scholarly journals Is Information Content a Single, Static Quantity?

2021 ◽  
Vol 3 (1) ◽  
pp. 39-40
Author(s):  
Jorge Fernandez
Keyword(s):  
Information Content ◽  
Critical Element ◽  
Specific Kind ◽  
Significant Information ◽  
Static Quantity

Before information may be measured it must first manifest as a specific kind of information, and that manifestation always occurs within a fixed context. If any critical element of the context is changed, the information that is manifested also changes. The implication of that is significant: information is \emph{not} a single, static entity but instead is a variable, dynamic entity that acquires fixed definition only within a context.

scholarly journals Significance of the Correlation in Turn-taking Dialogues

2013 ◽  
Vol 99 (1) ◽  
pp. 75-84
Author(s):  
Lourembam Surjit Singh ◽  
R.K. Brojen Singh
Keyword(s):  
Information Content ◽  
Significant Information ◽  
Information Functions ◽  
Amount Of Information ◽  
Turn Taking ◽  
Radio Play ◽  
The Relationship

Abstract This piece of work investigates the relation between characters in a play based on turntaking dialogues. As the dialogues are related to each other in the play, numbers of turn-taking are significant of the characters’ relationship and the utterances give indication about the information content of the interaction. In this Manipuri radio play, the sequence of turns taken by the characters convey different amount of information with different functions. Numbers of dialogues oscillate significantly with a period of 2 scenes during the play. The degree of oscillation present in turn-taking dialogues carries significant information functions. The nature of the relationship between the characters involved and the theme of the play may be characterised by calculations on turn-taking dialogues.

Is all that glitters gold? A look at Fortune magazine’s 100 Fastest-Growing Companies

2019 ◽  
Vol 45 (7) ◽  
pp. 827-841
Author(s):  
Anthony Thomas Garcia ◽  
Anthony Loviscek ◽  
Kangzhen Xie
Keyword(s):  
Information Content ◽  
Performance Metrics ◽  
Editorial Staff ◽  
Selection Strategy ◽  
Portfolio Performance ◽  
Stock Selection ◽  
Significant Information ◽  
Content Type ◽  
Stock Portfolios ◽  
S 100

Purpose Does Fortune magazine’s list of the 100 Fastest-Growing Companies have information content; that is, is the list a source for market-beating performance? The paper aims to discuss this issue. Design/methodology/approach Using data for 26 annual periods, 1991–2016, the paper examines the top 5, 10, 25, 50 and all 100 stocks on a return-risk basis, including an application of Modern Portfolio Theory. To generate portfolio performance metrics, the study uses conventional mean-variance analysis, which includes the estimation of returns and risks, where risk will be measured by standard deviation and β. To arrive at the performance metrics and to determine whether information content is embedded in the list, the study reviews a series of tests. Because Fortune ranks the companies from 1 to 100, the data can be used to test if information content is displayed in sub-groups, such as in the first five to ten companies, even if it does not exist in the 100-stock portfolios. Findings The study finds that the returns are not high enough nor are the risks low enough statistically to conclude the existence of significant information content. Research limitations/implications As part of the authors’ efforts to move to the population of 2,600 firms as closely as possible, the authors use “delisting” returns from CRSP on 120 firms to account for missing observations, with a final sample size of 2,594 firms. Practical implications The evidence indicates that investors drawn to Fortune’s “100 Fastest-Growing Companies” should view them skeptically as a source for an effective stock selection strategy. Originality/value On the basis of the results of this study, readers will conclude that subscribers drawn to Fortune’s “100 Fastest-Growing Companies” should view them skeptically for investment recommendations. From a portfolio perspective, the study is unable to uncover information content that could lead to a market-beating performance, suggesting that the published criteria Fortune uses to select the Fastest-Growing Companies is embedded in the prices of the stocks even before Fortune publishes its list. The study notes that the selection criteria used by Fortune do involve some judgments on the part of the editorial staff (e.g. whether an announced restatement of previously reported financial data appears to have a significant impact), which means that someone who wished to anticipate the publication of the next list of the “Fastest-Growing Companies” would not only have to gather information but would also have to correctly anticipate these judgment calls.

scholarly journals COMPREHENSIVE MARKET MICROSTRUCTURE MODEL: CONSIDERING THE INVENTORY HOLDING COSTS

2017 ◽  
Vol 18 (2) ◽  
pp. 183-201 ◽  
Author(s):  
Doojin RYU
Keyword(s):  
Information Content ◽  
Market Microstructure ◽  
Futures Market ◽  
Market Liquidity ◽  
Significant Information ◽  
Holding Costs ◽  
Spread Dynamics ◽  
Microstructure Model ◽  
Inventory Holding ◽  
Indicator Model

