WorldWideScience

Sample records for market access trade

  1. Government Procurement : Market Access, Transparency, and Multilateral Trade Rules

    OpenAIRE

    Evenett, Simon J.; Hoekman, Bernard M.

    2004-01-01

    The authors examine the effects on national welfare and market access of two public procurement practices-discrimination against foreign suppliers of goods and services and nontransparency of the procedures used to allocate government contracts to firms. Both types of policies have become prominent in international trade negotiations, including the Doha Round of the World Trade Organization (WTO) trade talks. Traditionally, the focus of international trade agreements has been on market access...

  2. Assessing the Doha Round: Market Access, Transactions Costs and Aid for Trade Facilitation

    OpenAIRE

    Hoekman, Bernard; Nicita, Alessandro

    2010-01-01

    This paper compares the predicted trade impacts of a successful Doha Round with the trade effects of actions aimed at reducing domestic trade costs for traders in developing countries and the world as a whole. We show that a relatively small reduction in trade costs will generate trade impacts that are larger than what is likely to emerge even from a relatively ambitious Doha Round market access outcome. This illustrates the importance of complementing market access commitments with measures ...

  3. Performance of African Agricultural Exports and External Market Access Conditions under International Trade Reforms

    OpenAIRE

    Nyangito, Hezron Omare

    2004-01-01

    Sub Saharan African agriculture is currently facing challenges in international trade with respect to external market access conditions and competition in world markets as a result of trade liberalization efforts under the world trade organization (WTO) agreements and in particular the agreement on agriculture (AoA). This paper presents the performance of agricultural exports for selected countries and indicates external market barriers faced and the resulting implications of the barriers on ...

  4. Trade reforms, market access, and poverty in Argentina

    OpenAIRE

    Porto, Guido G.

    2003-01-01

    Much of the literature that studies the relationship between trade and poverty in developing countries focuses on the effects of national trade reforms, such as own tariff reductions. In contrast, the World Trade Organization negotiations at the Doha Round were more concerned with the poverty effects on low-income countries, and of foreign reforms, such as the elimination of agricultural s...

  5. Neural Correlates of Direct Access Trading in a Real Stock Market: An fMRI Investigation.

    Science.gov (United States)

    Raggetti, GianMario; Ceravolo, Maria G; Fattobene, Lucrezia; Di Dio, Cinzia

    2017-01-01

    Background: While financial decision making has been barely explored, no study has previously investigated the neural correlates of individual decisions made by professional traders involved in real stock market negotiations, using their own financial resources. Aim: We sought to detect how different brain areas are modulated by factors like age, expertise, psychological profile (speculative risk seeking or aversion) and, eventually, size and type (Buy/Sell) of stock negotiations, made through Direct Access Trading (DAT) platforms. Subjects and methods: Twenty male traders underwent fMRI while negotiating in the Italian stock market using their own preferred trading platform. Results: At least 20 decision events were collected during each fMRI session. Risk averse traders performed a lower number of financial transactions with respect to risk seekers, with a lower average economic value, but with a higher rate of filled proposals. Activations were observed in cortical and subcortical areas traditionally involved in decision processes, including the ventrolateral and dorsolateral prefrontal cortex (vlPFC, dlPFC), the posterior parietal cortex (PPC), the nucleus accumbens (NAcc), and dorsal striatum. Regression analysis indicated an important role of age in modulating activation of left NAcc, while traders' expertise was negatively related to activation of vlPFC. High value transactions were associated with a stronger activation of the right PPC when subjects' buy rather than sell. The success of the trading activity, based on a large number of filled transactions, was related with higher activation of vlPFC and dlPFC. Independent of chronological and professional age, traders differed in their attitude to DAT, with distinct brain activity profiles being detectable during fMRI sessions. Those subjects who described themselves as very self-confident, showed a lower or absent activation of both the caudate nucleus and the dlPFC, while more reflexive traders showed

  6. Neural Correlates of Direct Access Trading in a Real Stock Market: An fMRI Investigation

    Directory of Open Access Journals (Sweden)

    GianMario Raggetti

    2017-09-01

    Full Text Available Background: While financial decision making has been barely explored, no study has previously investigated the neural correlates of individual decisions made by professional traders involved in real stock market negotiations, using their own financial resources.Aim: We sought to detect how different brain areas are modulated by factors like age, expertise, psychological profile (speculative risk seeking or aversion and, eventually, size and type (Buy/Sell of stock negotiations, made through Direct Access Trading (DAT platforms.Subjects and methods: Twenty male traders underwent fMRI while negotiating in the Italian stock market using their own preferred trading platform.Results: At least 20 decision events were collected during each fMRI session. Risk averse traders performed a lower number of financial transactions with respect to risk seekers, with a lower average economic value, but with a higher rate of filled proposals. Activations were observed in cortical and subcortical areas traditionally involved in decision processes, including the ventrolateral and dorsolateral prefrontal cortex (vlPFC, dlPFC, the posterior parietal cortex (PPC, the nucleus accumbens (NAcc, and dorsal striatum. Regression analysis indicated an important role of age in modulating activation of left NAcc, while traders' expertise was negatively related to activation of vlPFC. High value transactions were associated with a stronger activation of the right PPC when subjects' buy rather than sell. The success of the trading activity, based on a large number of filled transactions, was related with higher activation of vlPFC and dlPFC. Independent of chronological and professional age, traders differed in their attitude to DAT, with distinct brain activity profiles being detectable during fMRI sessions. Those subjects who described themselves as very self-confident, showed a lower or absent activation of both the caudate nucleus and the dlPFC, while more reflexive traders

  7. Biological trade and markets.

    Science.gov (United States)

    Hammerstein, Peter; Noë, Ronald

    2016-02-05

    Cooperation between organisms can often be understood, like trade between merchants, as a mutually beneficial exchange of services, resources or other 'commodities'. Mutual benefits alone, however, are not sufficient to explain the evolution of trade-based cooperation. First, organisms may reject a particular trade if another partner offers a better deal. Second, while human trade often entails binding contracts, non-human trade requires unwritten 'terms of contract' that 'self-stabilize' trade and prevent cheating even if all traders strive to maximize fitness. Whenever trading partners can be chosen, market-like situations arise in nature that biologists studying cooperation need to account for. The mere possibility of exerting partner choice stabilizes many forms of otherwise cheatable trade, induces competition, facilitates the evolution of specialization and often leads to intricate forms of cooperation. We discuss selected examples to illustrate these general points and review basic conceptual approaches that are important in the theory of biological trade and markets. Comparing these approaches with theory in economics, it turns out that conventional models-often called 'Walrasian' markets-are of limited relevance to biology. In contrast, early approaches to trade and markets, as found in the works of Ricardo and Cournot, contain elements of thought that have inspired useful models in biology. For example, the concept of comparative advantage has biological applications in trade, signalling and ecological competition. We also see convergence between post-Walrasian economics and biological markets. For example, both economists and biologists are studying 'principal-agent' problems with principals offering jobs to agents without being sure that the agents will do a proper job. Finally, we show that mating markets have many peculiarities not shared with conventional economic markets. Ideas from economics are useful for biologists studying cooperation but need

  8. IMPACT OF ROMANIA’S ACCESSION TO THE EUROPEAN UNION ON THE AUSTRIAN TRADE, FDI AND LABOUR MARKET

    Directory of Open Access Journals (Sweden)

    Gábor Hunya

    2006-05-01

    Full Text Available This paper explores the potential impact of Romania’s accession to the European Union on Austria in three major fields: foreign trade, FDI and labour market. While conditions of doing business in Romania have improved in recent years, they are still more complicated than in old and new EU member states. Romania remains a rapidly growing market for investment goods, consumer goods and services alike providing good opportunities for Austrian companies. While the effect of Eastern European labour immigration to Austria can be expected to be marginal on total employment and wages, it may affect specific segments of the labour market. Overall, labour immigration from Romania will remain relatively unproblematic.

  9. Market Access and Welfare

    DEFF Research Database (Denmark)

    Raimondos-Møller, Pascalis; Woodland, Alan D.

    According to the literature, well known tariff reform rules that are guaranteed to increase welfare will not necessarily increase market access, while rules that are guaranteed to increase market access will not necessarily increase welfare. Such conflict between welfare and market access...... objectives of trade policy is problematic and calls for finding alternative tariff reform rules that can achieve both objectives at the same time. The present paper contributes to this aim by using a new set of tariff reforms that are based on local optimality. Using such reforms it is shown that market...... access and consumer welfare will always be weakly compatible, in the sense that reforms based on each objective have the same signed effect on the other objective. For strong compatibility, whereby both objectives increase as a result of a locally optimal tariff reform, we derive both a necessary...

  10. Market Structure and Market Access

    OpenAIRE

    Joseph Francois; Ian Wooton

    2008-01-01

    The authors examine an issue at the nexus of domestic competition policy and international trade, the interaction between goods trade and market power in domestic trade and distribution sectors. Theory suggests a set of linkages between service-sector competition and goods trade supported by econometrics involving imports of 22 OECD countries compared with 69 exporters. Competition in serv...

  11. Lao PDR Market Access Guide: Trading with ASEAN Dialogue Partners – Republic of Korea

    OpenAIRE

    Lord, Montague

    2013-01-01

    Laos benefits from the comprehensive ASEAN-Korea Free Trade Agreement (AKFTA), which in large part has supported the fast growing exports of Laos to Korea. Since Laos became a member of ASEAN in 1997, its exports destined for Korea have increased 10-fold. That expansion is nearly twice as large as Lao exports to all destination and has contributed to Korea being one of its top 10 export destinations. How Lao Producers and Exporters Benefit from AKFTA - The AKFTA allows 90% of all prod...

