate exit of relatively inefficient firms, thereby strengthening downstream market concentration.     

Elite interests and political participation in Botswana, 1966–2014

ABSTRACT

Botswana’s tiny economy is overwhelmingly government-driven and political participation, particularly on the side of the ruling party, is critical for one’s economic survival and prosperity. This has led to enduring intrigue and conflict among the country’s political power elite. Opposition party activists traditionally have embraced leftist policies and claimed to be representing the country’s poor and downtrodden while castigating the ruling Botswana Democratic Party (in power since 1966) of being pro-rich and politically connected business. Ironically, some members of the opposition elite also engage in business ventures with their ruling party counterparts. The scramble for economic opportunities has fuelled debilitating factionalism within both the ruling and opposition parties over the years. In some instances tribalism was mobilised in intra- and inter-party elections for positions of influence even though voters are more interested in service delivery than traditional ethnic issues. Our paper considers the question: ‘Whose interests do Botswana’s politicians represent?’     

Bone Area Histomorphometry

Quantifying the amount of cortical bone loss is one variable used in histological methods of adult age estimation. Measurements of cortical area tend to be subjective and additional information regarding bone loss is not captured considering cancellous bone is disregarded. We describe whether measuring bone area (cancellous + cortical area) rather than cortical area may improve histological age estimation for the sixth rib. Mid‐shaft rib cross‐sections (n = 114) with a skewed sex distribution were analyzed. Ages range from 16 to 87 years. Variables included: total cross‐sectional area, cortical area, bone area, relative bone area, relative cortical area, and endosteal area. Males have larger mean total cross‐sectional area, bone area, and cortical area than females. Females display a larger mean endosteal area and greater mean relative measure values. Relative bone area significantly correlates with age. The relative bone area variable will provide researchers with a less subjective and more accurate measure than cortical area.     

Stimulating academic patenting in a university ecosystem: an agent-based simulation approach

The Journal of Technology Transfer - Technology transfer to society is—in addition to research and teaching—widely acknowledged as a third mission of modern universities. Academic...     

“A different world” exploring and understanding the climate of a recently re-rolled sexual offender prison

Understanding how sexual offenders experience prison and its environment is important because such experiences can impact on rehabilitation outcomes. The purpose of this research investigation was to explore the rehabilitative and therapeutic climate of a recently re-rolled sexual offender prison. The research took a mixed methods approach and consisted of quantitative and qualitative phases. There were differences between prisoners and staff on their perception of the prison climate and for prisoner and staff relationships. The qualitative results helped to explain the quantitative findings and added a more nuanced understanding of the experience of the prison, the nature of prisoner and staff relationships and the opportunities for personal growth within the prison. The study has important implications for prisons that co-locate sexual offenders and want to provide an environment conducive to rehabilitation.     

HIV/AIDS prevention: building on community strengths in Ajegunle,Lagos

This paper builds upon field research in Ajegunle, Nigeria, which suggests that effective HIV/AIDS prevention requires a much higher degree of independent community participation. In exploring ways to achieve this, we suggest that assessing community strengths provides positive scope for understanding and utilising a much wider variety of HIV/AIDS responses which have not been previously used in the context of community development. Community-based approaches also encourage a deeper understanding of locally-specific vulnerability issues that surround HIV and AIDS. Such initiatives can be linked to trends that value the knowledge and capacities of neglected local people and build on their resources, including their networks, relationships and trust. However, the connection to, and use of, the resources of international NGOs (INGOs) remain central to success. If an interactive community-based agenda of working with local level resources receives enough acceptance at the higher levels of the INGOs, the results could be very significant. Such international/local agreements, where INGOs seek to work more closely with local community groups and their people on shared agendas, could begin to tackle some of the key structural issues, especially conflict and poverty, that exacerbate HIV/AIDS at the grassroots and are not responsive to purely medical solutions.

Prévention du VIH/sida: développer les points forts des communautés à Ajegunle, Lagos

Ce document se base sur des recherches menées sur le terrain à Ajegunle, au Nigeria, qui suggèrent que, pour être efficace, la prévention du VIH et du sida requiert un degré beaucoup plus élevé de participation communautaire indépendante. Dans le cadre d'une étude des manières d'arriver à ce résultat, nous suggérons qu'une évaluation des points forts de la communauté donne des perspectives positives pour la compréhension et l'utilisation d'une variété beaucoup plus importante d'interventions en matière de VIH/sida qui n'ont pas été précédemment lancées dans le contexte du développement communautaire. Les approches fondées sur les communautés encouragent par ailleurs une compréhension plus profonde des questions de vulnérabilité propres au niveau local autour du VIH et du sida. Les initiatives de ce type peuvent être reliées à des tendances qui accordent une importance aux connaissances et aux capacités des populations locales délaissées et qui se basent sur leurs ressources, y compris leurs réseaux, leurs relations et leur confiance. Cependant, la connexion avec les ressources des ONG internationales (ONGI) et leur utilisation restent essentielles pour le succès. Si un ordre du jour interactif fondé sur les communautés du travail avec les ressources locales reçoit une acceptation suffisante aux échelons plus élevés des ONGI, les résultats pourraient être très considérables. Les accords internationaux/locaux de ce type, dans le cadre desquels les ONGI cherchent à travailler en plus étroite collaboration avec les groupes communautaires locaux et leurs membres sur des ordres du jour partagés, pourraient commencer à remédier à des problèmes structurels clés, en particulier les conflits et la pauvreté, qui ont pour effet d'exacerber le VIH/le sida au niveau de la base populaire et ne peuvent pas être résolus par des moyens purement médicaux.

