Research Outputs
News
A Marie Curie Postdoctoral Research Fellowship has been awarded to Professor Jane Binner (Co investigator, Department of Finance) and Professor Peter Tino (Principal Investigator) School of Computer Science) for their programme entitled, “COEVOLFRAMEWORK; A Unified Framework for the Analysis of Co-evolutionary Systems: An Application to the Construction of EuroDivisia Money”.
Their research Fellow, Dr Siang Yew Chong will spend two years researching into this programme, commencing January 2016.
Research Summary
Today’s challenges are marked by more frequent and wide-spread episodes of social, economic, political and environmental crisis. Co-evolutionary systems offer a natural perspective and powerful tools to help us understand conditions that affect populations of agents whose behaviour changes in response to their interaction outcomes in situations of strategic decision-making. Studying these complex co-evolutionary systems remains an open challenge as rich structures in the models are not taken into account. The overarching aim of this project is to fill this major research gap with a unified, principled framework to analyze complex co-evolutionary systems. At the core of our approach is the graph representation of interacting agent behaviours where problem structures are fully captured by complete orientations in the graph and associated co-evolutionary dynamics by sampling processes on the graph. This project combines complementary expertise of the Experienced Researcher (Dr. Siang Yew Chong) in large co-evolutionary systems and the supervisors (Professors Tino and Binner, University of Birmingham) in complex, adaptive and dynamical systems applied to the construction of EuroDivisia money. Its vision is that the framework provides foundation for new modelling tools benefiting policy-makers, regulators, and academics through better understanding and predictive quality of real-world strategic decision-making systems.
Grants
Dr Finola Kerrigan and Professor Christina Goulding in the Department of Marketing have recently won a small grant from the ABIA (Accelerating Business-Knowledge Base Innovation Activity) fund (an internal ERDF fund) to undertake a 6 month project with Indigo, a small but very successful arts and culture consultancy. The project will test a new segmentation system for arts audiences, which will then be tested with arts organisations. With the support of a PhD and an MSc student the work will investigate issues around providing unique customer profiles based on both donor and audience segmentation data. This is a great opportunity for business engagement in the school and Indigo are keen to develop a long-term relationship following this project. If you’d like to discuss further business engagement in your research or the ABIA fund, please contact Andy Newnham, Business Engagement Partner for Social Sciences, at a.newnham@bham.ac.uk.
Publications
- Find publications from previous news articles
Books/Book Chapters (alphabetical order)
LATEST:
Binner, J., Anderson, R., Hagstromer, B. and Nilsson, B “Liquidity, Systematic Liquidity, Commonality and High Frequency Trading” Chapter 12, pp 197 - 214 in "A Handbook of High Frequency Trading" by Greg N. Gregoriou (Ed) Elsevier, 2015. ISBN 978-0-12-802205-4.
Financial market liquidity—that is, the ability to convert quickly a financial asset into medium-of-exchange, at low cost, and without significant loss in value—plays an essential role in the banking system and the macro economy. It is now well-understood that a sharp decrease in liquidity, due to an equally sharp increase in perceived counterparty risk, was one of the root causes of the 2007-2009 worldwide financial crisis.
A challenging aspect of understanding market liquidity is to understand the relationship between unanticipated changes in market return and liquidity and in individual securities’ returns and liquidity, a set of correlations often referred to as liquidity risk. When investors are assumed to seek to smooth consumption and, perhaps, are risk averse, liquidity risk will affect assets prices. Investors, for example, are likely to pay a premium for assets that retain liquidity when the market becomes less liquid, and to pay a premium for assets whose liquidity tends to be relatively insensitive (compared to other securities) to changes in the market rate of return. Further, unanticipated changes in the liquidity of individual securities tend to be correlated: one security suddenly becoming less liquid provides information to liquidity demanders and suppliers in related securities This covariance generates commonality in liquidity (across securities), a phenomenon we explore in detail below.
An important aspect of the financial crisis has been central banks’ lack of powerful tools to stimulate economic growth: zero short-term interest rates and “quantitative easing” policies largely have been ineffective. Some analysts have speculated that, in part, this is due to liquidity risk premia that increased sharply during the crisis and are only slowly retreating to more normal levels.
Carroll, B., Ford, J., Taylor, S. (2015) ‘ Leadership: Contemporary Critical Perspectives’, Sage Publications, ISBN: 9781446294376
The authors, an international team of experts, guide you on an entertaining journey through key concepts, contemporary issues and debates in leadership studies.
- Theory comes to life through a fascinating selection of case studies, ranging from political leaders such as Tony Blair to business leaders such as Steve Jobs, and from leadership in the arts to leadership in gang culture.
- Be inspired by the ‘Leadership on screen’ feature, which encourages analysis of how leadership is represented in film and TV, including The Dark Knight, Game of Thrones, The Hunger Games and Grey's Anatomy.
- Visit the website for access to additional resources including author videos and journal articles.
Critical and rigorous, yet also easy to digest, this text is ideal for students and practitioners with or without any prior knowledge of the field.
Forthcoming events
9 August, Vancouver
In August at the US Academy of Management in Vancouver, Birmingham Business School is co-sponsoring a film screening as part of the conference. The film is a new educational cut of 'The Corporation'. The screening will be at Vancity Theatre, mid-afternoon on Sunday 9 August. Anyone from the school attending the conference would be very welcome.