  12. Market access through bound tariffs

    DEFF Research Database (Denmark)

    Sala, Davide; Yalcin, Erdal; Schröder, Philipp

    2010-01-01

    on the risk that exporters face in destination markets. The present paper formalizes the underlying interaction of risk, fixed export costs and firms' market entry decisions based on techniques known from the real options literature; doing so we highlight the important role of bound tariffs at the extensive...... margin of trade. We find that bound tariffs are more effective with higher risk destination markets, that a large binding overhang may still command substantial market access, and that reductions in bound tariffs generate effective market access even when bound rates are above current and longterm...

  13. Market Access through Bound Tariffs

    DEFF Research Database (Denmark)

    Sala, Davide; Schröder, Philipp J.H.; Yalcin, Erdal

    on the risk that exporters face in destination markets. The present paper formalizes the underlying interaction of risk, fixed export costs and firms' market entry decisions based on techniques known from the real options literature; doing so we highlight the important role of bound tariffs at the extensive...... margin of trade. We find that bound tariffs are more effective with higher risk destination markets, that a large binding overhang may still command substantial market access, and that reductions in bound tariffs generate effective market access even when bound rates are above current and long...

  14. SPS measures and possible market access implications for agricultural trade in the Doha Round: An analysis of systemic issues

    OpenAIRE

    Murali Kallummal

    2012-01-01

    Even as the Doha Round seeks to address tariff liberalization issues in a comprehensive manner, the imbalance in the outcome of market access for developing country exporters will be particularly glaring in the case of fresh agricultural and processed food products. There is growing evidence that protectionism from the usage of non-tariff barriers such as SPS measures has increased tremendously in the recent past. This paper discusses an analysis of the SPS notifications made by WTO Member co...

  15. Market Access and Welfare

    DEFF Research Database (Denmark)

    Raimondos-Møller, Pascalis; Woodland, Alan D.

    2015-01-01

    Well known tariff reform rules that are guaranteed to increase welfare will not necessarily increase market access, while rules that are guaranteed to increase market access will not necessarily increase welfare. The present paper proposes a new set of tariff reforms that can achieve both...

  16. INNOVATIONS OF THE TRADE MARKETING IN LATVIA

    OpenAIRE

    Spīča, Inese; Spīčs, Ernests

    2010-01-01

    In the rapidly changing environment contemporary marketing activities affects educational programms. The paper analyze the marketing and sales current events in Latvia. In this paper given a substantive explanation of trade marketing and trade marketing development opportunities for Latvia, trade marketing new development areas and to clarify their learning opportunities in Latvia.

  17. Trade Fairs, Markets and Fields

    DEFF Research Database (Denmark)

    Moeran, Brian

    2011-01-01

    This article describes how trade fairs act as a framing mechanism that enables participants to come together for the exchange of goods and services and to perceive themselves as acting in a social field. This way, trade fairs make markets possible. Based on ongoing participant observation at book....../material, social, situational, content/appreciative, and the use value of goods, values which are then equated with a commodity exchange value in the form of price. Trade fairs frame order, but they are also events where the respective field might be reconfigurated. The contingency of personal interaction...

  18. College Access Marketing

    Science.gov (United States)

    Tremblay, Christopher W.

    2011-01-01

    College Access Marketing (CAM) is a relatively new phenomenon that seeks to positively influence the college-going rate. This report defines CAM, describes CAM examples, and discusses how CAM seeks to counter barriers to college. It explores four main elements of CAM: information, marketing, advocacy, and social mobilization. Further, it…

  19. On financial markets trading

    Science.gov (United States)

    Matassini, Lorenzo; Franci, Fabio

    2001-01-01

    Starting from the observation of the real trading activity, we propose a model of a stockmarket simulating all the typical phases taking place in a stock exchange. We show that there is no need of several classes of agents once one has introduced realistic constraints in order to confine money, time, gain and loss within an appropriate range. The main ingredients are local and global coupling, randomness, Zipf distribution of resources and price formation when inserting an order. The simulation starts with the initial public offer and comprises the broadcasting of news/advertisements and the building of the book, where all the selling and buying orders are stored. The model is able to reproduce fat tails and clustered volatility, the two most significant characteristics of a real stockmarket, being driven by very intuitive parameters.

  20. Detecting wash trade in the financial market

    OpenAIRE

    Cao, Yi; Li, Yuhua; Coleman, Sonya; Belatreche, Ammar; McGinnity, T. M.

    2014-01-01

    Wash trade refers to the activities of traders who utilise deliberately designed collusive transactions to increase the trading volumes for creating active market impression. Wash trade can be damaging to the proper functioning and integrity of capital markets. Existing work focuses on collusive clique detections based on certain assumptions of trading behaviours. Effective approaches for analysing and detecting wash trade in a real-life market have yet to be developed. T...

  1. Trade Publications in the Marketing Classroom.

    Science.gov (United States)

    Stull, William A.

    1991-01-01

    Describes how marketing teachers can use trade publications to enhance the quality of and provide relevance to the marketing education curriculum. Identifies representative trade publications; suggests how to get them for classroom use and how teachers can use them. (JOW)

  2. Emissions trading under market imperfections

    Energy Technology Data Exchange (ETDEWEB)

    Lappi, P.

    2013-08-15

    In this thesis we consider emissions trading under various market imperfections such as uncertainty over permit price, imperfect competition and noncompliance. First, we study the effects of uncertain permit price on the firms choice of emission intensive and clean inputs in an multi-input production process. We also assess the risk aversion factors of some Finnish heat and power producers. Second, we study imperfect competition in output and permit markets with a two-stage model, where output decision is made before permit trades. The emphasis is on the strategic interaction between firms and on the efficiency increasing regulation. Third, we turn back to uncertainty and analyse the welfare difference between emissions trading and emission tax, when some of the firms may be noncompliant. The main finding is that welfare is greater with emission tax than with emissions trading, when at least one firm is noncompliant. Finally, we extend some existing models of permit banking and borrowing to encompass also noncompliant behavior of firms. Here, we analyse the incentives of compliant firms to become noncompliant at some point in time and also the time paths of the choice variables. (orig.)

  3. The tale of a Trojan horse or the quest for market access? China and the World Trade Organization

    Directory of Open Access Journals (Sweden)

    Sven Van Kerckhoven

    2014-01-01

    Full Text Available In 2001, China finally joined the WTO. The accession of China was looked forward to by many WTO members and China itself. However, observers had some fears that the Chinese accession would prove to be a Trojan horse, disrupting the working of the WTO. This paper looks into the Chinese accession and its involvement in the WTO Dispute Settlement and argues that these fears seem so far to be unfounded.

  4. International Trade and Labor Market Discrimination

    NARCIS (Netherlands)

    R. Chisik (Richard); J.E. Namini (Julian Emami)

    2016-01-01

    textabstractWe embed a competitive search model with labor market discrimination, or nepotism, into a two-sector, two-country framework in order to analyze how labor market discrimination impacts the pattern of international trade and also how trade trade affects discrimination. Discrimination, or

  5. Non-agricultural Market Access: A South Asian Perspective

    OpenAIRE

    A. R. Kemal; Musleh-ud Din; Ejaz Ghani

    2005-01-01

    A key element of the Doha Round of trade negotiations is liberalisation of trade in industrial products, commonly known as non-agricultural market access (NAMA). These negotiations are important for developing countries as these will determine the market access opportunities through which they can improve their growth prospects. This paper examines the key issues of NAMA from the South Asian perspective, outlines a negotiating strategy for increased market access, and spells out some policy i...

  6. Market, trading and coal price

    International Nuclear Information System (INIS)

    Muller, J.C.; Cornot-Gandolphe, S.; Labrunie, L.; Lemoine, St.; Vandijck, M.

    2006-01-01

    The coal world experienced a true upheaval in the past five years World coal consumption went up 28 % between 2000 and 2005, as a result of the strong growth in Chinese demand. The growth should continue in the coming years: electrical plant builders' orders are mainly for coal. The regained interest in coal is based on the constraints experienced by competing energies (increase in oil and natural gas prices, geopolitical uncertainties, supply difficulties) and by the abundant reserves of coal in the world and the competitiveness of its price. The strong growth in world coal demand comes with a change in rules governing steam coal trading. While long term bilateral agreements were most common until the late nineties, there has been a true revolution in coal marketing since 2000: spot contracts, stock exchange emergence and futures contracts, price indexes. In a few years, the steam coal market has become a true commodities market, overtaking many more goods. The price of coal has also gone through strong variations since 2003. Whereas the price had been stable for decades, in 2004 the strong increase in China' s demand for coal and iron ore resulting in transport shortage, caused a strong increase in CAF coal prices. Since then, prices have gone down, but remain higher than the Eighties and Nineties levels. In spite of the increase, coal remains available at more competitive prices than its competing energies. (authors)

  7. Trade, Labour Markets and Health.

    Science.gov (United States)

    McNamara, Courtney; Labonté, Ronald

    2017-04-01

    Previous analyses indicate that there are a number of potentially serious health risks associated with the Trans-Pacific Partnership (TPP). The objective of this work is to provide further insight into the potential health impacts of the TPP by investigating labour market pathways. The impact of the TPP on employment and working conditions is a major point of contention in broader public debates. In public health literature, these factors are considered fundamental determinants of health, yet they are rarely addressed in analyses of trade and investment agreements. We therefore undertake a prospective policy analysis of the TPP through a content analysis of the agreement's Labour Chapter. Provisions of the Chapter are analyzed with reference to the health policy triangle and four main areas through which labour markets influence health: power relations, social policies, employment conditions and working conditions. Findings indicate that implementation of the TPP can have important impacts on health through labour market pathways. While the Labour Chapter is being presented by proponents of the agreement as a vehicle for improvement in labour standards, we find little evidence to support this view. Instead, we find several ways the TPP may weaken employment relations to the detriment of health.

