Home About us Contact
|
Home About us Contact | ||
|
|
||
Market
Kinds of Market Terms modified by Market Selected AbstractsPREDICTING THE IMPACT OF ANTICIPATORY ACTION ON U.S. STOCK MARKET,AN EVENT STUDY USING ANFIS (A NEURAL FUZZY MODEL)COMPUTATIONAL INTELLIGENCE, Issue 2 2007P. Cheng In this study, the adaptive neural fuzzy inference system (ANFIS), a hybrid fuzzy neural network, is adopted to predict the actions of the investors (when and whether they buy or sell) in a stock market in anticipation of an event,changes in interest rate, announcement of its earnings by a major corporation in the industry, or the outcome of a political election for example. Generally, the model is relatively more successful in predicting when the investors take actions than what actions they take and the extent of their activities. The findings do demonstrate the learning and predicting potential of the ANFIS model in financial applications, but at the same time, suggest that some of the market behaviors are too complex to be predictable. [source] THE WORLD HEROIN MARKET: CAN SUPPLY BE CUT?ADDICTION, Issue 7 2010SANDEEP CHAWLA No abstract is available for this article. [source] CHALLENGING THE CHALLENGERS: A REVIEW OF SERENA OLSARETTI'S LIBERTY, DESERT AND THE MARKET AND DANIEL ATTAS'S LIBERTY, PROPERTY AND MARKETSECONOMIC AFFAIRS, Issue 3 2007Elaine Sternberg These books attack free markets and libertarianism, alleging that their fundamental assumptions are philosophically indefensible. Olsaretti challenges the thesis that free markets produce distributively just outcomes. At most, however, she shows that limited, desert-based justifications of free-market outcomes fail to satisfy her questionable desiderata, and that particular entitlement-based justifications are inadequately supported when they confound voluntariness and freedom. Attas challenges libertarianism itself, claiming that it is fundamentally wrong, and that libertarian notions of property rights are unsustainable. But he considers only arguments based on defective notions of self-ownership and confused notions of freedom; other, more robust justifications of liberty and property are ignored. Though both of these books fail to demonstrate the strong conclusions they assert, they highlight the dangers of substituting polemic for philosophy. Free markets, property and liberty need, and deserve, rigorous philosophical defences. [source] WHY GERMAN LABOUR MARKET REFORM HAS BEGUNECONOMIC AFFAIRS, Issue 3 2005Michael Neugart The current German government, against the odds, has managed to introduce a number of labour market reforms previously seen as impossible. The reforms are briefly outlined, and the author, drawing on a number of theoretical approaches, suggests a number of reasons why these reforms have happened when they did. [source] CITIZEN EMPOWERMENT: BY BALLOT BOX OR MARKET?ECONOMIC AFFAIRS, Issue 4 2004John Meadowcroft No abstract is available for this article. [source] TRUST AND PROFESSIONAL RESPONSIBILITY IN A LIBERAL MARKETECONOMIC AFFAIRS, Issue 2 2004Chris Daykin Although apparently anti-competitive, the organised professions are deemed to be in the public interest because they ensure a supply of expertise within an ethical framework. Since they rely on the concept of a fiduciary relationship between the professional and the client, any failure of trust can undermine the structure. The paper explores the basis for trust, why trust may have failed, and how it might be restored. [source] THE IMPERFECT MARKET FOR PLAYERSECONOMIC PAPERS: A JOURNAL OF APPLIED ECONOMICS AND POLICY, Issue 4 2004Braham Dabscheck Professional team sports have developed a series of monopsonistic labour market rules that have severely limited the economic rights and income earning potential of players. These rules have been linked to the peculiar economics of professional team sports-the need of competitors to combine to produce a product (games). The paper identifies such rules. It also provides information on individual challenges by players to these rules before common law courts and collective action by players who formed player associations. The paper also outlines the trajectory of collective-bargaining negotiations in Australian rules football, soccer, rugby union, and cricket. [source] TOWARDS A MARKET ORIENTED APPROACH: EMPLOYER REQUIREMENTS AND IMPLICATIONS FOR UNDERGRADUATE ECONOMICS PROGRAMSECONOMIC PAPERS: A JOURNAL OF APPLIED ECONOMICS AND POLICY, Issue 3 2004Phillip Hellier The decline in enrolments in economics degrees and majors has been the focus of much concern in recent times. In 2001, two of the current researchers published a paper outlining a framework with which future investigation into the issue could be conducted (Keneley and Hellier 2001). Essentially this paper argued that a market orientated approach, which takes into account the value students and employers place on economics studies may point the way to a solution to the problem. As a first step in developing such an approach it is necessary