The essays empirically show the impact of investors speculation and disagreements on the returns and trading volume of securities. The results also shed light on the central issues of price formation and investors’ trading motives in security markets. The first essay investigates whether the trading activities of retail investors affect option prices through volatility speculation. This essay empirically shows that higher retail trading proportions are related to lower delta-hedged option returns. The phenomenon is more pronounced before earnings announcements and among stocks with more time-varying and positively skewed volatility. The results suggest that retail investors speculate and pay a lottery premium on the expected future volatility, resulting in more expensive options in terms of higher implied volatilities. This systematic deviation of option-implied volatility from realized volatility suggests retail investor clientele as a behavioral-based driving force of volatility risk premium. The second essay investigates the motive of option trading. It is shown that option trading is mostly driven by differences of opinion, a finding different from the current literature that attempts to attribute option trading to information asymmetry. First, option trading around earnings announcements is speculative in nature and mostly dominated by small, retail investors. Second, around earnings announcements, option turnovers do not predict stock returns, once prior stock returns are controlled for. Third, regression results reveal that option trading is also significantly explained by differences of opinion at ordinary times. While informed trading is present in stocks, it is not detected in options. The third essay provides strong evidence of reduction in informational efficiency when there are short-sale constraints and disagreements. Post earnings announcement returns are found to be significantly lower for stocks with more dispersed opinions and stocks that are exogenously short-sale prohibited by the Hong Kong Stock Exchange, supporting Miller’s (1977) overvaluation hypothesis. The results also suggest short-sale constraint as an explanation to negative post earnings announcement drift.

The essays empirically show the impact of investors speculation and disagreements on the returns and trading volume of securities. The results also shed light on the central issues of price formation and investors’ trading motives in security markets. The first essay investigates whether the trading activities of retail investors affect option prices through volatility speculation. This essay empirically shows that higher retail trading proportions are related to lower delta-hedged option returns. The phenomenon is more pronounced before earnings announcements and among stocks with more time-varying and positively skewed volatility. The results suggest that retail investors speculate and pay a lottery premium on the expected future volatility, resulting in more expensive options in terms of higher implied volatilities. This systematic deviation of option-implied volatility from realized volatility suggests retail investor clientele as a behavioral-based driving force of volatility risk premium. The second essay investigates the motive of option trading. It is shown that option trading is mostly driven by differences of opinion, a finding different from the current literature that attempts to attribute option trading to information asymmetry. First, option trading around earnings announcements is speculative in nature and mostly dominated by small, retail investors. Second, around earnings announcements, option turnovers do not predict stock returns, once prior stock returns are controlled for. Third, regression results reveal that option trading is also significantly explained by differences of opinion at ordinary times. While informed trading is present in stocks, it is not detected in options. The third essay provides strong evidence of reduction in informational efficiency when there are short-sale constraints and disagreements. Post earnings announcement returns are found to be significantly lower for stocks with more dispersed opinions and stocks that are exogenously short-sale prohibited by the Hong Kong Stock Exchange, supporting Miller’s (1977) overvaluation hypothesis. The results also suggest short-sale constraint as an explanation to negative post earnings announcement drift.

No description available.

国立情報学研究所で電子化したコンテンツを使用している。

Thesis (Ph. D.)--Ohio State University, 2009. / Title from first page of PDF file. Includes vita. Includes bibliographical references (p. 196-207).

This dissertation presents the results of a series of large-N, demographically representative survey experiments conducted at different stages of the 2020 presidential election cycle, designed to test the effects of highlighting intraparty policy conflict on subjects’ political beliefs. I find politicians of both major political parties are able to persuade followers to take on counter-party policy positions with limited electoral risk, and that these persuasive effects are enduring, still detectable nine months after treatment. While subjects updated their own policy positions in response to treatment, they did not update the policy positions they prefer when selecting among hypothetical candidates, in contrast to issue voting theorists predictions. While politicians appear to be far more effective opinion leaders than parties, therefore, their persuasive abilities may not significantly alter the shape of the partisan electorate as faced by other candidates. These findings refine our scholarly understanding of individual politicians as opinion leaders in the contemporary United States, and demonstrates the challenges political parties face in checking their popular politicians.

