In this paper we investigate the impact of UK macroeconomic news announcements on selected futures contracts and exchange rates. We include a wide set of scheduled public news announcements in our study, including official interest rate decisions. We investigate whether the reaction to these announcements has changed since the Bank of England was granted operational independence in May 1997. Our results indicate that there may well have been changes in the way that financial markets incorporate key economic data into securities prices. In particular, we document an increase in the speed of the reaction to interest rate announcements, but also some evidence of a fall in the size of the full reaction.
No one ever said pension scheme trusteeship was easy. Indeed, this is particularly true with regard to the investment aspects of trusteeship, with its many nuances and often mystifying jargon and terminology. Trustees must strive to improve upon their skill, expertise and organisational effectiveness in determining and monitoring a scheme's investment strategy, because simplicity in many aspects of trusteeship and investment are continually giving way to increased complexity. Written by two renowned and highly experienced industry practitioners, with a mission to advance trustees' investment knowledge and to provide them with the necessary confidence and competence to adopt an advanced level of investment governance for their scheme, The Trustee Guide to Investment is a uniquely and refreshingly objective and practical guide to the ever expanding range of markets, investments, tools and techniques to which pension scheme trustees are increasingly exposed by their fund managers and advisers.
Objective: This study examined the impact of increasing automation replanning rates on operator performance and workload when supervising a decentralized network of heterogeneous unmanned vehicles. Background: Futuristic unmanned vehicles systems will invert the operator-to-vehicle ratio so that one operator can control multiple dissimilar vehicles connected through a decentralized network. Significant human-automation collaboration will be needed because of automation brittleness, but such collaboration could cause high workload. Method: Three increasing levels of replanning were tested on an existing multiple unmanned vehicle simulation environment that leverages decentralized algorithms for vehicle routing and task allocation in conjunction with human supervision. Results: Rapid replanning can cause high operator workload, ultimately resulting in poorer overall system performance. Poor performance was associated with a lack of operator consensus for when to accept the automation's suggested prompts for new plan consideration as well as negative attitudes toward unmanned aerial vehicles in general. Participants with video game experience tended to collaborate more with the automation, which resulted in better performance. Conclusion: In decentralized unmanned vehicle networks, operators who ignore the automation's requests for new plan consideration and impose rapid replans both increase their own workload and reduce the ability of the vehicle network to operate at its maximum capacity. Application: These findings have implications for personnel selection and training for futuristic systems involving human collaboration with decentralized algorithms embedded in networks of autonomous systems.
In: Clare, Andrew D., O'Sullivan, Niall , Sherman , Meadhbh and Thomas, Steve H., Multi-Asset Class Mutual Funds: Can They Time the Market? Evidence from the US, UK and Canada, Research in International Business and Finance, (2015 Forthcoming).