to determine what employers require of the economics graduates they hire. With the support of the Economics Society of Australia such a survey was conducted in 2002. This paper presents the results of this survey and discusses some of the ramifications for the teaching of undergraduate economics. [source] IMMIGRATION POLICY AND THE AUSTRALIAN LABOUR MARKETECONOMIC PAPERS: A JOURNAL OF APPLIED ECONOMICS AND POLICY, Issue 1 2003BOB BIRRELL First page of article [source] THE NON-TRADED SECTOR, LOBBYING, AND THE CHOICE BETWEEN THE CUSTOMS UNION AND THE COMMON MARKETECONOMICS & POLITICS, Issue 3 2008CYRILLE SCHWELLNUS This paper models immigration policy as the outcome of political competition between interest groups representing individuals employed in different sectors. In standard positive theory, restrictive immigration policy results from a low-skilled median voter voting against predominantly low-skilled immigration. In the present paper, in contrast, once trade policies are liberalized, restrictive immigration policy results from anti-immigration lobbying by interest groups representing the non-traded sectors. It is shown that this is in line with empirical regularities from recent episodes of restrictive immigration legislation in the European Union. It is further shown that if governments negotiate bilaterally over trade and migration policy regimes, the equilibrium regime depends (i) on the sequencing of the international negotiation process and (ii) on the set of available trade and migration policy regimes. In particular, the most comprehensive and most welfare-beneficial type of liberalization may be rejected only because a less comprehensive type of liberalization is available. [source] CHINA BANS FOREIGN INVESTMENT IN TOBACCO MARKETADDICTION, Issue 5 2005Article first published online: 22 APR 200 No abstract is available for this article. [source] EXPLORING MARKET-BASED DEVELOPMENT: MARKET INTERMEDIARIES AND FARMERS IN CALAKMUL, MEXICO,GEOGRAPHICAL REVIEW, Issue 1 2005ERIC KEYS ABSTRACT. Market intermediaries play important roles in the development of tropical-forest frontiers but are often overlooked in the assessment of land-change dynamics. Consistent with research beyond land-change studies, intermediaries are found to be a pivotal element in land-use and land-cover change in southeastern Mexico. They have stimulated commercial chili cultivation in this development frontier, providing transportation and other services to smallholders who could otherwise not enter the chili market. This role comes at the cost of a near monopoly on chili marketing. The various roles played by these intermediaries, or coyotes, the means by which they operate, and the consequences for smallholders and land use are detailed for the Calakmul Municipality, Campeche, Mexico. [source] CREDIT CONSTRAINTS IN THE MARKET FOR CONSUMER DURABLES: EVIDENCE FROM MICRO DATA ON CAR LOANS,INTERNATIONAL ECONOMIC REVIEW, Issue 2 2008Orazio P. Attanasio We investigate the significance of borrowing constraints in the market for consumer loans. Using data from the Consumer Expenditure Survey on auto loan contracts we estimate the elasticities of loan demand with respect to interest rate and maturity. We find that, with the exception of high income households, consumers are very responsive to maturity and less responsive to interest rate changes. Both elasticities vary with household income, with the maturity elasticity decreasing and the interest rate elasticity increasing with income. We argue that these results are consistent with the presence of binding credit constraints in the auto loan market. [source] PRODUCT MARKET AND THE SIZE,WAGE DIFFERENTIAL*INTERNATIONAL ECONOMIC REVIEW, Issue 1 2002SHOUYONG SHI Using directed search to model the product market and the labor market, I show that large plants can pay higher wages to homogeneous workers and earn higher expected profit per worker than small plants, although plants are identical except size. A large plant charges a higher price for its product and compensates buyers with a higher service probability. To capture this size- related benefit, large plants try to become larger by recruiting at high wages. This size,wage differential survives labor market competition because a high wage is harder to get than a low wage. Moreover, the size,wage differential increases with the product demand when demand is initially low and falls when demand is already high. [source] HOW TO BEST ENSURE REMUNERATION FOR CREATORS IN THE MARKET FOR MUSIC?JOURNAL OF ECONOMIC SURVEYS, Issue 4 2006COPYRIGHT AND ITS ALTERNATIVES Abstract The focus of this essay is to examine the market for copyrighted works with a particular emphasis on the sound recording market. This market is currently in a state of flux, some would say disarray, due to the ability of the Internet to lower transmission costs for both authorized and unauthorized copies, with the latter being, at this time, far more prevalent. In this essay we discuss the intent of copyright, the role