title: Investor sentiment dynamics, the cross-section of stock returns and the MAX effect

authors: Cheema, Muhammad A.

abstract: Recent evidence shows that investor sentiment is a contrarian predictor of stock returns with speculative stocks earning lower (higher) future returns than safe stocks following high (low) sentiment states. We extend this argument by conditioning expected stock returns on sentiment dynamics and show that the mispricing of speculative and safe stocks worsens with sentiment continuations but is corrected with sentiment transitions, consistent with the view that the mispricing of these stocks is sentiment-driven. We show that the unconditional contrarian return predictability of sentiment, at least in the short-run, is due to the returns of stocks in sentiment transitions. Results show that ex post, sentiment is a momentum predictor if subsequent sentiment continues; and a contrarian predictor if subsequent sentiment transitions. We also show that the MAX effect can either be positive or negative contingent on sentiment dynamics and that the absence of a MAX effect following Low sentiment states suggested by prior studies is due to the completely offsetting negative MAX effect when sentiment continues in a Low state, and the positive MAX effect when sentiment transitions from a High to a Low state.

text: Investor sentiment dynamics, the cross-section of stock returns and the MAX effect Recent evidence shows that investor sentiment is a contrarian predictor of stock returns with speculative stocks earning lower (higher) future returns than safe stocks following high (low) sentiment states. We extend this argument by conditioning expected stock returns on sentiment dynamics and show that the mispricing of speculative and safe stocks worsens with sentiment continuations but is corrected with sentiment transitions, consistent with the view that the mispricing of these stocks is sentiment-driven. We show that the unconditional contrarian return predictability of sentiment, at least in the short-run, is due to the returns of stocks in sentiment transitions. Results show that ex post, sentiment is a momentum predictor if subsequent sentiment continues; and a contrarian predictor if subsequent sentiment transitions. We also show that the MAX effect can either be positive or negative contingent on sentiment dynamics and that the absence of a MAX effect following Low sentiment states suggested by prior studies is due to the completely offsetting negative MAX effect when sentiment continues in a Low state, and the positive MAX effect when sentiment transitions from a High to a Low state.

year: 2018

title: It's Personal and it's Professional: The meanings women Baby-boomers attribute to their ageing and 'working-out' with a personal trainer.

authors: Sweet, Wendy Gaylene

subjects: ageing

abstract: Greater numbers of older populations is the emerging norm for all countries, and something that triggered the World Health Organization to revise its 2002 global ageing strategy. In the 2015 document, greater emphasis is given to the concept of active ageing, a lifestyle all individuals are encouraged to embrace as a way to facilitate ‘ageing well’. Such an ideal is in part fostered by the Baby-boomer heading into their ‘old’ age where there is a high probability many will live to eighty years and beyond. Physical activity is one component of active ageing but translating the unequivocal evidence into practice is a daunting task at a population and individual level. There is no shortage of research on physical activity and ageing, but little attention has been given to trying to understand the experience from the point-of-view of the ‘older’ person. This study was in part inspired by an increasing number of Baby-boomer women who were not only conscious about their own ageing, but endeavouring to prepare for a long life well-lived.    
 
This study, which is situated in the theoretical framework of social constructionism, set out to unravel the active ageing experiences from a life course perspective and what actually transpires when 18 women Baby-boomers employ the services of a Personal Trainer. The numerous semi-structured interviews and verbatim transcriptions were subjected to on-going analysis, during which I recognised that in spite of the ‘richness’ of data, not all the subtleties could be captured. This, however, did not detract from the analysis where three dominant themes emerged. Supporting the need for a ‘life-course’ approach to fully understand physical activity at a personal level, the meanings of the experiences fluctuate and are negotiated, and there is a ‘resistance’ to the ageing discourse.  
 
