{"id":16513,"date":"2011-09-29T22:49:01","date_gmt":"2011-09-30T02:49:01","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=16513"},"modified":"2011-09-29T22:49:01","modified_gmt":"2011-09-30T02:49:01","slug":"september-29-2011","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=16513","title":{"rendered":"September 29, 2011"},"content":{"rendered":"

I’m speechless<\/a>:<\/p>\n

Stock traders are more egocentric and prone to lying than psychopaths, according to new research submitted to the Journal of Economic Psychology.<\/p>\n

But psychopaths are better at getting what they want.<\/p>\n

\u201cTraders go out of their way to destroy the competition, even if they don\u2019t get any economic benefit as a result,\u201d says Thomas Noll, who conducted the research as part of his executive MBA at the University of St. Gallen in Switzerland.
…<\/b>
Faced with a hypothetical choice between co-operating for everyone\u2019s benefit and getting a predictable reward or cheating and possibly getting more for themselves, traders were more likely than psychopaths to cheat, said Noll.<\/p>\n

As a result, psychopaths, who broke the rules occasionally, won the most, ordinary people, who almost always played by the rules and who co-operated, came in second, while traders, who didn\u2019t care how their actions affected anyone else, cheated the most and won the least.<\/p><\/blockquote>\n

The story’s all over the ‘Net. I believe the source article, in German, is this one<\/a>. The last paragraph of the Star article quoted above makes it sound like the game chosen was some version of Prisoners’ Dilemma. If that’s the case, and assuming that the game was set up like most others of that ilk, it seems unfair to refer to what is normally called “betrayal” as cheating – it’s a strategy, with some word or other attached to it, that’s all. Additionally, and again assuming that it’s a relatively normal PD-type game, one could just as easily call the betrayal\/cheating choice one of risk minimization, in which case we’re no longer surprised that traders made the least amount of money, are we?<\/p>\n

Another one bites the dust<\/a>!<\/p>\n

New Zealand lost its AAA grades on local-currency debt at Fitch Ratings and Standard & Poor\u2019s, which both cited concerns about the nation\u2019s fiscal burden. Benchmark government yields rose the most this year.<\/p>\n

The outlook is stable after the long-term local-currency rating was reduced one level to AA+ and the foreign-currency rating was cut to AA from AA+, S&P said in a statement, matching actions announced yesterday by Fitch.
…<\/b>
New Zealand\u2019s net external debt of 83 percent of gross domestic product in U.S. dollar terms at the end of last year compares with the median of 10 percent for AA-rated nations, Fitch said. The current-account deficit, the widest measure of trade because it includes services and investment income, is likely to widen to 4.9 percent of GDP in 2012 and to 5.5 percent the following year, Fitch said.<\/p>\n

\u201cNew Zealand\u2019s high level of net external debt is an outlier among rated peers — a key vulnerability that is likely to persist as the current account deficit is projected to widen again,\u201d Andrew Colquhoun, head of Asia-Pacific sovereigns at Fitch, said in the statement. Even so, the country \u201cremains well-placed among the world\u2019s highly-rated sovereign credits.\u201d<\/p><\/blockquote>\n