of copying and file-sharing, and some alternative production/consumption schemes meant to strengthen or to replace copyright. [source] SENSORY MAPPING OF BEERS ON SALE IN THE ITALIAN MARKETJOURNAL OF SENSORY STUDIES, Issue 1 2010G. DONADINI ABSTRACT The sensory profiles of 72 beers commercially available in Italy were described and quantified using descriptive analysis procedures. Principal component analysis indicated that nearly 74% of the variance across samples can be described by the first six principal components. Raw materials and specifically grains impart flavors that are responsible for the main source of variations and discrimination among beers of the Italian market. Second direction of variation is summarized by the perceived overall structure of a given brand and its fruity ester flavors. Although sameness seems to be the key word for pale lagers of the market as emerges from the application of multivariate techniques, this study proved to be efficient in gaining an insight into the relationships between this class of beers and its flavor characteristics and revealed some subtle but clear differences among brands which took the lion's share of the market. PRACTICAL APPLICATIONS The results of this study have practical implications for brewers, importers and distributors. Brewers who wish to introduce or re-position a new or existing beer brand into the Italian market can benefit from these pieces of information to improve the knowledge of the sensory structure of the beer market to better plan their industrial strategies. Moskowitz stated that mapping technique can be used by researchers "to identify which products compete with each other, as well as to discover whether or not there exist in the category unfilled holes that have promise." As competition intensifies, companies need to orientate more precisely and enhance more efficiently towards consumers' satisfaction and sensory properties of food and beverages are universally reported as determinants of product quality and acceptance. [source] SENSORY PROFILES OF THE MOST COMMON SALMON PRODUCTS ON THE DANISH MARKETJOURNAL OF SENSORY STUDIES, Issue 4 2006DITTE MARIE BENEDIKTE GREEN-PETERSEN ABSTRACT The sensory profiles of the most common chilled and frozen salmon products available to consumers on the Danish market were studied. A sensory profiling was made on 12 salmon products varying in salmon species, origin, storage method and time. Samples stored in ice between 7 and 16 days, frozen for 1 month or stored in modified atmosphere for 5 days all had sensory profiles dominated by sea/seaweed odor, juicy and oily texture, fresh fish oil, and sweet and mushroom flavor. Marked differences in the sensory profiles of the frozen samples were found to correlate to differences in storage time. Frozen storage for 6 months resulted in firm texture, discolored appearance and rancid flavor. The samples stored in modified atmosphere for 7 days had a sensory profile with marked rancid and sour odor. [source] HEDGING STRATEGIES AND MINIMAL VARIANCE PORTFOLIOS FOR EUROPEAN AND EXOTIC OPTIONS IN A LÉVY MARKETMATHEMATICAL FINANCE, Issue 4 2010Wing Yan Yip This paper presents hedging strategies for European and exotic options in a Lévy market. By applying Taylor's theorem, dynamic hedging portfolios are constructed under different market assumptions, such as the existence of power jump assets or moment swaps. In the case of European options or baskets of European options, static hedging is implemented. It is shown that perfect hedging can be achieved. Delta and gamma hedging strategies are extended to higher moment hedging by investing in other traded derivatives depending on the same underlying asset. This development is of practical importance as such other derivatives might be readily available. Moment swaps or power jump assets are not typically liquidly traded. It is shown how minimal variance portfolios can be used to hedge the higher order terms in a Taylor expansion of the pricing function, investing only in a risk-free bank account, the underlying asset, and potentially variance swaps. The numerical algorithms and performance of the hedging strategies are presented, showing the practical utility of the derived results. [source] PRICING IN AN INCOMPLETE MARKET WITH AN AFFINE TERM STRUCTUREMATHEMATICAL FINANCE, Issue 3 2004Virginia R. Young We apply the principle of equivalent utility to calculate the indifference price of the writer of a contingent claim in an incomplete market. To recognize the long-term nature of many such claims, we allow the short rate to be random in such a way that the term structure is affine. We also consider a general diffusion process for the risky stock (index) in our market. In a complete market setting, the resulting indifference price is the same as the one obtained by no-arbitrage arguments. We also show how to compute indifference prices for two types of contingent claims in an incomplete market, in the case for which the utility function is exponential. The first