Prevenção do HIV/AIDS: aproveitando os pontos fortes da comunidade em Ajegunie, Lagos

Este artigo baseia-se em uma pesquisa de campo em Ajegunle, Nigéria, que sugere que a prevenção efetiva do HIV/AIDS exige um grau muito maior de participação da comunidade independente. Ao explorar maneiras para se alcançar isto, sugerimos que avaliar os pontos fortes da comunidade oferece um escopo positivo para se compreender e utilizar uma variedade muito mais ampla de respostas ao HIV/AIDS que não foram utilizadas anteriormente no contexto de desenvolvimento da comunidade. Abordagens baseadas na comunidade também incentivam uma compreensão mais profunda de questões de vulnerabilidade localmente específica que cercam o HIV e AIDS. Tais iniciativas podem ser conectadas a tendências que valorizam o conhecimento e a capacidade de pessoas locais negligenciadas e aproveitar seus recursos, inclusive suas redes de trabalho, relacionamentos e confiança. Porém, a conexão com recursos de ONGs Internacionais (ONGIs) e o uso deles permanecem centrais para o sucesso. Se uma agenda de trabalho interativa baseada na comunidade com recursos no âmbito local obtém aceitação suficiente nos níveis mais altos das ONGIs, os resultados podem ser muito significativos. Tais acordos internacionais/locais, em que ONGIs buscam trabalhar de maneira mais próxima com grupos da comunidade local e suas pessoas em agendas compartilhadas, poderiam começar a lidar com algumas das questões estruturais centrais, especialmente conflito e pobreza, que agravam o HIV/AIDS na base e não são suscetíveis a soluções puramente médicas.

La prevención del VIH/SIDA: confiando en las fortalezas de la comunidad. Una experiencia en Ajegunie, Lagos

Este ensayo se centra en una investigación de campo realizada en Ajegunle, Nigeria, la cual demostró que para conseguir una prevención efectiva del VIH/SIDA se requiere de una profunda e independiente participación comunitaria. En su investigación sobre cómo lograr este objetivo, los autores sugieren que valorar las fortalezas comunitarias puede ser una base sólida para concebir y utilizar una gama de respuestas ante el VIH/SIDA más amplia de la que hasta ahora se aplica en el contexto del desarrollo comunitario. Los métodos basados en la comunidad también contribuyen a que se entiendan mejor las vulnerabilidades específicas y locales ante el VIH/SIDA. Estas iniciativas pueden contribuir a valorar más los hasta ahora ignorados conocimientos y capacidades de las personas locales, los cuales se basan en sus recursos propios como sus redes, sus relaciones sociales y su confianza. Sin embargo, el acceso a, y el uso de, los recursos de las ONG internacionales (ONGI) siguen siendo factores importantes para lograr el éxito. Si las directivas de las ONGI consideraran una agenda de trabajo interactiva con las comunidades utilizando los recursos locales, los resultados podrían ser muy significativos. Con este tipo de acuerdos internacionales/locales en los que las ONGI intentan trabajar más estrechamente con los grupos comunitarios y las personas a nivel local compartiendo estrategias, podrían comenzar a atajarse algunos de los principales problemas estructurales, en especial en situaciones de conflicto y pobreza, que agravan el VIH/SIDA entre personas de la base y que no pueden resolverse únicamente con soluciones médicas.     

Corporate response strategies to regulatory uncertainty: evidence from uncertainty about post-Kyoto regulation

A better understanding of firms’ response strategies to regulatory uncertainty enables policymakers to improve policymaking efficiency and to enhance the effectiveness of regulation. Based on a literature review, we categorize responses according to their objective toward regulatory uncertainty into four strategies: avoidance, reduction, adaptation, and disregard strategies. Unique data from a worldwide cross-industry survey show that firms predominantly pursue reduction, and to a lesser extent adaptation and disregard strategies, in response to post-Kyoto regulatory uncertainty. Surprisingly, firms in fact only sporadically pursue avoidance strategies, in contradiction to their own public announcements commonly made during policymaking to realize such strategies. The degree of regulatory uncertainty perceived and its interpretation as a threat increase the pursuit of most of these strategies. In addition, firms’ response strategies to post-Kyoto regulatory uncertainty differ across industries and partly across regions.