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We propose a novel dynamic factor model to characterise comovements between returns on securities from different asset classes from different countries. We apply a global-class-country latent factor model and allow time-varying loadings. We are able to separate contagion (asset exposure driven) and excess interdependence (factor volatility driven). Using data from 1999 to 2012, we find evidence of contagion from the US stock market during the 2007–2009 financial crisis, and of excess interdependence during the European debt crisis from May 2010 onwards. Neither contagion nor excess interdependence is found when the average measure of model implied comovements is used.

The purpose of this study is to explore linguistic stylometric patterns encompassing lexical, syntactic, structural, sentiment and politeness features that are found in librarians’ responses to user queries.

A total of 462 online texts/transcripts comprising answers of librarians to users’ questions drawn from the Internet Public Library were examined. A Principal Component Analysis, which is a data reduction technique, was conducted on the texts and transcripts. Data analysis illustrates the three principal components that predominantly occur in librarians’ answers: stylometric richness, stylometric brevity and interpersonal support.

The results of the study have important implications in digital information services because stylometric features such as lexical richness, structural clarity and interpersonal support may interplay with the degree of complexity of user queries, the (a)synchronous communication mode, application of information service guideline and manuals and overall characteristics and quality of a given digital information service. Such interplay may bring forth a direct impact on user perceptions and satisfaction regarding interaction with librarians and the information service received through the computer-mediated communication channel.

To the best of the authors’ knowledge, the stylometric features encompassing lexical, syntactic, structural, sentiment and politeness using Principal Component Analysis have not been explored in digital information/reference services. Thus, there is an emergent need to explore more fully how linguistic stylometric features interplay with the types of user queries, the asynchronous online communication mode, application of information service guidelines and the quality of a particular digital information service.