  8. Optimal algorithmic trading and market microstructure

    OpenAIRE

    Labadie , Mauricio; Lehalle , Charles-Albert

    2010-01-01

    The efficient frontier is a core concept in Modern Portfolio Theory. Based on this idea, we will construct optimal trading curves for different types of portfolios. These curves correspond to the algorithmic trading strategies that minimize the expected transaction costs, i.e. the joint effect of market impact and market risk. We will study five portfolio trading strategies. For the first three (single-asset, general multi-asseet and balanced portfolios) we will assume that the underlyings fo...

  9. Marketing instruments of foreign trade promotion

    OpenAIRE

    Bjelić Predrag

    2011-01-01

    Instruments of promotion as a part of marketing mix are usually associated with companies but more and more countries use this instrument in order to boost their exports. These foreign trade promotion instruments are now popular in many countries in the world since their use is not opposed to any World Trade Organization rules. Marketing instruments of trade promotions are the most important. They include National Exhibitions and National labels of origin and quality. In order to coordinate t...

  10. Forex markets: technical analysis and algorithmic trading

    OpenAIRE

    Klepić, Igor

    2013-01-01

    Technical analysis is an efficient way for analysing financial markets such as forex where currencies are being traded. Forex market is the biggest market among all of them which is closed only during weekends. Analysis uses past behaviour of the market and with different mathematical methods tries to predict the future movement of the market. With the help of technical analysis forex market allows individuals as well as large financial corporations to efficiently manage their wealth while th...

  11. Clustering and Joint Marketing in Retail Trade

    OpenAIRE

    Bohlin, Nils

    2001-01-01

    This paper presents the idea that retail trade stories might cluster with their competitors to pool marketing expenses and thereby increase their individual visibility among consumers. In a model which presumes such a marketing technology we derive some new comparative statics results. In a small/mega center we expect more competing stores in retail trade markets where products are heterogenous and consumers like to compare products before they buy, i.e. where people like to shop around. The ...

  12. Market Impact Costs of Institutional Equity Trades

    NARCIS (Netherlands)

    Bikker, J.A.; Spierdijk, L.; van der Sluis, P.J.

    2008-01-01

    This article analyzes market impact costs of equity trading by one of the world's largest pension funds. We find that, on average, these costs are small in terms of market disruption, but substantial in terms of costs for the pension fund. Average market impact costs equal 20 basis points for buys

  13. Market Impact Costs of Institutional Equity Trades

    NARCIS (Netherlands)

    van der Sluis, P.J.; Bikker, J.A.; Spierdijk, L.

    2007-01-01

    This article analyzes market impact costs of equity trading by one of the world's largest pension funds. We find that, on average, these costs are small in terms of market disruption, but substantial in terms of costs for the pension fund. Average market impact costs equal 20 basis points for buys

  14. Market impact costs of institutional equity trades

    NARCIS (Netherlands)

    Bikker, Jacob A.; Spierdijk, Laura; van der Sluis, Pieter Jelle

    2007-01-01

    This article analyzes market impact costs of equity trading by one of the world's largest pension funds. We find that, on average, these costs are small in terms of market disruption, but substantial in terms of costs for the pension fund. Average market impact costs equal 20 basis points for buys

  15. TRADING RULES ON A SMALL STOCK MARKET

    Directory of Open Access Journals (Sweden)

    Stefán B. Gunnlaugsson

    2018-03-01

    Full Text Available In this article, the results of an extensive study of the weak form efficiency of the Iceland stock market are presented. This study almost covers the market’s entire history, with the research starting at the beginning of 1993 and ending in July 2017. Four trading rules based on 70-day moving averages were constructed and compared with the passive investment strategy of buying the market index. All of these trading rules provided significantly better returns than the passive strategy, even when considering trading costs. This result indicates that the Icelandic stock market did not show weak form efficiency, and past returns predicted future returns during the period examined.

  16. Carbon trading thickness and market efficiency

    International Nuclear Information System (INIS)

    Montagnoli, Alberto; De Vries, Frans P.

    2010-01-01

    This note tests for the efficient market hypothesis (EMH) in the market for CO 2 emission allowances in Phase I and Phase II of the European Union Emissions Trading Scheme (EU ETS). As usually is the case in emerging and non-competitive markets such as the EU ETS, trading often not occurs on a frequent basis. This has adverse implications for both the gains from permit trade as well as biases the EMH tests. Variance ratio tests are employed to adjust for the thin trading effect. The results indicate that Phase I - the trial and learning period - was inefficient, whereas the first period under Phase II shows signs of restoring market efficiency. (author)

  17. Redefining trade-based market manipulation

    NARCIS (Netherlands)

    Nelemans, Matthijs

    2008-01-01

    Trade-based market manipulation, which is usually described as trading shares to initiate a price change or to cause an artificial price, has received wide attention in policy and academic discussions, although the behavior is still poorly defined in both legal and economic literature. This Article

  18. Czech experience with market maker trading system

    Czech Academy of Sciences Publication Activity Database

    Hanousek, Jan; Podpiera, R.

    2004-01-01

    Roč. 28, č. 2 (2004), s. 177-191 ISSN 0939-3625 R&D Projects: GA MŠk ME 595 Institutional research plan: CEZ:AV0Z7085904 Keywords : trading systems * informed trading * emerging markets Subject RIV: AH - Economics

  19. Uranium trade and global liberalization of markets

    International Nuclear Information System (INIS)

    Elagin, Yu.P.

    2003-01-01

    Present state of nuclear fuel market is reviewed. Political and economical aspects of nuclear fuel trade, traditional schemes of gain of nuclear fuel, tendencies and last innovations are treated. Price mechanisms, increase in part of traders, price indicators are discussed. Under the liberalization conditions the uranium market and common tendencies on the stages of nuclear fuel cycle as well as prospects of gain and sale of nuclear fuel, electronic trade are considered [ru

  20. 76 FR 1101 - Property Traded on an Established Market

    Science.gov (United States)

    2011-01-07

    ... Property Traded on an Established Market AGENCY: Internal Revenue Service (IRS), Treasury. ACTION: Notice... regulations relating to determining when property is traded on an established market (that is, publicly traded... traded on an established securities market (often referred to as ``publicly traded''), the issue price of...

  1. Trade Fairs, Markets and Fields

    DEFF Research Database (Denmark)

    Moeran, Brian

    2011-01-01

    This working paper takes as its starting point the work of the German economic sociologist, Jens Beckert, and his call for empirical investigations into how intentionally rational actors reach decisions under conditions when they do not know what is best to do. It describes how trade fairs act...... as a framing mechanism that enables participants to come together for the exchange of goods and services and to perceive themselves as acting in a social field. Fairs frame the contacts people make and sustain as networks; the institutional rules and social norms guiding their behaviour there; and the values...... and cognitive frames that they bring to bear and negotiate with other participants. They make actors aware of a ‘mutual correspondence’ in their interpretation of the goods in which they deal and of the social situations in which engage for the sake of such trade. Trade fairs both configure fields and make...

  2. Brazil's Market for Trading Forest Certificates.

    Science.gov (United States)

    Soares-Filho, Britaldo; Rajão, Raoni; Merry, Frank; Rodrigues, Hermann; Davis, Juliana; Lima, Letícia; Macedo, Marcia; Coe, Michael; Carneiro, Arnaldo; Santiago, Leonardo

    2016-01-01

    Brazil faces an enormous challenge to implement its revised Forest Code. Despite big losses for the environment, the law introduces new mechanisms to facilitate compliance and foster payment for ecosystem services (PES). The most promising of these is a market for trading forest certificates (CRAs) that allows landowners to offset their restoration obligations by paying for maintaining native vegetation elsewhere. We analyzed the economic potential for the emerging CRA market in Brazil and its implications for PES programs. Results indicate a potential market for trading 4.2 Mha of CRAs with a gross value of US$ 9.2±2.4 billion, with main regional markets forming in the states of Mato Grosso and São Paulo. This would be the largest market for trading forests in the world. Overall, the potential supply of CRAs in Brazilian states exceeds demand, creating an opportunity for additional PES programs to use the CRA market. This expanded market could provide not only monetary incentives to conserve native vegetation, but also environmental co-benefits by fostering PES programs focused on biodiversity, water conservation, and climate regulation. Effective implementation of the Forest Code will be vital to the success of this market and this hurdle brings uncertainty into the market. Long-term commitment, both within Brazil and abroad, will be essential to overcome the many challenges ahead.

  3. Brazil's Market for Trading Forest Certificates.

    Directory of Open Access Journals (Sweden)

    Britaldo Soares-Filho

    Full Text Available Brazil faces an enormous challenge to implement its revised Forest Code. Despite big losses for the environment, the law introduces new mechanisms to facilitate compliance and foster payment for ecosystem services (PES. The most promising of these is a market for trading forest certificates (CRAs that allows landowners to offset their restoration obligations by paying for maintaining native vegetation elsewhere. We analyzed the economic potential for the emerging CRA market in Brazil and its implications for PES programs. Results indicate a potential market for trading 4.2 Mha of CRAs with a gross value of US$ 9.2±2.4 billion, with main regional markets forming in the states of Mato Grosso and São Paulo. This would be the largest market for trading forests in the world. Overall, the potential supply of CRAs in Brazilian states exceeds demand, creating an opportunity for additional PES programs to use the CRA market. This expanded market could provide not only monetary incentives to conserve native vegetation, but also environmental co-benefits by fostering PES programs focused on biodiversity, water conservation, and climate regulation. Effective implementation of the Forest Code will be vital to the success of this market and this hurdle brings uncertainty into the market. Long-term commitment, both within Brazil and abroad, will be essential to overcome the many challenges ahead.

