scholarly journals The Information Content of Volume Price Impact for Intraday Liquidity Forecasting

2012 ◽  
Author(s):  
Thibaut Moyaert
Keyword(s):  
Information Content ◽  
Price Impact ◽  
Intraday Liquidity

Come on Over: Analyst/Investor Days as a Disclosure Medium

2016 ◽  
Vol 91 (6) ◽  
pp. 1725-1750 ◽  
Author(s):  
Marcus P. Kirk ◽  
Stanimir Markov
Keyword(s):  
Information Content ◽  
Short Duration ◽  
Price Impact ◽  
Senior Management ◽  
Data Availability ◽  
Market Participants ◽  
Temporal Proximity ◽  
Conference Presentations ◽  
Close Temporal Proximity ◽  
Jel Classifications

ABSTRACT Our study introduces analyst/investor days, a new disclosure medium that allows for private interactions with influential market participants. We also highlight interdependencies in the choice and information content of analyst/investor days and conference presentations, a well-researched disclosure medium that similarly allows for private interactions. Analyst/investor days are less frequent, but with longer duration and greater price impact than conference presentations. They are mostly hosted by firms that already have opportunities to interact with investors at conferences, but whose complex and diverse activities make the short duration and rigid format of a conference presentation an imperfect solution to these firms' information problems. Analyst/investor days and conference presentations tend to occur in different quarters, consistent with their competing for the time and attention of senior management. When these two mediums are scheduled in close temporal proximity to each other, analyst/investor days diminish the information content of conference presentations, but not vice versa, consistent with managers' favoring analyst/investor days over conference presentations as a disclosure medium. JEL Classifications: D82; M41; G11; G12; G14. Data Availability: Data are publicly available from the sources identified in the paper.

scholarly journals The Information Content of Institutional Trades on the London Stock Exchange

2005 ◽  
Vol 40 (3) ◽  
pp. 621-644 ◽  
Author(s):  
Aslihan Bozcuk ◽  
M. Ameziane Lasfer
Keyword(s):  
Information Content ◽  
Stock Exchange ◽  
Price Impact ◽  
London Stock Exchange ◽  
Data Set ◽  
Fund Managers ◽  
Unique Data ◽  
Block Trades ◽  
Price Impacts ◽  
Limited Support

AbstractWe construct a unique data set that includes all reported institutional block trades on the London Stock Exchange and analyze the market reaction to buy and sell trades. We find that the type of investors behind the trade and the combination of the trade's size and the trader's resulting level of ownership are the major determinants of the information effects and the asymmetry between price impacts of buy and sell trades. In particular, large trades undertaken by fund managers, the most active investors in our sample, have strong information content, while, for the remaining trades, we report limited support for the information and the price impact asymmetry hypotheses. These results hold even after accounting for trade complexity and volatility effects in the regressions.

scholarly journals Information Efficiency and Firm-Specific Return Variation

2014 ◽  
Vol 04 (04) ◽  
pp. 1450018 ◽  
Author(s):  
Patrick J. Kelly
Keyword(s):  
Information Content ◽  
Private Information ◽  
Stock Prices ◽  
Large Body ◽  
Private Firm ◽  
Price Impact ◽  
Market Model ◽  
High Price ◽  
Specific Information ◽  
Price Informativeness

Reasoning that private firm-specific information causes firm-specific return variation that drives down market-model R2s, [Morck et al., 2000, The Information Content of Stock Markets: Why do Emerging Markets have Synchronous Stock Price Movements? Journal of Financial Economics, 58, 215–260] begin a large body of research which interprets R2 as an inverse measure of price informativeness. Low-R2s or "synchronicity," as it is called in this literature, signal that prices more efficiently incorporate private firm-specific information, and high R2s indicate less. For this to be true, we would expect that low-R2 stocks have characteristics that facilitate private informed trade, i.e., lower information costs and fewer impediments to arbitrage. However, in this paper we document the opposite: Low-R2 stocks are small, young, and followed by few analysts, and have high bid-ask spreads, high price impact, greater short-sale constraints and are infrequently traded. In fact, microstructure measures suggest that private-information events are less likely for low-R2 stocks than high, and that differences in R2 are driven as much by firm-specific volatility on days without private news as by firm-specific volatility on days with private news. These results call into question prior research using R2 to measure the information content of stock prices.

