{"title":"Filled and Killed: Forecast and Realized Trading Costs Across Horizons from Global Equity and Fixed Income Portfolio Trades","authors":"Andrew Ang, Ananth Madhavan","doi":"10.2139/ssrn.4782032","DOIUrl":"https://doi.org/10.2139/ssrn.4782032","url":null,"abstract":"","PeriodicalId":21855,"journal":{"name":"SSRN Electronic Journal","volume":"8 5","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-07-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141809261","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Short Option Maturity Term Structures of Skewness and Excess Kurtosis","authors":"Dilip B. Madan, King Wang","doi":"10.2139/ssrn.4776441","DOIUrl":"https://doi.org/10.2139/ssrn.4776441","url":null,"abstract":"","PeriodicalId":21855,"journal":{"name":"SSRN Electronic Journal","volume":"60 23","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-07-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141806976","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Mari Vállez, Juan-José Boté-Vericad, J. Guallar, Marco Bastos
{"title":"Indifferent About Online Traffic: The Posting Strategies of Five News Outlets during Musk's Acquisition of Twitter","authors":"Mari Vállez, Juan-José Boté-Vericad, J. Guallar, Marco Bastos","doi":"10.2139/ssrn.4897367","DOIUrl":"https://doi.org/10.2139/ssrn.4897367","url":null,"abstract":"","PeriodicalId":21855,"journal":{"name":"SSRN Electronic Journal","volume":"97 23","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-07-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141812343","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
We examine the determinants of mutual fund partial liquidation and the effect of a negative shock to fund size on performance. We find that older funds from a smaller family with a large number of share classes are more likely to conduct partial liquidation. As fund size decreases after partial liquidation, its performance improves. This effect is more pronounced for funds with stronger pre‐event liquidity constraint and funds that subsequently experience a larger decrease in liquidity, suggesting that liquidity constraint is a contributing factor of fund performance. These findings are consistent with mutual funds having decreasing returns to scale.
{"title":"Mutual Fund Partial Liquidation and Future Performance","authors":"George Jiang, Ping McLemore, Ao Wang","doi":"10.2139/ssrn.4806544","DOIUrl":"https://doi.org/10.2139/ssrn.4806544","url":null,"abstract":"We examine the determinants of mutual fund partial liquidation and the effect of a negative shock to fund size on performance. We find that older funds from a smaller family with a large number of share classes are more likely to conduct partial liquidation. As fund size decreases after partial liquidation, its performance improves. This effect is more pronounced for funds with stronger pre‐event liquidity constraint and funds that subsequently experience a larger decrease in liquidity, suggesting that liquidity constraint is a contributing factor of fund performance. These findings are consistent with mutual funds having decreasing returns to scale.","PeriodicalId":21855,"journal":{"name":"SSRN Electronic Journal","volume":"9 7","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-07-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141810763","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper investigates the inflation effects of oil price expectations shocks constructed as functional shocks, that is, as shifts in the entire oil futures term structure (both standard and risk‐adjusted). The latter are then included in a vector autoregressive model with exogenous variables (VARX) to examine the US case. Counterfactual analysis is also carried out to investigate second‐round effects on inflation through the inflation expectations channel. These are found to be significant, in contrast to earlier studies based on standard oil price shocks. Additional nonlinear local projections including a shock decomposition exercise show that inflation and inflation expectations are primarily driven by changes in the curvature (level and slope) factor when the latter are anchored (unanchored). These findings provide useful information to policymakers concerning the impact of oil price expectations on inflation and inflation expectations.
{"title":"Functional Oil Price Expectations Shocks and Inflation","authors":"Christina Anderl, G. Caporale","doi":"10.2139/ssrn.4764345","DOIUrl":"https://doi.org/10.2139/ssrn.4764345","url":null,"abstract":"This paper investigates the inflation effects of oil price expectations shocks constructed as functional shocks, that is, as shifts in the entire oil futures term structure (both standard and risk‐adjusted). The latter are then included in a vector autoregressive model with exogenous variables (VARX) to examine the US case. Counterfactual analysis is also carried out to investigate second‐round effects on inflation through the inflation expectations channel. These are found to be significant, in contrast to earlier studies based on standard oil price shocks. Additional nonlinear local projections including a shock decomposition exercise show that inflation and inflation expectations are primarily driven by changes in the curvature (level and slope) factor when the latter are anchored (unanchored). These findings provide useful information to policymakers concerning the impact of oil price expectations on inflation and inflation expectations.","PeriodicalId":21855,"journal":{"name":"SSRN Electronic Journal","volume":"20 2","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-07-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141810363","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The impact of ethnicity and gender on employment and income disparities in the labor market has been extensively studied, revealing patterns of discrimination. We focus on these specific attributes as potential influencers of perceptions regarding resume fraud and counterproductive behavior in the workplace. In our research, 1002 participants reviewed CVs of prospective job candidates and were subsequently informed about various instances of resume fraud and counterproductive behavior exhibited by the candidates. The names of the candidates were selected to reflect distinct ethnic origins and genders. Our findings indicate the presence of ethnic discrimination. Specifically, individuals within each ethnic group tended to evaluate candidates from their own group with less severity compared to candidates from the opposite group. We did not uncover any indications of gender bias; both male and female candidates were assessed in a similar manner. Our findings uncover ethnicity‐based discrimination in the evaluation of negative behavior within the workplace.
