FTRs: Necessary or Burdensome?
... • Provides hedging against congestion costs • Partially “completes” the “Arrow-Debreu” markets with respect to congestion costs • Provides signals for new generation and transmission (especially with long-term FTRs) • FTRs cannot be withheld to raise energy prices (as opposed to physical transmissio ...
... • Provides hedging against congestion costs • Partially “completes” the “Arrow-Debreu” markets with respect to congestion costs • Provides signals for new generation and transmission (especially with long-term FTRs) • FTRs cannot be withheld to raise energy prices (as opposed to physical transmissio ...
Is the International Diversification Potential
... tendency for investors to disproportionately weight their asset portfolios towards domestic securities and thereby forego gains to international diversification. The puzzle in international macroeconomics has focused upon the tendency for consumers to be underinsured against aggregate shocks that co ...
... tendency for investors to disproportionately weight their asset portfolios towards domestic securities and thereby forego gains to international diversification. The puzzle in international macroeconomics has focused upon the tendency for consumers to be underinsured against aggregate shocks that co ...
Disruptive Innovations and the Greying Market
... Proposition I: The greying market is an excellent field of application for low-end disruptions as elderly customers will increasingly demand low but adequate performance – easy-and-safe-to-use – and low-price products and services. B. New-market disruption The current shift in demographies – aging a ...
... Proposition I: The greying market is an excellent field of application for low-end disruptions as elderly customers will increasingly demand low but adequate performance – easy-and-safe-to-use – and low-price products and services. B. New-market disruption The current shift in demographies – aging a ...
PDF
... will cooperate and forego opportunitites to benefit from the known policy of the United States of setting price bands and backing it up with a storage programme? Might not the USSR, with its pattern of yield variability, and acting in its own interest, be in and out of the international market in a ...
... will cooperate and forego opportunitites to benefit from the known policy of the United States of setting price bands and backing it up with a storage programme? Might not the USSR, with its pattern of yield variability, and acting in its own interest, be in and out of the international market in a ...
Agricultural Futures for the Beginner
... are legally binding agreements, made through a futures exchange, to buy or sell commodities in the future.” “They are standardized in every way with the exception of price.” “They can protect individuals against dangerous price swings.” ...
... are legally binding agreements, made through a futures exchange, to buy or sell commodities in the future.” “They are standardized in every way with the exception of price.” “They can protect individuals against dangerous price swings.” ...
Market E¢ciency and Price Formation when Dealers are Asymmetrically Informed ¤ R. Calcagno
... quotes makes di¢cult for the informed dealer to exploit his advantage without revealing it, but it makes easier for him to in‡uence uninformed agents. What is the net e¤ect on the informational e¢ciency of the market? How can a market maker with exclusive private information optimally exploit his in ...
... quotes makes di¢cult for the informed dealer to exploit his advantage without revealing it, but it makes easier for him to in‡uence uninformed agents. What is the net e¤ect on the informational e¢ciency of the market? How can a market maker with exclusive private information optimally exploit his in ...
NBER WORKING PAPER SERIES STOCK MARKETS, BANKS, AND GROWTH: PANEL EVIDENCE
... from the two-step estimator in small samples and while they recognize that these potential biases must be balanced against advantages of using heteroskedasticity-consistent standard errors, this paper exemplifies the differences that emerge from these two procedures. Moreover, we use Calderon, Chong ...
... from the two-step estimator in small samples and while they recognize that these potential biases must be balanced against advantages of using heteroskedasticity-consistent standard errors, this paper exemplifies the differences that emerge from these two procedures. Moreover, we use Calderon, Chong ...
Trading Rules and Practices
... A.1. Empirical Evidence In one of the earliest published studies on ex-dividend day pricing, Campbell and Beranek (1955) document that the ex-dividend behaviour of stock prices has an impact on the portfolio decisions of investors. They report evidence that on average, ex-day stock prices drop by le ...
... A.1. Empirical Evidence In one of the earliest published studies on ex-dividend day pricing, Campbell and Beranek (1955) document that the ex-dividend behaviour of stock prices has an impact on the portfolio decisions of investors. They report evidence that on average, ex-day stock prices drop by le ...
