Can they all be ‘Shit-heads’?: learning to be a contrarian investor

ABSTRACT

This article seeks to explain one of the sensibilities or dispositions that novices learn in the process of becoming financiers, namely, to be a contrarian. We will review investment pitches from an American undergraduate collegiate investment fund, interviews with some members of the club, and field notes from a few of their outings, and treat instances of their contrariness as moments in their process of going from non-investors to investors, moments in which they experiment with and learn new social habits, identities and practices. Moreover, we connect this contrariness with a much longer tradition in the formation of an identity and subjectivity as an investor. More than any simple technology of thought to be deployed in a particular situation, contrarianism is a thoroughgoing mode of framing and understanding life, both in investment contexts and beyond, which we suggest was born between the 1880s and 1940s and has persisted in various forms to this day. This paper offers two instances of how someone becomes contrary, and suggests that contrarianism may be a fairly typical way for humans to make sense of financial markets.     

Can public arts education replace arts subsidization?

The debate about whether the arts should be supported or not is far from new, and most governments support the arts in one way or the other. The literature considers several arguments in favor of such interventions. Public education may seem to be an action which could, in the long run, lead to possible reductions of subsidies. Surveys show that those who have been exposed to the arts when young participate more when adult. However, the “non-market” transmission from parents to children generates an external effect, which has to be taken into account to reach first-best situations. We construct an overlapping generations model in which young consumers are exposed to both public education toward the arts and to non-altruistic transmission of such a taste from their parents. We show that the first-best can be reached only if there is both public cultural education and subsidization of arts consumption. Therefore, education cannot be considered as a substitute for subsidies to arts consumption. However, as is often the case in European countries, government intervention is usually below the first-best level. Using a model calibrated on French data, we show that it is then preferable to subsidize education, while consumption, especially of the older generations, should be taxed rather than subsidized.

Cultural participation in Europe: Can we identify common determinants?

This article examines the extent to which demographic and socioeconomic characteristics influence the decision to visit and the number of visits to museums, art galleries, historical monuments, and archaeological sites. Using ordered probit models based on data for 350,000 adults in 24 EU countries, we find that the likelihood and number of such visits depend mainly on per capita household income, education, labor market status, and country of birth. Attained characteristics such as education and income have remarkably similar positive effects on cultural participation across the countries in our sample, while the effects of age and gender are both weaker and less consistent across countries. We conclude that cultural distinctions along the lines of socioeconomic attainment are stable even in very different country contexts with varying cultural policies and economic conditions. We discuss the way these results inform three research topics: identification of the characteristics of visitors to museums and historical sites in order to attract new audiences; the effect of public spending on culture on accessibility to cultural sites; and cross-national variation in cultural stratification.     

Does public support make a difference,and for whom?

The paper discusses the impact of gender on the income level and public support of artists in Finland. The empirical data is based on a research project carried out in the Arts Council of Finland. The data discussed in this paper indicated that the average income level of women artists is lower than their male colleagues. There was, however, no significant evidence of a gender bias in the distribution of public support for artists. The variation in the economic situation of artists seems to be notably stronger according to art form than according to gender.Based on a paper presented at the 9th international conference of the Association for Cultural Economics, held in Boston, May 8–11, 1996.     

Laser cleaning of stone artefacts: a substitute or alternative method?

Laser cleaning of ancient marble and stone monuments is nowadays a well-accepted procedure in conservation. Operators and specialists are presently divided between those giving maximum confidence to this method of cleaning and others who, in contrast, are strongly critical and emphasise possible drawbacks and damages caused by laser. As any other method of cleaning, laser also offers advantages but at the same time is limited by drawbacks. Most conveniently, it should be integrated with the other methods. On the basis of the above considerations, the authors are proposing a combined procedure using laser cleaning as a first step – in this way removing the relevant part of black gypsum encrustation – followed by chemical methods as a final step. The latter, conveniently, could be accomplished by means of anion exchange resins, better than ammonium carbonate. An experimental check-up was made of four different methods applied on three different lithotypes on the façade of the Florentine Cathedral. Laser, micro-sandblasting, ammonium carbonate and sodium EDTA were the cleaning methods compared, whilst Carrara marble, green Serpentine (Verde di Prato) and a red limestone were the three lithotypes. Results are commented by showing differences in the advantages and drawbacks among the different methods on the various lithotypes.     