{"title":"Exploring Ethnicity and Gender Discrimination in Judging Resume Fraud and Counterproductive Workplace Behavior","authors":"Ze'ev Shtudiner, Arthur Fishman","doi":"10.2139/ssrn.4771469","DOIUrl":"https://doi.org/10.2139/ssrn.4771469","url":null,"abstract":"The impact of ethnicity and gender on employment and income disparities in the labor market has been extensively studied, revealing patterns of discrimination. We focus on these specific attributes as potential influencers of perceptions regarding resume fraud and counterproductive behavior in the workplace. In our research, 1002 participants reviewed CVs of prospective job candidates and were subsequently informed about various instances of resume fraud and counterproductive behavior exhibited by the candidates. The names of the candidates were selected to reflect distinct ethnic origins and genders. Our findings indicate the presence of ethnic discrimination. Specifically, individuals within each ethnic group tended to evaluate candidates from their own group with less severity compared to candidates from the opposite group. We did not uncover any indications of gender bias; both male and female candidates were assessed in a similar manner. Our findings uncover ethnicity‐based discrimination in the evaluation of negative behavior within the workplace.","PeriodicalId":21855,"journal":{"name":"SSRN Electronic Journal","volume":"136 37","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-07-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141811170","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Even though the Metaverse from science fiction is not a reality yet, it is possible to take a glimpse into how it might look like. However, the current vision of the Metaverse does not only encompass software. A great deal of companies is complementing their Metaverse projects with Virtual and Augmented Reality devices such as headsets and glasses. In this line, one of the last technological advancements in virtual and augmented reality devices included the introduction of eye-tracking technology. However, when new and additional kinds of data are processed, emerging risks for data protection might arise. This paper will, therefore, discuss the compatibility of eye-tracking devices for virtual and augmented reality environments with the European Union General Data Protection Regulation (GDPR). Being the GDPR considered a worldwide role model in terms of fundamental rights protection, the compatibility of such devices with one of the most severe data protection regimes will be put to the hardest test. The paper will do so by analyzing the state of the art of the technology, its use in headsets and glasses for virtual and augmented reality Metaverse environments, and the potential risks that such use might entail for data protection. After that, such risks will be confronted with the relevant applicable provisions of the GDPR. Finally, the paper will issue policy recommendations.
{"title":"Eye-tracking Devices for Virtual and Augmented Reality Metaverse Environments and Their Compatibility With the European Union General Data Protection Regulation","authors":"Natalia Menéndez González, Efe Bozkir","doi":"10.2139/ssrn.4660686","DOIUrl":"https://doi.org/10.2139/ssrn.4660686","url":null,"abstract":"Even though the Metaverse from science fiction is not a reality yet, it is possible to take a glimpse into how it might look like. However, the current vision of the Metaverse does not only encompass software. A great deal of companies is complementing their Metaverse projects with Virtual and Augmented Reality devices such as headsets and glasses. In this line, one of the last technological advancements in virtual and augmented reality devices included the introduction of eye-tracking technology. However, when new and additional kinds of data are processed, emerging risks for data protection might arise. This paper will, therefore, discuss the compatibility of eye-tracking devices for virtual and augmented reality environments with the European Union General Data Protection Regulation (GDPR). Being the GDPR considered a worldwide role model in terms of fundamental rights protection, the compatibility of such devices with one of the most severe data protection regimes will be put to the hardest test. The paper will do so by analyzing the state of the art of the technology, its use in headsets and glasses for virtual and augmented reality Metaverse environments, and the potential risks that such use might entail for data protection. After that, such risks will be confronted with the relevant applicable provisions of the GDPR. Finally, the paper will issue policy recommendations.","PeriodicalId":21855,"journal":{"name":"SSRN Electronic Journal","volume":"22 9","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-07-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141815953","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
* This paper was first presented at a session of the ASSA January 2020 Annual Meetings in San Diego organized by Scott Rozelle who attended the session along with Orazio Attanasio. We thank the editor, Kevin Lang, and three anonymous referees for their helpful comments. CEHD acknowl-edges support from the Institute for New Economic Thinking, the Eunice Kennedy Shriver National Institute of Child Health, and Human Development of the National Institutes of Health under award number R37HD065072, NICHD R01HD103666
