The Public and Private Information Sources of Volatility

2011 ◽  
Author(s):  
Anne Opschoor ◽  
Michel van der Wel ◽  
Dick J. C. van Dijk ◽  
Nicholas Taylor
Keyword(s):  
Private Information ◽  
Information Sources ◽  
Public And Private ◽  
The Public

Why does bank screening matter? Private information and publicly traded securities

2016 ◽  
Vol 12 (5) ◽  
pp. 478-497 ◽  
Author(s):  
Edwin Harold Neave
Keyword(s):  
Moral Hazard ◽  
Market Share ◽  
Private Information ◽  
Equilibrium Model ◽  
Profit Maximization ◽  
Public And Private ◽  
Content Type ◽  
Equilibrium Pricing ◽  
The Public ◽  
Large Market

Purpose The purpose of this paper is to use an equilibrium model to identify the public and private informational requirements for equilibrium pricing and shows that unless these informational requirements are met, skin-in-the-game policies will not be fully effective against moral hazard for banks with relatively large market share. Selling securitizations with recourse can be. Design/methodology/approach The single-period model shows equilibrium prices depend on both public and private information, the latter produced as banks screen loans. If bank has a sufficiently large market share, it can profit by omitting the screening unless investors can detect the change. The author derives the profit function for not screening, shows that a skin-in-the-game policy cannot fully offset its incentives, and proposes a sale with recourse policy that can. Findings To value securitizations correctly, investors require both publicly and privately available information. If investors cannot monitor banks closely, correct pricing can be frustrated by profit maximization incentives, since banks with large market shares can profit from not screening. Skin-in-the-game policies cannot fully offset these incentives. Research limitations/implications The equilibrium model identifies the public and private informational requirements for equilibrium pricing and shows that unless these informational requirements are met, skin-in-the-game policies will not be fully effective for banks with relatively large market share. Selling securitizations with recourse can be more fully effective. Practical implications If it is difficult for investors to obtain private information, skin-in-the-game policies are not provide fully effective remedies against moral hazard. Sales with recourse policies offer promise because they are easy for investors to understand and difficult to evade. Social implications Trading on the basis of private information can create perverse incentives, and appropriate corrective policies can help offset them. Originality/value The general equilibrium methodology, the findings of incentives to avoid screening, the flaws with skin-in-the-game policies, and the proposal for sale with recourse are all new.

Competing Information Sources

2017 ◽  
Vol 93 (4) ◽  
pp. 151-176 ◽  
Author(s):  
Eti Einhorn
Keyword(s):  
Private Information ◽  
Voluntary Disclosure ◽  
Stock Price ◽  
Information Sources ◽  
Equilibrium Shape ◽  
Public And Private ◽  
Full Disclosure ◽  
Additional Information ◽  
Disclosure Strategy ◽  
Selective Disclosure

ABSTRACT This study analyzes corporate voluntary disclosures to the capital market in the presence of competing information sources, from which traders can subsequently obtain additional public and private information. The analysis demonstrates that the anticipated access of traders to additional information sources may significantly alter the voluntary disclosure strategy of firms. It may explain a deviation from the conventional full disclosure equilibrium to equilibrium with partial and selective disclosure. It may also lead to an untypical equilibrium shape, where any information content can be disclosed and can be withheld with a positive probability, and where the stock price reflects a pricing discount upon disclosure rather than in its absence. JEL Classifications: D82; G10; M41.

Public and Private Information Systems

2011 ◽  
pp. 1-22 ◽  
Author(s):  
Bruce Rocheleau
Keyword(s):  
Information Systems ◽  
Private Sector ◽  
Private Information ◽  
It Management ◽  
Public And Private ◽  
The Public ◽  
Two Sectors

Information managers need to be aware of the fact that managing IT in the public sectorpresents different challenges than those faced in the private sector. However, there hasbeen little systematic attention given to these differences by IT researchers. The purposeof this chapter is to review these differences and to present some empirical informationconcerning the differences between IT management between the two sectors. I concludeby discussing the implications of these differences for managers involved in publicsector IT.

scholarly journals No-subsidy mantra of governance to attain the most efficiently competitive economy

2012 ◽  
Vol 1 (3) ◽  
pp. 55-64
Author(s):  
Sankarshan Acharya
Keyword(s):  
Private Information ◽  
Codes Of Conduct ◽  
Public And Private ◽  
The Public ◽  
Surplus Production ◽  
Central Planner ◽  
Individual Preferences ◽  
Self Sufficiency ◽  
Civil Codes ◽  
Competitive Economy

This paper proves the existence of a practically implementable system of governance necessary to attain the most efficiently competitive economy without the arduous collection of private information on individual preferences through a central planner. This governance is constituted with tenets:(a) adoption of only known commonly agreed rules like (i) common civil codes of conduct and (ii) penalties for robbery, killing and usurpation of public and private wealth and (b) an irrevocable mandate to frame any new commonly agreed rule that may be discovered in future or to repeal or amend any prevailing rule which may be ascertained in future to be preferentially catering to subsets of people. The only feasible available norm for common agreement to set rules is self-sufficiency of each group like the households and companies. Self-sufficiency or no-subsidy mantra is defined by the net surplus (production minus consumption) of a group being greater than the transfer from the public exchequer to the group.

