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Market Information (market + information)
Selected AbstractsBidding behaviour and electricity market simulationEUROPEAN TRANSACTIONS ON ELECTRICAL POWER, Issue 4 2007T. Chandarasupsang Abstract To trade effectively and profitably in new electricity market structures, participants need to identify how best to use information available to them. In many cases only incomplete information will be available for short-term planning, trading and decision-making. This paper simulates a group of generators who adapt bidding behaviours in different segments of liberalised electricity markets based on historic market information, observed strategies and their view of other market participants. Results show that even in the incomplete information case efficient bidding strategy for market participants can be identified. Specifically, this paper presents some key findings from an active electricity market and utilises them within an electricity market simulation. The benefit of market simulation for participants is identified and reported. Copyright © 2007 John Wiley & Sons, Ltd. [source] A new recursive neural network algorithm to forecast electricity price for PJM day-ahead marketINTERNATIONAL JOURNAL OF ENERGY RESEARCH, Issue 6 2010Paras Mandal Abstract This paper evaluates the usefulness of publicly available electricity market information in predicting the hourly prices in the PJM day-ahead electricity market using recursive neural network (RNN) technique, which is based on similar days (SD) approach. RNN is a multi-step approach based on one output node, which uses the previous prediction as input for the subsequent forecasts. Comparison of forecasting performance of the proposed RNN model is done with respect to SD method and other literatures. To evaluate the accuracy of the proposed RNN approach in forecasting short-term electricity prices, different criteria are used. Mean absolute percentage error, mean absolute error and forecast mean square error (FMSE) of reasonably small values were obtained for the PJM data, which has correlation coefficient of determination (R2) of 0.7758 between load and electricity price. Error variance, one of the important performance criteria, is also calculated in order to measure robustness of the proposed RNN model. The numerical results obtained through the simulation to forecast next 24 and 72,h electricity prices show that the forecasts generated by the proposed RNN model are significantly accurate and efficient, which confirm that the proposed algorithm performs well for short-term price forecasting. Copyright © 2009 John Wiley & Sons, Ltd. [source] Asymmetric information, price discovery and macroeconomic announcements in FX market: do top trading banks know more?INTERNATIONAL JOURNAL OF FINANCE & ECONOMICS, Issue 3 2010Kate Phylaktis Abstract This study investigates information asymmetry in the foreign exchange market by testing the hypothesis that top trading banks possess superior information on the macroeconomy because they process greater order flow, which, according to the micro-structure literature, helps them aggregate the dispersed information and feel the general movements of the economy. Examining the information share of the banks in the Reuters EFX system using indicative GBP,$US data over 5 years, we find that the top 10 banks, out of 100 quoting banks in the market, have a monthly average share of over 70% of total market information, and around 80% during some US macroannouncements. These results suggest the possibility of private information over public news in the foreign exchange market. Copyright © 2009 John Wiley & Sons, Ltd. [source] Composite price expectations: An empirical analysis for the Spanish horticultural sectorAGRIBUSINESS : AN INTERNATIONAL JOURNAL, Issue 1 2007Emilio Galdeano-Gómez This article aims to determine the extent to which available information is used to formulate price expectations in the horticultural sector in southeastern Spain. In recent decades this sector, which exports mainly to European Union (E.U.) food distribution centers, has witnessed a greater correlation between production and marketing due to the influence of cooperatives. This has led to an increase in the availability and use of information for forecasting the different variables. This analysis proposes the combination of rational expectation models and lagged price expectation models. It also compares the proposed model with other traditional expectation models. The results suggest that current market information (rational expectation viewpoint) is being used complementary to lagged prices and show the suitability of a rational composite expectation model. [EconLit classification: D840, Q110, Q130]. © 2007 Wiley Periodicals, Inc. Agribusiness 23: 57,83, 2007. [source] Managing international trade of food products: A survey of German and Australian companiesAGRIBUSINESS : AN INTERNATIONAL JOURNAL, Issue 1 2004Christian Fischer The major obstacles encountered in the management of international marketing are higher transaction costs and risks relative to home market business activities. More specifically, for food products there are six main problem areas, which arise from the literature: (1) education and training of export staff (including foreign language skills and knowledge of