Assessing the profitability of intraday opening range breakout strategies

Is it possible to beat the market by mechanical trading rules based on historical and publicly known information? Such rules have long been used by investors and in this paper, we test the success rate of trades and profitability of the Open Range Breakout (ORB) strategy. An investor that trades on the ORB strategy seeks to identify large intraday price movements and trades only when the price moves beyond some predetermined threshold. We present an ORB strategy based on normally distributed returns to identify such days and find that our ORB trading strategy result in significantly higher returns than zero as well as an increased success rate in relation to a fair game. The characteristics of such an approach over conventional statistical tests is that it involves the joint distribution of low, high, open and close over a given time horizon.     

Antecedents of trust in industrial districts: an empirical analysis of inter-firm relations in a Turkish industrial district

Structural features and institutional settings of industrial districts, rather than contracts as a co-coordinating mechanism, promote trust in exchanges between firms in industrial districts. Based on this assumption, the paper explores the antecedents of trust in a Turkish industrial district at three levels: institutional environment; institutional arrangements; and inter-firm exchanges. In relation to institutional environment, dominant institutions of the Turkish economy – mainly state and finance – and their policies that undermine the role of SMEs in economic development are studied. In this context a third institution, the ‘district association’ that has a vital role in promoting trust-based governance has been analysed. At the second level, formal and informal institutional arrangements that govern the web of exchanges between firms are surveyed. The third level of analysis is directed at entrepreneurs and their attitudes towards family, friendship, expertise and reputation are studied. The research site is the Merter textile district in Istanbul. Data for second and third levels of analysis has been collected through structured interviews and is analysed quantitatively. For institutions and institutional environment, data has been collected mainly by in-depth interviews and is supported by secondary data. Research findings show that informal institutional arrangements are more important than formal arrangements and reputation and expertise of the other firm is more important than family-friendship connections as antecedents of trust.     

The City as Experiential Space: The Production of Shared Meaning

Cities obviously differ from each other. Sociologically, this difference becomes significant when your aim is to ascertain the influence of local factors in a globalizing world or to understand processes of societal differentiation. To do so, scholars in the areas of urban and regional sociology, community research and local policy can turn to a number of theoretical and empirical studies on cities, municipalities, or, less specifically, the local setting as societally formative units that resist global influences. In this article I continue to ask how cities socialize in a way that allows shared experience to emerge in communities. Grounded in the sociology of knowledge shaped by German thinkers such as Max Weber, Alfred Schütz, Karl Mannheim, Peter L. Berger and Thomas Luckmann, my aim is to illustrate that specific stocks of knowledge based on habitualized experience arise in every city. Intrinsic logic captures the hidden structures of cities as locally well‐established, operative processes of sense‐making along with their physical, material manifestations.     

What counts as a reasonable extent? – a systems approach for understanding fire safety in Sweden

Swedish legislation requires that any owner or user of a building maintain a reasonable level of fire protection measures to ensure the safety of all people located in the building. If a building, in the wake of a fire, in court is determined not to have had a reasonable fire protection, the blame will likewise be assigned to the building owner or user. Using the perspective of risk governance, this study aims at analysing how regulation and stakeholders interact to maintain a specific level of fire protection in hotels. The focus is on identifying problems and frictions that have emerged from the complex relationships, and differences of interests, between the different stakeholders. Based on a stakeholder analysis, 11 respondents were selected for an interview study. The main problems identified in the analysis are that there are ambiguities for the individual hotel owner to know whether her or his fire protection measures are reasonable according to the law, that the system has emerged without clear political goals, problems related to the process of local supervision, that the ambiguous situation gives rise to opportunities of other stakeholders to claim the definition of what counts as a reasonable extent, and the ethical problems associated with convicting a single individual for failure in a complex multi-actor system.     

Public–private innovation: barriers in the case of mobility as a service in West Sweden

Departing from open innovation (OI), this case study explores the development of Mobility as a Service (MaaS) in West Sweden. An analysis of 19 interviews reveals how representatives from involved actors perceive internal and external barriers as hampering the regional public transport authority’s attempts to collaborate with private actors, and that the perception of barriers is incongruent across public and private actors. Transferability to other cases of public–private OI is discussed, and implications for public actors are proposed. The paper expands the knowledge of preconditions for MaaS’ development and of the unique conditions for OI in public–private settings.     

Pricing catastrophe risk in life (re)insurance

What is the catastrophe risk a life insurance company faces? What is the correct price of a catastrophe cover? During a review of the current standard model, due to Strickler, we found that this model has some serious shortcomings. We therefore present a new model for the pricing of catastrophe excess of loss cover (Cat XL). The new model for annual claim cost C is based on a compound Poisson process of catastrophe costs. To evaluate the distribution of the cost of each catastrophe, we use the Peaks Over Threshold model for the total number of lost lives in each catastrophe and the beta binomial model for the proportion of these corresponding to customers of the insurance company. To be able to estimate the parameters of the model, international and Swedish data were collected and compiled, listing accidents claiming at least twenty and four lives, respectively. Fitting the new model to data, we find the fit to be good. Finally we give the price of a Cat XL contract and perform a sensitivity analysis of how some of the parameters affect the expected value and standard deviation of the cost and thus the price.     

Concurrent Ownership of Brands and Counterfeits: Conceptualization and Temporal Transformation from a Consumer Perspective

The aim of this paper is to shed light on consumers’ concurrent ownership of original and counterfeit versions of a brand, a phenomenon that is lively in the global market place but has thus far failed to attract adequate research attention. Using findings from eight focus group discussions, this paper investigates the relationships consumers have with brands and counterfeits when they own both at the same time, based on different object‐, self‐, and other‐centered engagements. Subsequently, three distinct consumer segments were identified that vary in their relationship trajectories over time. Along three established phases, a decline in purchasing of counterfeits can be observed; between Phases 1 and 2, this is due largely to negative emotional aspects, while making the transition to Phase 3 is always induced by a conflict with the social self. In all three segments the gap between the perceived and ideal social self widens, yet, once again, there are differences in the coping strategies.     

Becoming a Slum: From Municipal Colony to Illegal Settlement in Liberalization‐Era Mumbai

This article argues that the transformation of a Mumbai neighborhood from municipal housing colony into illegal slum has been facilitated by the politically mediated deterioration and criminalization of its water infrastructure in the context of liberalization‐era policy shifts. These policy shifts hinge upon a conceptual binary that posits the unplanned, illegal and informal ‘slum’ as the self‐evident conceptual counterpoint to a planned, formal, ‘world‐class’ city. The story of Shivajinagar‐Bainganwadi problematizes this assumption by evidencing the deeply political and highly unstable nature of this binary — and thus insists upon an account of the shifting political and economic stakes imbued in these categories. The case of Shivajinagar‐Bainganwadi reveals that the neighborhood's emergence as an illegal slum has been mediated by the liberalization‐era politics that have come to infuse the neighborhood's water pipes — dynamics that have produced the illegality/informality of the neighborhood as a discursive effect.