* 本文由斯科特-罗泽尔（Scott Rozelle）和奥拉西奥-阿塔纳西奥（Orazio Attanasio）共同组织，首次在圣地亚哥举行的 ASSA 2020 年 1 月年会上发表。我们感谢编辑 Kevin Lang 和三位匿名审稿人提出的有益意见。CEHD 感谢新经济思维研究所、美国国立卫生研究院尤妮斯-肯尼迪-施莱佛国家儿童健康与人类发展研究所的支持，奖励号分别为 R37HD065072、NICHD R01HD103666。
{"title":"The Impact of a Prototypical Home Visiting Program on Child Skills","authors":"Jin Zhou, James J. Heckman, Bei Liu, Lu Mai","doi":"10.2139/ssrn.4682384","DOIUrl":"https://doi.org/10.2139/ssrn.4682384","url":null,"abstract":"* This paper was first presented at a session of the ASSA January 2020 Annual Meetings in San Diego organized by Scott Rozelle who attended the session along with Orazio Attanasio. We thank the editor, Kevin Lang, and three anonymous referees for their helpful comments. CEHD acknowl-edges support from the Institute for New Economic Thinking, the Eunice Kennedy Shriver National Institute of Child Health, and Human Development of the National Institutes of Health under award number R37HD065072, NICHD R01HD103666","PeriodicalId":21855,"journal":{"name":"SSRN Electronic Journal","volume":"30 14","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-07-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141815317","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Mireille M. M. van Eechoud, Axel Metzger, J. Quintais, Ole-Andreas Rognstad
The Berne Convention underscores the national treatment of foreign authors, allowing countries of the Union to protect designs through various means. Article 2(7) of the Convention (Berne) introduces a material reciprocity test, limiting copyright protection for works of applied art not protected in their country of origin. The Kwantum case (C-227/23), involving a dispute over a work of design or applied art, questions the application of the reciprocity test in the light of harmonised copyright law and the decision by the Court of Justice of the European Union (CJEU) in RAAP (C-265/19). The Dutch Supreme Court seeks clarity on whether EU law mandates a copyright limitation through reciprocity, especially for non-EU right holders. In EU law, the Design Directive and Design Regulation govern the relationship between copyright and design protection for works of applied art. Both instruments stress the possibility of the cumulation of rights, allowing registered designs to qualify for copyright protection. Judicial harmonisation, notably in Cofemel (C-683/17) and Brompton Bicycle (C-833/18), extended the originality requirements to all works – including works of applied art – and thus limited EU Member States’ autonomy. The proposed Design Directive and Design Regulation maintain the cumulation principle, aligning with CJEU case-law on originality. In this Opinion, the European Copyright Society (ECS) does not make any pronouncement on the desirability of cumulation. On the topic of material reciprocity, the CJEU ruled in RAAP that Art. 8(2) of the Rental and Lending Directive (RLD) prohibited a Member State from excluding non-EEA performers from equitable remuneration for communication to the public of their recordings. The Court clarified that limitations to this right could be introduced only by the EU legislature and had to comply with Art. 52(1) of the Charter of Fundamental Rights of the European Union (CFREU). Any limitation had to be clearly defined by law. The Court emphasised that any exclusion of non-EEA right holders from remuneration must be explicit, as the right fell within the fundamental right to intellectual property of Art. 17(2) CFREU. Additionally, the Court stated that Art. 8(2) RLD should not be interpreted as granting a remuneration right solely to the phonogram producer and excluding the performer who contributed to the phonogram. The ECS criticised the potential wider implications of RAAP, proposing an alternative interpretation of the remuneration right under Art. 4(2) of the WIPO Performance and Phonograms Treaty (WPPT), suggesting that it should apply only to performers towards whom a direct and unreserved obligation existed on the basis of the WPPT. The ECS also criticised the Court’s reliance on the CFREU, particularly insofar as the Court viewed harmonised rights as abstract rather than individual, thus creating uncertainty about limitations. The Court’s conclusion that only the EU legislature could limit the right for
{"title":"Opinion of the European Copyright Society on Certain Selected Aspects of Case C-227/23, Kwantum Nederland and Kwantum België","authors":"Mireille M. M. van Eechoud, Axel Metzger, J. Quintais, Ole-Andreas Rognstad","doi":"10.2139/ssrn.4795933","DOIUrl":"https://doi.org/10.2139/ssrn.4795933","url":null,"abstract":"The Berne Convention underscores the national treatment of foreign authors, allowing countries of the Union to protect designs through various means. Article 2(7) of the Convention (Berne) introduces a material reciprocity test, limiting copyright protection for works of applied art not protected in their country of origin. The Kwantum case (C-227/23), involving a dispute over a work of design or applied art, questions the application of the reciprocity test in the light of harmonised copyright law and the decision by the Court of Justice of the European Union (CJEU) in RAAP (C-265/19). The Dutch Supreme Court seeks clarity on whether EU law mandates a copyright limitation through reciprocity, especially for non-EU right holders. In EU law, the Design Directive and Design Regulation govern the relationship between copyright