Behavioral properties of open systems can be formalized as objectives in two-player games. Turn-based games model asynchronous interaction between the players (the system and its environment) by interleaving their moves. Concurrent games model synchronous interaction: the players always move simultaneously. Infinitary winning criteria are considered: Büchi, co-Büchi, and more general parity con...

Recent research has documented empirical evidence of informed trading ahead of major corporate events such as earnings announcements, mergers and acquisitions (M&A) and corporate bankruptcies. Surprisingly, however, no such evidence exists ahead of corporate divestiture or spinoff (SP) announcements. This is noteworthy because the parent company’s stock usually experiences a significant price j...

In this work the performance of a wavelength division multiple access (WDMA) system with direct detection receiver is investigated. For this purpose, the probability of error in a WDMA network with OOK modulation considering crosstalk, ISI, photo detector noise and thermal noise is calculated and the effect of each on system performance is investigated. The system performance in presence of PIN...

We investigate informed trading activity in equity options prior to the announcement of corporate mergers and acquisitions (M&A). For the target companies, we document pervasive directional options activity, consistent with strategies that would yield abnormal returns to investors with private information. This is demonstrated by positive abnormal trading volumes, excess implied volatility and ...

background: tissue injuries may provoke neuro-hormonal response which in turn may lead to release of inflammatory cytokines. we hypothesize that block of afferent sensory pathways by infiltration of 0.5% bupivacaine in the scalp may decrease neuro-hormonal response in the neurosurgical patient. methods: after obtaining informed consent, forty asa physical statuses i, ii, or iii patients between...

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We propose and estimate a structural model of daily stock market activity to test competing theories of trading volume. The model features informed rational speculators and uninformed agents who trade either to hedge endowment shocks or to speculate on perceived information. To identify the model parameters, we exploit enormous empirical variation in trading volume, market liquidity, and return...

This paper, in a Shapley-Shubik market game framework, examines the effect of “leakage” of information: private information becoming available to uninformed traders at a later date. We show that (a) If information acquisition by the informed traders is costless, this leads to faster revelation of information; (b) If information acquisition is costly, there may be no acquisition of information; ...

This study shows that the guardians behind underaged accounts are successful at picking stocks. Moreover, they tend to channel their best trades through the accounts of children, especially when they trade just before major earnings announcements, large price changes, and takeover announcements. Building on these results, we argue that the proportion of total trading activity through underaged ...