We develop a framework for assessing security market quality, relating five elements of market design to three metrics of market integrity and two metrics of market efficiency. We empirically implement this integrity–efficiency MQ framework by testing a hypothesis that trade-based ramping manipulation at the close raises execution costs on 24 security markets worldwide. Estimating a simultaneous equations model of ramping incidence, spreads, and the probability of deploying real-time surveillance, we show that quoted bid-ask spreads are positively related to the incidence (...) of MTC across seven liquidity deciles. The magnitude is economically significant; improving market integrity by cutting MTC in half reduces spreads 6–11 %. Allowing direct market access in conjunction with RTS, conducting auctions at the close, and developing regulations that require surveillance, all reduce MTC and thereby lower spreads, assuring better market integrity and enhancing market efficiency. Introducing circuit breakers or prohibiting shorts poses integrity–efficiency tradeoffs. (shrink)
This book takes concepts developed by researchers in theoretical computer science and adapts and applies them to the study of natural language meaning. Summarizing over a decade of research, Chris Barker and Chung-chieh Shan put forward the Continuation Hypothesis: that the meaning of a natural language expression can depend on its own continuation.
We present a general theory of scope and binding in which both crossover and superiority violations are ruled out by one key assumption: that natural language expressions are normally evaluated (processed) from left to right. Our theory is an extension of Shan’s (2002) account of multiple-wh questions, combining continuations (Barker, 2002) and dynamic type-shifting. Like other continuation-based analyses, but unlike most other treatments of crossover or superiority, our analysis is directly compositional (in the sense of, e.g., Jacobson, 1999). In (...) particular, it does not postulate a level of Logical Form or any other representation distinct from surface syntax. One advantage of using continuations is that they are the standard tool for modeling order-of-evaluation in programming languages. This provides us with a natural and independently motivated characterization of what it means to evaluate expressions from left to right. We give a combinatory categorial grammar that models the syntax and the semantics of quantifier scope and wh-question formation. It allows quantificational binding but not crossover, in-situ wh but not superiority violations. In addition, the analysis automatically accounts for a variety of sentence types involving binding in the presence of pied piping, including reconstruction cases such as Whose criticism of hisi mother did each personi resent? (shrink)
Response strategy is a key for preventing widespread corruption vulnerabilities in the public construction sector. Although several studies have been devoted to this area, the effectiveness of response strategies has seldom been evaluated in China. This study aims to fill this gap by investigating the effectiveness of response strategies for corruption vulnerabilities through a survey in the Chinese public construction sector. Survey data obtained from selected experts involved in the Chinese public construction sector were analyzed by factor analysis and partial (...) least squares-structural equation modeling. Analysis results showed that four response strategies of leadership, rules and regulations, training, and sanctions, only achieved an acceptable level in preventing corruption vulnerabilities in the Chinese public construction sector. This study contributes to knowledge by improving the understanding of the effectiveness of response strategies for corruption vulnerabilities in the public construction sector of developing countries. (shrink)
This paper presents syntactic and semantic rules for a fragment of English with mixed quotation. The fragment shows that quotation has a recursive and compositional structure. Quoted expressions turn out to denote characters, so the semantics of quotation simulates the pragmatics of speech, including dependence on utterance contexts and reference to mental entities. The analysis also accommodates varieties of unquotation, pure quotation, and causal reference.
