The Efficient Market Hypothesis (EMH) asserts that, at all times, the price of a security reflects all available information about its fundamental value. The implication of the EMH for investors is that, to the extent that speculative trading is costly, speculation must be a loser's game. Hence, under the EMH, a passive strategy is bound eventually to beat a strategy that uses active management, where active management is characterized as trading that seeks to exploit mispriced assets relative to a risk-adjusted benchmark. The EMH has been refined over the past several decades to reflect the realism of the marketplace, including costly information, transactions costs, financing, agency costs, and other real-world frictions. The most recent expressions of the EMH thus allow a role for arbitrageurs in the market who may profit from their comparative advantages. These advantages may include specialized knowledge, lower trading costs, low management fees or agency costs, and a financing structure that allows the arbitrageur to undertake trades with long verification periods. The actions of these arbitrageurs cause liquid securities markets to be generally fairly efficient with respect to information, despite some notable anomalies.

The emergence of Modern Hebrew as a spoken language constitutes a unique event in modern history: a language which for generations only existed in the written mode underwent a process popularly called “revival”, acquiring native speakers and becoming a language spoken for everyday use. Despite the attention it has drawn, this particular case of language-shift, which differs from the better-documented cases of creoles and mixed languages, has not been discussed within the framework of the literature on contact-induced change. The linguistic properties of the process have not been systematically studied, and the status of the emergent language as a (dis)continuous stage of its historical sources has not been evaluated in the context of other known cases of language shift. The present collection presents detailed case studies of the syntactic evolution of Modern Hebrew, alongside general theoretical discussion, with the aim of bringing the case of Hebrew to the attention of language-contact scholars, while bringing the insights of the literature on language contact to help shed light on the case of Hebrew.

August 1939 was a time of great flux. The fear of impending war fueled by the aggression of Nazi Germany forced many changes. Young people pursuing academic research were plunged into an entirely different kind of research and development. For Bernard Lovell, the war meant involvement in one of the most vital research projects of the war-radar. Echoes of War: The Story of H2S Radar presents a passionate first-hand account of the development of the Home Sweet Home (H2S) radar systems during World War II. The book provides numerous personal insights into the scientific culture of wartime Britain and details the many personal sacrifices, setbacks, and eventual triumphs made by those actively involved. Bernard Lovell began his work on airborne interception radar in Taffy Bowen's airborne radar group. He was involved in the initial development of the application of the 10 centimeter cavity magnetron to airborne radar that revolutionized radar systems. In the autumn of 1941, the failure of Bomber Command to locate its target over the cloudy skies of Europe prompted the formation of a new group to develop a blind bombing system. Led by Lovell, this group developed the H2S radar system to identify towns and other targets at night or during heavy cloud cover. H2S first saw operational use with the Pathfinder Squadrons in the attack on Hamburg during the night of January 30-31, 1943. Two months later, modified H2S units installed in Coastal Command aircraft operating over the Bay of Biscay had a dramatic tactical effect on the air war against U-boats. The tide had begun to turn. In this fascinating chronicle of the H2S radar project, Sir Bernard Lovell recreates the feel and mood of the wartime years.