The process by which securities are traded is very different from the idealized picture of a frictionless and self-equilibrating market offered by the typical finance textbook. This book offers a more accurate and authoritative take on this process. The book starts from the assumption that not everyone is present at all times simultaneously on the market, and that participants have quite diverse information about the security's fundamentals. As a result, the order flow is a complex mix of information and noise, and a consensus price only emerges gradually over time as the trading process evolves and the participants interpret the actions of other traders. Thus, a security's actual transaction price may deviate from its fundamental value, as it would be assessed by a fully informed set of investors. The book takes these deviations seriously, and explains why and how they emerge in the trading process and are eventually eliminated. The authors draw on a vast body of theoretical insights and empirical findings on security price formation that have come to form a well-defined field within financial economics known as "market microstructure." Focusing on liquidity and price discovery, the book analyzes the tension between the two, pointing out that when price-relevant information reaches the market through trading pressure rather than through a public announcement, liquidity may suffer. It also confronts many striking phenomena in securities markets and uses the analytical tools and empirical methods of market microstructure to understand them. These include issues such as why liquidity changes over time and differs across securities, why large trades move prices up or down, and why these price changes are subsequently reversed, and why we observe temporary deviations from asset fair values"--
Recipient of the Governor General's Literary Award for Translation, Imagining the Middle East examines how Western perceptions of the Middle East were formed and how they have been used as a rationalization for setting policies and determining actions.
This working document offers a conceptual framework for understanding the processes underpinning the external dimension of EU Justice and Home Affairs (ED-JHA). Practically, it defines how the export of JHA principles and norms inform the geopolitical ambitions of the EU, i.e. the use of space for political purposes, or the control and management of people, objects and movement. The author begins by investigating how the ENP reconfigures the ED-JHA, and then goes on to discuss various conceptual stances on governance, specifically institutionalism, constructivism, and policy instruments. To conclude he traces the evolution of this external dimension, emphasising, whenever possible, its continuities and bifurcations. Overall, the aim is to ascertain the extent to which conceptual designs clarify or advance our knowledge of the contents and rationales of the ED-JHA.
The plays of Eugene O'Neill testify to his continued search for new dramatic strategies. The author explores the Nobel Prize winner's attempts at creating a new Modern play. He shows how, moving away from melodrama or "the problem play," O'Neill revisited the classical frames of drama and reinvented theater aesthetics by resorting to masks, the chorus, acoustics, silence or immobility for the creation of his dramatic works.
The Making of Visual News sets out to show how photography has changed the way we read, report and sell the news. It investigates how photographs first became news images at the end of the nineteenth century and how magazines in the USA, the UK, France and Germany have put them to use ever since. Drawing on a wide selection of images, author Thierry Gervais (in collaboration with Gaëlle Morel) analyses news photographs in the context of their original presentation in print. Highly illustrated, the book contains 85 full colour magazine layouts and spreads, offering the reader a view of how photographs were and are used in print publications, including Life, Picture Post, the Berliner Illustrirte Zeitung and VU. It examines how photographs were employed to attract new readers throughout the twentieth century, arguing that photography was the main tool by which news editors sought to communicate the news and attract a broader readership. Looking beyond the roles of photographer and journalist, this study also highlights the contributions of picture editors and artistic directors; by commissioning photographs and incorporating images into magazine layouts, these figures played critical but often overlooked roles in the construction of visual news, even as they crafted unique styles for their publications. Charting changes in technology and reportage, as well as broader social and political histories, The Making of Visual News offers new insight into the history of photojournalism, making this an essential resource for students and scholars of photojournalism and the history of photography, media and culture
Liang Shuming (1895-1988) is one of the most important Chinese philosophers in twentieth century China. Generally considered to be a Confucian, and even the last Confucian, the author argues that he was in fact a Buddhist. Liang’s thoughts are analysed within the background of the intellectual debates on religion in republican China. He reshaped the Western concept of religion from the standpoint of Yogācāra Buddhism. Yet, he advocated for the present time Confucianism as the ethical religion that would lead ultimately to the Buddhist liberation. Examining Liang’s religious belief sheds new light on his fascinating life, particularly his involvement in the Rural Reconstruction movement of the nineteen-thirties. It also explains why Liang was the only intellectual who dared to publically oppose Mao in the nineteen-sixties and seventies.
From the viewpoint of migration and asylum policy and the fight against terrorism, justice and home affairs is a key policy area. It is also an area that raises important challenges and questions with regard to the preservation of fundamental freedoms. This engaging volume examines the emerging European Union area of freedom, security and justice at a time when key policy priorities are taking shape within the EU. Bringing together contributors from different backgrounds, the volume is ideal for students and scholars of European studies, law, political science, political theory and sociology.
