The impact of terrorism on financial markets - Business & Economics ...

Research in the Department of Finance has examined the nine major bombings since 1998 that have been attributed to Al Qaida to examine market efficiency, including a test of rumours that investors traded with advance knowledge of attacks.

Acts of terrorism not only devastate lives but seek to rupture economies and the financial infrastructure that underpins them. Understanding the impact these acts of terrorism have had on?financial markets structures is important to examine the efficiency of these markets.

?Terrorist attacks provide a unique opportunity to calibrate the time taken for markets to react to release of unexpected price-sensitive information? outlined Dr Les Coleman, author of the research.

?Markets that are strongly efficient do not offer investors the opportunity to trade profitably using monopoly inside information. Therefore this analysis of market efficiency conducts two tests, how long is required for markets to fully impound the price impact of terrorist attacks, and have investors with advance knowledge of the attacks traded profitably around them?

Dr Coleman?s examined the nine major terrorist attacks by Al Qaida that were outlined in a 2005 list by UK Prime Minister Blair and analysed market reaction around the attacks by using minute-by-minute tick data while also conducting event studies with daily data.

?The innovations of this research is the list of terrorist attacks avoids subjectivity and biases inherent in previous studies of financial consequences of terrorist attacks, while the approach to market reaction provides granular analysis along the entire event timeline? highlighted Dr Coleman.

The nine attacks examined were roughly evenly spaced through the 1998-2005 period with a t least one in each calendar year expect 1999. They were geographically spread across Africa (three), Asia (three), Europe (two) and USA (one).

The dates of the attacks were clustered with seven of the nine attacks occurring between May and October and most of the attacks occurred during the morning.? Dr Coleman?s examination of these attacks and analysis of the market data has provided powerful insights.

Only four bombings moved a major stock market by more than 1% within 90 minutes of their occurrence, on the four occasions when this occurred the first market reaction occurred within 20-40 minutes and was largely completed within another hour. ?This suggests that markets are very efficient in quantifying the financial impacts of terrorists? events, and matches other evidence that markets take well under a trading day to price in completely unanticipated impacts? explained Dr Coleman.

Another major finding of this research was that the times of the attacks were not consistent with optimised insider trading. ?The timings of the bombings were not particularly advantageous for insiders as they occurred either too early in the day when it would have been hard to surreptitiously close out positions after the attack.

Thus insiders would be forced to hold positions overnight which increase the risk of confounding events arising and eroding the trading value of their monopoly knowledge? highlighted Dr Coleman.

This study reaffirms the semi-strong and strong efficiency of markets. In brief it showed that major markets such as Hong Kong, London and Tokyo, take less than half a trading session to fully price in the impacts of totally unexpected terrorist attacks no matter their location.

Moreover this study confirmed that there is no conclusive evidence to support rumours that investors associated with Al Qaida have traded profitably ahead of any of their major attacks.

?The literature on the financial effects of terrorist attacks is still fragmented, but is tentative conclusions are confirmed here. Most terrorist attacks have minimal, transient impacts on financial markets? concluded Dr Coleman.

Source: http://benews.unimelb.edu.au/2012/the-impact-of-terrorism-on-financial-markets/

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Tibetan Protests Erupt in Western China (Voice Of America)

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Bioengineering Beer Foam

Reporting in the Journal of Agricultural and Food Chemistry, Tom?s G. Villa and colleagues devised a recipe for improving beer foam. They identified a gene in brewer's yeast that prolongs beer foam lifespan by making a protein that protects the bubbles. They say they've brewed beers with heads that stay frothy for several hours.

Copyright ? 2012 National Public Radio. For personal, noncommercial use only. See Terms of Use. For other uses, prior permission required.

FLORA LICHTMAN, HOST:

And one last salute to science before the weekend. Here are some news you can raise the glass to. Microbiologist Tomas Villa and colleagues report that they may be able to bioengineer better beer foam. That's right.

TOMAS G. VILLA: Beer foam. Foam is what you like the most in a beer. And a beer drinker wants foam to stay longer, right?

LICHTMAN: Of course. And the secret to long-lasting froth, proteins, produced by barley and yeast during fermentation.

VILLA: The hydroforming portion of the protein sticks inside the bubble and the hydrophilic bubbles of protein sticks out of the bubble.

LICHTMAN: The protein coat stabilizes the bubble, leading to a longer lifespan. Villa and colleagues identified the gene in a lager yeast strain that codes for this protein. And they say they can insert it into other brewer's yeast, producing beer with foamy heads that can last for hours. Cheers.