O principal propósito deste trabalho foi problematizar o hodierno discurso educacional que busca valorizar as diferenças culturais, hoje bastante naturalizadas. Visando entender a emergência de enunciados sobre as pluralidades, diversidades e/ou diferenças culturais no contexto educacional brasileiro, analisamos alguns documentos de âmbito federal, produzidos pelo MEC entre 1997 e 2007. Durante a pesquisa, demonstrou-se necessário mapear alguns diferentes contextos globais em que a temática da diversidade ganhou relevância, assim como as diversas correntes epistemológicas que debatem essa temática. Estabelecemos, em nossa cartografia discursiva, duas principais tendências teóricas: a teoria crítica e o pósestruturalismo. Várias são as diferenças entre elas e, mesmo em seus interiores, encontramos muitos debates. As principais características que relacionam a teoria crítica à discussão que ora propomos são: sua leitura sobre o papel atribuído à Razão, à Dialética, ao Reconhecimento Identitário e à Redistribuição de bens materiais. Já no pós-estruturalismo encontramos críticas sobre esses conceitos por meio do estabelecimento de outras ideias, que privilegiam as traduções, os hibridismos e as diferenças culturais. Os autores e documentos pesquisados, por muitas vezes, partem de diferentes perspectivas sobre a justiça, os Direitos Humanos, as comunidades ou mesmo a importância das diferenças no âmbito político. Para compreensão da dinâmica desse campo de disputas utilizamos o conceito de desentendimento, conforme postulado por Rancière. Notamos ainda, que os debates em torno de cidadanias diferenciadas ou ações afirmativas a certos grupos, somente ganham relevância em um contexto político liberal, com sua peculiar valorização dos direitos individuais. Devido a isso, estudamos as singularidades da formação das ideias liberais no Brasil. O trabalho é composto de três partes que se relacionam e três intervalos que as complementam. Na primeira parte o foco são os desentendimentos discursivos globais, na segunda parte, as singularidades do Brasil e na terceira parte a ênfase é dada sobre os discursos educacionais, na qual privilegiamos algumas diretrizes curriculares, que são descritas em detalhe para a compreensão das tendências nelas expostas, entendidas como norteadoras de práticas e novas subjetivações. Dentre vários aspectos presentes nos documentos, quatro chamaram mais nossa atenção: a produção e naturalização de determinadas vizinhanças (negros, indígenas, mulheres, deficientes, homossexuais etc), a aproximação da diversidade cultural e da biologia, a ênfase no reconhecimento e, principalmente, a construção de um discurso essencialista sobre as diferenças, notadamente nas temáticas étnico-raciais, que se erige a partir da contestação do mito da democracia racial brasileira. Na construção e análise desse tenso e imprescindível debate, utilizamos o conceito de discurso, conforme estabelecido por Foucault. Nosso desígnio foi o de fornecer subsídios para essa premente questão: a de saber o papel da escola nessa reconceitualização sobre a justiça no contexto político-social, que atualmente parece mesclar desigualdade e exclusão através de desentendimentos sobre as relações entre igualdade e diferença. / The main purpose of this study was to question the present-day educational discourse that seeks to value cultural differences, now widely naturalized. In order to understand the emergence of statements about the cultural pluralities, diversities and / or differences within the Brazilian educational context, we review some documents at the federal level, issued by the Ministry of Education and Culture (MEC) between 1997 and 2007. During the research, the need arose to map some different global contexts in which the theme of diversity had gained prominence, as well as the different epistemological trends debating this subject. We have established, in our discursive cartography, two main theoretical trends: the critical theory and the post-structuralism. There are several differences between them and, even within their core, we detect many debates. The main feature that relates the critical theory to the discussion that we are proposing is its approach about the role assigned to Reason, Dialectic, Recognition of Identity and Redistribution of Goods. On the other hand, in poststructuralism we find reviews about these concepts by means of the establishment of other ideas, with a focus on translations, hybridisms and cultural differences. The authors and documents that we have surveyed are often based on different perspectives about justice, Human Rights, communities, or even the importance of the differences in the political arena. In order to understand the dynamics of this field of battle, we used the concept of disagreement, as postulated by Rancière. We also observed that the discussions about differentiated citizenships or affirmative actions for certain groups only become relevant in a liberal political context, with its peculiar appreciation of the individual rights. For this reason, we studied the peculiarities of the formation of liberal ideas in Brazil. The paper comprises three parts that relate to each other and three \"intervals\" that complement them. In the first part the focus is the global discursive disagreements; in the second part, the peculiarities of Brazil; and in the third part the emphasis is on the educational discourses, in which we focus on some curriculum guidelines, which are described in detail so that the trends exposed in them can be understood, and construed as guides for practices and new subjectivations. Among several aspects present in the documents, four were those that stood out the most: the production and naturalization of certain \"neighborhoods\" (blacks, Indians, women, the disabled, homosexuals, etc.), the proximity between cultural diversity and biology, the emphasis on the recognition and, above all, the construction of an essentialist discourse about the differences, especially within the ethnic and racial spheres, which arises from the challenging of the \"myth of racial democracy in Brazil. In the construction and analysis of this tense and vital debate, we applied the concept of discourse, as established by Foucault. Our purpose was to provide subsidies to this pressing question: what the school\'s role is in this re-conceptualization about justice in the political and social context, which currently seems to merge inequality and exclusion by means of disagreements on the relationship between equality and difference.