Financial capital
... financial restructuring process that is still in progress as of today. During the earnings presentation for the first quarter of 2015, Abengoa announced a reduction in its anticipated corporate cash flows from operations for the year in progress at the time, to € 600-800 M over a previous estimate o ...
... financial restructuring process that is still in progress as of today. During the earnings presentation for the first quarter of 2015, Abengoa announced a reduction in its anticipated corporate cash flows from operations for the year in progress at the time, to € 600-800 M over a previous estimate o ...
A Model of Intertemporal Asset Prices Under Asymmetric
... on information extracted from prices and dividends. We find that in some cases, the uninformed investors rationally adopt trading strategies that look like trend chasing: they buy stocks when prices go up and sell when prices go down. A number of studies present evidence consistent with this type of ...
... on information extracted from prices and dividends. We find that in some cases, the uninformed investors rationally adopt trading strategies that look like trend chasing: they buy stocks when prices go up and sell when prices go down. A number of studies present evidence consistent with this type of ...
how the Fulton Fish market worked
... built for the market at Hunts Point in the South Bronx. The Fulton Fish Market -now called The New Fulton Fish Market -- is one of the world’s largest fish markets, second in size only to Tsukiji, the famous fish market in Tokyo. To economists, it may seem that a large centralized market with well-i ...
... built for the market at Hunts Point in the South Bronx. The Fulton Fish Market -now called The New Fulton Fish Market -- is one of the world’s largest fish markets, second in size only to Tsukiji, the famous fish market in Tokyo. To economists, it may seem that a large centralized market with well-i ...
Chapter 7
... Are the results fair? Does blocking rent adjustments avoid scarcity? What mechanisms allocate resources when prices don’t do the job? Are those non-price mechanisms fair? ...
... Are the results fair? Does blocking rent adjustments avoid scarcity? What mechanisms allocate resources when prices don’t do the job? Are those non-price mechanisms fair? ...
put title here - Terry FitzPatrick: Reporting, Training, Media
... that ability to enter and exit and get paid back for your investment in those shares creates a great market for the initial investment. People are more willing to put that money up if they know that some time in the future they'll be able to sell out their interest and go onto the next best-thing." ...
... that ability to enter and exit and get paid back for your investment in those shares creates a great market for the initial investment. People are more willing to put that money up if they know that some time in the future they'll be able to sell out their interest and go onto the next best-thing." ...
Markets: The Fulton Fish Market
... For comparison, Table 1 shows volumes at various well-known fish markets. Tsukiji is by far the largest, with a volume of 615,409 tons per year, the Fulton fish market is second, at around 115,000 tons per year, and Billingsgate in London is a distant third at around 25,000 tons per year. All of the ...
... For comparison, Table 1 shows volumes at various well-known fish markets. Tsukiji is by far the largest, with a volume of 615,409 tons per year, the Fulton fish market is second, at around 115,000 tons per year, and Billingsgate in London is a distant third at around 25,000 tons per year. All of the ...
Funding Constraints, Market Liquidity, and Financial Crises
... negative shock to funding liquidity can also cause prices for risky assets to fall. Brunnermeier and Pedersen (2009) point to the 1987 Stock Market Crash, collapse of Long-Term Capital Management (LTCM), and the recent sub-prime mortgage crisis as examples where funding constraints have played an im ...
... negative shock to funding liquidity can also cause prices for risky assets to fall. Brunnermeier and Pedersen (2009) point to the 1987 Stock Market Crash, collapse of Long-Term Capital Management (LTCM), and the recent sub-prime mortgage crisis as examples where funding constraints have played an im ...
7.1 taxes on buyers and sellers
... Are the rules fair? Are the results fair? Does blocking rent adjustments avoid scarcity? What mechanisms allocate resources when prices don’t do the job? Are those non-price mechanisms fair? ...
... Are the rules fair? Are the results fair? Does blocking rent adjustments avoid scarcity? What mechanisms allocate resources when prices don’t do the job? Are those non-price mechanisms fair? ...