and design protection for works of applied art. Both instruments stress the possibility of the cumulation of rights, allowing registered designs to qualify for copyright protection. Judicial harmonisation, notably in Cofemel (C-683/17) and Brompton Bicycle (C-833/18), extended the originality requirements to all works – including works of applied art – and thus limited EU Member States’ autonomy. The proposed Design Directive and Design Regulation maintain the cumulation principle, aligning with CJEU case-law on originality. In this Opinion, the European Copyright Society (ECS) does not make any pronouncement on the desirability of cumulation. On the topic of material reciprocity, the CJEU ruled in RAAP that Art. 8(2) of the Rental and Lending Directive (RLD) prohibited a Member State from excluding non-EEA performers from equitable remuneration for communication to the public of their recordings. The Court clarified that limitations to this right could be introduced only by the EU legislature and had to comply with Art. 52(1) of the Charter of Fundamental Rights of the European Union (CFREU). Any limitation had to be clearly defined by law. The Court emphasised that any exclusion of non-EEA right holders from remuneration must be explicit, as the right fell within the fundamental right to intellectual property of Art. 17(2) CFREU. Additionally, the Court stated that Art. 8(2) RLD should not be interpreted as granting a remuneration right solely to the phonogram producer and excluding the performer who contributed to the phonogram. The ECS criticised the potential wider implications of RAAP, proposing an alternative interpretation of the remuneration right under Art. 4(2) of the WIPO Performance and Phonograms Treaty (WPPT), suggesting that it should apply only to performers towards whom a direct and unreserved obligation existed on the basis of the WPPT. The ECS also criticised the Court’s reliance on the CFREU, particularly insofar as the Court viewed harmonised rights as abstract rather than individual, thus creating uncertainty about limitations. The Court’s conclusion that only the EU legislature could limit the right for","PeriodicalId":21855,"journal":{"name":"SSRN Electronic Journal","volume":"15 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-07-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141816941","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The literature on stakeholder theory has largely ignored the difficult and central issue of how judges and firms should resolve disputes among stakeholders. When the issue is addressed, focus has largely been on the potential for management to use stakeholder theory as cover for rent‐seeking or on disputes between classes of stakeholders. Sharply underappreciated is the potential for disparate interests within a stakeholder class. That potential is particularly acute due to a (largely education‐driven) stark and growing class divide in the United States. There is a substantial difference between the interests of a highly educated professional and managerial elite and a pink‐collar and blue‐collar working class who mostly do not hold 4‐year degrees. Despite their smaller numbers, the professional and managerial elite will frequently win out in intra‐stakeholder disputes with working‐class stakeholders due to their greater status, power, and influence. Because this class divide is cultural, social, and political, as well as economic, these disputes will go beyond financial pie‐splitting to culture war issues. This threatens to be destabilizing for both the republic and individual firms and undermines both the practical and ethical arguments for the stakeholder theory.
{"title":"High-Status Versus Low-Status Stakeholders","authors":"H. J. Pace","doi":"10.2139/ssrn.4694806","DOIUrl":"https://doi.org/10.2139/ssrn.4694806","url":null,"abstract":"The literature on stakeholder theory has largely ignored the difficult and central issue of how judges and firms should resolve disputes among stakeholders. When the issue is addressed, focus has largely been on the potential for management to use stakeholder theory as cover for rent‐seeking or on disputes between classes of stakeholders. Sharply underappreciated is the potential for disparate interests within a stakeholder class. That potential is particularly acute due to a (largely education‐driven) stark and growing class divide in the United States. There is a substantial difference between the interests of a highly educated professional and managerial elite and a pink‐collar and blue‐collar working class who mostly do not hold 4‐year degrees. Despite their smaller numbers, the professional and managerial elite will frequently win out in intra‐stakeholder disputes with working‐class stakeholders due to their greater status, power, and influence. Because this class divide is cultural, social, and political, as well as economic, these disputes will go beyond financial pie‐splitting to culture war issues. This threatens to be destabilizing for both the republic and individual firms and undermines both the practical and ethical arguments for the stakeholder theory.","PeriodicalId":21855,"journal":{"name":"SSRN Electronic Journal","volume":"44 26","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-07-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141817943","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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