  4. Marketing instruments of foreign trade promotion

    Directory of Open Access Journals (Sweden)

    Bjelić Predrag

    2011-01-01

    Full Text Available Instruments of promotion as a part of marketing mix are usually associated with companies but more and more countries use this instrument in order to boost their exports. These foreign trade promotion instruments are now popular in many countries in the world since their use is not opposed to any World Trade Organization rules. Marketing instruments of trade promotions are the most important. They include National Exhibitions and National labels of origin and quality. In order to coordinate the application of these instruments countries have established national bodies for trade promotion. Many studies in the past had argued that national Agencies established to promote export did not had any real success, but recent studies indicate that they could have a significant impact on country export promotion. The result of this rise in impact of national export promotion agencies is due to international effort spearheaded by International Trade Center. The aim of this paper is to point out types and methods of marketing instruments application in trade promotion and to present the effectiveness of these instruments applications.

  5. Intransparent Markets and Intra-Industry Trade

    DEFF Research Database (Denmark)

    Schmidt, Christian Gormsen

    Buyers are typically unaware of the full set of offers when making a purchase. This paper examines how international trade interacts with this problem of market intransparency. Sellers must communicate their offers through costly advertising, but cannot reach all buyers. Consequently, no market...... in the model are identical, but appear heterogeneous due to their price randomization. In larger and more open economies, prices and markups will be lower, and exports are primarily realized by sellers who charge low prices. These predictions are similar to those of trade models where firm heterogeneity...

  6. THE LEGAL STATUS OF THE SHARES TRADED ON RASDAQ MARKET

    Directory of Open Access Journals (Sweden)

    Cristian GHEORGHE

    2015-07-01

    Full Text Available RASDAQ Market was launched in Romania in 1996, appeared as a mirroring of the well-established American market NASDAQ (which stood for National Association of Securities Dealers Automated Quotations. The role designated for RASDAQ was as platform for valuing papers issued in the privatization program in Romania (mass privatization process - MPP. In fact the participating companies to MPP had the legal obligation, under first Romanian Capital Market Law, No 52/1194, to be listed on a stock exchange. Although it attended a US regulatory model, RASDAQ had to adapt to European rules with the accession of Romania to the European Union. The relevant EU rules (i.e., Directive 2004/39/EC on markets in financial instruments – MiFID, about to be replaced by Directive 2014/65/EU – MiFID II provide for only two types of trading systems, i.e. regulated markets and multilateral trading facilities (MTF, while the RASDAQ Market securities fall under none of these two trading systems regulated by MiFID1. After an entire decade of uncertainty concerning the status of the RASDAQ, Romanian legislator settled the situation of shares traded on this market. This regulation means the end for RASDAQ. Law No. 151/2014 provides that the RASDAQ Market is to be closed within twelve months as of the effective date of such law (October 27, 2014. To this end companies listed on the RASDAQ Market will have to opt for listing on a regulated market or on a MTF or for becoming private companies. Such option rests on the hands of shareholders. Going private asks for shareholders’ rights protection so Romanian Financial Supervisory Authority (FSA provides a procedure implementing the right to withdraw from the company of the dissenting shareholders and for computing compensation for their shares (FSA Regulation No. 17/2014.

  7. Markets and Networks in International Trade

    DEFF Research Database (Denmark)

    Håkanson, Lars; Dow, Douglas

    2012-01-01

    is associated with a shift in the composition of trade towards goods requiring more extensive information exchange and personal interaction between buyers and sellers. An alternative explanation—‘the market view’—contends that improved availability of information and increasing transparency of markets have...... facilitated the matching of geographically more proximate buyers and sellers, and that the observed decline in average transportation distances is a reflection of increasingly efficient markets. This paper examines empirically the merits of these two arguments based on a longitudinal analysis of bilateral...... in support of the ‘market-view’, showing that the sensitivity of trade to psychic distance has declined dramatically for all categories of goods. The impact of geographic distance has increased markedly for homogenous goods, whereas for more differentiated goods it has decreased mildly....

  8. Intransparent Markets and Intra-Industry Trade

    DEFF Research Database (Denmark)

    Schmidt, Christian Gormsen

    Buyers are typically unaware of the full set of offers when making a purchase. This paper examines how international trade interacts with this problem of market intransparency. Sellers must communicate their offers through costly advertising, but cannot reach all buyers. Consequently, no market...... clearing price exists, and sellers randomize over an equilibrium price distribution. Letting sellers advertise their offers abroad leads to international trade, which would not take place under complete information. Buyers then receive more offers, leading to lower prices and welfare gains. Sellers...... in the model are identical, but appear heterogeneous due to their price randomization. In larger and more open economies, prices and markups will be lower, and exports are primarily realized by sellers who charge low prices. These predictions are similar to those of trade models where firm heterogeneity...

  9. Making Education Markets through Global Trade Agreements

    Science.gov (United States)

    Robertson, Susan L.

    2017-01-01

    This paper uses the global trade negotiations and agreements, which include education sectors as potentially tradable services, to show the complex processes at work in making global education markets. Drawing on the work of Jens Beckert and others, I focus on the micro-processes of making capitalist orders and the challenges at hand in bringing…

  10. Markets, breastfeeding and trade in mothers' milk.

    Science.gov (United States)

    Smith, Julie P

    2015-01-01

    This introduction to a special issue on the economics of breastfeeding draws attention to the lack of economic justice for women. Human milk is being bought and sold. Commodifying and marketing human milk and breastfeeding risk reinforcing social and gender economic inequities. Yet there are potential benefits for breastfeeding, and some of the world's poorest women might profit. How can we improve on the present situation where everyone except the woman who donates her milk benefits? Breastfeeding is a global food production system with unsurpassed capacity to promote children's food security and maternal and child health, but it is side-lined by trade negotiators who seek instead to expand world markets for cow's milk-based formula. Regulators focus on potential risks of feeding donated human milk, rather than on health risks of exposing infants and young children to highly processed bovine milk. Similarly, policymakers aspire to provide universal health care access that may be unaffordable when two thirds of the world's children are not optimally nourished in infancy, resulting in a global double burden of infectious and chronic disease. Universal breastfeeding requires greater commitment of resources, but such investment remains lacking despite the cost effectiveness of breastfeeding protection, support and promotion in and beyond health services. Women invest substantially in breastfeeding but current policy - epitomised by the G20 approach to the 'gender gap' - fails to acknowledge the economic value of this unpaid care work. Economic incentives for mothers to optimally breastfeed are dwarfed by health system and commercial incentives promoting formula feeding and by government fiscal policies which ignore the resulting economic costs. 'The market' fails to protect breastfeeding, because market prices give the wrong signals. An economic approach to the problem of premature weaning from optimal breastfeeding may help prioritise global maternity protection as

  11. Multilateral market-access reforms of the Doha Round

    DEFF Research Database (Denmark)

    Yu, Wusheng; Jensen, Hans Grinsted

    members such as the US. This paper provides a preliminary assessment of the likely impact of the tiered-formula reform approach on EU agricultural sectors. Numerical simulations of a multilateral market-access reform scenario show that such cuts would lead to across-the-board decreases in intra-EU trade...... external trade surpluses in many EU agricultural products. Further, the resulting adjustments in member states’ production and net trade positions are not equal: the new member states would generally lose part of their export shares in the EU market to external competitors, as highlighted in the cases......The July package of the Doha Round of trade negotiations stipulates that a tiered-formula approach should be used to significantly reduce market access barriers across countries, implying that the EU would have to make larger cuts to its high external tariffs, in comparison with many other WTO...

  12. Qualified market access and inter-disciplinarity

    Directory of Open Access Journals (Sweden)

    Lisa Herzog

    2014-05-01

    Full Text Available This note offers reflections on qualified market access (QMA—the practice of linking trade agreements to values such as human rights, labour standards, or environmental protection. This idea has been suggested by political theorists as a way of fulfilling our duties to the global poor and of making the global economic system more just, and it has influenced a number of concrete policies, such as European Union (EU trade policies. Yet, in order to assess its merits tout court, different perspectives and disciplines need to be brought together, such as international law, economics, political science, and philosophy. It is also worth reflecting on existing practices, such as those of the EU. This note summarises some insights about QMA by drawing such research together and considers the areas in which further research is needed, whilst reflecting also on the merits of interdisciplinary exchanges on such topics.

  13. Outline for the establishment of an orderly coal trade market

    International Nuclear Information System (INIS)

    Murai, S.

    1988-01-01

    This paper reports on the present situation of the coal trade market. It discusses the changes in the coal trade market, the present situation of the coal trade in Japan, supply trends, demand trends and fluctuation of exchange rates. This paper also reports on the problems associated with establishing an orderly coal trade market by the examination of contract form, development of coal technology to expand coal use, cooperation with developing countries and creating a new coal market by establishing a coal complex

  14. Stock-market efficiency in thin-trading markets : the case of the Vietnamese stock market

    NARCIS (Netherlands)

    Truong Dong Loc, [No Value; Lanjouw, Ger; Lensink, Robert

    2010-01-01

    This article reviews developments in the Stock Trading Centre (STC) in Ho Chi Minh City, Vietnam, the main stock market in the country, since its start in 2000. It presents information about developments in the number of stocks traded, trading activity and stock-price developments. This article

  15. Stock Market Efficiency in Thin Trading Markets: The Case of the Vietnamese Stock Market

    NARCIS (Netherlands)

    Dong Loc, T.; Lanjouw, G.; Lensink, B.W.

