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On 6th September, 2000 the SEC issued a press release accusing 33 companies and individuals of fraudulently using the Internet to make more than $10m in illegal profits by…
On 6th September, 2000 the SEC issued a press release accusing 33 companies and individuals of fraudulently using the Internet to make more than $10m in illegal profits by driving up the prices of more than 70 small stocks. The companies and individuals, including a bus mechanic, a car service driver and a self‐chilling can company, boosted the total market value of these stocks by $1.7bn, claimed the SEC, in announcing 11 civil fraud lawsuits filed in federal courts. ‘What used to require a network of professional promoters and brokers, banks of telephones and months to accomplish can now be done in minutes by a single person using the Internet and a home computer,’ SEC enforcement director Richard H. Walker said. Two weeks later, the SEC announced that it had settled an enforcement proceeding brought against a 15‐year‐old stock trader who, operating from a computer in a bedroom in his parents' home, had earned more than $270,000 in profits over a six‐month period by engaging in classic ‘pump and dump’ market manipulation of small over‐the‐counter stocks.
The very high rate of infant mortality and the profound effects of malnutrition during infancy on the physique in after life are of such national importance that no excuse is needed for referring to a subject which has been much to the fore of late, and has figured prominently in medical literature as well as in the columns of the daily press. The fact that about two‐thirds of the total infant mortality is due to diarrhœa is quite enough to show that the danger is not an imaginary one.
It has often been said that a great part of the strength of Aslib lies in the fact that it brings together those whose experience has been gained in many widely differing fields but who have a common interest in the means by which information may be collected and disseminated to the greatest advantage. Lists of its members have, therefore, a more than ordinary value since they present, in miniature, a cross‐section of institutions and individuals who share this special interest.
This chapter proposes that corporate lawyers be studied as committed to their clients, asking how they advance exercises of power by those whom they have chosen to…
This chapter proposes that corporate lawyers be studied as committed to their clients, asking how they advance exercises of power by those whom they have chosen to represent. Currently, corporate lawyers are studied as independent from their clients, asking how they resist client demands. Such research continues despite repeated findings that corporate lawyers are not independent. This chapter explains the puzzling persistence of independence by cultural understandings of both professionalism and law. It recovers a submerged historic voice in which corporate lawyers are judged by their position in a network of relations. It argues that it was the organization of the corporate law firm as a factory which allowed it to become a professional ideal. Market competition has led corporate law firms to move away from a factory model to one in which commitment to clients, not independence from them, is the organizing principle.
Turvey (2007, Physica A) introduced a scaled variance ratio procedure for testing the random walk hypothesis (RWH) for financial time series by estimating Hurst…
Turvey (2007, Physica A) introduced a scaled variance ratio procedure for testing the random walk hypothesis (RWH) for financial time series by estimating Hurst coefficients for a fractional Brownian motion model of asset prices. The purpose of this paper is to extend his work by making the estimation procedure robust to heteroskedasticity and by addressing the multiple hypothesis testing problem.
Unbiased, heteroskedasticity consistent, variance ratio estimates are calculated for end of day price data for eight time lags over 12 agricultural commodity futures (front month) and 40 US equities from 2000-2014. A bootstrapped stepdown procedure is used to obtain appropriate statistical confidence for the multiplicity of hypothesis tests. The variance ratio approach is compared against regression-based testing for fractionality.
Failing to account for bias, heteroskedasticity, and multiplicity of testing can lead to large numbers of erroneous rejections of the null hypothesis of efficient markets following an independent random walk. Even with these adjustments, a few futures contracts significantly violate independence for short lags at the 99 percent level, and a number of equities/lags violate independence at the 95 percent level. When testing at the asset level, futures prices are found not to contain fractional properties, while some equities do.
Only a subsample of futures and equities, and only a limited number of lags, are evaluated. It is possible that multiplicity adjustments for larger numbers of tests would result in fewer rejections of independence.
This paper provides empirical evidence that violations of the RWH for financial time series are likely to exist, but are perhaps less common than previously thought.
Videos of police abuse are often spread through technology, raising questions around how perceptions of police are impacted by these images, especially for 18–24-year-olds…
Videos of police abuse are often spread through technology, raising questions around how perceptions of police are impacted by these images, especially for 18–24-year-olds who are constantly “logged on.” Limited research investigates the impact of social media on attitudes toward police accounting for age and race. The present study utilizes 19 in-depth interviews with a diverse sample of urban college students who regularly use social media in order to understand how they have been impacted by this content. The findings suggest the necessity of using an intersectional framework to understand the impact of tech-witnessed violence. While no gender differences were uncovered, racial differences did surface. White participants described being minimally influenced by videos of police misconduct, rationalizing it as a “few bad apples.” In contrast, participants of color, except those with family members in law enforcement, described being negatively impacted. Viral content contributed to negative opinions of police, emotional distress, and fears of victimization. Ultimately, videos of police brutality do not impact young populations equally. Instead, they are comparatively more harmful to young people of color who spend more time on social media, can envision themselves as the victims, and experience feelings of fear, despair, and anger after watching these videos.
At a recent meeting of the Glasgow Grocers' and Provision Merchants' Association, it was alleged that there are provision merchants in Glasgow who are doing a large business in selling margarine as butter at 1s. 2d. per pound. In commenting upon this statement The Grocer very properly urges that the officials of the Association referred to should take prompt steps to place the facts in their possession before the Glasgow authorities and their officers, and observes that in certain cities and towns—Birmingham, for example—the grocers' associations have co‐operated with the authorities in their efforts to suppress illegal trading, particularly in regard to the sale of margarine as butter. It appears that one of the members of the Glasgow Association expressed the opinion that the Margarine Act has been a failure and that shopkeepers who sell margarine as butter should be charged with obtaining money under false pretences.