Applications of Scanning Microscopy in Biomedical Research

1968 ◽  
Vol 26 ◽  
pp. 354-355
Author(s):  
T. L. Hayes
Keyword(s):  
Information Content ◽  
Biomedical Research ◽  
Biomedical Applications ◽  
Three Dimensional ◽  
Dental Enamel ◽  
Resolving Power ◽  
Whole Mount ◽  
Two Parameters ◽  
Content Information ◽  
Sectioned Tissue

Biomedical applications of the scanning electron microscope (SEM) have increased in number quite rapidly over the last several years. Studies have been made of cells, whole mount tissue, sectioned tissue, particles, human chromosomes, microorganisms, dental enamel and skeletal material. Many of the advantages of using this instrument for such investigations come from its ability to produce images that are high in information content. Information about the chemical make-up of the specimen, its electrical properties and its three dimensional architecture all may be represented in such images. Since the biological system is distinctive in its chemistry and often spatially scaled to the resolving power of the SEM, these images are particularly useful in biomedical research.In any form of microscopy there are two parameters that together determine the usefulness of the image. One parameter is the size of the volume being studied or resolving power of the instrument and the other is the amount of information about this volume that is displayed in the image. Both parameters are important in describing the performance of a microscope. The light microscope image, for example, is rich in information content (chemical, spatial, living specimen, etc.) but is very limited in resolving power.

IMAGE OF THE REPUBLIC OF MORDOVIA IN THE MEDIA VOLGA FEDERAL DISTRICT (BASED ON CONTENT ANALYSIS OF NEWS PUBLICATIONS)

2020 ◽  
Vol 10 (4) ◽  
pp. 44-52
Author(s):  
LARISA ZAITSEVA ◽  
Keyword(s):  
Content Analysis ◽  
Information Content ◽  
Federal District ◽  
Information Space ◽  
Political News ◽  
Social Sphere ◽  
The Media ◽  
The Republic ◽  
Number Of Publications

The territorial image is formed both purposefully by the subjects of image-making, and spontaneously-based on the influence of information content published in various media. The purpose of the research is to analyze the image of the Republic of Mordovia in the information space of the Volga Federal district. The image of the territory formed by external target audiences by means of news materials is studied using the method of case study and content analysis of publications: “Volga news”, “Federal Press” news of the PFD, “Pravda PFD”. The authors conclude that modern reality is perceived through the prism of the information field created by mass media. The media creates images filled with certain data, facts, colored by emotions, on the basis of which representations, opinions, judgments, and assessments are subsequently formed. The media play a significant role in shaping the territorial image, especially for external target audiences who are not familiar with the region and do not have their own assessment knowledge and experience. Most of the information content about the Republic in the studied media is related to the main thematic blocks: politics, economy, social sphere, culture (art, sports). Moreover, if in the publications “Volga news” and “Pravda PFD” mention of the region prevails in the economic block, then in the publications “Federal Press” and “Nezavisimaya Gazeta” - in the political one. The Volga news publication significantly dominates the rest in terms of the number of publications about Mordovia. The content of publications is mostly positive and neutral related to the issues of economic development of the territory and the preparation and holding of the world football championship. Pravda PFD mentions the Republic in the context of news from neighboring territories, most of the publications date back to 2018, but here the context is related to the Republic's positions among the regions of the PFD in various ratings. The publication “Federal-Press” forms a generally reflective image of the territory, focusing on the negative aspects of regional life. “Nezavisimaya Gazeta”, giving priority to political news, maintains a neutral and reflective context of publications, paying attention to the key problems of the territory. Thus, the desired image of the region is counter-dictated to the image broadcast by the media through various information channels, so it is necessary to constantly monitor the information space and timely correction of the broadcast materials.

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