    2010-01-01

    This article reviews developments in the Stock Trading Centre (STC) in Ho Chi Minh City, Vietnam, the main stock market in the country, since its start in 2000. It presents information about developments in the number of stocks traded, trading activity and stock-price developments. This article

  16. Strategies to improve smallholders' market access

    NARCIS (Netherlands)

    Tilburg, van A.; Schalkwyk, van H.D.

    2011-01-01

    Smallholders, especially in less developed countries, have encountered several challenges in gaining access to markets. Market access includes the ability to obtain necessary farm inputs and farm services, and the ability to deliver farm products to buyers. Market access was less of a problem in the

  17. 76 FR 67440 - Market Access Agreement

    Science.gov (United States)

    2011-11-01

    ... FARM CREDIT ADMINISTRATION Market Access Agreement AGENCY: Farm Credit Administration. ACTION: Notice of Draft Second Amended and Restated Market Access Agreement; request for comments. SUMMARY: The... Market Access Agreement (the ``Restated MAA'') is entered into among AgFirst Farm Credit Bank, AgriBank...

  18. 75 FR 76729 - Market Access Agreement

    Science.gov (United States)

    2010-12-09

    ... FARM CREDIT ADMINISTRATION Market Access Agreement AGENCY: Farm Credit Administration. ACTION: Notice of approval of the draft amendment to the amended and restated market access agreement. SUMMARY... Credit Bank of Wichita and the Western Farm Credit Bank under Section 7.12 of the Market Access Agreement...

  19. Competition and trade in Australian gas markets

    International Nuclear Information System (INIS)

    Holmes, Leanne; Mander, Sally

    1993-01-01

    Although Australia has large gas reserves, the bulk of reserves (about 80 per cent) are located on the North West Shelf, off Western Australia. On the other had, the major demand centres are located in the south east of the country. The relative scarcity of proven gas reserves close to major markets has meant that governments in the state and territories with reserves have a strong vested interest in the future use of the gas. Equally, governments in states and territories that do not have gas reserves are interested in securing future supplies. The scope for increasing competition and trade in Australian gas markets depends on a number of features of the industry. These include: the characteristics of the resource, the structure of supply including the presence of natural monopolies, the nature and extent of upstream or downstream integration of firms and the presence of long term contracts - the characteristics of gas demand, and the regulatory and policy framework. The main purpose in this article is to review the economic factors driving natural gas markets in Australia, highlighting the factors influencing competition and trade. Against this background, some options for reform are also examined. 30 refs., 6 figs

  20. Forecasting market impact costs and identifying expensive trades

    NARCIS (Netherlands)

    Bikker, J.A.; Spierdijk, L.; Hoevenaars, R.P.M.M.; van der Sluis, P.J.

    Often, a relatively small group of trades causes the major part of the trading costs on an investment portfolio. For the equity trades studied in this paper, executed by the world's second largest pension fund, we find that only 10% of all trades determines 75% of total market impact costs.

  1. Electricity trade under financial market supervision; Der Stromhandel unter Finanzmarktaufsicht

    Energy Technology Data Exchange (ETDEWEB)

    Hagena, Martin

    2011-07-01

    With the competitive opening of the electricity market at European and national level, the goods electricity became a freely traded commodity. The author of the contribution under consideration describes the legal consequences related to financial market for trading electricity in the context of the current Directive 2004/39/EC now under consideration of the commodity futures trading in its representational scope. The statements clearly indicate that the power market is a goods market with its own laws and not a classical financial market. It considers what characteristics exist in electricity trading and whether and how they are considered for regulatory purposes.

  2. Trading behaviour on the continuous intraday market ELBAS

    International Nuclear Information System (INIS)

    Scharff, Richard; Amelin, Mikael

    2016-01-01

    Intraday markets for electricity allow for trading of energy until shortly before the period of delivery. This offers market participants a possibility to reduce their expected imbalances and to offer own unused flexibility. Because this form of distributed balancing before the period of delivery can be profitable for market participants as well as beneficial for system operations, intraday trading is expected to gain more importance in future, especially with increasing shares of variable renewable energy sources in the generation mix. So far, intraday markets are still a research field with many open questions. This paper contributes by a first analysis of intraday trades on ELBAS, one of the European intraday markets. The analysis gives a detailed picture on trading activity and price development and is intended to improve understanding of continuous intraday trading. Findings include that trading activity differs significantly between price zones, that most trades occur in the last hours before gate closure and that market participants have to handle substantial price variations during the trading period. The paper also investigates the imbalance settlement rules in the Nordic countries and studies which effects one- and two-price imbalance settlement systems have on the market participants' profitability of intraday trading. - Highlights: • Insights into intraday trading: trading activity and price development. • Special focus is on characteristics of continuous trading. • Intrinsic problems in the Nordic imbalance pricing scheme are discussed. • Implications regarding balancing of generation from vRES.

  3. Preferential Market Access, Foreign Aid and Economic Development

    DEFF Research Database (Denmark)

    Afesorgbor, Sylvanus Kwaku; Abreha, Kaleb Girma

    contributed to the economic development of the beneficiary countries. Focusing on the ACP countries over the period 1970-2009, we show that only the EU preferential scheme is effective in promoting exports and that market access plays a significant and economically large role in the development of beneficiary......Several studies highlight that exporters in developing countries face substantial trade costs. To reduce these costs, a few developed countries mainly Canada, the EU, Japan and the USA granted preferential market access to these exporters. We assess whether these preferential accesses have...

  4. Impacts of seaborne trade on coal importing countries: Atlantic market

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    2012-07-15

    In recent years, there has been a convergence of international trade with traditional domestic markets. With imports increasing in many coal-producing regions, the influence of trade on domestic markets has been twofold: firstly, imported coal displaces domestic production, and in doing so, and secondly international price trends may drive prices of what remains of the indigenous market for coal.

  5. Radiation technology enabled market access to Indian mango

    International Nuclear Information System (INIS)

    Sharma, Arun

    2009-01-01

    International trade in agricultural produce is subject to quarantine barriers imposed by importing countries to limit the entry of exotic pests and pathogens. Radiation technology provides an effective alternative to fumigants which are being gradually phased out. The technology has enabled market access to Indian mangoes in the US market after a gap of 18 years. The technology provides opportunity for export of other fruits and vegetables as well to countries like US, Australia and New Zealand. (author)

  6. Trade Credit and Access to Finance of Retailers in Ethiopia

    NARCIS (Netherlands)

    Beck, T.H.L.; Hoseini, Mohammad; Uras, Burak

    2018-01-01

    Using data on 5,500 Ethiopian retailers, we document that there is lower use of trade credit in areas with more access to bank finance. Among firms within an area, however, receiving a bank loan increases the use of trade credit by informal firms, but has no association with trade credit of formal

  7. Dispersed trading and the prevention of market failure

    DEFF Research Database (Denmark)

    Porter, David C.; Tanggaard, Carsten; Weaver, Daniel G.

    2008-01-01

    With augmented demands on power grids resulting in longer and larger blackouts combined with heightened concerns of terrorist attacks, trading institutions and policy makers have widened their search for systems that avoid market failure during these disturbing events. We provide insight...... into this issue by examining trading behaviour at the Copenhagen Stock Exchange during a major blackout. We find that although market quality declined, markets remained functional and some price discovery occurred during the blackout period suggesting that the NOREX structure of interlinked trading systems...... combined with widely dispersed trading locations may be a viable means of protection against market failure during massive power disruptions or terrorist attacks....

  8. 76 FR 77998 - Market Access Agreement

    Science.gov (United States)

    2011-12-15

    ... FARM CREDIT ADMINISTRATION Market Access Agreement AGENCY: Farm Credit Administration. ACTION: Notice of approval of the Draft Second Amended and Restated Market Access Agreement. SUMMARY: The Farm Credit Administration (FCA) announces that it has approved the Draft Second Amended and Restated Market...

  9. Insider trading under trading ban regulation in China’s A-share market

    Directory of Open Access Journals (Sweden)

    Chafen Zhu

    2015-09-01

    Full Text Available This study examines the effects of China’s 2008 trading ban regulation on the insider trading of large shareholders in China’s A-share market. It finds no evidence of insider trading during the ban period (one month before the announcement of a financial report, due to high regulation risk. However, the ban only constrains the profitability of insider trades during the ban period, while trades outside it remain highly profitable. Informed insider trading before the ban period is 2.83 times more profitable than uninformed trading. The regulation has changed insider trading patterns, but has been ineffective in preventing insider trading by large shareholders due to rigid administrative supervision and a lack of civil litigation and flexible market monitoring. This study enhances understanding of large shareholders’ trading behavior and has important implications for regulators.

