Event Day 0? After‐Hours Earnings Announcements

In recent years, the proportion of after-hours earnings announcements has increased to more than 40%. For after-hours announcements, earnings-related volume and price changes are not observed on the Compustat or I/B/E/S earnings announcement date, but one trading day later. This study demonstrates the importance of accounting for after-hours announcements for event studies around earnings announcements.     

Informed Trading through the Accounts of Children

This study shows that the guardians behind underaged accounts are successful at picking stocks. Moreover, they tend to channel their best trades through the accounts of children, especially when they trade just before major earnings announcements, large price changes, and takeover announcements. Building on these results, we argue that the proportion of total trading activity through underaged accounts (labeled BABYPIN) should serve as an effective proxy for the probability of information trading in a stock. Consistent with this claim, we show that investors demand a higher return for holding stocks with a greater likelihood of private information, proxied by BABYPIN.     

Reinventing Multiculturalism: Urban Citizenship and the Negotiation of Ethnic Diversity in Amsterdam

A number of authors have recently suggested that cities are becoming increasingly important as sites for the negotiation of ethnic diversity. While multiculturalism has been declared ‘dead’ in many countries, cities are now experimenting with new ways to accommodate ethnic diversity. This article reports on research conducted in Amsterdam. In this city, a ‘minority policy’ has been replaced by a qualitatively different ‘diversity policy’. Even though the diversity policy meets many of the criticisms that have been made against multiculturalism, the new policy also generates its own forms of exclusion. It is concluded that the stress on intercultural interaction and an emphasis on high‐quality policies and projects can in practice produce results that run counter to the intentions of policymakers as well as critical theorists. Ironically, these two features of the diversity policy tend to depoliticize societal problems and frustrate political mobilization of some marginalized groups. Dernièrement, plusieurs auteurs ont suggéré que les villes prennent une importance croissante en tant que lieux de négociation de la diversité ethnique. Alors qu’on a annoncé la mort du multiculturalisme dans bien des pays, les villes connaissent désormais de nouveaux modes d’accueil de la diversité ethnique. Cet article rend compte de recherches menées à Amsterdam. Une ‘politique des minorités’ y a été remplacée par une ‘politique de la diversité’ différente sur le plan qualitatif. Même si cette nouvelle politique répond à plusieurs des critiques formulées à l’encontre du multiculturalisme, elle génère aussi ses propres formes d’exclusion. On peut déduire que l’accent sur l’interaction interculturelle ainsi qu’une priorité aux politiques et projets de qualité peuvent, en pratique, produrie des résultats qui viennent s’opposer aux intentions des décideurs eux‐mêmes et des théoriciens détracteurs. Bizarrement, ces deux caractéristiques de la politique de la diversité tendent à dépolitiser les problèmes sociétaux et à contrarier la mobilisation politique de certains groupes marginalisés.