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This paper aims to investigate the quickness, and test the accuracy, of liquidity taking high-frequency traders (HFT). This gives us important insights into a class of market participant who has come to be very influential in present markets.

The authors use the weekly natural gas (NG) storage report for the test because the information contained in the release often has a large effect on prices. Moreover, the NG market is heavily traded and liquid, and prone to high volatility. These factors make trading in this market attractive to HFT. The authors test for the profitability of those who trade in the first milliseconds after the report’s release; and for information leakage prior to the report.

The authors find those who trade within the first 50 ms accurately incorporate the information contained in the storage report into prices, and earn the majority of profits. In fact, HFT profits are decreasing in the time it takes them to trade after the announcement (measured to 200 ms). Further tests find no evidence of informed trading prior to the release of the report, and so the HFT reaction to the report incorporates the information contained therein into prices.

This is one of the few analyzes of the profitability of liquidity-taking HFT, and the only analysis that uses millisecond NG data. The data used is the exchanges original FIX/FAST messages.

The purpose of this research is to investigate the effects of market pressure on organisational innovation performance through commitment and resource to innovate and manager innovation capability.

A quantitative study was conducted with 273 participants working in different organisations. These participants were drawn from the LinkedIn network of one of the researchers. The data were collected using a survey questionnaire uploaded onto www.surveymonkey.com. The data were analysed using SPSS and AMOS, and structural equation modelling techniques were used to test the hypotheses.

We found that market pressure has a positive effect on both commitment to innovate and resource to innovate. In turn, both commitment to innovate and resource to innovate influence manager innovation capability. We also found that manager innovation capability positively affects organisational innovation performance. Furthermore, manager innovation capability is a mediator in the relationship between commitment to innovate and organisational innovation performance as well as in the relationship between resource to innovate and organisational innovation performance. Finally, the relationship between manager innovation capability and organisational innovation performance is moderated by both extrinsic and intrinsic motivations to innovate.

Our study provides empirical evidence of the roles of commitment to innovate, resource to innovate and manager innovation capability in enhancing the innovation performance of organisations. Therefore, organisations should show their commitment to innovate, provide resources to innovate, develop managers’ capabilities to innovate and use a mix of intrinsic and extrinsic motivators to boost their innovation performance.

This study offers new insights into the dynamics of how market pressure leads to innovation within organisations.

Communications regarding this column should be addressed to Mrs. Cheney, Peabody Library School, Nashville, Term. 37203. Mrs. Cheney does not sell the books listed here. They are available through normal trade sources. Mrs. Cheney, being a member of the editorial board of Pierian Press, will not review Pierian Press reference books in this column. Descriptions of Pierian Press reference books will be included elsewhere in this publication.

Communications regarding this column should be addressed to Mrs. Cheney, Peabody Library School, Nashville, Tenn. 37203. Mrs. Cheney does not sell the books listed here. They are available through normal trade sources. Mrs. Cheney, being a member of the editorial board of Pierian Press, will not review Pierian Press reference books in this column. Descriptions of Pierian Press reference books will be included elsewhere in this publication.

The purpose of this paper is to explore the political, toy manufacturing, and educational activities of Caroline Louise Pratt (1867‐1954), founder of the Play School (later renamed City and Country School), New York City.

The paper reviews previously unreported biographical material and draws on a number of Caroline Pratt's own writings, combining results of archival text research and digital searches.

Newly available data sources on Caroline Pratt's 1896‐1921 life show her to be more of a social reconstructionist than previously concluded. This research demonstrates that it was Pratt's feminist, socialist and trade unionist ideals, transformed into educational aims, that formed the core of her educational work.

This investigation is limited to Pratt's activities during the years 1896 to 1921.

The internet has provided ready access to a wealth of newspaper and journal documents. The ease of access has no precedent, and the volume of newly available data sources has brought opportunities for reinterpretation and rewriting of the history of education. Yet even more new data will inevitably become accessible. This paper provides insights into how previously unresearched documents, now easily found through digital research, can enhance understanding of the contributions of Caroline Pratt.

The purpose of this paper is to investigate how healthcare funds differ from healthcare exchange-traded funds (ETFs) in terms of delivering positive alpha, beta, and hedging against a market downturn risk. The authors consider which vehicle is more effective in providing diversification within the healthcare sector and to what extent can investors gain by diverting a portion of their holdings in the S&P 500 index fund into either a value-weighted healthcare fund portfolio or ETFs.

Pooled and individual regressions are employed to estimate single and four-factor models of 132 healthcare mutual funds and 43 healthcare ETFs over the past four decades. The authors performed additional regressions to test the performance of mutual funds and ETFs relative to market volatility, market downturns, and policy influence.

The authors find that both healthcare funds and ETFs provide significantly positive average alpha and hedge against a market downturn risk. Holding an all-stock portfolio such as the S&P 500 index fund can be improved by simply adding a value-weighted healthcare portfolio, resulting in both a higher return and a lower standard deviation. However, returns for these funds and ETFs perform poorly in a very volatile market. ETF returns increased with the passing of the Obamacare. Healthcare sector funds and ETFs declined with the recent criticism from Donald Trump since he became the apparent GOP nominee in July of 2016.

Extending the literature in both sample size and scope of issues, this paper provides investors and financial advisors with practical guidance for achieving higher portfolio return while lowering standard deviation. Additionally, this study documents policy influence on the returns of healthcare mutual funds and healthcare ETFs.

Recent developments in accounting for stock options have increased interest in the analytical techniques used to value them. Techniques used to value the options of publicly traded companies have been extensively discussed. In contrast, there has been almost no discussion of the valuation procedures of the options for non‐publicly traded companies. This paper addresses this gap. The paper suggests that a straightforward income capitalization model can be used to develop reasonable surrogates for the variables of the Black‐Scholes option pricing model. The paper also discusses how to adjust the income apitalization model for both lack of marketability and lack of control discounts.

GLASGOW was later by about one hundred and thirty years than some of the Scotch towns in establishing a printing press. Three hundred years ago, though Glasgow contained a University with men of great literary activity, including amongst others Zachary Boyd, there does not appear to have been sufficient printing work to induce anyone to establish a printing press. St. Andrews and Aberdeen were both notable for the books they produced, before Glasgow even attempted any printing.

Highlights the importance of music in ritual and culture generally, extending the focus to collective action. Argues that music and its emotional and cognitive impacts can be fundamental to the construction of social movement culture. Analyses song lyrics from the southern textile strikes of 1929‐1934 in an attempt to show how music and song helped construct a collective identity across relatively dispersed mill villages, shifted accountability for mill workers problems towards the labour process and its beneficiaries and suggested to the listener a collective solution. Discusses the implications of the findings for understanding music, culture and their relation to subordinate group challenge.