CONSUMO DE ALIMENTOS PROCESSADOS E ULTRAPROCESSADOS POR ESCOLARES DE ARROIO DO TIGRE, RS

2018 ◽  
Vol 7 (1) ◽  
pp. 157-164
Author(s):  
Rubiane Inara Wagner ◽  
Patrícia Molz ◽  
Camila Schreiner Pereira
Keyword(s):  
Public School ◽  
Nutritional Status ◽  
Private School ◽  
Food Habits ◽  
Cross Sectional Study ◽  
School Students ◽  
Cross Sectional ◽  
Public And Private ◽  
The Public ◽  
Cereal Bars

O objetivo deste estudo foi comparar a frequência do consumo de alimentos processados e ultraprocessados e verificar a associação entre estado nutricional por adolescentes do ensino público e privado do município de Arroio do Tigre, RS. Trata-se de um estudo transversal realizado com adolescentes, com idade entre 10 e 15 anos, de uma escola pública e uma privada de Arroio do Tigre, RS. O estado nutricional foi avaliado pelo índice de massa corporal. Aplicou-se um questionário de frequência alimentar contendo alimentos processados e ultraprocessados. A amostra foi composta por 64 adolescentes com idade média de 12,03±1,15 anos, sendo 53,1% da escola pública. A maioria dos adolescentes encontravam-se eutróficos (p=0,343), e quando comparado com o consumo de alimentos processados e ultraprocessados, a maioria dos escolares eutróficos relataram maior frequência no consumo de balas e chicletes (50,0%) e barra de cereais (51,0%), de 1 a 3 vezes por semana (p=0,004; p=0,029, respectivamente). Houve também uma maior frequência de consumo de alimentos processados e ultraprocessados como pizza (73,5%; p0,001), refrigerante (58,8%; p=0,036) e biscoito recheado (58,8%; p=0,008) entre 1 a 3 vezes por semana na escola pública em comparação a escola privada. O consumo de suco de pacote (p=0,013) foi relatado não ser consumido pela maioria dos alunos da escola particular em comparação a escola pública. Os dados encontrados evidenciam um consumo expressivo de alimentos processados e ultraprocessados pelos adolescentes de ambas as escolas, destacando alimentos com alto teor de açúcar e sódio.Palavras-chave: Hábitos alimentares. Adolescentes. Alimentos industrializados. ABSTRACT: The objective of this study was to compare the frequency of consumption of processed and ultraprocessed foods and to verify the association between nutritional status by adolescents from public and private schools in the municipality of Arroio do Tigre, RS. This was a cross-sectional study conducted with adolescents, aged 10 to 15 years, from a public school and a private school in Arroio do Tigre, RS. Nutritional status was assessed by body mass index. A food frequency questionnaire containing processed and ultraprocessed foods was applied. The sample consisted of 64 adolescents with a mean age of 12.03±1.15 years, 53.1% of the public school. Most of the adolescents were eutrophic (p=0.343), and when compared to the consumption of processed and ultraprocessed foods, most eutrophic schoolchildren reported a higher frequency of bullets and chewing gum (50.0%) and cereal bars (51.0%), 1 to 3 times per week (p=0.004, p=0.029, respectively). There was also a higher frequency of consumption of processed and ultraprocessed foods such as pizza (73.5%, p0.001), refrigerant (58.8%, p=0.036) and stuffed biscuit (58.8%, p=0.008) between 1 to 3 times a week in public school compared to private school. Consumption of packet juice (p=0.013) was reported not to be consumed by the majority of private school students compared to public school. Conclusion: The data found evidenced an expressive consumption of processed and ultraprocessed foods by the adolescents of both schools, highlighting foods with high sugar and sodium content.Keywords: Food Habits. Adolescents. Industrialized Foods.