  10. The new electricity trading arrangements: prospects for market development

    International Nuclear Information System (INIS)

    Anon

    1999-09-01

    This Briefing Paper from OXERA argues that the OFGEM proposals will not solve the fundamental market problems and might even make things worse. They focus too narrowly on the technical design of one small part of the market (the Balancing Mechanism and associated imbalance settlement process), without considering the market context and dynamics. OXERA argues that the central emphasis of the White Paper was misplaced: reform of the electricity trading arrangements, the basis of the government's strategy, will not solve the upstream and downstream market problems. The Briefing Paper includes analysis of: the structure and operation of the proposed new electricity trading arrangements; risk in the electricity wholesale market, and the responses of market participants; the interaction between the new trading arrangements and other energy market developments - in particular, vertical integration between generators and suppliers; energy supply competition, and wider government policy; the prospects for market development under the new electricity trading arrangements. (author)

  11. Trade reform in Iran for accession to the World Trade Organization

    NARCIS (Netherlands)

    Farajzadeh, Zakariya; Zhu, Xueqin; Bakhshoodeh, Mohammad

    2017-01-01

    We developed a computable general equilibrium (CGE) model to study the potential welfare and environmental impacts of Iran's trade reform for accession to the World Trade Organization (WTO). Our results show that removing trade barriers not only results in higher welfare and GDP as well as lower

  12. Emission reduction trading - a power marketer`s perspective

    Energy Technology Data Exchange (ETDEWEB)

    Stewart, M. [Powerex Inc., Vancouver, BC (Canada)

    1999-10-01

    The current situation , and the short-term and long-term outlook in emission reduction trading are reviewed from the point of view of a power marketer. The author`s view is that while the concept of emission reduction credit (ERC) is easy enough to understand, i.e. a series of measures to reduce carbon dioxide production and enhance carbon sequestration, there is no standard definition, although there are a number of models under consideration. What is being sought is clear ownership and title, a clear understanding of what qualifies as a credit, credit for early action, commodity specifications and the ability to hedge. The author predicts that in the short-tem, industry will experiment with different types of transactions to gain experience and seek partners who are willing to share risk and development cost. In the longer-term, emission reduction credits will be bought and sold as commodities and traded, swapped or exchanged as part of a portfolio in bilateral trade transactions, and used in hedging against future liabilities.

  13. Fuel trade in the Common Market. Brennstoffhandel im gemeinsamen Markt

    Energy Technology Data Exchange (ETDEWEB)

    Faross, P [Commission of the European Communities, Brussels (Belgium)

    1989-06-01

    There is more than a finishing touch to be given to the Common Market to come. The Central Administrative Councilor of the XVII A1 Executive Board of the European Communities in Brussels points out relevant fuel trade changes. Considering the higher trade margins of some of the neighboring countries, German trade, among other things, expects a better profit and loss position. (orig.).

  14. Opportunities for Pellet Trade - Towards a Single European Pellet Market

    International Nuclear Information System (INIS)

    Pigaht, Maurice; Janssen, Rainer; Rutz, Dominik; Boehm, Thorsten; Vasen, Norbert; Vegas, Laura; Karapanagiotis, Nicolas

    2006-01-01

    The potential for Pellets trade in Europe was researched and assessed. Such trade is of key importance for the development of a European pellet market of sufficient supply, demand, price and quality standards. Three target markets were taken as case studies for the trade assessment: Greece, Spain and Italy. All three markets stand to profit greatly from international trade. For these markets, pellet imports could supply the basis for the development of a domestic boiler market. At the same time, pellet exports would allow the planning of larger pellet production plants. Whilst these additional costs amount to some 10-20% of the Pellets price, they are financially acceptable, especially for new markets and 'peaks' in the demand/supply of established markets

  15. The challenges of the electricity trade in liberalised markets

    International Nuclear Information System (INIS)

    Wanzek, S.

    2001-01-01

    As a consequence of the electricity market liberalization a new market emerged allowing electricity to be traded as a commodity. The structure of the electricity companies has to be adopted in the new market model and the regulatory framework has to ensure a level playing field for the participants in the market. Trading has taken on considerable strategic significance for all market participants. The price of electricity is becoming more and more volatile. In this paper the targets, forms and lessons E. ON's electricity trade are discussed. In addition, the impacts of successful trading and obtained experiences are analysed. At the end an outlook for electricity trade in East and South-East Europe is given. (author)

  16. Trade credit supply, market power and the matching of trade credit terms

    NARCIS (Netherlands)

    Fabbri, D.; Klapper, L.F.

    2008-01-01

    This paper studies the decision of firms to extend trade credit to customers and its relation with their financing decisions. We use a novel firm-level database with unique information on market power in both output and input markets and on the amount, terms and payment history of trade credit

  17. ETHIOPIA'S ACCESSION TO THE WORLD TRADE ORGANISATION ...

    African Journals Online (AJOL)

    which could be relevant to Ethiopia to devise successful strategies and avoid ... Acronyms. GATS General Agreement on Trade in Services .... services; v. preparation of indigenous traditional medicines; vi. ..... Tourism/ travel services. 66.73.

  18. Fisheries issues: trade and access to resources

    National Research Council Canada - National Science Library

    1989-01-01

    .... A sequel to the 1985 overview report on Problems of Trade in Fishery Products, this volume provides a country by country survey of measures, policies and practices affecting imports and exports of fishery products...

  19. International biodiesel markets. Developments in production and trade

    Energy Technology Data Exchange (ETDEWEB)

    Lamers, P. [Ecofys Germany, Berlin (Germany)

    2012-01-15

    The global biodiesel market has shown an exponential growth in production and trade across the past decade. Nowadays, more biodiesel than ever before is sourced from abroad and procurement areas - especially of large scale producers and traders - span the globe. While this trend is bound to continue, markets and trade developments are still strongly linked to support and trade policies. Furthermore, the biodiesel industry is strongly linked to other sectors (agriculture and mineral oil industry in particular) and faces significant market disturbances some of which have led to various inefficiencies in the past. Due to the pace of this market development, a methodological assessment and understanding of the numerous influencing factors was needed to reduce uncertainties and risks for those involved. A recently published analysis by Ecofys and the Copernicus Institute, Utrecht University, provided such an analysis. It evaluates how the interaction of domestic policies steered global trade streams towards different markets, in particular in connection to underlying trade policies and additional market forces, over the past decade. It provides robust data on international production and trade volumes which have already served as input to the recently published Special Report on Renewable Energy (SRREN) by the Intergovernmental Panel on Climate Change (IPCC). This market brochure was commissioned by UFOP to build upon the methodologies and findings of Lamers et al. and to provide a picture of the global biodiesel market in 2010/2011. It is structured in six sections: an overview of global production volumes (Section 2); developments of EU (Section 3) and other world (Section 4) markets and (trade) policies; global net trade volumes (Section 5); vegetable oil trade patterns and their link to biodiesel trade (Section 6); Conclusions and Outlook (Section 7)

  20. Trade Mechanism Selection in Markets with Frictions

    OpenAIRE

    Gabriele Camera; Alain Delacroix

    2004-01-01

    We endogenize the trade mechanism in a search economy with many homogenous sellers and many heterogeneous buyers of unobservable type. We study how heterogeneity and the traders' continuation values -- which are endogenous -- influence the sellers' choice of trade mechanism. Sellers trade off the probability of an immediate sale against the surplus expected from it, choosing whether to trade with everyone and how quickly. In equilibrium sellers may simply target one buyer type via non-negotia...

  1. "Trade policy, not morals or health policy": the US Trade Representative, tobacco companies and market liberalization in Thailand.

    Science.gov (United States)

    MacKenzie, Ross; Collin, Jeff

    2012-08-01

    The enforced opening of Thailand's cigarette market to imports in 1990 has become a cause celebre in debates about the social and health impacts of trade agreements. At the instigation of leading US-based cigarette manufacturers, the US Trade Representative (USTR) threatened trade sanctions against Thailand to compel the government to liberalize its domestic cigarette market. Thailand's challenge to the USTR led to referral to General Agreement on Tariffs and Trade (GATT) arbitration. While GATT ruled in favour of the USTR on market access, it also found that Thailand could subsequently enact non-discriminatory tobacco control regulation without contravening the GATT agreement. This paper contributes to existing literature via its analysis of tobacco industry documents that highlight not only USTR responsiveness to lobbying from tobacco corporations, raising concerns about the drivers of globalization and the limited protection afforded to public health concerns in trade agreements. Significantly, the documents also indicate that USTR support of the tobacco industry was not unconditional, being subject to wider pressures of global trade negotiations. Such qualification notwithstanding, however,,ongoing governmental willingness to advance the international interests of tobacco corporations remains a concern from a public health perspective, particularly given the failure of the US to ratify the World Health Organization's Framework Convention on Tobacco Control.

  2. Emission trading scheme: market analysis and forecasting scenarios

    International Nuclear Information System (INIS)

    Clo, Stefano

    2006-01-01

    This article offers an economic analysis of the Emission Trading Scheme (ETS) and its institutional framework; we introduce an economic model able to simulate some possible market price's scenarios. The aim of this article is to offer a better market fundamentals' comprehension and to help economic agents building their expectations about market's development [it

  3. Trade networks evolution under the conditions of stock market globalization

    Directory of Open Access Journals (Sweden)

    Kopylova Olga Volodymyrivna

    2016-12-01

    Full Text Available The modern perception of the stock market in terms of information technologies rapid development and under the institutionalists influence has been significantly modified and becomes multifaceted. It was detected that the main function of the market is activated, information asymmetry is minimized and more advanced financial architecture space is formed through trade networks. Formation of the modern trade networks has started on the basis of the old infrastructure, that had the highest tendency to self-organization and adaptation. The proposed architecture of trade networks of the stock market has a very clear vector of subordination – from top to bottom and has a number of positive points.

  4. Dispersed Trading and the Prevention of Market Failure

    DEFF Research Database (Denmark)

    Porter, David C.; Tanggaard, Carsten; G. Weaver, Daniel

    With augmented demands on power grids resulting in longer and larger blackouts combined with heightened concerns of terrorist attacks, trading institutions and policy makers have widened their search for systems that avoid market failure during these disturbing events. We provide insight into thi......With augmented demands on power grids resulting in longer and larger blackouts combined with heightened concerns of terrorist attacks, trading institutions and policy makers have widened their search for systems that avoid market failure during these disturbing events. We provide insight...... combined with widely dispersed trading locations may be a viable means of protection against market failure during massive power disruptions or terrorist attacks....

