How Quickly Do Markets Learn? Private Information Dissemination in a Natural Experiment

Author(s):  
Robert J. Jackson ◽  
Wei Jiang ◽  
Joshua Mitts
Field Methods ◽  
2019 ◽  
Vol 31 (4) ◽  
pp. 295-308 ◽  
Author(s):  
Philip S. Brenner

In today’s survey climate, many individuals doubt the legitimacy of survey invitations. Phishing, an Internet-based fraud that tricks users into disclosing private information, has the potential to further erode the perceived legitimacy of e-mailed survey invitations and harm cooperation. However, no study has tested the effect of phishing on response rates. This article reports on a natural experiment examining phishing’s effect on survey response. University faculty and staff received an invitation to participate in an annual web survey on satisfaction with information technology (IT) services followed by a request to participate in a second “survey” ostensibly sent by another university department. However, the second survey invitation was a simulated phishing attack sent by the IT department. Analysis of response rates and the timing of responses from each of the last five years of the legitimate survey suggests that the phishing simulation dramatically reduced response compared to predictions based on previous years.


2014 ◽  
Vol 15 (2) ◽  
pp. 129-149 ◽  
Author(s):  
Christoph Schmidhammer ◽  
Sebastian Lobe ◽  
Klaus Röder

2021 ◽  
Author(s):  
Pat Akey ◽  
Vincent Grégoire ◽  
Charles Martineau

From 2010 to 2015, a group of traders illegally accessed earnings information before their public release by hacking several newswire services. We use this scheme as a natural experiment to investigate how informed investors select among private signals and how efficiently financial markets incorporate private information contained in trades into prices. We construct a measure of qualitative information using machine learning and find that the hackers traded on both qualitative and quantitative signals. The hackers’ trading caused 15% more of the earnings news to be incorporated in prices before their public release. Liquidity providers responded to the hackers’ trades by widening spreads.


2019 ◽  
Vol 75 (1) ◽  
pp. 5-44 ◽  
Author(s):  
MOHAMMADREZA BOLANDNAZAR ◽  
ROBERT J. JACKSON ◽  
WEI JIANG ◽  
JOSHUA MITTS

2019 ◽  
Vol 13 (2) ◽  
pp. 115-123
Author(s):  
Ratu Mutialela Caropeboka

The environment is also called the natural environment is a phenomenon that forms around life rather than humans, either biotic or abiotic. The surrounding phenomenon that affects people is not limited to physical factors solely, on the contrary social factors play an important role to explain how human activity can affect the environment and the natural surroundings. The essence and falsafa of development is a change, growth and equity in all fields and dimensions to a better state. Development communication is part of a major process that requires social, economic, political and cultural change in line with the requirements of the local community. The simultaneous formulation of information dissemination carried out by radio, is no longer the only option of society, because the community has designed and determined what information they need. Television broadcasting has an influence on patterns of public action to model, imitate information gained through impressions. Community participation in safeguarding the environment to achieve harmonious and balanced development is the driving and driving force for social change to achieve sustainable development. Lingkungan disebut juga alam sekitar adalah fenomena yang wujud di sekeliling kehidupan daripada manusia,baik biotik ataupun abiotik. Fenomena sekeliling yang mempengaruhi manusia tidak terbatas kepada faktor fisikal semata-mata, sebaliknya faktor sosial turut berperanan penting bagi menerangkan bagaimana aktivitas manusia dapat mempengaruhi lingkungan dan alam sekitar. Hakikat dan Falasafah pembangunan ialah suatu perubahan, pertumbuhan dan pemerataan dalam segala bidang dan dimensinya menuju keadaan yang lebih baik. Komunikasi pembangunan merupakan bahagian dari proses besar yang menghendaki adanya perubahan sosial, ekonomi, politik dan budaya yang sejalan dengan persyaratan keperluan masyarakat lokal. Formula keserentakan penyebaran informasi yang dilakukan melalui radio, tidak lagi menjadi satu-satunya pilihan masyarakat, karena masyarakatlah telah merancang dan menentukan informasi apa yang mereka perlukan. Siaran televisi mempunyai pengaruh pada pola tindakan masyarakat untuk mencontoh, meniru informasi yang didapat melalui tayangan. Partisipasi masyarakat menjaga lingkungan untuk mewujudkan pembangunan yang serasi dan seimbang adalah penggerak dan pengarah bagi perubahan sosial untuk mewujudkan pembangunan yang berkelanjutan


Author(s):  
William Viney

Stephen Jay Gould, the biologist and author, once joked that were he an identical twin raised separately from his brother they could ‘hire ourselves out to a host of social scientists and practically name our fee’. In order to monetise Gould’s fantasy, one would want a form of twinship that could operate according to evidential, experimental, somatic and circumstantial ideals. And Gould admits that he and his brother would need to be viewed as ‘the only really adequate natural experiment for separating genetic from environmental effects in humans’. This chapter seeks to interrogate the evidential and experimental circumstances that may underpin the comic quips that guide modern biology. In human genetics, twins are used as experimental bodies that are made to matter in particular ways and for particular people; they become newly ‘animate’ for being enrolled into scientific research. Raised in cultures assumed to be alike or dissimilar, isolated by researchers for being valuable in the measured disentanglement of assembled molecular agents (which are sometimes distinguished from an assemblage referred to as an ‘environment’), twins achieve a status of experimental significance not just for what they do but also for what they are taken to be.


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