Robert Hudson

A note on the weak form efficiency of capital markets: The application of simple technical trading rules to UK stock prices - 1935 to 1994

Abstract Brock et al. (1992) found technical trading rules to have predictive ability with regards to the Dow Jones Index. The current paper considers whether this result can be replicated on UK data. The paper also considers whether investors could earn excess returns from technical analysis in a costly trading environment. The paper concludes that although the technical trading rules examined do have predictive ability in terms of UK data, their use would not allow investors to make excess returns in the presence of costly trading.

Economic impact of national sporting success: evidence from the London stock exchange.

In this article strong association is reported between the performance of the England football team and subsequent daily changes in the FTSE 100 index, representing the price of shares in the 100 largest companies traded on the London stock exchange.

Development and characterization of novel photosensitizer : scFv conjugates for use in photodynamic therapy of cancer.

Photodynamic therapy (PDT) is becoming an evermore useful tool in oncology but is frequently limited by side‐effects caused by a lack of targeting of the photosensitizer. This problem can often be circumvented by the conjugation of photosensitizers to tumour‐specific monoclonal antibodies. An alternative is the use of single chain (sc) Fv fragments which, whilst retaining the same binding specificity, are more efficient at penetrating tumour masses because of their smaller size; and are more effectively cleared from the circulation because of the lack of an Fc domain. Here we describe the conjugation of two isothiocyanato porphyrins to colorectal tumour‐specific scFv, derived from an antibody phage display library. The conjugation procedure was successfully optimized and the resulting immunoconjugates showed no loss of cell binding. In vitro assays against colorectal cell lines showed these conjugates had a selective photocytotoxic effect on cells. Annexin V and propidium iodide staining of treated cells confirmed cell death was mediated principally via an apoptotic pathway. This work suggests that scFv : porphyrin conjugates prepared using isothiocyanato porphyrins show promise for use as targeted PDT agents.

Further reflections on the nature of intuition-analysis and the construct validity of the Cognitive Style Index

Theoretical and empirical arguments that support the construct validity of the Allinson-Hayes Cognitive Style Index are reviewed in the light of Hodgkinson and Sadler-Smiths (2003) assertion that Allinson and Hayes (1996) incorrectly specified the nature of the Cognitive Style Index (CSI) as a measure of intuition-analysis predicated on a unitarist conception of the construct. It is concluded that Hodgkinson and Sadler-Smith fail to offer a robust challenge to either the theoretical or empirical arguments supporting the construct validity of the Cognitive Style Index.

Strategies for selective delivery of photodynamic sensitisers to biological targets

Strategies for increasing the affinity of photodynamic sensitisers for specific tissues, cells and organisms are reviewed. Biological outcomes are evaluated and therapeutic potential assessed.

Potential of cationic porphyrins for photodynamic treatment of cutaneous Leishmaniasis

Four tetracationic porphyrins have been investigated for their ability to photo-inactivate Leishmania major promastigotes. Parallel photocytotoxicity assays against keratinocytes and macrophages show significant differences in activity between the microorganism and mammalian cells. Results suggest that it may be possible to photodynamically inactivate macrophages infected with Leishmania and the promastigote form of the microorganism, while minimising damage to surrounding tissue.

Linearly polarised organic light-emitting diodes (OLEDs): synthesis and characterisation of a novel hole-transporting photoalignment copolymer

We describe the synthesis and characterisation of a novel hole transporting photoalignment copolymer for linearly polarised emission. The copolymer has a coumarin side-chain which undergoes (2 + 2) cycloaddition on irradiation with ultraviolet light. A fluorene side-chain, whose ionisation potential is well matched to the work-function of indium tin oxide, provides hole transporting properties. Polarised green electroluminescence was obtained by spin coating a novel polymerisable and light-emitting liquid crystal onto the photoaligned copolymer. A polarisation ratio value of 13 : 1 and a polarised irradiance of 200 cd m−2 was obtained at 9 V. Polarised red emission is also described in a guest–host configuration. The spatial patterning of the polarisation direction is also shown.

Electroluminescent segmented liquid crystalline trimers

The synthesis and liquid crystal behaviour of light‐emitting trimeric liquid crystals consisting of three mesomorphic moieties connected by aliphatic spacers are reported. The combination of an aromatic light‐emitting central core and two cholestanyl (dihydrocholesteryl) groups induces a helical liquid crystalline phase with circularly polarised photoluminescence and electroluminescence. These segmented trimers are designed to possess a high glass transition temperature below which the structure of liquid crystalline phases can be fixed. The effects of odd and even spacers, spacer length and the presence of large lateral substituents on the liquid crystal behaviour and the glass transition temperature of these trimers were studied. Electroluminescence from a segmented liquid crystalline trimer is reported for the first time.

Non‐executive directors and the Higgs consultation paper, ‘Review of the role and effectiveness of non‐executive directors’

This paper has the objective of reflecting on the role of non‐executive directors (NEDs) in the corporate governance process. The paper reviews the role of NEDs both from an academic perspective and from the perspective of the lead author’s practical experience of being (having been) a chairman, a chief executive and a NED on the boards of private and public companies. In addition to taking an overview of the main issues involved the paper comments on the specific issues raised in the Department of Trade and Industry (DTI) review of the role and effectiveness on NEDs by Derek Higgs. Finally, the paper offers conclusions and recommendations for improving the effectiveness of NEDs.

Why investors should be cautious of the academic approach to testing for stock market anomalies

This paper uses the well known pre-holiday stock market anomaly to clarify the uses and limitations of the academic approach to testing for such anomalies with respect to the differing requirements of academics and investors. The approach is not designed to produce information suitable for making investment decisions but to inform academic debate. The results produced by the approach could lead to highly inappropriate trading if acted upon by investors. The paper illustrates the types of problem that can arise and offers some possible solutions.