foreign business partners' mentality); (2) trade fair activities; (3) special food product logistics and marketing problems; (4) trade terms, export documentation and billing, and foreign exchange risk management; (5) provision of foreign market information; and (6) government assistance. Results from a questionnaire-based survey of companies from Germany and Australia engaging in exporting and/or importing of food products suggest that staff education/training and logistics are the most important factors affecting success in international markets. Implications of this study are that agribusinesses must give special attention to staff recruitment and training and to the mastering of food product logistics if they want to compete successfully internationally. [EconLit citations: F140, Q130, Q170]. © 2004 Wiley Periodicals, Inc. Agribusiness 20: 61,80, 2004. [source] Transitory real-time property rights and exchange intellectual propertyTHE JOURNAL OF FUTURES MARKETS, Issue 9 2003Robert I. Webb American exchanges own the price quotations they generate. Access to real-time price information is highly valued by most market participants. This enables exchanges to exact royalties from the sale of such market information. In this sense, an exchange's ownership of its price quotations is akin to owning a property right in a perishable commodity (i.e., fresh market price quotations) that is most valuable for only a transitory or limited period of time. The implications of exchange ownership of price data extend beyond financial markets. Recently, Woodard (2000) has noted that some internet auction operators have asserted ownership over the prices they generate. This study reviews the legal origin and nature of the property right to price quotations generated on U.S. futures exchanges and assesses whether exchange ownership should be transitory. The legal basis for transitory real-time (real and personal) property rights is discussed and the economic implications are considered. © 2003 Wiley Periodicals, Inc. Jrl Fut Mark 23:891,913, 2003 [source] Demand, Information, and Competition: Why Do Food Prices Fall at Seasonal Demand Peaks?THE JOURNAL OF INDUSTRIAL ECONOMICS, Issue 1 2000James M. MacDonald Prices for seasonal food products fall at demand peaks. Price declines are not driven by falling agricultural input prices; indeed, farm to retail margins narrow sharply. I use electronic scanner data from a sample of US supermarkets to show that seasonal price declines are closely linked to market concentration, and are much larger in markets with several rivals than where a single brand dominates. Seasonal demand increases reduce the effective costs of informative advertising, and increased informative advertising by retailers and manufacturers in turn may allow for increased market information and greater price sensitivity on the part of buyers. [source] Concept Shifting and the Radical Product Development ProcessTHE JOURNAL OF PRODUCT INNOVATION MANAGEMENT, Issue 6 2007Victor P. Seidel Radical product development projects, which are undertaken to create new categories of products, present significant challenges to development teams. In such settings existing formal processes may be limited or inappropriate, and objectives may be ambiguous and changing. The generation of a novel product concept early in the process can play an important role in guiding development teams, but the process by which teams later change concepts, as may be required within radical contexts, has merited further research. This study investigated how teams change novel product concepts after initial generation, employing an inductive case-study method drawing from 51 interviews with members of six radical development projects. The empirical results found that concepts were described in terms of concept components,elemental descriptive forms that included verbal stories, verbal metaphors, and physical prototypes. When changes were required to concepts due to new technical or market information, rather than reconsider the overall concept through iteration to earlier product definition stages, teams shifted individual concept components, with a new component replacing a component of similar descriptive form. Over half of concept components observed across cases came after the initial generation of concepts in later elaboration and shifting. Contrary to expectations, development teams maintained reference not only to the revised concept but also to the deferred original concept. The case of a novel electronic book development project is used to illustrate the process, along with evidence of concept shifting across cases. The detailed findings expand our understanding of how formal processes may be augmented in radical innovation settings and how concepts are actually used by development teams in changing circumstances. [source] Is All Communication Created Equal?: An Investigation into the Effects of Communication Mode on Perceived Information QualityTHE JOURNAL OF PRODUCT INNOVATION MANAGEMENT, Issue 2 2000Elliot Maltz Enhancing communication between functions is crucial to successful product development and management. Previous work in the product innovation management literature has made two implicit assumptions. First, that increasing the frequency of information dissemination from one function to the other always improves