http://hdl.handle.net/2262/62028 2017-11-03T02:52:36Z 2017-11-03T02:52:36Z Kelly, Robert J. http://hdl.handle.net/2262/61585 2016-09-09T17:51:12Z 2008-01-01T00:00:00Z

Opening and closing asymmetry: empirical analysis from ISE Xetra Kelly, Robert J. Overnight news yields difficulties for price discovery at market opening culminating in additional return volatility. Biais et al. (2007) show opening prices are sensitive to order flow from the pre-trading session. We investigate the existence of volatility asymmetry between opening and closing returns and trader over-reaction on the Irish Stock Exchange (ISE). Opening on the ISE follows a non-transparent pre-trading session. We estimate opening returns are 10 per cent more volatile than closing returns. This is significantly smaller compared to other exchanges, such as LSE. The LSE operates under a transparent pre-trading session, which is susceptible to order flow manipulation. We implement an ARMA(1,1) framework to investigate the speed of trader reaction to news. Over-reaction is recorded at the morning auction but is smaller in magnitude when compared to international markets with transparent pre-trading and `non-binding? orders. The level of price reversal bolsters the over-reaction argument. We estimate a 30 per cent reversal of overnight returns with one third taking place in the first thirty minutes of trading. Paper delivered at the Twenty-First Annual Conference of the Irish Economic Association, Bunclody, Co. Wexford, April 25?27, 2007

2008-01-01T00:00:00Z Conniffe, Denis http://hdl.handle.net/2262/61372 2016-09-09T17:50:55Z 2008-01-01T00:00:00Z

Generalised means of simple utility functions with risk aversion Conniffe, Denis The paper examines the properties of a generalised mean of simple utilities each displaying risk aversion, that is, with first derivative positive and second derivative negative. It shows the mean is itself a valid utility function and argues that simple component utilities, each of which may have quite restricted risk aversion properties, can be parsimoniously combined through the generalised mean formula to give a much more versatile utility function. Paper delivered at the Twenty-First Annual Conference of the Irish Economic Association, Bunclody, Co. Wexford, April 25?27, 2007

2008-01-01T00:00:00Z Jeitschko, Thomas D. O'Connell, Seamus Pecchenino, Rowena A. http://hdl.handle.net/2262/58994 2016-09-09T17:50:56Z 2008-01-01T00:00:00Z

Identity, collective beliefs, and the allocation of resources Jeitschko, Thomas D.; O'Connell, Seamus; Pecchenino, Rowena A. Humans are social creatures that interact in a number of different and at least partially independent social settings, such as work, home, social and political organisations, and church. In each setting one has an identity, or set of identities, which one is called upon to achieve. To obtain and maintain an identity one must dedicate scarce resources. The benefits of expending these resources may be, among other things, income; wealth; success; prestige; power; security; respect; social acceptance; spiritual fulfillment; and salvation. To better understand how the individual makes his resource allocation decisions given the many possible interactions, both positive and negative, across his identities, changes in collective beliefs defining identity, and the substitutability or complementarity of identities, we develop a simple behavioural model of an individual whose personal identity is an amalgam of two identities. We interpret the model in the context of an individual with a secular and a religious identity. Paper delivered at the 21st Annual Conference of the Irish Economic Association, Bunclody, Co. Wexford, 25-27 May 2007

2008-01-01T00:00:00Z Ruane, Frances TOL, Richard S.J. http://hdl.handle.net/2262/58993 2016-09-09T17:51:13Z 2008-01-01T00:00:00Z

Centres of research excellence in economics in the Republic of Ireland - correction of an erratum Ruane, Frances; TOL, Richard S.J. In transcription Professor Donal O'Neill of NUI Maynooth was omitted from Table 5 of Ruane and Tol (2007) ???Centres of Research Excellence in the Republic of Ireland??, The Economic and Social Review, Vol. 38, No. 3, pp. 289-322. We here present the correct table and apologise for this omission.

2008-01-01T00:00:00Z