Is There a Crisis of Accountability in the American Research University?

America's research universities, approximately 125 in number,play important roles in the nation's research system, and help toset the tone for all institutions of research and higherlearning. As the research universities have formed closer linkswith industry, new problems have arisen that have precipitated amajor debate. The academic medical centres and related lifescience departments present some of the most challenging newissues, which are analysed in this paper within the framework ofthe biomedical research system that has evolved in the UnitedStates since the Second World War.     

Why Do Companies Sponsor Arts Events? Some Evidence and a Proposed Classification

Corporate philanthropy towards the arts isof long standing in the United States. There is nosuch tradition in Europe, but corporate sponsorship ofthe arts has been in place since the 1960s (seeFrémion, 1994). This paper will discuss thedifferences and similarities between these two formsof business support to the arts and then concentrateprimarily on corporate sponsorship. The motivationsfor companies to sponsor arts events are examined inthe context both of the literature relating to themotivations for corporate philanthropy and corporatepromotional/marketing expenditure. Results from asurvey of 69 companies that had sponsored 129 artsevents in Ireland are presented and compared to thelimited results from similar surveys elsewhere. Itis suggested that the motivations for such sponsorshipcan usefully be reduced to four: promotion ofimage/name, supply-chain cohesion, rent-seeking andnon-monetary benefit to managers/owners. The evidence for this from the survey, either directly available orimplicit in the responses to some other questions, issignificant.     

Busy as a Bee or Unemployed?: Shifting Scientific Discourse on Work

Changing images of work in discourse both portray and co-constitute the shift from an industrial to a postindustrial economy. Specifically, work metaphors appear in extra-scientific and intra-scientific discourse on workers and work structures in the natural and social world. An analysis of the entomological discourse from the late nineteenth century to the present shows changes in these metaphors that overlap with the discourse of change in human work and organizational structures. For instance, the metaphor of a busy bee within an efficient hive had traditionally evoked a comparison to the modern industrial workplace. The discourse on the hive currently more closely resembles a postindustrial conception of work. Discourse analysis can illustrate the role of language in co-constructing shared changes in image of work.     

From the Triple Helix to a Quadruple Helix? The Case of Dip-Pen Nanolithography

In this article, we propose four modifications to the standard Triple Helix innovation model, which consists of the three strands: university, government, industry. First, in view of recent economic, cultural, organizational and ideological changes in many countries, it is now important to introduce a fourth strand to the standard model, namely society. Second, we observe that strands occur in doublets which we refer to as binomials. Examples of doublets include university/society, university/industry, industry/society, etc. Third, the binomials are organized in a hierarchic mode; for example in the university/society binomial, university may be dominant and the society secondary. The hierarchy arrangement proves decisive. Fourth, Helix-driven innovation processes take the form of temporary segmented phases. Using the case study of Dip-Pen nanolithography, we identify four phases where each phase is characterised by specific binomials accompanied by a hierarchy: academic instrument research (university/society); from instrument to tool; company start-up (university/industry); the mature firm and commercialization (industry/society); confirming the societal strand “nanofication”(society/industry). The government strand operates as a recessive component in phases one and four.     

Strontium,a new marker of the origin of gypsum in cultural heritage?

A new possible methodology for recognizing the nature of gypsum in artworks, in particular for wall paintings, was developed. Calcium sulfate can be an alteration product of the calcium carbonate, or a component used by the Artist himself; the problem of identification of the presence and the nature of gypsum could be found detecting the presence of strontium. This element could be used as a marker since, differently from the alteration form, in mineral gypsum simultaneous presence of calcium and strontium occurs. The correlation between these two elements may be recognized using non-invasive in situ X-ray fluorescence measurements. In the present work, we tested this occurrence in various mineral samples of gypsum and alabaster as well in tempera, fresco and Egyptian paintings. Considering the new possible role of strontium indicating the presence of natural gypsum, we expect to provide a valuable tool for conservation scientists, restorers and art historians.     