This study broadens and shares alternative insights about women’s activeageing and challenges the commonly held assumptions about how women position their ageing in the context of being physically active in varying ways. These Baby-boomers have ‘grown-up’ with the fitness industry, an industry whereby Personal Trainers are well placed to assist Boomers in their activeageing ambitions. This study has particular relevance to, as well as advice for, those working in health promotion and the fitness industry. A future more active ‘older’ population is possible, but according to the Boomers who participated in this study any level of substantive change will not happen by chance.

text: It's Personal and it's Professional: The meanings women Baby-boomers attribute to their ageing and 'working-out' with a personal trainer. Greater numbers of older populations is the emerging norm for all countries, and something that triggered the World Health Organization to revise its 2002 global ageing strategy. In the 2015 document, greater emphasis is given to the concept of active ageing, a lifestyle all individuals are encouraged to embrace as a way to facilitate ‘ageing well’. Such an ideal is in part fostered by the Baby-boomer heading into their ‘old’ age where there is a high probability many will live to eighty years and beyond. Physical activity is one component of active ageing but translating the unequivocal evidence into practice is a daunting task at a population and individual level. There is no shortage of research on physical activity and ageing, but little attention has been given to trying to understand the experience from the point-of-view of the ‘older’ person. This study was in part inspired by an increasing number of Baby-boomer women who were not only conscious about their own ageing, but endeavouring to prepare for a long life well-lived.    
 
This study, which is situated in the theoretical framework of social constructionism, set out to unravel the active ageing experiences from a life course perspective and what actually transpires when 18 women Baby-boomers employ the services of a Personal Trainer. The numerous semi-structured interviews and verbatim transcriptions were subjected to on-going analysis, during which I recognised that in spite of the ‘richness’ of data, not all the subtleties could be captured. This, however, did not detract from the analysis where three dominant themes emerged. Supporting the need for a ‘life-course’ approach to fully understand physical activity at a personal level, the meanings of the experiences fluctuate and are negotiated, and there is a ‘resistance’ to the ageing discourse.  
 
This study broadens and shares alternative insights about women’s activeageing and challenges the commonly held assumptions about how women position their ageing in the context of being physically active in varying ways. These Baby-boomers have ‘grown-up’ with the fitness industry, an industry whereby Personal Trainers are well placed to assist Boomers in their activeageing ambitions. This study has particular relevance to, as well as advice for, those working in health promotion and the fitness industry. A future more active ‘older’ population is possible, but according to the Boomers who participated in this study any level of substantive change will not happen by chance.

year: 2017

title: Who owns native nature? Discourses of rights to land, culture, and knowledge in New Zealand

authors: Goldsmith, Michael

subjects: indigenous cultures

abstract: Michael Brown famously asked ‘Who owns native culture?’ This paper revisits that question by analyzing what happens to culture when the culturally defined boundary between it and nature becomes salient in the context of disputes between indigenous and settler populations. My case study is the dispute between the New Zealand government and Maori tribal groupings concerning ownership of the foreshore and seabed. Having been granted the right to test their claims in court in 2003, Maori groups were enraged when the government legislated the right out of existence in 2004. Though the reasons for doing so were clearly political, contrasting cultural assumptions appeared to set Maori and Pakeha (New Zealanders of European origin) at odds. While couching ownership of part of nature as an IPR issue may seem counter-intuitive, I argue that as soon as a property claim destabilizes the nature/culture boundary, IPR discourse becomes pertinent.

text: Who owns native nature? Discourses of rights to land, culture, and knowledge in New Zealand Michael Brown famously asked ‘Who owns native culture?’ This paper revisits that question by analyzing what happens to culture when the culturally defined boundary between it and nature becomes salient in the context of disputes between indigenous and settler populations. My case study is the dispute between the New Zealand government and Maori tribal groupings concerning ownership of the foreshore and seabed. Having been granted the right to test their claims in court in 2003, Maori groups were enraged when the government legislated the right out of existence in 2004. Though the reasons for doing so were clearly political, contrasting cultural assumptions appeared to set Maori and Pakeha (New Zealanders of European origin) at odds. While couching ownership of part of nature as an IPR issue may seem counter-intuitive, I argue that as soon as a property claim destabilizes the nature/culture boundary, IPR discourse becomes pertinent.

year: 2009