Qualitätserwartungen und ethischer Anspruch bei der Lektüre von Blogs und von Tageszeitungen

Besides classical journalistic products, media users increasingly tend to read texts on the internet published by other users, as in weblogs. How do users navigate among these offers, how do they evaluate the quality, and which standards in terms of media ethics do they apply when reading weblogs compared to newspaper articles? Two empirical studies address these questions. In a survey, 702 internet users rated their theoretical expectations in terms of journalistic quality and compliance with ethical standards, comparing weblogs and daily newspapers. In a consecutive 2 × 2 experimental design, 120 participants read a journalistic text with varying source information (weblog/daily newspaper) and varying degree of adherence to ethical standards (ethically questionable/neutral). Participants then rated the quality of the text and its ethical standards. Results indicate that daily newspapers more than blogs are expected to deliver journalistic quality. But when read, texts are evaluated according to their content rather than their source. Ethically questionable texts in newspapers are disapproved as much as ethically questionable blog postings.     

LIQUIDITY AND ASSET PRICING UNDER THE THREE‐MOMENT CAPM PARADIGM

We examine whether the use of the three‐moment capital asset pricing model can account for liquidity risk. We also make a comparative analysis of a four‐factor model based on Fama–French and Pástor–Stambaugh factors versus a model based solely on stock characteristics. Our findings suggest that neither of the models captures the liquidity premium nor do stock characteristics serve as proxies for liquidity. We also find that sensitivities of stock return to fluctuations in market liquidity do not subsume the effect of characteristic liquidity. Furthermore, our empirical findings are robust to differences in market microstructure or trading protocols between NYSE/AMEX and NASDAQ.     

Option-Implied Risk Aversion Estimates

Using a utility function to adjust the risk‐neutral PDF embedded in cross sections of options, we obtain measures of the risk aversion implied in option prices. Using FTSE 100 and S&P 500 options, and both power and exponential‐utility functions, we estimate the representative agent's relative risk aversion (RRA) at different horizons. The estimated coefficients of RRA are all reasonable. The RRA estimates are remarkably consistent across utility functions and across markets for given horizons. The degree of RRA declines broadly with the forecast horizon and is lower during periods of high market volatility.     

Stability, Asymmetry and Seasonality of Fund Performance: An Analysis of Australian Multi‐sector Managed Funds

Using a sample of Australian Multi-sector trusts we examine selectivity and market timing performance and extend the analysis to include the relatively new measure of volatility timing. This is of particular relevance to our data set, as high levels of volatility persistence are prevalent in Australia. In addition we consider the stability, asymmetry and seasonality of the various performance and risk measures. A survivorship adjustment procedure is also employed in order to assess the impact of survivorship on selectivity, market timing and volatility timing performance.     

Assessing the growth-inducing impact of the Appalachian Development Highway System in southern Ohio: Did policy promote change?

The concept of “inducing growth” is typically considered an adverse consequence of a project on the land use system. In certain instances, however, the desire to induce growth and foster land use change is a focus of land use policy. Such is the example of the Appalachian Highway Development System (AHDS) program initiated by the Appalachian Regional Commission (ARC) during the late 1960s. With the goal of providing highway infrastructure to improve assess to a geographically isolated and historically impoverished region, the ADHS has added nearly 3000 miles of highway to the Appalachian landscape. The degree to which highway investment has contributed to regional growth remains a controversial point and tractable methods to quickly assess landscape change given a project of this magnitude are elusive. In this paper a portion of the AHDS trending through southern Ohio is examined using data acquired from the Landsat series of satellites. Beginning with a pre-highway condition in 1976, a 26 year time horizon, concluding in 2002, was analyzed based on a post-classification change detection methodology. Results of this investigation revealed slight, yet significant, levels of urban expansion within a 10 km corridor along the path of AHDS Corridor D/State Route 32. Beyond this buffer zone the land use system evidenced more stability, suggesting that as distance increased from Corridor D/State Route 32, reduced accessibility also reduced the attractiveness of land for urban uses. Relating these results back to the infrastructure investment policies of the ARC demonstrates that growth did result from the construction of Corridor D and supports previous findings that land development based on highway construction is extremely time-sensitive.     

The economic performance of the Russian economy in 2006 and a forecast for 2008–2010

This article examines the economic outcome of 2006 and builds a forecast for 2007–2010. The medium-term development risks of the Russian economy are analyzed.     

The appraisal of ordinary shares by Saudi investors

This paper reports on a questionnaire survey about share valuation practices among investors and their intermediaries in Saudi Arabia. The findings suggest that fundamental analysis is used most by investor respondents where a P/E multiple is applied to an earnings forecast to generate a prediction of future price. However, technical analysis is also used to a much greater extent than in developed markets. Finally, the results indicate that quarterly and annual reports as well as newspapers are widely consulted by investors when forming their expectations about share valuations.