The purpose of this study is to propose a structural market microstructure model and examine the intraday price and spread dynamics in a highly liquid market. We extend the model of Madhavan, Richardson, and Roomans to devise a comprehensive order indicator model that considers the order duration, order size, market liquidity, and most importantly, inventory holding costs. Our empirical analyses on the KOSPI200 futures market indicate that the inventory holding costs of liquidity suppliers explain a significant portion of model-implied spreads. Meanwhile, the duration and size of traded orders convey significant information content on the inventory holding component. Market liquidity is also an important consideration for futures traders who have to manage their inventory holding costs.

scholarly journals An analysis of the significance of information content in dividend announcements: the case in Indonesia

2014 ◽  
Vol 11 (4) ◽  
pp. 469-474
Author(s):  
Bandi Bandi ◽  
Doddy Setiawan ◽  
Sri Suranta ◽  
Lian Kee Phua
Keyword(s):  
Information Content ◽  
The Other ◽  
Bad News ◽  
Good News ◽  
Significant Information ◽  
Other Hand ◽  
Dividend Announcements

This research aims at examining the significance of the information content in dividend announcements, using the Indonesian context. The sample of this research consists of dividend announcements during 2006 – 2012 periods. The result of this research shows that the market reacts positively to the dividend increase announcements. Investors perceive that a dividend increase is good news, thus they react positively. Indonesian investor react negatively to the dividend decrease announcement. A dividend decrease is bad news, thus they react negatively. On the other hand, investors do not react to the no-change dividend announcement. These results show that dividend announcements in Indonesia contain significant information for the investors.

scholarly journals The information content of economic value added, residual income, earnings and operating cash flow: evidence from South African industrial shares

2010 ◽  
Vol 7 (3) ◽  
pp. 454-464 ◽  
Author(s):  
Pierre Erasmus
Keyword(s):  
Information Content ◽  
Cash Flow ◽  
Economic Value ◽  
Value Added ◽  
Performance Measure ◽  
Residual Income ◽  
Economic Value Added ◽  
Significant Information ◽  
Operating Cash Flow ◽  
Level Of Significance

Proponents of the value based financial performance measure of Economic Value Added (EVA) argue that it is a major improvement over other traditional measures. This study investigates the relationship between EVA and market-adjusted share returns, and compares it to that of residual income, earnings and operating cash flow. Relative information content tests suggest that earnings have the strongest relationship with share returns. The results from the incremental information content tests indicate that although the EVA components provide statistically significant information content beyond that provided by residual income, the level of significance is low.

scholarly journals INFORMATION CONTENT OF INTER-TRANSACTION TIME: A STRUCTURAL APPROACH

2015 ◽  
Vol 16 (4) ◽  
pp. 697-711 ◽  
Author(s):  
Doojin Ryu
Keyword(s):  
Regression Analysis ◽  
Information Content ◽  
Market Microstructure ◽  
Futures Market ◽  
Informed Trading ◽  
Significant Information ◽  
Trade Size ◽  
Microstructure Model ◽  
Intraday Data

This study examines the information role of inter-transaction time by employing a structural market microstructure model. By analyzing the intraday data of the KOSPI200 futures market, we find that the inter-transaction time (i.e., time between two consecu- tive trades) reveals significant information, and that fast trading is indicative of informed trading. This result remains robust when the effect of trade size is incorporated into the model. Our regression analysis indicates that the information role of inter-transaction time becomes more important when informed trading is less concentrated, liquidity is lower, and the market is more volatile.

scholarly journals The relative information content of audited and unaudited financial data releases

1987 ◽  
Vol 18 (2) ◽  
pp. 61-64 ◽  
Author(s):  
R. F. Knight ◽  
J. F. Affleck-Graves
Keyword(s):  
Information Content ◽  
Preliminary Report ◽  
Annual Report ◽  
Stock Exchange ◽  
Financial Data ◽  
Significant Information ◽  
Johannesburg Stock Exchange ◽  
Relative Information ◽  
Incremental Information ◽  
Relative Information Content

This article reports the results of a study which empirically investigates the relative information content of the three statutory reports required in terms of the Companies Act (1973) (viz. the interim report, the preliminary report and the annual report) in the context of the Johannesburg Stock Exchange. The relative information content of audited and unaudited data releases was likewise evaluated in this setting. The results presented indicate that the three statutory reports referred to each have significant information content although the PR appears to have a significantly larger information content than the others. Surprisingly, audited data do not appear to have a significantly different information content than unaudited data. A possible explanation which is tentatively offered is that audited data releases tend to be far less timely than unaudited data releases and this feature may result in a decaying of the former's incremental information content, if indeed any exists.