Projectification of Doctoral Training? How Research Fields Respond to a New Funding Regime

Funding is an important mechanism for exercising influence over ever more parts of academic systems. In order to do so, funding agencies attempt to export their functional and normative prerequisites for financing to new fields. One essential requirement for fundees is then to construct research processes in the form of a project beforehand, one that is limited in time, scope and content. This article demonstrates how the public funding of doctoral programs expands this model of project research from experienced academics to the socialization process for the new academic generation. This process of “projectification” underlies funding-driven institutional changes in doctoral training. A multi-level comparative study of German policies, funding mechanisms and organizational frameworks for doctoral training demonstrates the emergence of a specific model of predefined PhD projects. The investigation of doctoral training practices reveals that socio-epistemic preconditions regulate whether research fields adopted or rejected this demanding model. This result contradicts widespread claims about a radical change in doctoral training and suggests focusing on the actual practices of field-specific doctoral research.     

The internet as a celestial TiVo: What can we learn from cable television adoption?

It appears that the Internet is soon going to fulfill its potential to become a giant on-demand repository of television shows (and movies) available asynchronously, greatly increasing the variety of shows available at a moment in time. As companies such as Netflix and Hulu increase their activities in this sphere, there are many unanswered questions about the impacts of this transition. In this paper, we attempt to foretell the impact of Internet-induced increased variety on the amount of time individuals devote to viewing television. We use cable and satellite television’s impact on viewing as a proxy for the likely impact that future Internet transmission of programs will have. Using country-based panel data going back to the mid-1990s, we find that the increased variety brought about by cable and satellite has had virtually no impact on the amount of time devoted to television viewing. We discuss the import of this finding for Internet business models of television transmission.     

Re-disciplining Academic Careers? Interdisciplinary Practice and Career Development in a Swedish Environmental Sciences Research Center

Minerva - Interdisciplinarity is often framed as crucial for addressing the complex problems of contemporary society and for achieving new levels of innovation. But while science policy and...     

<Emphasis Type="Italic">American Idol</Emphasis>: should it be a singing contest or a popularity contest?

In the popular FOX TV reality show, American Idol, the judges, who are presumably experts in evaluating singing effort, have no voting power when the field is narrowed to the top 24 contestants. It is only the votes of viewers that count. In the 2007 season of the show, one of the judges, Simon Cowell, threatened to quit the show if a contestant, Sanjaya Malakar, who was clearly a low-ability contestant, won the competition. He was concerned that the show was becoming a popularity contest instead of a singing contest. Is this a problem? Not necessarily. I show that, under certain conditions, making success in the contest dependent on a contestant’s popularity and not solely on her singing ability or performance, could paradoxically increase aggregate singing effort. It may be optimal to give the entire voting power to the viewers whose evaluation of singing effort is noisier.     

Outlining a Dialogic Framework of Difference: How do Sri Lankan Tamil Refugees in India Constitute and Negotiate Difference?

Abstract

This article addresses the pedagogical aspects of cross-cultural communication, dialogue and democratic pluralism. Analysis of a classroom conversation about unrepaired levees in New Orleans and the media demonstrates the complexities that can arise when addressing race. Intercultural communication research has offered useful attention to these complexities, which have a direct link to the objectives of dialogue and pluralism. The article asserts that pluralism requires affective and cognitive recognition of that which offends and is beyond one's imagination, and that acts of racialized misrecognition often hold within them the practices of justice and hope.     

The Gender Perspective in Nursing Research: A Theoretical Treasure Chest or a ‘Thorn’ in the Side?

This article contributes to the current discussion on interdisciplinarity in the health research field. It focuses on the relationship between nursing research and gender research. Nursing research is a ‘health sciences’ field which draws from the social sciences, the humanities, and biomedicine. Previous research shows the difficulties that social scientists face in their efforts to integrate with biomedical scientists. The aim of this article is to analyse nursing researchers’ views about one potential collaboration partner in the social sciences and humanities: gender research. The study draws its theoretical insights from research within the sociology of science. It uses ideas about the intertwining of power and knowledge, which is especially emphasised in the works of Pierre Bourdieu. The research material consists of 180 abstracts of nursing research articles that argue in some way about the relationship between nursing research and gender research. The Scopus database was selected because it covers nursing research in a broad sense. The scope (28 years) of the study is long. The close reading of abstracts is inspired by rhetorical discourse analysis. We found three clearly different but also overlapping discourses that justified gender perspectives in nursing research: Gender research helps to highlight the socio-political context in nursing research; Gender research develops or reforms the nursing research tradition; and Gender research exists as a form of critique within nursing research. Most of the nursing research abstracts regard gender research positively for both external and internal reasons. The abstracts also demonstrate the tensions in the relationship and discuss the views and reasons that generate scepticism towards gender research in nursing research.