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UK investment trusts and the Baring crisis
No full textThis study examines professional asset management in the UK in the 1880s and 1890s focusing on investment trusts during the financial episode of the Baring crisis. It draws upon a large and unique hand-collected dataset of portfolio holdings on a year-on-year basis, comprising 27,058 securities. Using an event analysis, our findings show that investment trusts were the only heavily affected sector in the UK due to their massive portfolio exposure to Argentina. Our analysis does not pick up any strong stock selection skills in the short run but reveals a longer-term investment perspective based on large fixed-income cash flows on both sides of the balance sheet and a ‘carry-trade’ on yields. Our results also provide evidence of well-informed shareholders of these trusts, who had a very clear idea of the underlying fundamentals of their investment
Going Beyond Counting First Authors in Author Co-citation Analysis
Get PDFThe present study examines one of the fundamental aspects of author co-citation analysis (ACA) - the way co-citation
counts are defined. Co-citation counting provides the data on which all subsequent statistical analyses and mappings
are based, and we compare ACA results based on two different types of co-citation counting - the traditional type that
only counts the first one among a cited work's authors on the one hand and a non-traditional type that takes into
account the first 5 authors of a cited work on the other hand. Results indicate that the picture produced through this non-traditional author co-citation counting contains more coherent author groups and is therefore considerably clearer. However, this picture represents fewer specialties in the research field being studied than that produced through the traditional first-author co-citation counting when the same number of top-ranked authors is selected and analyzed. Reasons for these effects are discussed
Variations on the Author
Get PDF“Variations on the Author” discusses two of Eduardo Coutinho’s recent films (Um Dia na Vida, from 2010, and Últimas Conversas, posthumously released in 2015) and their contribution to the general question of documentary authorship. The director’s filmography is characterized by a consistent yet self-effacing form of authorial self-inscription: Coutinho often features as an interviewer that rather than express opinions propels discourses; an interviewer that is good at listening. This mode of self-inscription characterizes him as an author who is not expressive but who is nonetheless markedly present on the screen. In Um Dia na Vida, however, Coutinho is completely absent form the image, while Últimas Conversas, on the contrary, includes a confessional prologue that moves the director from the margins to the center of his films. This article examines the ways in which these works stand out in the filmography of a director who offers new insights into the notion of cinematic authorship
Appropriate Similarity Measures for Author Cocitation Analysis
Get PDFWe provide a number of new insights into the methodological discussion about author cocitation analysis. We first argue that the use of the Pearson correlation for measuring the similarity between authors’ cocitation profiles is not very satisfactory. We then discuss what kind of similarity measures may be used as an alternative to the Pearson correlation. We consider three similarity measures in particular. One is the well-known cosine. The other two similarity measures have not been used before in the bibliometric literature. Finally, we show by means of an example that our findings have a high practical relevance.information science;Pearson correlation;cosine;similarity measure;author cocitation analysis
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The semiotic basis of financial valuation: A detour through the history of financial ideas
No full textThis chapter discusses how the valuation of financial assets is understood by different analytical traditions, in particular mainstream finance, Keynesian economics, Dewing’s pragmatist approach and Marx’s thought. A critical understanding of financial valuation presupposes a notion of semiotics. This is a limitation of the mainstream, and a leading benefit accruing to alternative approaches to finance. Contrary to widely held opinion, finance is not a system that produces accurate price signals coordinating economic decision to an optimum outcome. It is a semiotic setting that plays a key role in the reproduction of social power relations
Revisiting the 1992-93 EMS crisis in the context of international political economy
No full textThe paper revisits the sequence of events leading to the 1992-93 crisis of the European Monetary System’s Exchange Rate Mechanism in the context of International Political Economy. The paper reconsiders the crisis, emphasising the workings of monetary unions and contemporary financial markets. The lessons to be drawn could help in understanding the contemporary crisis of the Euro area
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The fundamental problem of the Euro zone and an alternative (Marxian) approach to European economic policy context
No full textDespite the fact that the analysis of the contemporary crisis of the European edifice has many different aspects, this paper will limit its scope to the issue of economic policy. Mainstream discussions focus on the problem of moral hazard. They become critical of financial markets and question markets’ efficiency: since markets are unable to impose discipline on sovereign finances in the Euro zone, only an ad hoc political treatment can deal with the emerging systemic dangers. Hence, new supervisory institutions must be invented to correct markets’ mispricing. Surprisingly enough, the spirit of this reasoning converges with many radical approaches. This paper attempts to challenge this implicit consensus from a Marxian point of view. In contemporary developed capitalist economies financial markets play a crucial role in the organization of capitalist power, even in the presence of instability. This has been the big lesson from the history of Euro Area so far. In the absence of radical political changes in the social correlations of power, this will also be the case in the future
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Hilferding on speculation and derivatives
No full textRudolf Hilferding has always been regarded as a leading Marxist scholar. His theoretical intervention is still considered as benchmark in the discussions in political economy. Nevertheless, Hilferding's approach to derivatives has been left untouched. The aim of this paper is to fill exactly this gap in literature. Hilferding realized that the development of the stock exchange was indeed parallel to another important development: that of the 'commodity exchange'. This idea led him to emphasize the standardized derivative contracts. In this fashion, he understood the economic significance that derivatives markets have for the organization of capitalism and made an effort to shed light in their workings. In spite of how one appraises the final outcome of his analysis, the intention to incorporate the futures market in his general approach and analyze them using Marxian theoretical categories is quite exception in the long tradition of political economy. He also ends up apprehending derivatives as the new form of money which could become redundant only by the formation of monopoly combines. From this point of view, his analysis is indeed a forerunner of many contemporary approaches
Dispelling the Myths Behind First-author Citation Counts
Get PDFWe conducted a full-scale evaluative citation analysis study of scholars in the XML research field to explore just how different from each other author rankings resulting from different citation counting methods actually are, and to demonstrate the capability of emerging data and tools on the Web in supporting more realistic citation counting methods. Our results contest some common arguments for the continued
use of first-author citation counts in the evaluation of scholars, such as high correlations between author rankings by first-author citation counts and other citation
counting methods, and high costs of using more realistic citation counting methods that are not well-supported by the ISI databases. It is argued that increasingly available digital full text research papers make it possible for citation analysis studies to go beyond what the ISI databases have directly supported and to employ more
sophisticated methods
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