the perceived quality of the information received. The second assumption is that all types of interfunctional communication carry equal weight in the decision-making process of the target of that communication. The current study develops a typology of communication modes, which suggests a rationale for why these assumptions may not be true. The empirical findings of the study, based on a survey of 504 nonmarketing managers indicate that the relationship between total communication frequency and perceived information quality (PIQ) is nonlinear. Specifically, the study finds that marketing managers can either communicate too little or too much with nonmarketing managers. If they interact too infrequently, they run the risk of not understanding the way to most effectively communicate market information. If they communicate too much, they may overload the manager with too much information and erode the overall quality of the information sent. In addition, some modes of communication are more effective in improving perceptions of the quality of market information. For instance, regular e-mail sent by marketing managers seems to have no effect on perceived information quality. On the other hand, e-mail sent with supporting documentation can have a strong positive effect on perceived information quality. Impromptu phone calls by marketing have less positive effects than scheduled phone calls. Interestingly, too much of the wrong types of communication actually seem to reduce perceptions of perceived information quality, and consequently the likelihood that market information will be used. The study also suggests that certain kinds of communication are better for manufacturing managers and others more effective in sharing information with R&D managers. For instance, disseminating information through written reports seems to reduce perceived information quality. This is particularly true for R&D managers. On the other hand too many meetings can reduce perceptions of PIQ, particularly on the part of manufacturing managers. Implications for theory and practice are discussed. [source] Tropical spiny lobster (Panulirus ornatus) farming in Vietnam , bioeconomics and perceived constraints to developmentAQUACULTURE RESEARCH, Issue 10 2010Elizabeth H Petersen Abstract This paper presents bioeconomic data on lobster farming in Vietnam, and perceived constraints to the development of the industry. The farms were found to be profitable, with an average benefit cost ratio of 1.44 and an average net revenue of 262 million VND year,1 (or just under US$15 000 year,1). Investment in the enterprise is high compared with other enterprises in the region. However, disease has the potential to devastate lobster crops and there is little information available to lobster farmers about disease prevention and management. Hence, the lobster enterprise is a high-risk high-return industry. The predominant perceived constraints to the development of lobster operations include water quality and temperature issues, insufficient access to credit, good-quality affordable feed and accurate information about technology improvements in lobster farming. It seems that improving the livelihood of lobster farmers in Vietnam is dependent on reducing their dependence on wild stocks for seed and feed, improving access to credit and improving technical and market information flows. Such improvements are likely to lead to higher profitability, given high export demand and hence sustained high prices for their lobster product. [source] Resource Allocation Effects of Price Reactions to Disclosures,CONTEMPORARY ACCOUNTING RESEARCH, Issue 3 2002Ronald A. Dye Abstract Capital market participants collectively may possess information about the valuation implications of a firm's change in strategy not known by the management of the firm proposing the change. We ask whether a firm's management can exploit the capital market's information in deciding either whether to proceed with a contemplated strategy change or whether to continue with a previously initiated strategy change. In the case of a proposed strategy change, we show that managers can extract the capital market's information by announcing a potential new strategy, and then conditioning the decision to implement the new strategy on the size of the market's price reaction to the announcement. Under this arrangement, we show that a necessary condition to implement all and only positive net present value strategy changes is that managers proceed to implement some strategies that garner negative price reactions upon their announcement. In the case of deciding whether to continue with a previously implemented strategy change, we show that it may be optimal for the firm to predicate its abandonment/continuation decision on the magnitude of the costs it has already incurred. Thus, what looks like "sunk-cost" behavior may in fact be optimal. Both demonstrations show that, in addition to performing their usual role of anticipating future cash flows generated by a manager's actions, capital market prices can also be used to direct a manager's actions. It follows that, in contrast to the usual depiction of the information flows between capital markets and firms as being one way , from firms to the capital markets , information also flows from capital markets to firms. [source] | |||||||||||||