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Market Impact (market + impact)

Distribution by Scientific Domains

Business, Economics, Finance and Accounting	88%

Distribution within Business, Economics, Finance and Accounting

General & Introductory Economics	62%
Agricultural Economics & Resource Management	25%

Selected Abstracts

THE LABOUR MARKET IMPACT OF THE UK DISABILITY DISCRIMINATION ACT: EVIDENCE FROM THE REPEAL OF THE SMALL FIRM EXEMPTION

BULLETIN OF ECONOMIC RESEARCH, Issue 3 2008
Melanie K. Jones
J2; I18; J7 ABSTRACT This paper uses data from the Quarterly Labour Force Survey in the UK (1997,2006) and changes in the coverage of the Disability Discrimination Act (DDA), that result from the removal of the small firm exemption, to assess the labour market impact of the legislation. The data support a narrowing of the employment gap between the disabled and non-disabled over the post DDA period. However, the evidence based on small firms does not support this being a direct result of the employment provisions of the DDA. [source]

Schooling and Labor Market Impacts of a Natural Policy Experiment

LABOUR, Issue 4 2005
Harry Patrinos
These estimates apply to a subgroup of individuals, in the spirit of the local average treatment effect (LATE) literature. Returns to schooling estimates that apply to a subgroup of individuals affected by the policy intervention may be more interesting from a policy perspective than the return to the ,average' individual. We use an instrument based on the 1980 education reform (the Organic Law of Education), which provided for 9 years of compulsory basic education. Alternative estimates derived from interacting the education reform with father's education are also obtained. The estimates are consistent with recent findings suggesting that the effect of education, at least for certain subgroups affected by policy intervention, is as large as or larger than what is suggested by ordinary least squares estimates. [source]

Analysis of energy technology changes and associated costs

INTERNATIONAL JOURNAL OF ENERGY RESEARCH, Issue 12 2006
P. D. Lund
Abstract An integrated mathematical model constituting of interlinked submodels on technology costs, progress and market penetration has been developed. The model was applied to a few new energy technologies to investigate the economic boundary conditions for a full market breakthrough and corresponding market impact on a 50 years time scale. The model shows that public subsidies amounting to slightly over 220 billion , in total worldwide would be necessary over the next 30,40 years to bring wind and photovoltaics to a cost breakthrough in the market and to reach a 20 and 5% share of all electricity at t = 50 years, respectively. These up-front learning investments would be partly amortized toward the end of the interval as the new technologies become cost competitive but could be fully paid off earlier if CO2 emission trading schemes emerge even with modest CO2 price levels. The findings are sensitive to changes in the parameter assumptions used. For example, a 2% uncertainty in the main parameters of the model could lead to a spread of tens of per cents in the future energy impact and subsidy needs, or when related to the above subsidy estimate, 155,325 billion ,. This underlines the overall uncertainty in predicting future impacts and resource needs for new energy technologies. Copyright © 2006 John Wiley & Sons, Ltd. [source]

Impact of WASDE reports on implied volatility in corn and soybean markets,

AGRIBUSINESS : AN INTERNATIONAL JOURNAL, Issue 4 2008
Olga Isengildina-Massa
This study investigates the impact of U.S. Department of Agriculture World Agricultural Supply and Demand Estimate (WASDE) reports on implied volatility in corn and soybean markets over 1985 to 2002. If WASDE reports resolve uncertainty, implied volatility should drop immediately after release of the reports. Results show that WASDE reports lead to a statistically significant reduction of implied volatility that averages 0.7 percentage points for corn and 0.8 percentage points for soybeans. The magnitude of the reduction is largest for the group of WASDE reports containing both domestic and international situation and outlook information. This group of reports reduces implied volatility by an average of 1.1 percentage points in corn and by almost 1.5 percentage points in soybeans. Results also reveal that the market impact of WASDE reports is strongest in the most recent 1996 to 2002 subperiod. Overall, the results indicate that WASDE reports provide valuable information to corn and soybean market participants. [JEL classifications: Q100, Q110, Q130]. © 2008 Wiley Periodicals, Inc. [source]

A speculative bubble in commodity futures prices?

AGRICULTURAL ECONOMICS, Issue 1 2010
Cross-sectional evidence
Commitment's of traders; Index funds; Commodity futures markets Abstract Recent accusations against speculators in general and long-only commodity index funds in particular include: increasing market volatility, distorting historical price relationships, and fueling a rapid increase and decrease in the level of commodity prices. Some researchers have argued that these market participants,through their impact on market prices,may have inadvertently prevented the efficient distribution of food aid to deserving groups. Certainly, this result,if substantiated,would counter the classical argument that speculators make prices more efficient and thus improve the economic efficiency of the food marketing system. Given the very important policy implications, it is crucial to develop a more thorough understanding of long-only index funds and their potential market impact. Here, we review the criticisms (and rebuttals) levied against (and for) commodity index funds in recent U.S. Congressional testimonies. Then, additional empirical evidence is added regarding cross-sectional market returns and the relative levels of long-only index fund participation in 12 commodity futures markets. The empirical results provide scant evidence that long-only index funds impact returns across commodity futures markets. [source]

The Effect of Trade on Employment and Wages in Italian Industry

LABOUR, Issue 2 2000
Mariano Bella
The paper analyses the labour market impact of international trade on the Italian manufacturing sector. Using data for a panel of manufacturing industries the effects of trade-induced changes in sales on employment and wages are investigated. The evidence suggests that the industry adjustment to demand shocks took place mainly through employment changes. However, increased exposure to foreign competition had a small effect on the Italian labour market, while technological change seems to have a major role in explaining the increase in unemployment. [source]

Der erweiterte Minijob für Arbeitslose , Ein Reformvorschlag

PERSPEKTIVEN DER WIRTSCHAFTSPOLITIK, Issue 2 2006
Michael Fertig
However, recent experiences with the reform cast substantial doubts on the potential of Minijobs in this regard. Hence, this article develops a proposal for an easily implementable, generous and temporary extension of the current regulation to provide an incentive for unemployed workers to take up such a Minijob. Our proposal is supplemented by an assessment of the expected labor market impact and a monetary cost-benefit analysis. [source]

Order imbalance and the dynamics of index and futures prices

THE JOURNAL OF FUTURES MARKETS, Issue 12 2007
Joseph K.W. Fung
This study uses transaction records of index futures and index stocks, with bid/ask price quotes, to examine the impact of stock market order imbalance on the dynamic behavior of index futures and cash index prices. Spurious correlation in the index is purged by using an estimate of the "true" index with highly synchronous and active quotes of individual stocks. A smooth transition autoregressive error correction model is used to describe the nonlinear dynamics of the index and futures prices. Order imbalance in the cash stock market is found to affect significantly the error correction dynamics of index and futures prices. Order imbalance impedes error correction particularly when the market impact of order imbalance works against the error correction force of the cash index, explaining why real potential arbitrage opportunities may persist over time. Incorporating order imbalance in the framework significantly improves its explanatory power. The findings indicate that a stock market microstructure that allows a quick resolution of order imbalance promotes dynamic arbitrage efficiency between futures and underlying stocks. The results also suggest that the unloading of cash stocks by portfolio managers in a falling market situation aggravates the price decline and increases the real cost of hedging with futures. © 2007 Wiley Periodicals, Inc. Jrl Fut Mark 27:1129,1157, 2007 [source]