http://hdl.handle.net/2262/62028 2013-06-19T17:12:00Z http://hdl.handle.net/2262/61585 Title: Opening and closing asymmetry: empirical analysis from ISE Xetra Author: Kelly, Robert J. Abstract: 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. Description: 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 http://hdl.handle.net/2262/61372 Title: Generalised means of simple utility functions with risk aversion Author: Conniffe, Denis Abstract: 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. Description: 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 http://hdl.handle.net/2262/58994 Title: Identity, collective beliefs, and the allocation of resources Author: Jeitschko, Thomas D.; O'Connell, Séamus; Pecchenino, Rowena A. Abstract: 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. Description: Paper delivered at the 21st Annual Conference of the Irish Economic Association, Bunclody, Co. Wexford, 25-27 May 2007 2008-01-01T00:00:00Z http://hdl.handle.net/2262/58993 Title: Centres of research excellence in economics in the Republic of Ireland - correction of an erratum Author: Ruane, Frances; TOL, Richard S.J. Abstract: 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 http://hdl.handle.net/2262/58989 Title: The distribution of productivity in Irish manufacturing between 1995 and 2004 : determinants, changes and implications Author: Haller, Stefanie A. Abstract: Using plant level data from the Irish Census of Industrial Production, this paper documents the extent of the productivity spread in Irish manufacturing industries and its determinants. It looks at changes in the distribution of productivity over the period 1995-2004 and at movements of plants within the distribution. It also examines the relationship between spreads and productivity growth. The annual average productivity growth of 3.9 per cent over the period has rendered plants across the distribution more productive. However, there was less than proportional entry of new plants at the top of the productivity distribution until 2000. Persistence of plants within the productivity distribution is high, although mean convergence is faster for plants with below average productivity. Productivity growth is slower in industries with larger spreads in the lower half of the distribution. Description: Paper delivered at the 21st Annual Conference of the Irish Economic Association, Bunclody, Co. Wexford, April 25–27, 2007 2008-01-01T00:00:00Z