Using the programming-language concept of continuations, we propose a new, multimodal analysis of quantification in Type Logical Grammar. Our approach provides a geometric view of in-situ quantification in terms of graphs, and motivates the limited use of empty antecedents in derivations. Just as continuations are the tool of choice for reasoning about evaluation order and side effects in programming languages, our system provides a principled, type-logical way to model evaluation order and side effects in natural language. We illustrate with an (...) improved account of quantificational binding, weak crossover, wh-questions, superiority, and polarity licensing. (shrink)
We propose a novel interpretation of natural-language questions using a modal predicate logic of knowledge. Our approach brings standard model-theoretic and proof-theoretic techniques from modal logic to bear on questions. Using the former, we show that our interpretation preserves Groenendijk and Stokhof's answerhood relation, yet allows an extensional interpretation. Using the latter, we get a sound and complete proof procedure for the logic for free. Our approach is more expressive; for example, it easily treats complex questions with operators that scope (...) over questions. We suggest a semantic criterion that restricts what natural-language questions can express. We integrate and generalize much previous work on the semantics of questions, including Beck and Sharvit's families of subquestions, non-exhaustive questions, and multi-party conversations. (shrink)
From the perspective of philosophy, the study of Mao Zedong's thought and practice from the founding of the Party to the Great Revolution has now developed to a new stage. The study of political thought has progressed to the study of philosophical thought; the study of the philosophical thought in certain of his representative writings has progressed to the study of his philosophical thought in the entire historical period; and the study of the philosophical thought of Mao Zedong the individual (...) has progressed to the study of its integration with the philosophical thought of other leaders of our Party. (shrink)
The present study is a cross-sectional survey that investigates ethical practices among Chinese psychotherapists from the perspective of a large representative sample of Chinese clients (N?=?1,100). In reports from clients, we found that psychotherapists did poorly in providing informed consent and had other ethical difficulties in the therapeutic setting and with dual relationships. We conclude that Chinese culture, especially Confucianism, had significant impact on the attitudes toward the psychotherapists' ethical practices, which complicated ethical dilemmas. It is important for cross-cultural psychotherapists (...) to become sensitive to the influences of traditional Chinese culture when counseling Chinese clients. (shrink)
We study the possible connection between self-consciousness and quantum process. It is shown that the self-consciousness function can help to measure the collapse time of wave function under some condition, while the usual physical device without self-consciousness can't. Furthermore, we show that the observer with self-consciousness can distinguish the definite state and the superposition of definite states under some stronger condition. This provides a practical physical method to differentiate man and machine, and will also help to find the possible existence (...) of self-consciousness in the animal kingdom. We finally give some further discussions about these new results. (shrink)
Both the fast and frugal heuristics and the naturalistic decision making research programmes have identified important areas of inquiry previously neglected in the traditional study of human judgment and decision making, and have greatly contributed to the understanding of people's real-world decision making under environmental constraints. The two programmes share similar theoretical arguments regarding the rationality, optimality, and role of experience in decision making. Their commonalities have made them appealing to each other, and efforts have been made, by their leading (...) academics, to promote synergy and integration. However, there has been little progress towards this during the last decade. This paper seeks to address this gap by seeking to better understand their commonalities and differences. To do so, literature relating to the two programmes is reviewed. The findings of the review indicated that an integration of the two could enhance FFHs' field research in applied settings, facilitate its investigation on boundary conditions of people's decision strategy selection, enable NDM to embrace emerging research opportunities in the age of big data, as well as permit each programme to enlighten the research topics and to validate the research findings of the other. (shrink)
New developments in molecular and cell biology during the past three decades have demonstrated that cells use a language of their own, namely"cell language". The essential features of the so-called cell language theory formulated in 1997 are reviewed as a prelude to establishing the concept ofmicrosemiotics'' and "microsemiosis''' the semiotics and sign processes, respectively, on the molecular level. Peircean semiotics is largely concemedwith macroscopic signs and hence is here referred to as macrosemiotics. The possibihty of extending Peircean semiotics from macroscale (...) to microscale was clearly foreseen by Sebeok in 1968 who also intuited the evolutionary, link between macro- and microsemiosis, leading to the formulation of what is here called the "Sebeok doctrine of signs" that contains 5 major testable propositions. The concept of "cosmosemiosis" as the sum of three terms, physiosemiosis, macrosemiosis, and microsemiosis, is defined and related to a theoretical model of the Universe known as the Shillongator, published in 1991, according to which superstrings serve as the primal source of free energy and information and hence as the Universal Sign Processor, similar to DNA acting as the primary biological sign processor in the living cell. Thus, the Shillongator as the physical effector or effectuator of cosmosemiosis appears to provide a coherent theoretical framework to integrate i) the Sebeok doctrine of signs, ii) Deely's theory of physiosemiotics, iii) macro- or Pericean semiotics, iv) the present author's microsemiotics, and v) Merleau-Ponty's ontology ofthe Flesh. (shrink)
A dynamic domain consists of a set of legal states and a transition function that maps states to states. AI formalisms for specifying dynamic domains have so far focused on describing the effects of actions, that is, the transition functions. In this paper we propose a notion of characteristic set of position systems for the purpose of describing legal states. A position system for a type of objects is a set of properties that are mutually exclusive, and that in each (...) state, every object of the type must satisfy exactly one of these properties called its position under the position system. A set of position systems, one for each type of objects in the domain, is characteristic if there is a one-to-one mapping between legal states and sets of objects’ positions under these position systems. These position systems are useful for reasoning about these dynamic systems including planning. In particular, we show that once we have characteristic sets of position systems for a dynamic domain, planning can be done by writing rules about when to move objects from one position to another. (shrink)