  5. Markets, trade and the role of institutions in African development

    Directory of Open Access Journals (Sweden)

    T Roe

    2004-11-01

    Full Text Available This paper focuses on the interdependence between international trade and institutional reform and suggests that the trade barriers erected by advanced countries on the agricultural exports of poor countries, in particular sub-Saharan agriculture serve as an impediment to economic growth and development.  Drawing upon recent literature, the suggestion is that trade barriers inhibit institutional reform that is a major factor affecting economic growth. An empirical analysis of trade reform and economic growth shows that sub-Saharan economies can reciprocate potential gains from increased trade, which are larger when an integration with world markets induces institutional reform.

  6. Pharmaceutical market access in emerging markets: concepts, components, and future.

    Science.gov (United States)

    Kumar, Anuj; Juluru, Karthaveerya; Thimmaraju, Phani Kishore; Reddy, Jayachandra; Patil, Anand

    2014-01-01

    This article intends to consolidate the concepts of pharmaceutical market access and highlight its growing importance in emerging markets. Market access has gained considerable attention worldwide as countries try to contain their escalating healthcare expenditures amidst the global economic slowdown. This has resulted in governments adopting stricter measures for new product approval. Thus, pharmaceutical companies are finding it increasingly difficult to successfully address the specific challenges posed by various government and regulatory agencies and stakeholders. There is an increasing need to establish market access functions, especially in emerging markets, where the complex, dynamic healthcare landscape confounds product approval and uptake. Moreover, emerging markets are the engines of growth today, and, thus, performing in these markets is critical for the majority of pharmaceutical companies. To address the challenges posed by regulatory agencies and diverse stakeholders, a customized market access strategy is the need of the hour. A market access framework with specific tools and tactics will help companies to plan, implement, and monitor stakeholder engagement activities.

  7. Linking GHG Emission Trading Systems and Markets

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    2006-07-01

    Several different types of links are possible between different GHG-mitigation systems. These include: Linking two or more emission trading schemes so that emissions trading can occur both within and between different schemes ('direct links'); and Linking emission trading systems to registries/mechanisms and systems that generate offsets from project based mechanisms or from direct purchases/transfers of AAUs ('indirect links').

  8. Studies in market-based electric power trade and regulation

    International Nuclear Information System (INIS)

    Hope, Einar

    2000-01-01

    This is a compilation of articles written by the author during the last fifteen years. Most of the articles are related to the reform of the Norwegian electric power market. This reform led to the Energy Act of 1990 and to the subsequent development of the power markets. Some of the sections are in Norwegian, some in English. The sections discuss (1) Markets for electricity trade in Norway, (2) Economic incentives and public firm behaviour, (3) Market alternatives to the present forms of occasional power trade, (4) Socio-economic considerations about electricity pricing, (5) Scenarios for market based power trade in Norway, (6) Markets for electricity: economic reform of the Norwegian electricity industry, (7) The Norwegian power market, (8) A common Nordic energy market?, (9) Organization of supply markets for natural gas in Europe, (10) The extent of the central grid, (11) Optimum regulation of grid monopolies in the power trade, (12) Power markets and competition policy, (13) Deregulation of the Norwegian power sector, (14) designing a market based system for the Icelandic electricity industry and (15) regulation regimes for the power sector

  9. Trade policy, health, and corporate influence: British American tobacco and China's accession to the World Trade Organization.

    Science.gov (United States)

    Holden, Chris; Lee, Kelley; Gilmore, Anna; Fooks, Gary; Wander, Nathaniel

    2010-01-01

    Tobacco market liberalization can have a profound impact on health. This article analyzes internal documents of British American Tobacco (BAT), released as a result of litigation in the United States, in order to examine the company's attempts to influence negotiations over China's accession to the World Trade Organization. The documents demonstrate that BAT attempted to influence these negotiations through a range of mechanisms, including personal access of BAT employees and lobbyists to policymakers; employment of former civil servants from key U.K. government departments; use of organized business groups such as the Multinational Chairmen's Group and the European Round Table; and participation and leadership in forums organized by Chatham House. These processes contributed to significant concessions on the liberalization of the tobacco market in China, although the failure to break the Chinese state monopoly over the manufacture and distribution of cigarettes has ensured that foreign tobacco companies' share of the Chinese market has remained small. World Trade Organization accession has nevertheless led to a profound restructuring of the Chinese tobacco industry in anticipation of foreign competition, which may result in more market-based and internationally oriented Chinese tobacco firms.

  10. Trading price jump clusters in foreign exchange markets

    Czech Academy of Sciences Publication Activity Database

    Novotný, Jan; Petrov, D.; Urga, G.

    2015-01-01

    Roč. 24, June (2015), s. 66-92 ISSN 1386-4181 Institutional support: PRVOUK-P23 Keywords : price jumps * foreign exchange markets * trading Subject RIV: AH - Economics Impact factor: 1.726, year: 2015

  11. Legal insider trading and stock market liquidity

    NARCIS (Netherlands)

    Degryse, Hans; de Jong, Frank; Lefebvre, J.J.G.

    This paper assesses the impact of legal trades by corporate insiders on the liquidity of the firm’s stock. For this purpose, we analyze two liquidity measures and one information asymmetry measure. The analysis allows us to study as well the effect of a change in insider trading regulation, namely

  12. Fair Trade: Social Regulation in Global Food Markets

    Science.gov (United States)

    Raynolds, Laura T.

    2012-01-01

    This article analyzes the theoretical and empirical parameters of social regulation in contemporary global food markets, focusing on the rapidly expanding Fair Trade initiative. Fair Trade seeks to transform North/South relations by fostering ethical consumption, producer empowerment, and certified commodity sales. This initiative joins an array…

  13. Research on Standardization of Zhejiang Plastics City Online Trade Market

    Institute of Scientific and Technical Information of China (English)

    Cen Guanjun

    2006-01-01

    @@ Since the establishment of the online trading market for Zhejiang Plastics City in Yuyao, by using leading information technology we consolidate the business, logistics, information, and capital with purchasing, transportation,warehousing, forwarding, and distribution into an integrated online trading system in terms of standardization of each process.

  14. Ethiopia's accession to the world trade organisation: lessons from ...

    African Journals Online (AJOL)

    This article examines the experiences of least developing countries (LDCs) acceded to World Trade Organisation (WTO) in relation to their accession process, terms of accession and implementation of commitments with a view to drawing lessons which could be relevant to Ethiopia to devise successful strategies and avoid ...

  15. Value-Creation Potential from Multi-Market Trading for a Hydropower Producer

    Directory of Open Access Journals (Sweden)

    Marte Fodstad

    2017-12-01

    Full Text Available We study a hydropower producer’s potential for value-creation from multi-market trading given the price variations in the markets and the flexibility provided through access to hydro reservoirs. We use a perfect foresight optimization model for a price-taking hydropower producer co-optimizing his trades in the day-ahead, intra-day and balancing markets. The model is used on real market data from Norway, Sweden and Germany. The study shows a theoretical potential for added value when selling energy in multiple markets relative to optimal day-ahead sale. Most of this value is achievable also when the perfect foresight is limited to the period from day-ahead bidding until operation. Flexible production plants achieve the largest relative added values for multi-market sales, and has the largest benefit from a long horizon with perfect foresight.

  16. Volatility Informed Trading in the Options Market: Evidence from India

    Directory of Open Access Journals (Sweden)

    Rajesh Pathak

    2015-12-01

    Full Text Available The purpose of this paper is to investigate the trading activity in options market based on information about expected future volatility in spot market. We employ Common Implied Volatility as a measure of expected volatility and options volume and changes in Open Interests as measures of options trading activity. We first test for simultaneous information flow in the two markets using multiple regression technique. Next, we test for information based or hedge based use of options using Trivariate Vector-auto Regression framework. We further consider the classes of options moneyness and the market trends in our analysis to examine if the trader’s preference of options changes with change in description of options intrinsic value and market environment. We use daily closing data of S&P CNX Nifty Index options traded on National Stock Exchange, India. We, for the most part, find negative and significant relationship in contemporaneous regression suggesting active trading by arbitrageurs. A feedback relationship is observed in vector auto regression analysis suggesting that options are traded in India for both information based trading and hedging purposes. We also observe the relationship to be varying when market trends and classes of options moneyness are considered. This indicates that traders are not indifferent in their choice of trading venue when market conditions and factors change. The results of this study are helpful for traders in managing the risk and return of their portfolio based on volatility forecast. This study is distinctive as it examines the scarcely researched area of volatility informed trading in an emerging market set up.

  17. A Branding and Marketing Plan for a Trade Union

    OpenAIRE

    Pihonen-Randla, Marjut

    2015-01-01

    The purpose of this thesis project was to define a branding and a marketing plan based on study and research into successful brands and marketing strategies. The goal was to increase visibility by creating a cohesive brand image and to define a marketing plan to suit this purpose. This project looked into trade unions in Finland and how they conduct marketing. This project also looked into research that was available of target audiences for client website and Facebook site. The client...

  18. 75 FR 4007 - Risk Management Controls for Brokers or Dealers With Market Access

    Science.gov (United States)

    2010-01-26

    ... 3235-AK53 Risk Management Controls for Brokers or Dealers With Market Access AGENCY: Securities and... or other persons, to implement risk management controls and supervisory procedures reasonably... access may not utilize any pre-trade risk management controls (i.e., ``unfiltered'' or ``naked'' access...