The Canadian preferred share market was down today, with PerpetualDiscounts losing 21bp, FixedResets off 8bp andDeemedRetractibles down 1bp. Volatility was good. Volume was very low.<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n
HIMIPref™ Preferred Indices
These values reflect the December 2008 revision of the HIMIPref™ Indices<\/strong>
Values are provisional and are finalized monthly<\/td>\n<\/tr>\n
Index<\/td>\nMean
Current
Yield
(at bid)<\/td>\n		Median
YTW<\/td>\n		Median
Average
Trading
Value<\/td>\n		Median
Mod Dur
(YTW)<\/td>\n		Issues<\/td>\nDay’s Perf.<\/td>\nIndex Value<\/td>\n<\/tr>\n
Ratchet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.2372 %<\/td>\n2,083.1<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.2372 %<\/td>\n3,133.0<\/td>\n<\/tr>\n
Floater<\/td>\n3.12 %<\/td>\n3.44 %<\/td>\n54,144<\/td>\n18.65<\/td>\n3<\/td>\n-0.2372 %<\/td>\n2,249.2<\/td>\n<\/tr>\n
OpRet<\/td>\n4.85 %<\/td>\n2.59 %<\/td>\n59,208<\/td>\n1.60<\/td>\n8<\/td>\n-0.0097 %<\/td>\n2,442.8<\/td>\n<\/tr>\n
SplitShare<\/td>\n5.40 %<\/td>\n-0.46 %<\/td>\n52,323<\/td>\n0.41<\/td>\n4<\/td>\n-0.2186 %<\/td>\n2,483.2<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0097 %<\/td>\n2,233.7<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.65 %<\/td>\n4.60 %<\/td>\n110,999<\/td>\n0.57<\/td>\n16<\/td>\n-0.0210 %<\/td>\n2,119.0<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.33 %<\/td>\n5.33 %<\/td>\n110,003<\/td>\n14.77<\/td>\n14<\/td>\n-0.2108 %<\/td>\n2,240.4<\/td>\n<\/tr>\n
FixedReset<\/td>\n5.16 %<\/td>\n3.29 %<\/td>\n202,377<\/td>\n2.65<\/td>\n60<\/td>\n-0.0764 %<\/td>\n2,320.7<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n5.07 %<\/td>\n4.59 %<\/td>\n233,470<\/td>\n4.14<\/td>\n46<\/td>\n-0.0131 %<\/td>\n2,190.2<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n
Performance Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nChange<\/td>\nNotes<\/td>\n<\/tr>\n
CIU.PR.B<\/td>\nFixedReset<\/td>\n-3.14 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-06-01
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.50
\nBid-YTW : 4.54 %<\/td>\n<\/tr>\n
BAM.PR.J<\/td>\nOpRet<\/td>\n-2.18 %<\/td>\nYTW SCENARIO
\nMaturity Type : Soft Maturity
\nMaturity Date\t: 2018-03-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.07
\nBid-YTW : 4.66 %<\/td>\n<\/tr>\n
FTS.PR.F<\/td>\nPerpetual-Discount<\/td>\n-1.14 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2041-09-29
\nMaturity Price : 24.06
\nEvaluated at bid price : 24.35
\nBid-YTW : 5.07 %<\/td>\n<\/tr>\n
BNA.PR.E<\/td>\nSplitShare<\/td>\n-1.04 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2017-12-10
\nMaturity Price : 25.00
\nEvaluated at bid price : 22.81
\nBid-YTW : 6.70 %<\/td>\n<\/tr>\n
FTS.PR.E<\/td>\nOpRet<\/td>\n1.02 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2013-06-01
\nMaturity Price : 25.75
\nEvaluated at bid price : 26.78
\nBid-YTW : 2.55 %<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n
Volume Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nShares
Traded<\/td>\n		Notes<\/td>\n<\/tr>\n
TD.PR.S<\/td>\nFixedReset<\/td>\n144,985<\/td>\nRBC crossed blocks of 96,400 and 43,900, both at 26.00.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.95
\nBid-YTW : 3.05 %<\/td>\n<\/tr>\n
BNS.PR.R<\/td>\nFixedReset<\/td>\n95,305<\/td>\nTD crossed blocks of 79,000 and 12,000, both at 26.17.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.12
\nBid-YTW : 3.29 %<\/td>\n<\/tr>\n
CU.PR.C<\/td>\nFixedReset<\/td>\n43,350<\/td>\nRBC crossed 10,000 at 25.40, then 20,000 at 25.50.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2041-09-29
\nMaturity Price : 23.25
\nEvaluated at bid price : 25.40
\nBid-YTW : 3.64 %<\/td>\n<\/tr>\n
BMO.PR.J<\/td>\nDeemed-Retractible<\/td>\n32,706<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2016-02-25
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.16
\nBid-YTW : 4.47 %<\/td>\n<\/tr>\n
CM.PR.G<\/td>\nPerpetual-Premium<\/td>\n25,465<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-05-01
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.95
\nBid-YTW : 5.31 %<\/td>\n<\/tr>\n
BMO.PR.Q<\/td>\nFixedReset<\/td>\n22,920<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.05
\nBid-YTW : 3.26 %<\/td>\n<\/tr>\n
There were 20 other index-included issues trading in excess of 10,000 shares.<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n
Wide Spread Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nQuote Data and Yield Notes<\/td>\n<\/tr>\n
CIU.PR.B<\/td>\nFixedReset<\/td>\nQuote: 26.50 – 27.50
\nSpot Rate : 1.0000
\nAverage : 0.6446<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-06-01
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.50
\nBid-YTW : 4.54 %<\/td>\n<\/tr>\n

BAM.PR.J<\/td>\nOpRet<\/td>\nQuote: 26.07 – 26.90
\nSpot Rate : 0.8300
\nAverage : 0.5915<\/p>\n

YTW SCENARIO
\nMaturity Type : Soft Maturity
\nMaturity Date\t: 2018-03-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.07
\nBid-YTW : 4.66 %<\/td>\n<\/tr>\n

FTS.PR.F<\/td>\nPerpetual-Discount<\/td>\nQuote: 24.35 – 24.85
\nSpot Rate : 0.5000
\nAverage : 0.3710<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2041-09-29
\nMaturity Price : 24.06
\nEvaluated at bid price : 24.35
\nBid-YTW : 5.07 %<\/td>\n<\/tr>\n

ELF.PR.G<\/td>\nPerpetual-Discount<\/td>\nQuote: 21.15 – 21.71
\nSpot Rate : 0.5600
\nAverage : 0.4635<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2041-09-29
\nMaturity Price : 21.15
\nEvaluated at bid price : 21.15
\nBid-YTW : 5.63 %<\/td>\n<\/tr>\n

ELF.PR.F<\/td>\nPerpetual-Discount<\/td>\nQuote: 22.62 – 22.96
\nSpot Rate : 0.3400
\nAverage : 0.2449<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2041-09-29
\nMaturity Price : 22.33
\nEvaluated at bid price : 22.62
\nBid-YTW : 5.86 %<\/td>\n<\/tr>\n

SLF.PR.F<\/td>\nFixedReset<\/td>\nQuote: 26.26 – 26.51
\nSpot Rate : 0.2500
\nAverage : 0.1628<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-06-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.26
\nBid-YTW : 4.08 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

I’m speechless: Stock traders are more egocentric and prone to lying than psychopaths, according to new research submitted to the Journal of Economic Psychology. But psychopaths are better at getting what they want. \u201cTraders go …<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15],"tags":[],"class_list":["post-16513","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/16513","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=16513"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/16513\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=16513"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=16513"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=16513"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}