You can learn more about Dr. Tomas Gonzales Villa's research on our website, along with everything else on our website, including a video tour of Dr. Oliver Sacks' desk. I don't think you want to miss that.

Copyright ? 2012 National Public Radio. All rights reserved. No quotes from the materials contained herein may be used in any media without attribution to National Public Radio. This transcript is provided for personal, noncommercial use only, pursuant to our Terms of Use. Any other use requires NPR's prior permission. Visit our permissions page for further information.

NPR transcripts are created on a rush deadline by a contractor for NPR, and accuracy and availability may vary. This text may not be in its final form and may be updated or revised in the future. Please be aware that the authoritative record of NPR's programming is the audio.

Source: http://www.npr.org/2012/11/09/164797151/bioengineering-beer-foam?ft=1&f=1007

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An egg a day to keep allergies away?

ScienceDaily (Nov. 9, 2012) ? Avoiding sweet treats like pumpkin bread and cookies this holiday season might not be necessary for children with egg allergies. New studies presented at the American College of Allergy, Asthma and Immunology (ACAAI) Annual Scientific Meeting found 56 percent of allergic children can tolerate baked hen's egg, while 55 percent outgrow their egg allergy entirely.

"More than half of egg allergic children can tolerate hen's eggs when they are baked at 350 degrees in products such as cakes and breads," said allergist Rushani Saltzman, M.D., lead study author and ACAAI member. "Dietary introduction of baked egg by an allergist can broaden a child's diet, improve quality of life and likely accelerate the development of an egg tolerance."

The median dose tolerated was 2?5 baked hen's egg. The products tested were all baked at 350 degrees for a minimum of 30 minutes.

In a separate study also presented at the meeting, Ruchi Gupta, M.D., lead study author and pediatrician, found that out of the eight common food allergens, children most commonly outgrew egg allergy.

"Food tolerance was observed in one in four children, with 55 percent outgrowing their egg allergy by age seven," said Dr. Gupta. "Developing an egg tolerance is the most common for children, followed by milk. A small proportion outgrew shellfish and tree nut allergies."

If children have shown a severe reaction to eggs in the past they are less likely to outgrow the allergy, according to researchers. Severe symptoms include rapid swelling of the skin and tissue, difficulty breathing and life-threatening anaphylaxis.

"While these studies show many positive findings for children with egg allergy, parents must practice caution," said allergist Richard Weber, M.D., ACAAI president-elect. "Introducing an allergen back into a child's diet can have severe consequences, and only should be done under the care of a board-certified allergist."

Parents can find a board-certified allergist in their area at AllergyAndAsthmaRelief.org. More news and research from the annual meeting, being held Nov. 8-13, 2012 in Anaheim, Calif. can be followed via Twitter at #ACAAI.

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Source: http://feeds.sciencedaily.com/~r/sciencedaily/top_news/top_health/~3/1AlyB9wSnSM/121109083748.htm

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Condoleezza Rice: GOP sent 'mixed messages' (The Arizona Republic)

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State of the Union: A Society and Political ... - The Costa Rica News

State of the Union: A Society and Political System Struggling with Management Problems, (Archive Photo)

Costa Rica must overcome a number of challenges such as moderate economic growth, society issues, environmental management problems and a political system charged at various levels as having lack of oversight issues.

The eighteenth report of the State of the Union states that the country has a political system has no ability to meet its obligations in key areas of national life, and the recurrent difficulties to prevent and punish corruption in the management of public affairs.

On the social side, the study reveals strong persistent educational gaps between population groups. For example, upper and medium businesses recorded higher percentages of high school graduates, between 87% and 90% (rounded).

For people living in poverty, there are 1.1 million categorized as poor or approximately 287,360 households. Although the poverty rate nationally remains at 20%, the number of poor has increased as population grows.

The growth and stability of the economy faces serious challenges ahead. Global economic uncertainty and signs of EU problems to affect the major economies of the world, and there are also concerns with Costa Rica the most serious being generating enough jobs.

As for environmental issues, the State of the Nation shows increasing and creating more protected areas are not sufficient in and of themselves to sustainable land management and unsustainable use of resources by the general population is causing a growing ecological debt. Further, the dispute over land use (within and outside protected areas) and the tensions between conservation and production activity is a cause of rising social unease.