Bootstrapping analyzes the genesis of personal computing from both technological and social perspectives, through a close study of the pathbreaking work of one researcher, Douglas Engelbart. In his lab at the Stanford Research Institute in the 1960s, Engelbart, along with a small team of researchers, developed some of the cornerstones of personal computing as we know it, including the mouse, the windowed user interface, and hypertext. Today, all these technologies are well known, even taken for granted, but the assumptions and motivations behind their invention are not. Bootstrapping establishes Douglas Engelbart's contribution through a detailed history of both the material and the symbolic constitution of his system's human-computer interface in the context of the computer research community in the United States in the 1960s and 1970s. Engelbart felt that the complexity of many of the world's problems was becoming overwhelming, and the time for solving these problems was becoming shorter and shorter. What was needed, he determined, was a system that would augment human intelligence, co-transforming or co-evolving both humans and the machines they use. He sought a systematic way to think and organize this coevolution in an effort to discover a path on which a radical technological improvement could lead to a radical improvement in how to make people work effectively. What was involved in Engelbart's project was not just the invention of a computerized system that would enable humans, acting together, to manage complexity, but the invention of a new kind of human, "the user." What he ultimately envisioned was a "bootstrapping" process by which those who actually invented the hardware and software of this new system would simultaneously reinvent the human in a new form. The book also offers a careful narrative of the collapse of Engelbart's laboratory at Stanford Research Institute, and the further translation of Engelbart's vision. It shows that Engelbart's ultimate goal of coevolution came to be translated in terms of technological progress and human adaptation to supposedly user-friendly technologies. At a time of the massive diffusion of the World Wide Web, Bootstrapping recalls the early experiments and original ideals that led to today's "information revolution.
This book focuses on the math identity construction of 11 Black students. High school students' perception of what/who is a math person constrained and limited their sense of belonging to the community of doers of mathematics. This study offers new insights into the racial opportunity-gap in mathematics education.
But as Thierry Mariage makes clear in this detailed and lucid book, the garden style that Le Notre brought to perfection need not be seen in opposition to the later "English" one; rather, he claims, they represent two points along a continuum that exists between the natural and cultural worlds.
In The Expanding Art of Comics: Ten Modern Masterpieces, prominent scholar Thierry Groensteen offers a distinct perspective on important evolutions in comics since the 1960s through close readings of ten seminal works. He covers over half a century of comics production, sampling a single work from the sixties (Ballad of the Salt Sea by Hugo Pratt), seventies (The Airtight Garage of Jerry Cornelius by Moebius), eighties (Watchmen by Alan Moore and Dave Gibbons), and nineties (Epileptic by David B.). Then this remarkable critic, scholar, and author of The System of Comics and Comics and Narration delves into recent masterpieces, such as Building Stories by Chris Ware. Each of these books created an opening, achieved a breakthrough, offered a new narrative model, or took up an emerging tendency and perfected it. Groensteen recaptures the impact with which these works, each in its own way, broke with what had gone before. He regards comics as an expanding art, not only because groundbreaking works such as these are increasing in number, but also because it is an art that has only gradually become aware of its considerable potential and is unceasingly opening up new expressive terrain.
Immanuel Kant’s Critique of Judgment, Thierry de Duve argues in the first volume of Aesthetics at Large, is as relevant to the appreciation of art today as it was to the enjoyment of beautiful nature in 1790. Going against the grain of all aesthetic theories situated in the Hegelian tradition, this provocative thesis, which already guided de Duve’s groundbreaking book Kant After Duchamp (1996), is here pursued in order to demonstrate that far from confining aesthetics to a stifling formalism isolated from all worldly concerns, Kant’s guidance urgently opens the understanding of art onto ethics and politics. Central to de Duve’s re-reading of the Critique of Judgment is Kant’s idea of sensus communis, ultimately interpreted as the mere yet necessary idea that human beings are capable of living in peace with one another. De Duve pushes Kant’s skepticism to its limits by submitting the idea of sensus communis to various tests leading to questions such as: Do artists speak on behalf of all of us? Is art the transcendental ground of democracy? Or, Was Adorno right when he claimed that no poetry could be written after Auschwitz? Loaded with de Duve’s trademark blend of wit and erudition and written without jargon, these essays radically renew current approaches to some of the most burning issues raised by modern and contemporary art. They are indispensable reading for anyone with a deep interest in art, art history, or philosophical aesthetics.