Listening for the “Still Small Voice” of Mendelssohn’s Domestic Elijah

2015 ◽  
Vol 32 (1) ◽  
pp. 40-77
Author(s):  
Peter Mercer-Taylor
Keyword(s):  
Second Phase ◽  
Divine Presence ◽  
Final Phase ◽  
Public And Private ◽  
The Public ◽  
The Third ◽  
Interpretive Approach ◽  
Will To Live ◽  
Three Phases

The notion that there might be autobiographical, or personally confessional, registers at work in Mendelssohn’s 1846 Elijah has long been established, with three interpretive approaches prevailing: the first, famously advanced by Prince Albert, compares Mendelssohn’s own artistic achievements with Elijah’s prophetic ones; the second, in Eric Werner’s dramatic formulation, discerns in the aria “It is enough” a confession of Mendelssohn’s own “weakening will to live”; the third portrays Elijah as a testimonial on Mendelssohn’s relationship to the Judaism of his birth and/or to the Christianity of his youth and adulthood. This article explores a fourth, essentially untested, interpretive approach: the possibility that Mendelssohn crafts from Elijah’s story a heartfelt affirmation of domesticity, an expression of his growing fascination with retiring to a quiet existence in the bosom of his family. The argument unfolds in three phases. In the first, the focus is on that climactic passage in Elijah’s Second Part in which God is revealed to the prophet in the “still small voice.” The turn from divine absence to divine presence is articulated through two clear and powerful recollections of music that Elijah had sung in the oratorio’s First Part, a move that has the potential to reconfigure our evaluation of his role in the public and private spheres in those earlier passages. The second phase turns to Elijah’s own brief sojourn into the domestic realm, the widow’s scene, paying particular attention to the motivations that may have underlain the substantial revisions to the scene that took place between the Birmingham premiere and the London premiere the following year. The final phase explores the possibility that the widow and her son, the “surrogate family” in the oratorio, do not disappear after the widow’s scene, but linger on as “para-characters” with crucial roles in the unfolding drama.

The Noise Abatement Campaign in Industrializing Japan, 1923–37

Resonance ◽  
2020 ◽  
Vol 1 (3) ◽  
pp. 298-327
Author(s):  
Shuhei Hosokawa
Keyword(s):  
Public Opinion ◽  
Legal Regulation ◽  
Public Realm ◽  
Political Responsibility ◽  
Noise Abatement ◽  
Public And Private ◽  
The Public ◽  
Causal Responsibility ◽  
Kanto Earthquake ◽  
Definition Of

Drawing on Karin Bijsterveld’s triple definition of noise as ownership, political responsibility, and causal responsibility, this article traces how modern Japan problematized noise, and how noise represented both the aspirational discourse of Western civilization and the experiential nuisance accompanying rapid changes in living conditions in 1920s Japan. Primarily based on newspaper archives, the analysis will approach the problematic of noise as it was manifested in different ways in the public and private realms. In the public realm, the mid-1920s marked a turning point due to the reconstruction work after the Great Kantô Earthquake (1923) and the spread of the use of radios, phonographs, and loudspeakers. Within a few years, public opinion against noise had been formed by a coalition of journalists, police, the judiciary, engineers, academics, and municipal officials. This section will also address the legal regulation of noise and its failure; because public opinion was “owned” by middle-class (sub)urbanites, factory noises in downtown areas were hardly included in noise abatement discourse. Around 1930, the sounds of radios became a social problem, but the police and the courts hesitated to intervene in a “private” conflict, partly because they valued radio as a tool for encouraging nationalist mobilization and transmitting announcements from above. In sum, this article investigates the diverse contexts in which noise was perceived and interpreted as such, as noise became an integral part of modern life in early 20th-century Japan.

The public and the private: reconfiguring the interrelationship during a civil act

2019 ◽  
pp. 53-69
Author(s):  
Natalia Kostenko
Keyword(s):  
Public Sphere ◽  
Public Space ◽  
Rapid Development ◽  
Online Communication ◽  
Decisive Role ◽  
Physical Interaction ◽  
Bare Life ◽  
Public And Private ◽  
The Public ◽  
The Public Sphere

The subject matter of research interest here is the movement of sociological reflection concerning the interplay of public and private realms in social, political and individual life. The focus is on the boundary constructs embodying publicity, which are, first of all, classical models of the space of appearance for free citizens of the polis (H. Arendt) and the public sphere organised by communicative rationality (Ju. Habermas). Alternative patterns are present in modern ideas pertaining to the significance of biological component in public space in the context of biopolitics (M. Foucault), “inclusive exclusion of bare life” (G. Agamben), as well as performativity of corporeal and linguistic experience related to the right to participate in civil acts such as popular assembly (J. Butler), where the established distinctions between the public and the private are levelled, and the interrelationship of these two realms becomes reconfigured. Once the new media have come into play, both the structure and nature of the public sphere becomes modified. What assumes a decisive role is people’s physical interaction with online communication gadgets, which instantly connect information networks along various trajectories. However, the rapid development of information technology produces particular risks related to the control of communications industry, leaving both public and private realms unprotected and deforming them. This also urges us to rethink the issue of congruence of the two ideas such as transparency of societies and security.

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