Los partidarios de las nuevas teorías de la referencia defienden que los nombres propios y los términos de clase natural refieren directamente a los objetos. De este modo, recuperan la distinción intuitiva entre nombres propios y descripciones definidas puesto que rechazan que los primeros refieran en virtud de que el objeto en cuestión satisfaga una serie de descripciones. Al mismo tiempo, extienden sus apreciaciones acerca de los nombres propios a los términos de clase natural. En este trabajo sostendré que puede desvincularse la asunción de las nuevas teorías de la referencia de concepciones no positivistas del derecho y defenderé su incidencia en la interpretación de algunos términos jurídicos en un marco positivista. Ello posibilitará, además, una respuesta plausible por parte del positivismo al problema de los desacuerdos planteado por Dworkin. / Authors that advocate for the new theories of reference defend that proper names and natural kind terms refer directly to objects. In this sense, they bring back the intuitive distinction between proper names and definite descriptions because they reject the idea that proper names refer to objects given that they satisfy a set of descriptions. At the same time, they extend their considerations to natural kind terms. In this work I argue that the new theories of reference can be dissociated from non-positivist conceptions of law; moreover, I claim they are relevant for the interpretation of some legal terms within a positivistic framework. This will allow me to provide a plausible positivistic answer to the problem of disagreements pointed out by Dworkin.