Depuis 2005, date de la decouverte du Parisis Code, les recherches dans la trame des voies de la Capitale n'ont jamais cessees. Grace a l'experience et l'utilisation de nouveaux parametres comme les points ephemeres (bars, hotels, restaurants, societes) de nouveaux alignements symboliques encore plus extraordinaires ont ete decouverts. La precision deja impressionnante des lignes s'est considerablement amelioree. Ce dernier volet, montre a quel point, tout predestinait l'auteur a decouvrir ce code parisien. Depuis sa naissance, les grandes etapes de sa vie etaient inscrites a travers un impressionnant alignement d'une trentaine de parametres... elles attendaient d'etre decouvertes !
Historians, anthropologists, political scientists and demographers explore the principal challenges and fears characterizing relations between Europe and the Mediterranean. The contributors suggest that the greatest challenge facing our political generation is no longer forming a Europe without the Mediterranean, but with it.
This edition of Thierry Groensteen’s The System of Comics makes available in English a groundbreaking work on comics by one of the medium’s foremost scholars. In this book, originally published in France in 1999, Groensteen explains clearly the subtle, complex workings of the medium and its unique way of combining visual, verbal, spatial, and chronological expressions. The author explores the nineteenth-century pioneer Rodolphe Töpffer, contemporary Japanese creators, George Herriman’s Krazy Kat, and modern American autobiographical comics. The System of Comics uses examples from a wide variety of countries including the United States, England, Japan, France, and Argentina. It describes and analyzes the properties and functions of speech and thought balloons, panels, strips, and pages to examine methodically and insightfully the medium’s fundamental processes. From this, Groensteen develops his own coherent, overarching theory of comics, a “system” that both builds on existing studies of the “word and image” paradigm and adds innovative approaches of his own. Examining both meaning and appreciation, the book provides a wealth of ideas that will challenge the way scholars approach the study of comics. By emphasizing not simply “storytelling techniques” but also the qualities of the printed page and the reader’s engagement, the book’s approach is broadly applicable to all forms of interpreting this evolving art.
With the recent advent of technologies that make detecting art forgeries easier, the art world has become increasingly obsessed with verifying and ensuring artistic authenticity. In this unique history, Thierry Lenain examines the genealogy of faking and interrogates the anxious, often neurotic, reactions triggered in the modern art world by these clever frauds. Lenain begins his history in the Middle Ages, when the issue of false relics and miracles often arose. But during this time, if a relic gave rise to a cult, it would be considered as genuine even if it obviously had been forged. In the Renaissance, forgery was initially hailed as a true artistic feat. Even Michelangelo, the most revered artist of the time, copied drawings by other masters, many of which were lent to him by unsuspecting collectors. Michelangelo would keep the originals himself and return the copies in their place. As Lenain shows, authenticity, as we think of it, is a purely modern concept. And the recent innovations in scientific attribution, archaeology, graphology, medical science, and criminology have all contributed to making forgery more detectable—and thus more compelling and essential to detect. He also analyzes the work of master forgers like Eric Hebborn, Thomas Keating, and Han van Meegeren in order to describe how pieces baffled the art world. Ultimately, Lenain argues that the science of accurately deciphering an individual artist’s unique characteristics has reached a level of forensic sophistication matched only by the forger’s skill and the art world’s paranoia.
Clement Greenberg (1909–1994), champion of abstract expressionism and modernism—of Pollock, Miró, and Matisse—has been esteemed by many as the greatest art critic of the second half of the twentieth century, and possibly the greatest art critic of all time. This volume, a lively reassessment of Greenberg’s writings, features three approaches to the man and his work: Greenberg as critic, doctrinaire, and theorist. The book also features a transcription of a public debate with Greenberg that de Duve organized at the University of Ottawa in 1988. Clement Greenberg Between the Lines will be an indispensable resource for students, scholars, and enthusiasts of modern art. “In this compelling study, Thierry de Duve reads Greenberg against the grain of the famous critic’s critics—and sometimes against the grain of the critic himself. By reinterpreting Greenberg’s interpretations of Pollock, Duchamp, and other canonical figures, de Duve establishes new theoretical coordinates by which to understand the uneasy complexities and importance of Greenberg’s practice.” John O’Brian, editor of Clement Greenberg: The Collected Essays and Criticisms “De Duve is an expert on theoretical aesthetics and thus well suited to reassess the formalist tenets of the late American art critic's theory on art and culture. . . . De Duve's close readings of Greenberg . . . contain much of interest, and the author clearly enjoys matching wits with ‘the world's best known art critic.’” Library Journal
This book offers an authorative take on the liquidity of securities markets, its determinants, and its effects. It presents the basic modeling and econometric tools used in market microstructure - the area of finance that studies price formation in securities markets.
The way in which securities are traded is very different from the idealized picture of a frictionless and self-equilibrating market offered by the typical finance textbook. This book offers a more accurate and authoritative take on liquidity and price discovery."--Résumé de l'éditeur.
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