The Production of Goods in Excess of Demand: A Generalization of Self-Protection

We consider a risk-averse firm producing a limited number of goods that can be defective. The firm must determine its level of production before knowing which goods will be defective. Such is the case, for example, for a producer of telecommunications satellites. The problem under scrutiny can be interpreted as a generalization of self-protection for more than two states of nature. In our model, the firm determines jointly its level of production and its demand for insurance. It is shown that, under reasonable assumptions, the two strategies are complements.     

Stealth trading: The case of the Tokyo Stock Exchange

The stealth trading hypothesis asserts that informed traders trade strategically by breaking up their orders so as to more easily hide among the liquidity traders. Using data for the Tokyo Stock Exchange (TSE), a pure order-driven market, we find evidence that price changes are driven by small- and medium-size trades, with small trades making the greatest contribution to price change relative to their contribution to trading volume. We also find that large trades explain a greater portion of the cumulative price change on high volatility days. Hence, our results support the stealth trading hypothesis for the TSE.     

Developing the evidence base of patient and public involvement in health and social care research: the case for measuring impact

While patient and public involvement (PPI) in health and social care research has progressed successfully in the last decade, a range of difficulties with the evidence base exist, including poor understanding of the concept of impact, limited theorization and an absence of quantitative impact measurement. In this paper, we argue that a paradigm change towards robust measurement of the impact of involvement in research is needed to complement qualitative explorations. We argue that service users should be collaboratively involved in the conceptualization, theorization and development of instruments to measure PPI impact. We consider the key advantages measurement would bring in strengthening the PPI evidence base through a greater understanding of what works, for whom, in what circumstances and why.     

A model-free approach to multivariate option pricing

Review of Derivatives Research - We propose a novel model-free approach to extract a joint multivariate distribution, which is consistent with options written on individual stocks as well as on...     

Different Manifestations of the Concept of Empowerment: The Politics of Urban Renewal in the United States and the United Kingdom

Over the course of the 1990s the concept of empowerment became firmly established within the vocabulary of urban politics in several different national contexts. This article analyzes the spread of this concept by looking at the politics of urban renewal in the United States and the United Kingdom. It shows that even if (and possibly because) the definition of empowerment remained vague, the turn to empowerment came out of and contributed to a shift in the nature of urban politics and to a reconfiguration of governmental methods, the role of the state and, consequently, to changes in civil society, all of which were associated with a rise to prominence of a neoliberal perspective.