O principal propósito deste trabalho foi problematizar o hodierno discurso educacional que busca valorizar as diferenças culturais, hoje bastante naturalizadas. Visando entender a emergência de enunciados sobre as pluralidades, diversidades e/ou diferenças culturais no contexto educacional brasileiro, analisamos alguns documentos de âmbito federal, produzidos pelo MEC entre 1997 e 2007. Durante a pesquisa, demonstrou-se necessário mapear alguns diferentes contextos globais em que a temática da diversidade ganhou relevância, assim como as diversas correntes epistemológicas que debatem essa temática. Estabelecemos, em nossa cartografia discursiva, duas principais tendências teóricas: a teoria crítica e o pósestruturalismo. Várias são as diferenças entre elas e, mesmo em seus interiores, encontramos muitos debates. As principais características que relacionam a teoria crítica à discussão que ora propomos são: sua leitura sobre o papel atribuído à Razão, à Dialética, ao Reconhecimento Identitário e à Redistribuição de bens materiais. Já no pós-estruturalismo encontramos críticas sobre esses conceitos por meio do estabelecimento de outras ideias, que privilegiam as traduções, os hibridismos e as diferenças culturais. Os autores e documentos pesquisados, por muitas vezes, partem de diferentes perspectivas sobre a justiça, os Direitos Humanos, as comunidades ou mesmo a importância das diferenças no âmbito político. Para compreensão da dinâmica desse campo de disputas utilizamos o conceito de desentendimento, conforme postulado por Rancière. Notamos ainda, que os debates em torno de cidadanias diferenciadas ou ações afirmativas a certos grupos, somente ganham relevância em um contexto político liberal, com sua peculiar valorização dos direitos individuais. Devido a isso, estudamos as singularidades da formação das ideias liberais no Brasil. O trabalho é composto de três partes que se relacionam e três intervalos que as complementam. Na primeira parte o foco são os desentendimentos discursivos globais, na segunda parte, as singularidades do Brasil e na terceira parte a ênfase é dada sobre os discursos educacionais, na qual privilegiamos algumas diretrizes curriculares, que são descritas em detalhe para a compreensão das tendências nelas expostas, entendidas como norteadoras de práticas e novas subjetivações. Dentre vários aspectos presentes nos documentos, quatro chamaram mais nossa atenção: a produção e naturalização de determinadas vizinhanças (negros, indígenas, mulheres, deficientes, homossexuais etc), a aproximação da diversidade cultural e da biologia, a ênfase no reconhecimento e, principalmente, a construção de um discurso essencialista sobre as diferenças, notadamente nas temáticas étnico-raciais, que se erige a partir da contestação do mito da democracia racial brasileira. Na construção e análise desse tenso e imprescindível debate, utilizamos o conceito de discurso, conforme estabelecido por Foucault. Nosso desígnio foi o de fornecer subsídios para essa premente questão: a de saber o papel da escola nessa reconceitualização sobre a justiça no contexto político-social, que atualmente parece mesclar desigualdade e exclusão através de desentendimentos sobre as relações entre igualdade e diferença. / The main purpose of this study was to question the present-day educational discourse that seeks to value cultural differences, now widely naturalized. In order to understand the emergence of statements about the cultural pluralities, diversities and / or differences within the Brazilian educational context, we review some documents at the federal level, issued by the Ministry of Education and Culture (MEC) between 1997 and 2007. During the research, the need arose to map some different global contexts in which the theme of diversity had gained prominence, as well as the different epistemological trends debating this subject. We have established, in our discursive cartography, two main theoretical trends: the critical theory and the post-structuralism. There are several differences between them and, even within their core, we detect many debates. The main feature that relates the critical theory to the discussion that we are proposing is its approach about the role assigned to Reason, Dialectic, Recognition of Identity and Redistribution of Goods. On the other hand, in poststructuralism we find reviews about these concepts by means of the establishment of other ideas, with a focus on translations, hybridisms and cultural differences. The authors and documents that we have surveyed are often based on different perspectives about justice, Human Rights, communities, or even the importance of the differences in the political arena. In order to understand the dynamics of this field of battle, we used the concept of disagreement, as postulated by Rancière. We also observed that the discussions about differentiated citizenships or affirmative actions for certain groups only become relevant in a liberal political context, with its peculiar appreciation of the individual rights. For this reason, we studied the peculiarities of the formation of liberal ideas in Brazil. The paper comprises three parts that relate to each other and three \"intervals\" that complement them. In the first part the focus is the global discursive disagreements; in the second part, the peculiarities of Brazil; and in the third part the emphasis is on the educational discourses, in which we focus on some curriculum guidelines, which are described in detail so that the trends exposed in them can be understood, and construed as guides for practices and new subjectivations. Among several aspects present in the documents, four were those that stood out the most: the production and naturalization of certain \"neighborhoods\" (blacks, Indians, women, the disabled, homosexuals, etc.), the proximity between cultural diversity and biology, the emphasis on the recognition and, above all, the construction of an essentialist discourse about the differences, especially within the ethnic and racial spheres, which arises from the challenging of the \"myth of racial democracy in Brazil. In the construction and analysis of this tense and vital debate, we applied the concept of discourse, as established by Foucault. Our purpose was to provide subsidies to this pressing question: what the school\'s role is in this re-conceptualization about justice in the political and social context, which currently seems to merge inequality and exclusion by means of disagreements on the relationship between equality and difference.

Using data from a nationally representative sample of 723 married adults, this study explored the association of age differences between spouses at the time of marriage on various aspects of marital quality years into the marriage. Four groups (full sample, husband-older, wife-older, and same-age marriages) were compared to see how marital quality was affected by age difference and several other moderating variables. Spousal interactions increased among wife-older marriages, but not among the other groups. An increased level of husband participation in household labor was linked with an increase in marital happiness and a decrease in marital problems for wife-older marriages. It also was related to a decrease in marital happiness for husband-older marriages as well as a decrease in spousal interaction for all groups except wife-older marriages, which showed no significant association to the division of household labor. Finally, a more traditional approach to gender roles among the same-age marriages was associated with a decrease in marital problems and a decrease in spousal interaction.