LDH161211
... • Aggregate contracts booked during financial year and outstanding at any point of time should not exceed past performance eligibility , separately for import and export, subject to availability of CEL. • Past performance limits once utilized are not to be reinstated either on cancellation or on mat ...
... • Aggregate contracts booked during financial year and outstanding at any point of time should not exceed past performance eligibility , separately for import and export, subject to availability of CEL. • Past performance limits once utilized are not to be reinstated either on cancellation or on mat ...
Tender offer approval
... PEGAS NONWOVENS SA announces that on 23 January 2017, the Polish supervisory authority, Komisja Nadzoru Finansowego, approved the Tender Offer that the Company submitted on 5 January 2017 in connection with its intention to delist its shares from trading on the Warsaw Stock Exchange. The subject of ...
... PEGAS NONWOVENS SA announces that on 23 January 2017, the Polish supervisory authority, Komisja Nadzoru Finansowego, approved the Tender Offer that the Company submitted on 5 January 2017 in connection with its intention to delist its shares from trading on the Warsaw Stock Exchange. The subject of ...
What Causes Herding: Information Cascade or Search Cost ?
... superior returns. As everyone follows his signal, rational herding cannot occur. Note that not trading is never optimal (unless one introduces transaction costs) because subjects always have an informational advantage over the market maker. Alternatively, VW proposed a model with two assets traded i ...
... superior returns. As everyone follows his signal, rational herding cannot occur. Note that not trading is never optimal (unless one introduces transaction costs) because subjects always have an informational advantage over the market maker. Alternatively, VW proposed a model with two assets traded i ...
Preview - American Economic Association
... sector. When more investors choose to become dealers, the price dispersion among interdealer trades is larger (i.e., the dispersion ratio is higher), and customers’ transactions tend to go through more layers of dealers (i.e., the chain is longer). Our model implies that both the dispersion ratio an ...
... sector. When more investors choose to become dealers, the price dispersion among interdealer trades is larger (i.e., the dispersion ratio is higher), and customers’ transactions tend to go through more layers of dealers (i.e., the chain is longer). Our model implies that both the dispersion ratio an ...
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... D) Not enough information is provided to answer this question, since the maximum total surplus could occur anywhere. 17. If total surplus rises, which of the following must have occurred? A) There was an increase in demand and a decrease in supply. B) There was an increase in demand or an increase i ...
... D) Not enough information is provided to answer this question, since the maximum total surplus could occur anywhere. 17. If total surplus rises, which of the following must have occurred? A) There was an increase in demand and a decrease in supply. B) There was an increase in demand or an increase i ...
Merger Arbitrage & Shareholder Wealth Effects of M&A
... Fig. 2. Cumulative average abnormal returns to target firms’ stocks from trading day –126 to +253 relative to the first bid in the period 1975 – 91. Market model parameters are used to calculate abnormal returns. The full sample of 1,815 offers for NYSE- and AMEX-listed target firms is broken into 1 ...
... Fig. 2. Cumulative average abnormal returns to target firms’ stocks from trading day –126 to +253 relative to the first bid in the period 1975 – 91. Market model parameters are used to calculate abnormal returns. The full sample of 1,815 offers for NYSE- and AMEX-listed target firms is broken into 1 ...
OPTION PRICING WHEN UNDERLYING STOCK
... new information about the stock that has more than a marginal effect on price. Usually, such information will be specific to the firm or possibly its industry. It is reasonable to expect that there will be ‘active’ times in the stock when such information arrives and ‘quiet’ times when it does not a ...
... new information about the stock that has more than a marginal effect on price. Usually, such information will be specific to the firm or possibly its industry. It is reasonable to expect that there will be ‘active’ times in the stock when such information arrives and ‘quiet’ times when it does not a ...
The Objective in Corporate Finance
... At their worst, the least efficient and poorly run firms in the group pull down the most efficient and best run firms down. The nature of the cross holdings makes its very difficult for outsiders (including investors in these firms) to figure out how well or badly the group is doing. ...
... At their worst, the least efficient and poorly run firms in the group pull down the most efficient and best run firms down. The nature of the cross holdings makes its very difficult for outsiders (including investors in these firms) to figure out how well or badly the group is doing. ...