This paper delineates the simultaneous impact of non-anticipated information on first and second moments of the intraday price process by including appropriate variables accounting for the news flow into both the mean and the variance function. This allows us to differentiate between the...

If there is no such thing as a European Public Sphere (EPS), why don't we construct one? The answer seems to be obvious: There is no way one could construct a public sphere top-down since it depends on the active participation of speakers, the media and audience. In a democratic society they are...