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We assess the impact of media sentiment on international equity prices using more than 4.5 million Reuters articles published across the globe between 1991 and 2015. News sentiment robustly predicts daily returns in both advanced and emerging markets, even after controlling for known determinants of stock prices. But not all news-sentiment is alike. A local (country-specific) increase in news optimism (pessimism) predicts a small and transitory increase (decrease) in local returns. By contrast, changes in global news sentiment have a larger impact on equity returns around the world, which does not reverse in the short run. We also find evidence that news sentiment affects mainly foreign – rather than local – investors: although local news optimism attracts international equity flows for a few days, global news optimism generates a permanent foreign equity inflow. Our results confirm the value of media content in capturing investor sentiment.
Since the 2008 financial crisis, a resurgence of interest in economic and financial history has occurred among investment professionals. This book discusses some of the lessons drawn from the past that may help practitioners when thinking about their portfolios. The book’s editors, David Chambers and Elroy Dimson, are the academic leaders of the Newton Centre for Endowment Asset Management at the University of Cambridge in the United Kingdom.
Overconfident: How Economic and Health Fault Lines Left the Middle East and North Africa Ill-Prepared to Face COVID This report examines the region’s economic prospects in 2021, forecasting that the recovery will be both tenuous and uneven as per capita GDP level stays below pre-pandemic levels. COVID-19 was a stress-test for the region’s public health systems, which were already overwhelmed even before the pandemic. Indeed, a decade of lackluster economic reforms left a legacy of large public sectors and high public debt that effectively crowded out investments in social services such as public health. This edition points out that the region’s health systems were not only ill-prepared for the pandemic, but suffered from over-confidence, as authorities painted an overly optimistic picture in self-assessments of health system preparedness. Going forward, governments must improve data transparency for public health and undertake reforms to remedy historical underinvestment in public health systems.
Following money over national borders, banking systems, casinos, and free trade zones, as well as the world of the corrupt elites, Big Crime and Big Policing brings new scholarly and practical insights into our understanding of the interplay of money, crime, and policing on the grand scale. In this wide-ranging volume, a mixed group of scholars and practitioners aim to show how money dictates the scope and nature of financial and corporate crimes, and the impact of these crimes on national economies, social institutions, and communal well-being alike. The book examines how the combined efforts of governments and international organizations fail to stop financial crime at its source and, despite apparently generous human and financial resources, police and law enforcement efforts ultimately fall short of defeating big crime and of meeting public safety needs. International in scope, Big Crime and Big Policing provides fresh reflection on a significant problem of our age, one that demands greater attention from governments and the public.
The creative collaborations of engineers, artists, scientists, and curators over the past fifty years. Artwork as opposed to experiment? Engineer versus artist? We often see two different cultural realms separated by impervious walls. But some fifty years ago, the borders between technology and art began to be breached. In this book, W. Patrick McCray shows how in this era, artists eagerly collaborated with engineers and scientists to explore new technologies and create visually and sonically compelling multimedia works. This art emerged from corporate laboratories, artists' studios, publishing houses, art galleries, and university campuses. Many of the biggest stars of the art world—Rober...
Two decades punctuated by the financial crisis of the Great Recession and the public health crisis of COVID-19 have powerfully reshaped housing in America. By integrating social, economic, intellectual, and cultural histories, this illuminating work shows how powerful forces have both reflected and catalyzed shifts in the way Americans conceptualize what a house is for, in an era that has laid bare the larger structures and inequities of the economy. Daniel Horowitz casts an expansive net over a wide range of materials and sources. He shows how journalists and anthropologists have explored the impact of global economic forces on housing while filmmakers have depicted the home as a theater where danger lurks as elites gamble with the fates of the less fortunate. Real estate workshops and popular TV networks like HGTV teach home buyers how to flip—or flop—while online platforms like Airbnb make it possible to play house in someone else's home. And as the COVID pandemic took hold, many who had never imagined living out every moment at home found themselves cocooned there thanks to corporations like Amazon, Zoom, and Netflix.
“An insightful guide to the forces shaping our economy” that explores the far-ranging implications of the shift to crowd-based capitalism—with case studies on Uber, Airbnb, and others (Hal Varian, Chief Economist at Google) Sharing isn’t new. Giving someone a ride, having a guest in your spare room, running errands for someone, participating in a supper club—these are not revolutionary concepts. What is new, in the “sharing economy,” is that you are not helping a friend for free; you are providing these services to a stranger for money. In this book, Arun Sundararajan, an expert on the sharing economy, explains the transition to what he describes as “crowd-based capitalism”...
This book examines addresses a social problem that cuts across legal systems: abuse of authority in decision making. Whether within familial, political, or business relations, all individuals are vulnerable to another's abuse of authority to make decisions for them. This book is about how law may respond to this problem transnationally.
The COVID-19 pandemic is a defining event of the 21st century. It has taken over eighteen million lives, closed national borders, put whole populations into quarantine and devastated economies. Yet while COVID-19 is catastrophic, it is not unique. Children who have been home-schooled during COVID-19 will almost certainly face another pandemic in their lifetime - one at least as bad-and potentially much worse-than this one. The WHO has referred to such a future (currently unknown) pathogen as “Disease X”. The defining feature of a pandemic is its scale-the simultaneous threat to millions or even billions of lives. That scale leads to unavoidable ethical dilemmas since the lives and liveli...
Generation Share takes readers on a journey around the globe to meet the people who are changing and saving lives by building a Sharing Economy. Through stunning photography, social commentary and interviews with 200 change-makers, Generation Share showcases extraordinary stories demonstrating the power of Sharing. From the woman transforming the lives of slum girls in India, to the UK entrepreneur who has started a food sharing revolution; you’ll discover the creators of a life-saving human milk bank, a trust cafe and a fashion library who are changing the world. A collaboration between speaker, social innovator and global Sharing Economy expert Benita Matofska and photographer Sophie Sheinwald, Generation Share brings to life the phenomenon causing the most significant shift in society since the Industrial Revolution.