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Information search in times of market uncertainty: an examination of aggregate and disaggregate uncertainty
Get PDFPurpose – This study explores the association between individual investor information demand and two measures of market uncertainty – aggregate market uncertainty and disaggregate industry-specific market uncertainty. It extends the literature by being the first to empirically examine investor information demand and disaggregate market uncertainty.
Design/methodology/approach – This paper constructs a measure of information search by using the Google Search Volume Index and computes measures of aggregate and disaggregate market uncertainty using institutional investors’ trading data from Ancerno Ltd. The relation between market uncertainty, as measured by trading disagreements among institutional investors, and information search is analyzed using an OLS (Ordinary Least Squares) regression model.
Findings – This paper finds that individual investor information demand is significantly and positively correlated with aggregate market uncertainty but not associated with disaggregated industry uncertainty. The findings suggest that individual investors may not fully incorporate all relevant uncertainty information and that ambiguity-related market pricing anomalies may be more associated with disaggregate market uncertainty.
Research limitations/implications – This study presents an examination of aggregate and disaggregate measures of market uncertainty and individual investor demand for information, shedding light on the efficiency of the market in incorporating information. A limitation of our study is that our data for market uncertainty is based on investor trading disagreement from Ancerno, Ltd. which is only available till 2011. However, we believe the implications are generalizable to the current time period.
Practical implications – This study provides the first concurrent empirical assessment of investor information search and aggregate and disaggregate market uncertainty. Prior research has separately examined information demand in these two types of market uncertainty. Thus, this study provides information to investors regarding the importance of assessing disaggregate component measures of the market. Originality/value – This paper is the first to empirically examine investor information search and disaggregate market uncertainty. It also employs a unique data set and method to determine disaggregate, and aggregate, market uncertainty
Rules and Standards in Justice Scalia\u27s Fourth Amendment
Get PDFWhen looking at Justice Scalia’s approach to the Fourth Amendment, most would say he was an originalist and a textualist. Justice Scalia himself would like to explain, “I’m an originalist and a textualist, not a nut.” Although originalism and textualism were often prevalent in his Fourth Amendment decisions, even more important to his decision-making was his disdain for judicial activism. To limit judicial discretion, Justice Scalia frequently opted to impose bright-line rules rather than vague standards. This is apparent not only within his jurisprudence as a whole, but also specifically in his Fourth Amendment decisions.
This Article examines Justice Scalia’s effort to limit judicial discretion through the lens of the debate between rules and standards. It is the first article to situate Scalia’s goal of limited discretion within the framework of the debate between rules and standards, as well as the first to discuss this issue specifically with respect to his Fourth Amendment decisions. Rules are binding directives that leave little room for considering the specific facts of any given situation. Critics argue that they tend to be over- or under-inclusive, but the value of rules is that by taking power away from the decisionmaker, they limit judicial discretion. Further, some argue that rules promote democracy because they properly leave the power to make decisions based on politics or value judgments to the legislature. On the flip side, proponents of standards argue that standards produce judgments that are less arbitrary and more substantively fair because they allow decisionmakers to consider all of the relevant facts and circumstances of the case
Rethinking Music Copyright Infringement In The Digital World: Proposing a Streamlined Test After the Demise of the Inverse Ratio Rule
Get PDFThis Comment will discuss the devastating blow to musicians inflicted by the Blurred Lines verdict’s embrace of the inverse ratio rule. Then, I will examine the Stairway to Heaven decision, in which the Ninth Circuit sharply changed course and decided to abrogate the inverse ratio rule. This welcome policy change nevertheless leaves questions as to how the Ninth Circuit will balance considerations of access with substantial similarity as it assesses copying in future cases. More importantly, the explosion of access in the digital world has fatally weakened—across all circuits—the role of access within the infringement test. In that light, I will conclude with a modified standard by which music copyright infringement cases should be judged
Civil Practice and Procedure
Get PDFThis Article analyzes the past year of Supreme Court of Virginia opinions, revisions to the Virginia Code, and Rules of the Supreme Court of Virginia impacting civil procedure here in the Commonwealth. On top of those changes, dealing with the pandemic certainly was a trying time for practitioners, the judiciary, and all those involved in the administration of justice and the law. The author appreciates the sacrifices made by all those individuals and sympathizes with all who lost a loved one in this time.
The Article first addresses opinions of the Supreme Court of Virginia, then new legislation enacted during the 2020 General Assembly Session, and finally the approved revisions to the Rules of the Supreme Court of Virginia
Criminal Law and Procedure
Get PDFThis Article surveys recent developments in criminal procedure and law in Virginia. Because of space limitations, the authors have limited their discussion to the most significant published appellate decisions and legislation
Cow Conundrum: the science behind lactose intolerance
Get PDFWe’ve all heard those words before - lactose intolerant. You, a close friend, or even a random stranger at d-hall mutters those words and with it comes the inability to eat milk, cheese, and ice cream. But what does being lactose intolerant actually mean? Besides special access to that one refrigerator in d-hall you’ve always wondered about, lactose intolerance means that you lack a special enzyme needed to digest lactose - a sugar present in many of your favorite foods
Can a Piece of Gum Keep You Running?
Get PDFMore than 50 percent of adults over the age of 18 drink coffee every day. Students on our own campus are not unfamiliar with the idea of a cup of coffee, or more, a day. But, could there be an alternative to this morning routine? Do we have to run on Dunkin? Kent Chen and Ryan Yoshimura worked with surgeons from UCLA to develop an exciting new energizer that would provide better results than the energizers used in the past. In 2015, they introduced Neurogum to the market. Its purpose is to boost energy, cognition, and focus whether it is to study for a test or run a mile
Lack of Diversity in Genomics Research
Get PDFPrecision medicine is a movement that seeks to serve a patient’s individual medical needs with a tailored level of treatment. Such a practice requires an essential framework of genetic information to allow doctors to make accurate treatment decisions. Genome-wide association studies (GWAS) provide massive amounts of information for databases, such as the GWAS Catalog; however, there is an apparent lack of diversity in the genomics data available to researchers and drug-developers. The majority of participants in GWAS are of European descent. As of January 2019, 78 percent of genetics contributed by GWAS have been of European descent; while, only 22 percent are minorities (Yeager 2019). Stemming from a history of discrimination and unfair logistics, the lack of diversity in genomic databases undercuts the accessibility and function of Precision Medicine, and this issue needs to be resolved
DNA on Trial
Get PDFIn March 4, 1974, a nine-year-old boy was raped in his home in Lake Wales, Florida. When the police arrived, the boy described his assailant as possibly 17 or 18 years old with a mustache and thick sideburns and named “Jim” or “Jimmy.” After being identified in a photograph lineup by the victim, Jimmy Bain, who said that he was at home watching television with his sister, was arrested and charged with child sex abuse, kidnapping, and burglary/unlawful entry. During the trial, the prosecutors relied on both the photograph lineup and semen that had been found at the scene. The analyst identified that the semen came from a person with Type B blood, but Bain had Type AB blood. However, because the analyst said that Bain’s blood type was a weak A, he could not be excluded from the list of suspects. He was eventually convicted and sentenced to life in prison based on shoddy forensic science
University of Richmond Magazine, Winter 2021
Get PDFThe University of Richmond\u27s Alumni Magazine was first published as The Alumni Bulletin in 1936 and continues to this day as the University of Richmond Magazine