Is market fragmentation harming market quality?

We examine how fragmentation is affecting market quality in US equity markets. We use newly available trade reporting facilities (TRFs) data to measure fragmentation, and we use a variety of empirical approaches to compare execution quality and efficiency of stocks with more and less fragmented trading. We find that fragmentation affects all stocks; more fragmented stocks have lower transactions costs and faster execution speeds; and fragmentation is associated with higher short-term volatility but greater market efficiency, in that prices are closer to being a random walk. Our results that fragmentation does not appear to harm market quality are consistent with US markets being a single virtual market with multiple points of entry.     

Response Format Effects in Encounter Norm Questions

Survey response format has been shown to influence norm prevalence (percentage reporting a norm) and the numerical value of the reported norm. This article summarizes an experiment where respondents were randomly assigned to one of two conditions. In the semi-open response format treatment, respondents (n = 817) “wrote in a number” for an acceptable number of visitor encounters. In the closed format treatment, individuals (n = 826) “circled a number” of acceptable encounters along a range of possible responses. Hypothesis 1 predicted that norm prevalence would be higher for the closed format than the semi-open. Hypothesis 2 predicted that the mean tolerance level would differ in the two treatments. Results supported hypothesis 1. The percent reporting a norm was statistically higher in the closed versus the semi-open treatment. Results failed to support hypothesis 2. The average tolerance levels for the closed and semi-open formats were statistically equivalent.     

Women's travel writing and the legacy of Romanticism

Women's travel writing reveals how literary and artistic discourses influence the way we read and write about journeys. This paper considers the way women's travel writing has adapted to, and adopted, the discourse of Romanticism, from its beginnings as a philosophy of political and sexual revolution, individual freedom and escape, to a more diffuse sense which has infiltrated modern attitudes to travel. We consider a classic travel text from the Romantic period, and discuss its legacy. Adopting Buzard's argument [(1993). The Beaten track: European tourism, literature and the ways to ‘Culture’ 1800–1918. Oxford: OUP], we consider how travel changed through the long nineteenth century. We discuss how the twentieth-century Romantic attraction of travel is marketed through the tourist industry as one of the main reasons to get away from it all and discover the ‘authentic’: this desire is reflected in travel texts. Recent writing reflects the influence of Romanticism by celebrating the individual as a wandering free spirit on a self-quest, whose writing is ‘authentic’, spontaneous and confessional: that is, the legacy of sensibility. We conclude that Romanticism has left a dual legacy for travellers, of political commitment and inner journey. Authors discussed include Mary Wollstonecraft, Gertrude Bell, Isabella Bird and Sara Wheeler.     

A Wage–Tax Policy to Increase Employment

We use MONASH, a dynamic general equilibrium model, in an analysis of the macroeconomic effects of combining a freeze on Award wage rates in Australia with the granting of tax credits to low-wage workers in low-income families. Our results suggest that if this policy were successful in lowering the actual real before-tax wage rates of workers in the Award system, then it would have favourable short-run effects on aggregate employment. These effects would persist into the long run if the policy led to rightward shifts in labour supply curves. The downside risk of the policy is that it would be counteracted by over-Award payments, leaving a budgetary problem with no compensating employment gain. At the same time, the Award system would be rendered irrelevant to the determination of wage rates, possibly increasing the costs of wage bargaining.     

Knowledge translation and exchange in the Canadian microbial food safety system: A quantitative assessment of researcher awareness,attitude, and activities with government policymakers

Knowledge translation and exchange (KTE) is a process through which research evidence can more effectively inform decision making in policy and practice environments. A telephone survey of Canadian microbial food safety researchers was conducted in 2009 to examine aspects of researcher KTE activities with government policymakers. Overall, researcher awareness of and engagement in KTE activities was high, although engagement was mainly through end-of-research dissemination activities rather than throughout the research process (integrated knowledge translation) and engagement in some high-quality KTE activities was low. Government researchers were significantly more likely to engage in KTE activities with federal policymakers and did so with greater frequency than non-government researchers.     

Do differences in financial reporting attributes impair the predictive ability of financial ratios for bankruptcy?

This study explores the effect of cross-sectional and time-series differences in financial reporting attributes on the predictive ability of financial ratios for bankruptcy. We identify proxies for discretion over financial reporting, the importance of intangible assets, the comprehensiveness of the accounting model and recognition of losses. Each of our proxies for financial reporting attributes is associated with financial ratios that are less informative in predicting bankruptcy. Furthermore, our time-series tests reveal a decline in the predictive ability of financial ratios for bankruptcy and document that this decline is associated with our measures of financial reporting attributes.     

Understanding factors affecting consumer intention to shop in a virtual world

The objectives of this study were to understand that factors affecting consumer intention to shop in a virtual world and to analyze the relationships among these factors. Particularly, this study explored consumer innovativeness (consumer novelty seeking, consumer independent judgment making) as an external variable that influences consumer intention indirectly through its effects on consumer experiences with the virtual world application (ease of use, control, concentration, enjoyment). The findings indicated that consumers’ perceived enjoyment and control positively influenced their shopping intentions. While consumer novelty seeking had no significant effect on shopping intention consumer independent judgment making significantly affected consumers’ intention to shop in a virtual world indirectly through its positive effects on perceived control, enjoyment, and ease of use.     

Cost reduction from resolution/improvement of carcinoid syndrome symptoms following treatment with above-standard dose of octreotide LAR

Aims: To calculate the cost reduction associated with diarrhea/flushing symptom resolution/improvement following treatment with above-standard dose octreotide-LAR from the commercial payor’s perspective.

Materials and methods: Diarrhea and flushing are two major carcinoid syndrome symptoms of neuroendocrine tumor (NET). Previously, a study of NET patients from three US tertiary oncology centers (NET 3-Center Study) demonstrated that dose escalation of octreotide LAR to above-standard dose resolved/improved diarrhea/flushing in 79% of the patients within 1 year. Time course of diarrhea/flushing symptom data were collected from the NET 3-Center Study. Daily healthcare costs were calculated from a commercial claims database analysis. For the patient cohort experiencing any diarrhea/flushing symptom resolution/improvement, their observation period was divided into days of symptom resolution/improvement or no improvement, which were then multiplied by the respective daily healthcare cost and summed over 1 year to yield the blended mean annual cost per patient. For patients who experienced no diarrhea/flushing symptom improvement, mean annual daily healthcare cost of diarrhea/flushing over a 1-year period was calculated.

Results: The economic model found that 108 NET patients who experienced diarrhea/flushing symptom resolution/improvement within 1 year had statistically significantly lower mean annual healthcare cost/patient than patients with no symptom improvement, by $14,766 (p?=?.03). For the sub-set of 85 patients experiencing resolution/improvement of diarrhea, their cost reduction was more pronounced, at $18,740 (p?=?.01), statistically significantly lower than those with no improvement; outpatient costs accounted for 56% of the cost reduction (p?=?.02); inpatient costs, emergency department costs, and pharmacy costs accounted for the remaining 44%.

Limitations: The economic model relied on two different sources of data, with some heterogeneity in the prior treatment and disease status of patients.

Conclusions: Symptom resolution/improvement of diarrhea/flushing after treatment with an above-standard dose of octreotide-LAR in NET was associated with a statistically significant healthcare cost decrease compared to a scenario of no symptom improvement.