In this overview paper we motivate the need for and research issues arising from a new model of data processing. In this model, data does not take the form of persistent relations, but rather arrives in multiple, continuous, rapid, time-varying data streams. In addition to reviewing past work

This paper examines the relation between stock returns and stock market volatility. We find evidence that the expected market risk premium (the expected return on a stock portfolio minus the Treasury bill yield) is positively related to the predictable volatility of stock returns. There is also

this paper we introduce a system called Crowds for protecting users' anonymity on the worldwide -web. Crowds, named for the notion of "blending into a crowd", operates by grouping users into a large and geographically diverse group (crowd) that collectively issues requests on behalf of its members. Web servers are unable to learn the true source of a request because it is equally likely to have originated from any member of the crowd, and even collaborating crowd members cannot distinguish the originator of a request from a member who is merely forwarding the request on behalf of another. We describe the design, implementation, security, performance, and scalability of our system. Our security analysis introduces degrees of anonymity as an important tool for describing and proving anonymity properties.

Distributed computing systems are being built and used more and more frequently. This distributod computing revolution makes the reliability of distributed systems an important concern. It is fairly well-understood how to connect hardware so that most components can continue to work when others are broken, and thus increase the reliability of a system as a whole. This report addressos the issue of providing software for reliable distributed systems. In particular, we examine how to program a system so that the software continues to work in tho face of a variety of failures of parts of the system. The design presented

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Volatility permeates modern financial theories and decision making processes. As such, accurate measures and good forecasts of future volatility are critical for the implementation and evaluation of asset and derivative pricing theories as well as trading and hedging strategies. In response to this

The presence of traders with superior information leads to a positive bid-ask spread even when the specialist is risk-neutral and makes zero expected profits. The resulting transaction prices convey information, and the expectation of the average spread squared times volume is bounded by a number

■ Data mining and knowledge discovery in databases have been attracting a significant amount of research, industry, and media attention of late. What is all the excitement about? This article provides an overview of this emerging field, clarifying how data mining and knowledge discovery

outcomes. We show that overconfidence implies negative long-lag autocorrelations, excess volatility, and, when managerial actions are correlated with stock mispricing, public-event-based return predictability. Biased self-attribution adds positive short-lag autocorrela-tions ~“momentum”!, short