is a catastrophe risk bond that pays a fixed amount at a given time if a catastrophe does not occur before that time. The second is equity-indexed term life insurance which pays a death benefit that is a function of the short rate and stock price at the random time of the death of the insured. Because we assume that the occurrence of the catastrophe or the death of the insured is independent of the financial market, the markets for the catastrophe risk bond and the equity-indexed life insurance are incomplete. [source] STRATEGIC INVESTMENT IN A NEW MIXED MARKET WITH LABOR-MANAGED AND PROFIT-MAXIMIZING FIRMSMETROECONOMICA, Issue 4 2008Article first published online: 1 AUG 200, Kazuhiro Ohnishi ABSTRACT This paper examines a continuous-time mixed model of the strategic investment decisions of a labor-managed income-per-worker-maximizing firm and a profit-maximizing firm in a new mixed market and constructs a set of perfect equilibria of the continuous-time mixed model. The paper shows that there exists a particular equilibrium in which neither firm invests to its steady-state reaction curve. The paper also finds that the existence of the particular equilibrium depends on each firm's being able to respond quickly to its rival's investment and that the particular equilibrium is profitable for each firm. [source] SELECTION EFFECTS IN THE UNITED KINGDOM INDIVIDUAL ANNUITIES MARKETTHE ECONOMIC JOURNAL, Issue 476 2002Amy Finkelstein This paper explores adverse selection in the voluntary and compulsory individual annuity markets in the United Kingdom. Two empirical regularities support standard models of adverse selection. First, annuitants are longer-lived than non-annuitants. These mortality differences are more pronounced in the voluntary than in the compulsory annuity market. We estimate that the amount of adverse selection in the compulsory market is about one half of that in the voluntary market. Second, the pricing of different types of annuity products within each annuity market is consistent with individuals selecting products based, in part, on private information about their mortality prospects. [source] CLUSTERED SYNERGIES IN THE TAKEOVER MARKETTHE JOURNAL OF FINANCIAL RESEARCH, Issue 4 2008Jeff Madura Abstract In a competitive market for takeover bids, the takeover premium serves as an effective proxy for the expected synergy. We find that the expected synergy is primarily related to the premiums paid in other recent takeovers in the same industry. This relation is even stronger when considering previous takeovers (especially over the previous three-month horizon) in the same industry that have the same payment method (cash versus stock) or form of takeover (tender offer versus merger). More of the variation in expected synergies among takeovers can be explained by the premiums derived from recent takeovers in the same industry than by all bidder- and target-specific characteristics combined. We also find that the bidder valuation effects are inversely related to the premium paid for targets, implying that abnormally high premiums may reflect overpayment rather than abnormally high synergies. [source] ORDER PLACEMENT STRATEGIES IN A PURE LIMIT ORDER BOOK MARKETTHE JOURNAL OF FINANCIAL RESEARCH, Issue 2 2008Charles Cao Abstract Using order book information from the Australian Stock Exchange (ASX), we examine whether (and to what extent) the order book affects investors' order placement strategies. We find that the top of the book always affects order submissions, cancellations, and amendments, and the rest of the book mostly affects order cancellations and amendments. The previously documented order submission aggressiveness, given a crowded first step of the book, persists to other price steps and is found in order amendments and cancellations along the book. Finally, investors tend to fill in the large price gaps in the book by submitting or amending orders. [source] RELATIONSHIPS AND UNDERWRITER SPREADS IN THE EUROBOND FLOATING RATE NOTE MARKETTHE JOURNAL OF FINANCIAL RESEARCH, Issue 2 2006Michael G. Kollo Abstract We examine the role of issuer-underwriter relationships in determining underwriter spreads for Eurobond floating rate notes from 1992 to 2002. Financial and nonfinancial firms with long-term relationships pay a higher underwriter spread. Financial issuers that switch underwriters receive a discounted spread that is invariant to the underwriter's reputation and quality of the issue. However, the discount is not evident for nonfinancial firms. For both financial and nonfinancial firms, spreads are higher for noninvestment grade issues and, within investment grade, increase as quality declines. We also find higher spreads when underwriting is syndicated, and a strong negative time trend consistent with increasing competitive pressures. [source] LIQUIDITY AND QUOTE CLUSTERING IN A MARKET WITH MULTIPLE TICK SIZESTHE JOURNAL OF FINANCIAL RESEARCH, Issue 2 2005Kee H. Chung Abstract We analyze market liquidity (i.e., spreads and depths) and