Assimilation of Dual-Polarization Radar Observations in Mixed- and Ice-Phase Regions of Convective Storms: Information Content and Forward Model Errors

2015 ◽  
Vol 143 (7) ◽  
pp. 2611-2636 ◽  
Author(s):  
Derek J. Posselt ◽  
Xuanli Li ◽  
Samantha A. Tushaus ◽  
John R. Mecikalski
Keyword(s):  
Particle Size ◽  
Particle Size Distribution ◽  
Size Distribution ◽  
Information Content ◽  
Forward Model ◽  
Dual Polarization ◽  
Significant Information ◽  
Radar Observations ◽  
Convective Storms ◽  
Ice Phase

Abstract Dual-polarization Doppler radar has proven useful for the estimation of hydrometeor content and the classification of hydrometeor type. Recent studies have leveraged dual-polarization-specific information to produce improved assimilated cloud and precipitation fields from the warm rain (above freezing) portion of deep convective storms. While the strengths of dual-polarization radar observations have been conclusively shown for rain and hail hydrometeors, it is less clear how much information is provided in mixed-phase and ice-only regions. In this paper, a Markov chain Monte Carlo (MCMC) algorithm is used to examine the information content of dual-polarization-specific variables in the ice-phase region of a convective storm. Results are used to quantify how much information is added by specific differential phase and radar correlation coefficient, as well as how this information is degraded when the assumed particle size distribution and particle density are allowed to vary. It is found that dual-polarization-specific observations (Kdp and ρhv) provide significant information on rimed ice content, and moderate information on pristine ice, especially where snow mass is more than 10% of the total volume hydrometeor mass. There is a significant reduction in information content for rain and a near-complete loss of information for graupel–hail and snow when the particle size distribution and ice particle densities are not well known, and there are systematic changes in radar information gain and loss with changes in hydrometeor mass. The results highlight the need for a thorough exploration of forward model sensitivities prior to performing radar data assimilation.

Practical Realization of a Reference System for Earth Dynamics by Satellite Methods

1975 ◽  
Vol 26 ◽  
pp. 341-380 ◽  
Author(s):  
R. J. Anderle ◽  
M. C. Tanenbaum
Keyword(s):  
Reference Frame ◽  
Polar Motion ◽  
Pole Position ◽  
Control Points ◽  
Significant Information ◽  
Crustal Motion ◽  
Average Reference ◽  
Future Data ◽  
Existing Data

AbstractObservations of artificial earth satellites provide a means of establishing an.origin, orientation, scale and control points for a coordinate system. Neither existing data nor future data are likely to provide significant information on the .001 angle between the axis of angular momentum and axis of rotation. Existing data have provided data to about .01 accuracy on the pole position and to possibly a meter on the origin of the system and for control points. The longitude origin is essentially arbitrary. While these accuracies permit acquisition of useful data on tides and polar motion through dynamio analyses, they are inadequate for determination of crustal motion or significant improvement in polar motion. The limitations arise from gravity, drag and radiation forces on the satellites as well as from instrument errors. Improvements in laser equipment and the launch of the dense LAGEOS satellite in an orbit high enough to suppress significant gravity and drag errors will permit determination of crustal motion and more accurate, higher frequency, polar motion. However, the reference frame for the results is likely to be an average reference frame defined by the observing stations, resulting in significant corrections to be determined for effects of changes in station configuration and data losses.

Applications of Scanning Microscopy in Biomedical Research

1968 ◽  
Vol 26 ◽  
pp. 354-355
Author(s):  
T. L. Hayes
Keyword(s):  
Information Content ◽  
Biomedical Research ◽  
Biomedical Applications ◽  
Three Dimensional ◽  
Dental Enamel ◽  
Resolving Power ◽  
Whole Mount ◽  
Two Parameters ◽  
Content Information ◽  
Sectioned Tissue

Biomedical applications of the scanning electron microscope (SEM) have increased in number quite rapidly over the last several years. Studies have been made of cells, whole mount tissue, sectioned tissue, particles, human chromosomes, microorganisms, dental enamel and skeletal material. Many of the advantages of using this instrument for such investigations come from its ability to produce images that are high in information content. Information about the chemical make-up of the specimen, its electrical properties and its three dimensional architecture all may be represented in such images. Since the biological system is distinctive in its chemistry and often spatially scaled to the resolving power of the SEM, these images are particularly useful in biomedical research.In any form of microscopy there are two parameters that together determine the usefulness of the image. One parameter is the size of the volume being studied or resolving power of the instrument and the other is the amount of information about this volume that is displayed in the image. Both parameters are important in describing the performance of a microscope. The light microscope image, for example, is rich in information content (chemical, spatial, living specimen, etc.) but is very limited in resolving power.

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