Efficient market hypothesis and fraud on the market theory a new perspective for class actions

Following recent judgment of the Supreme Court of US (June 2014), several commentators had declared that “Securities class actions are here to stay” (insidecounsel.com—September 2014, 11). This paper provides a critical perspective on this judgment, which “implicates substantive issues at the intersection of economic theory, financial markets, and securities regulation” (128Harv. L. Rev. 291 2014–2015, 291), and shows that we must be much more careful. This recent judgment is based on the Fraud on the Market Doctrine, which was introduced in 1973 in order to preserve the class action procedure in securities fraud litigation. The characteristic of the Fraud on the Market Doctrine is to have been structured from one of the most popular financial theory: Efficient Market Hypothesis. In this paper, by analysing the implementation of the Efficient Market Hypothesis in Fraud on the Market Theory, we argue that if the Supreme Court had to take position for a second time about the Fraud on the Market Doctrine it is due to the practical difficulties inherited from Efficient Market Hypothesis and that have raised several problems to the US courts, including the Supreme Court. This issue is illustrated by the definition of Efficient Market Hypothesis lawyers used (“most” vs “all”/“fully”). As this paper shows, if “Securities class actions are here to stay”, the opportunity to open such a class action is strongly reduced in the facts.     

What happened to profitability? Shocks,challenges and perspectives for euro area banks

This paper analyses the evolution of bank profitability from 2005 to 2016, with a focus on the period covering both the global financial crisis and the euro area crisis. To accomplish this, we constructed a dataset that includes financial statement information from 310 euro area banks. Using a dual approach – a ‘bottom-up’ approach as applied by bank analysts and macroeconomists' ‘top-down’ approach, we find that the profitability of euro area banks was hit by two shocks of different nature. The Lehman Brothers collapse affected mostly big banks with diversified portfolios via losses in their securities investment. The subsequent euro area debt crisis and economic recession hit more traditional banks specialising in retail lending activities, mainly through increasing impairment costs. If the first shock had a one-off impact on bank profitability, the second shock is far more long-lasting and is still depressing the profitability of banks in peripheral Europe.     

中国上市公司现金股利中性监管的重新审视——基于现金股利不平稳动因的视角

本文从现金股利不平稳动因的视角,探究中国上市公司现金股利中性监管的必要性、有效性问题。通过A股上市公司数据,研究发现:分析师预测偏差、股票回报波动性正向显著影响上市公司现金股利不平稳程度,在非国有企业、现金流权与控制权分离程度较小的企业中上述影响更加明显,证监部门采取现金股利中性监管具有必要性;上市公司整体现金股利不平稳程度在2008年之后加剧,但满足"再融资资格条件"上市公司的信息透明度得到提升,现金股利不平稳程度得到了显著降低,现金股利中性监管具有一定的有效性。     

北京市门头沟区休闲旅游资源开发SWOT分析

在对门头沟区旅游资源分析的基础之上,运用文献研究法、比较分析、访谈法等研究方法,分别对门头沟区休闲旅游资源开发的优势与劣势、外部环境带来的机遇与挑战进行了缜密分析汇总,提出关于休闲旅游资源开发的可持续发展策略及建议,进而为促进沟域经济的发展提供有力的理论支撑。     

‘A Whole New World’: Mothers' Technologically Mediated Leisure

This study explored the roles of an online social networking site called Momstown.ca as a form of technologically mediated leisure in mothers' experiences of online connections. Active interviews with 22 members of Momstown.ca revealed that mothers encounter limiting ideologies of motherhood reinforced through the separation of the public and private spheres. This separation constructs mothers' experiences as less visible, less socially relevant, and confined within private spaces. Through mothers' technologically mediated leisure, the public and private spheres were blurred and ideologies of motherhood were both reinforced and resisted. Mothers demonstrated distinct social dynamics through their mediated leisure suggesting the cyberfeminist potential for transformations in public discourse and private practice that may uniquely contribute to alleviating the contemporary challenges of mothers' increased social isolation and an anxiety-inducing culture.     

农村居民的旅游消费行为研究

随着国家对“三农”问题的关注，农村居民的旅游活动作为提高农民生活质量的一种方式越来越受到重视。农村居民的旅游消费是一个潜力巨大的市场，文章从农村居民的旅游流向、出游率、花费分配等方面分析了我国农村居民旅游消费行为的特点，进而得出了刺激我国农村居民旅游消费需求的几点启示。     

北海市铁山港区近期供水工程输水管管材比选

文章介绍夹砂玻璃钢管与不同材质管道的优缺点。工程实践表明,在长距离输水工程中应用的夹砂玻璃钢管是一种具有轻便、强度高、易施工、造价低等优点的管材。     

Editor's note

The relationship between work and leisure has most often been described in terms of three basic models. First, the spillover model suggests that one's choice of leisure is affected by interests and attitudes developed during work. Second, the compensation model holds that leisure choices are the opposite of one's work activities, thus providing satisfaction not realized in the work context. Third, according to the segmentation model, work and leisure are distinct life domains and do not interact. Occasionally, a fourth perspective is added: Work and leisure are mutually influential. Evidence for the first three perspectives is mixed. Moreover, there is a units‐of‐analysis problem in studying work and leisure; that is, what about work and leisure is comparable? A patterned socialization model of work and leisure that encompasses and augments these perspectives is presented in this article. Evidence from the outdoor recreation activities of a sample of workers in the machining and tooling industries of western Pennsylvania is consistent with the position that work and leisure influence each other and that both are the result of prior socialization. The units‐of‐analysis problem is solved to some extent for this group of informants by comparing their work with machines and their leisure experiences with machines. Finally, machinists who engage in more outdoor recreation activities using machines are more satisfied with their leisure, in general.     

Examining the child’s impacts on single mothers’ leisure

With the majority of research on the experiences of single mothers focusing on motherhood as an inhibiting constraint to leisure, it is important to examine the ways in which motherhood might also enable the obtainment of a satisfactory leisure lifestyle. Our study employed a Foucauldian approach to understand constraints to leisure, in that we view constraints as always both inhibiting and enabling action. The purpose of this study was to explore three single mothers’ leisure experiences prior to and since becoming single mothers to identify the ways in which their child(ren) enables leisure practices as opposed to merely constraining them. The participants presented evidence of how their child(ren) altered both their priorities and their leisure preferences by providing them with opportunities to broaden their leisure experiences. Our research findings challenge dominant discourses that suggest that children can act only to inhibit leisure.     

Measurement specification and leisure satisfaction

Abstract

A comparison of specific expressive and instrumental indicators of satisfaction were compared against general measures of satisfaction. Research was conducted to explore specific indicators of satisfaction which included expressive measures representing major intrinsic goals of a leisure activity and instrumental measures which serve to facilitate those goals. Expressive indicators of satisfaction involving core experiences were most salient in explaining variance in general measures of satisfaction. Specific instrumental indicators of satisfaction did not contribute significantly to explaining variance in general measures of satisfaction.