quote clustering using data from the Kuala Lumpur Stock Exchange (KLSE), where the tick size increases with share price in a stepwise fashion. We find that stocks that are subject to larger mandatory tick sizes have wider spreads and less quote clustering. We also find that liquidity providers on the KLSE do not always quote larger depths for stocks with larger tick sizes. Overall, our results suggest that larger tick sizes for higher priced stocks are detrimental to market liquidity, although the adverse effect of larger tick sizes is mitigated by lower negotiation costs (i.e., less quote clustering). [source] CUT-THROAT FRINGE COMPETITION IN AN EMERGING COUNTRY MARKET: TAX EVASION OR THE ABSENCE OF MARKET POWER?,THE JOURNAL OF INDUSTRIAL ECONOMICS, Issue 4 2009ALBERTO SALVO Brazil's established soft-drink firms recently lost ground to multiple low-price entrants, with small-scale operations and minimal advertising. While incumbents attributed such undercutting to entrants' lower costs from non-compliance with the law, ,generics' counterargued that incumbents' high prices stemmed from unilateral market power rather than cost heterogeneity. By estimating a structural model, I can single-handedly explain established brands' high prices through low equilibrium price elasticities of demand. Tax evasion in the fringe, while plausible, appears to be offset by higher procurement costs or less efficient scale. More generally, a competitive informal sector can alleviate the allocative distortions in certain concentrated industries. [source] QUANTIFYING MARKET POWER IN THE GERMAN WHOLESALE ELECTRICITY MARKET USING A DYNAMIC MULTI-REGIONAL DISPATCH MODEL,THE JOURNAL OF INDUSTRIAL ECONOMICS, Issue 4 2006FELIX MÜSGENS This paper quantifies the degree of market power in the German wholesale electricity market. A dispatch model simulates competitive marginal costs. In addition to common input factors like plant capacities, fuel prices and load structures, the model also incorporates international power exchange and dynamic effects like start-up costs and hydro storage plant dispatch. The simulated prices are subsequently used as a benchmark for observed electricity prices. The analysis reveals significant market power in the German electricity market, mainly exhibited during peak periods. Producer surplus is also increased significantly due to strategic behavior. [source] DESIGNING A MARKET STRUCTURE WHEN FIRMS COMPETE FOR THE RIGHT TO SERVE THE MARKET,THE JOURNAL OF INDUSTRIAL ECONOMICS, Issue 3 2005Michel Mougeot In many industries, a regulator designs an auction to select ex-ante the firms that compete ex-post on the product market. This paper considers the optimal market structure when firms incur sunk costs before entering the market and when the government is not able to regulate firms in the market. We prove that a free entry equilibrium results in an excessive entry when the entry costs are private information. Then, we consider an auction mechanism selecting the firms allowed to serve the market and show that the optimal number of licences results in the socially optimal market structure. When all the potential candidates are actual bidders, the optimal number of firms in the market increases with the number of candidates and decreases with the social cost of public funds. When the market size is small, as the net profit in the market decreases with the number of selected firms, entry is endogenous. As increasing competition in the market reduces competition for the market, the optimal structure is more concentrated than in the previous case. [source] THE SURVIVAL OF DIFFERENTIATED PRODUCTS: AN APPLICATION TO THE UK AUTOMOBILE MARKET, 1971,2002*THE MANCHESTER SCHOOL, Issue 3 2009FRANCISCO REQUENA-SILVENTE We investigate how competition affected the survival of products in the UK automobile market between 1971 and 2002. We find, after using a host of controls to account for product characteristics and changes in market structure, that (i) within and between firm spatial competition significantly reduces the life of a model, (ii) initial product differentiation and variant proliferation obviate competition, and (iii) product innovation significantly extends model survival. [source] MULTIDIMENSIONAL SIGNALING IN THE LABOR MARKETTHE MANCHESTER SCHOOL, Issue 2007JEONG-YOO KIM I consider a two-dimensional job market signaling model in which firms care about a worker's personal network as well as his technical productivity, and a worker can choose both academic activity and social activity to signal his ability. In a simple model where the social activity forming a social network does not require special ability, I show that the Cho,Kreps intuitive criterion singles out Spence's outcome of signaling high academic ability by high education. I also demonstrate the possibility that a worker with high academic ability may underinvest in education when the social ability is correlated with the academic ability. [source] | ||||||||||||||||||||||||||||||||||||||||||||||