Reuben Segara

Supporting the reflective practice of tutors: what do tutors reflect on?

Effective self-reflection is a key component of excellent teaching. We describe the types of self-reflection identified in tutors’ reflective statements following a peer observation of teaching exercise. We used an adapted version of the categories developed by Grushka, McLeod and Reynolds in 2005 to code text from 20 written statements as technical (26% of comments), practical (36% of comments) and critical (33% of comments). Tutors also wrote about the affective aspects of the exercise and the majority of such comments were positive. Most tutors reflected in a holistic way about their teaching, noting the importance of getting the technical aspects right while also being concerned about pedagogical matters and issues beyond the classroom. The exercise was an effective way to prompt tutors to reflect on their teaching and helped tutors articulate and formalise their learning from the peer observation activity. Suggestions for further exploration of the reflective practice of tutors are provided.

Does broker anonymity hide informed traders

This study investigates whether broker anonymity impairs the ability of the market to detect informed trading in the lead up to takeover announcements. Our research represents the first study in this area to analyse the effects of broker anonymity in the context of significant information asymmetry. Results indicate that informed traders are less detected, and therefore better off when broker identifiers are concealed. This finding has important policy implications for exchange officials deciding whether or not to reveal broker identifiers surrounding trades, especially considering that almost all prior research suggests that broker anonymity is correlated with improved liquidity.

Stock Price Movements and Trading Behaviors Around Merger and Acquisition Announcements: Evidence from the Korean Stock Market

This study examines the relationship between price movements of target firms’ stocks and behaviors of local individual, local institutional, and foreign investors in trading target firms’ stocks around mergers and acquisitions announcements in Korea. Results reveal that the average abnormal return (AAR) becomes significantly positive three days prior to the announcement date and becomes insignificant after the announcement date. Results also show that local individual investors tend to sell more intensely prior to announcements for target firms with larger wealth effects. In contrast, foreign investors tend to buy target stocks with larger wealth effects more intensely prior to the announcement date, and then they sell them more intensely in the post-announcement period. This may imply that foreign investors are able to identify target stocks with large wealth effects prior to the announcement date and they realize short-term profits by selling them following the announcement.

The bid–ask spread of bank-issued options: a quantile regression analysis

In this paper we study the bid–ask spread of covered warrants, which are securitized derivatives also referred to as bank-issued options. We find that most of the factors affecting the size of the bid–ask spread for covered warrants are common to those affecting the bid–ask spread of regular options (such as hedging costs and order processing costs). However, we also find two results that are specific to covered warrants. First, competition among warrant issuers does not play an important role in reducing covered warrant bid–ask spread. Second, warrant market makers set the bid–ask spread taking into account the risk of trading with scalpers. We estimate quantile regressions to check whether the relations between the covered warrant bid–ask spread and explanatory variables depend on the size of the spread and to check whether results are robust to outliers. We find that the coefficient associated with hedging costs increases considerably as the size of the bid–ask spread increases, implying that a change in the hedging costs affects more warrants with wide bid–ask spread than warrants with tight bid–ask spread.