In terms of strengthening democracy, in 2011 the three branches of government-executive, legislative and judicial all experienced severe management problems. Citizen protest was on the rise and made 2011 the third highest number of collective protest actions since 1995.

The summary was a call for strategies and actions that would remove obstacles and ensure progress while taking into account the difficult fiscal internal circumstances and international uncertainty in the country

So after this State of the Union address where is the silver lining? It seems the largest issues revolve around internal structure, compliance and management. Positive economic factors are there such as increasing direct foreign investment, continuing efforts to improve infrastructure apart from the management issues. Real estate is seen a long awaited uptick in 2012 as both local and international buyers are back. In general Costa Rica has weathered the global economic downturn very well.

With the Costa Rica National Elections only a little over a year away, it will be interesting to see how the Chinchilla Government manages to correct some of the internal issue that has pleged this administration.

The Costa Rica News (TCRN)
San Jos? Costa Rica

Related articles:

1. Costa Rica Economy Winning but Still Struggling with Public Debt
2. Costa Rica Stability ? Economic, Political, and Social
3. Nicaragua President Daniel Ortega to head up Central American Integration System

Source: http://thecostaricanews.com/state-of-the-union-a-society-and-political-system-struggling-with-management-problems/13809

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Middle East was targeted by unprecedented instances of cyber ...

So why is this happening? Why are Middle Eastern companies being targeted? And how can the region as a whole react to prevent future attacks?

Some experts said, "It is important to appreciate times have changed and so too has the motivation of such cyber attacks."

"We have to accept that today information technology is at the heart of our society and the range of possible motivation is much broader than crime focused on earning money or espionage," said Robert Schischka, Managing Director of Austrian CERT and also a steering committee member of FIRST - the international Forum of Incident Response and Security Teams.

"Attacks on industrial facilities have been 'out of scope' for a long time - and even today we can still hear some experts talking about 'security by network separation," he added.

And while staying up to date is absolutely pivotal, if the Middle East is serious about preventing such large scale high profile incidents as they have experienced in the recent past, putting up a united front has to be top of the agenda.

"In order to face emerging cyber threats and cyber crime, we need to strengthen regional cooperation based on confidence and trust. The Ministry of Communications and Information Technology can play a central role in the readiness and preparedness for cyber threats," explained Dr Sherif Hashem, Senior Cyber Security Adviser to the Egyptian Minister of Communications and Information Technology.

To this end, he recommends the setting up of a national cyber security strategy that covers the protection of critical information infrastructure.

And while the rhetoric of 'united we stand, divided we fall' maybe casually thrown about when talking strategy, companies understandably feel a sense of discomfort sharing information about highly confidential data.

"A key factor for incident response is to insure the right people get the right information on time. To establish the level of trust within the community to get sensitive information passed on in a timely manner in high quality takes a lot of time and effort. Trust can only be established by meeting people face to face and share experiences first hand," confirmed Schischka.

Such an opportunity for establishing trust by face-to-face meeting comes in the form of the Digital Security Summit on December 1st and 2nd in Riyadh, Saudi Arabia. Organised by leading French business information group naseba, it is connecting the most prominent information technology officials in the Kingdom with leading international product and service providers.

The summit also features keynote addresses by high profile experts in the field including Dr Sherif Hashem and Robert Schischka. The duo will also be joined by the General Secretary of Finnish Ministry of Defence Colonel Aapo Cederberg, who is sharing Finland's yet to be completed cyber security strategy: "Finland has utilised a unique comprehensive security approach concept including cyber security, which is very cost effective and can also be of use to other countries," he explained.

Such cross-country collaboration is at the heart of the goals of the summit as Nicholas Watson, Managing Director at naseba stressed, "Having international experts from Austria, Finland, Italy, USA and Egypt highlight the fact that the problem of digital security is global. Collaboration will be a key aspect as international and local stakeholders come together to secure the digital future of the Kingdom."

Source: http://www.ameinfo.com/middle-east-targeted-unprecedented-instances-cyber-318203

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Obama Declares Election Victory Via Email And Tweet Before Speech

This is tomorrow's democracy. Barack Obama has just announced his win in the presidential election by sending a tweet and an email to supporters before going on stage in person to deliver his acceptance speech. With the subject line "How This Happened", Obama's email noted "I want you to know that this wasn't fate, and it wasn't an accident. You made this happen."

Source: http://feedproxy.google.com/~r/Techcrunch/~3/5Ll83xs5d7s/

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The Long-Term Economic To-Do List (WSJ)

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