  19. Tariff-Tax Reforms and Market Access

    DEFF Research Database (Denmark)

    Kreickemeier, Udo; Raimondos-Møller, Pascalis

    2006-01-01

    Reducing tariffs and increasing consumption taxes is a standard IMF advice to countries that want to open up their economy without hurting government finances. Indeed, theoretical analysis of such a tariff-tax reform shows an unambiguous increase in welfare and government revenues. The present pa...... efficient proposal to follow both as far as it concerns market access and welfare.JEL code: F13, H20.Keywords: Market access; tariff reform, consumption tax reform....

  20. Pairs Trading to the Commodities Futures Market Using Cointegration Method

    Directory of Open Access Journals (Sweden)

    Cüneyt Ungever

    2015-10-01

    Full Text Available This paper investigates pairs trading strategy by using the cointegration method among the 10 most popular agricultural future markets. It is found that only in 2 pairs shows trading signal. The pairs trading strategy is performed in two stages that are the formation period and the trading period with daily futures data from 2004 to 2015. After the formation period was constructed, it is assumed that the cointegration error continues to hold the trading period same as it does for the formation period. The pairs trading strategy is created by the long position cotton and the short position coffee and also long position cotton and short position the livecattle. It is found that the profitability of this strategy worked well in both formation period and trading period.

  1. Trading places: accessing land in African cities

    CSIR Research Space (South Africa)

    Napier, Mark

    2013-10-01

    Full Text Available , but rather a perspective that allows us to ‘cope with complexity’ and a set of proposals to progressively reshape the relationship between the market, the state, and the urban poor. It requires us to be ‘more nuanced, more incremental, more patient...

  2. The evolution of hard coal trade in the Pacific market

    International Nuclear Information System (INIS)

    Ekawan, Rudianto; Duchene, Michel; Goetz, Damien

    2006-01-01

    This article analyses the evolution of hard coal trade in the Asia Pacific region, known as the Pacific market, from the 1980s to the present years. It investigates the development of the trade pattern, the nature of contracts, the price setting, the supply demand and the future of trade. Over the last two decades, the international trade in the Pacific market has achieved dramatic increases in coal commerce. This achievement is due to strong demand in Japan and North-east Asian countries and progressive coal export in Australia and Indonesia. It is likely that this market will continue to expand and become a more important market in replacing the Atlantic market. In this market, historically, long-term supply contracts were usual and concluded between producer and consumer. Even recently, there are still annual contracts, but with a small number of deals. In contrast, spot transactions are now becoming more important. Previously, Japan had been influential in price setting by establishing 'a benchmark price' with Australian coal suppliers. Afterward 'a reference price' was becoming a trend. Nowadays, spot price indices, such as the Barlow Jonker, the Barlow Jonker ACR and globalCOAL, have become important to set the price. The Pacific market growth is not without problems. The exporter countries, particularly Australia and Indonesia, have some challenges that if they are not resolved at present, it would implicate the performance of the coal trade

  3. Trade agreements and access to drugs in Peru

    OpenAIRE

    Llamoza, Javier; Químico Farmacéutico, Acción Internacional para la Salud, Lima, Perú.

    2009-01-01

    Through Free Trade Agreements, the economies of the United States of America (USA) and the European Union (EU) have been achieving a higher standard of protection of the intellectual property rights. This increases unduly the monopolist rights of the industry, restricting competition and limiting the access of new generic drugs. Peru has not been the exception to this process, subscribing a free trade agreement with the USA called Agreement of Commercial Promotion (APC) that involved the ...

  4. Trading Platform for the Global Warrant Markets

    Directory of Open Access Journals (Sweden)

    Iosif ZIMAN

    2011-01-01

    Full Text Available Global warrant markets are among the most active financial markets in the retail derivatives investment landscape currently. In this context some of the most relevant markets in the last years have been the ones across Asia and in particular Hong Kong, Korea and Japan. This paper introduces the financial instruments used in connection with the warrant markets, pre-sents and offers suggestions for setting up a generic warrant market making system and in-troduces the main concepts and components that need to be taken into account when develop-ing these systems targeting an exchange driven or E-Businesscontext.

  5. Economic Culture and Trading Behaviors in Information Markets

    Science.gov (United States)

    Alhayyan, Khalid N.

    2012-01-01

    There are four main components for influencing traders' behaviors in an information market context: trader characteristics, organizational characteristics, market design, and external information. This dissertation focuses on investigating the impact of individual trader characteristics on trading behaviors. Two newly-developed constructs,…

  6. TRADING ACTIVITY AND PRICES IN ENERGY FUTURES MARKET

    Directory of Open Access Journals (Sweden)

    Aysegul Ates

    2016-04-01

    Full Text Available This paper aims to examine trading activity and the relationship between futures trading activity by trader type and energy price movements in three energy futures markets –natural gas, crude oil and heating oil. We find that the level of net positions of speculators are positively related to future returns and in contrast net positions of hedgers are negatively related to futures price changes in all three markets. The changes in net positions are relatively more informative compare to the level of net positions in predicting price changes in related markets.

  7. Assessment of emission trading impacts on competitive electricity market price

    DEFF Research Database (Denmark)

    Singh, S.N.; Saxena, D.; Østergaard, Jacob

    2011-01-01

    analyzes the impact of electricity prices in the competitive electricity markets having a uniform market clearing price mechanism. Findings - It is found that the electricity prices depend on the system loading, generation mix, etc. at a particular hour. Various emission trading instruments are discussed...... side emission trading impact on electricity prices in the competitive power market. Design/methodology/approach - Various schemes are suggested and are being implemented to achieve this objective. It is expected that electricity price will increase due to imposition of emission taxes. This paper...... with a special emphasis on the European market. Research limitations/implications - Block bidding of the suppliers is considered whereas the demand is assumed to be inelastic. Originality/value - The emission trading impacts are analyzed on a simple example....

  8. Electronic trade effect of marketing channels

    OpenAIRE

    Lovreta Stipe; Stojković Dragan

    2009-01-01

    E-commerce has caused many significant changes in marketing channels. Consumers had obtained multiple benefits from e-commerce. In addition, it has increased the level of competition in marketing channels. However, the focus of this paper is multichannel strategy and integration of physical (store) and electronic marketing channels. E-commerce has induced dynamic development of multichannel strategy. This strategy has evolved as a consequence of multichannel consumer orientation. In developed...

  9. Financial Super-Markets: Size Matters for Asset Trade

    OpenAIRE

    Philippe Martin; Helene Rey

    2001-01-01

    This paper presents a new theoretical framework to analyze=20 financial markets in an international context. We build a two-country=20 macroeconomic model in which agents are risk averse, assets are imperfect=20 substitutes, the number of financial assets is endogenous, and cross-border= =20 asset trade entails transaction costs. We show that demand effects have=20 important implications for the link between market size, asset prices and=20 financial market development. These effects are cons...

  10. Financial Super-Markets: Size Matters for Asset Trade.

    OpenAIRE

    Philippe Martin and Hélène Rey.

    2000-01-01

    This paper presents a new theoretical framework to analyze financial markets in an international context. We build a two-country macroeconomic model in which agents are risk averse, assets are imperfect substitutes, the number of financial assets is endogenous, and cross-border asset trade entails transaction costs. We show that demand effects have important implications for the link between market size, asset prices and financial market development. These effects are consistent with the exis...

  11. Electronic trade effect of marketing channels

    Directory of Open Access Journals (Sweden)

    Lovreta Stipe

    2009-01-01

    Full Text Available E-commerce has caused many significant changes in marketing channels. Consumers had obtained multiple benefits from e-commerce. In addition, it has increased the level of competition in marketing channels. However, the focus of this paper is multichannel strategy and integration of physical (store and electronic marketing channels. E-commerce has induced dynamic development of multichannel strategy. This strategy has evolved as a consequence of multichannel consumer orientation. In developed economies, consumers are multichannel entities and active marketers aim to meet their requirements by creating multichannel offer.

  12. Quantifying trading behavior in financial markets using Google Trends.

    Science.gov (United States)

    Preis, Tobias; Moat, Helen Susannah; Stanley, H Eugene

    2013-01-01

    Crises in financial markets affect humans worldwide. Detailed market data on trading decisions reflect some of the complex human behavior that has led to these crises. We suggest that massive new data sources resulting from human interaction with the Internet may offer a new perspective on the behavior of market participants in periods of large market movements. By analyzing changes in Google query volumes for search terms related to finance, we find patterns that may be interpreted as "early warning signs" of stock market moves. Our results illustrate the potential that combining extensive behavioral data sets offers for a better understanding of collective human behavior.

  13. Stroke: a Hidden Danger of Margin Trading in Stock Markets.

    Science.gov (United States)

    Lin, Shu-Hui; Wang, Chien-Ho; Liu, Tsai-Ching; Chen, Chin-Shyan

    2015-10-01

    Using 10-year population data from 2000 through 2009 in Taiwan, this is the first paper to analyze the relationship between margin trading in stock markets and stroke hospitalizations. The results show that 3 and 6 days after an increase of margin trading in the Taiwan stock markets are associated with greater stoke hospitalizations. In general, a 1 % increase in total margin trading positions is associated with an increment of 2.5 in the total number of stroke hospitalizations, where the mean number of hospital admissions is 233 cases a day. We further examine the effects of margin trading by gender and age groups and find that the effects of margin trading are significant for males and those who are 45-74 years old only. In summary, buying stocks with money you do not have is quite risky, especially if the prices of those stocks fall past a certain level or if there is a sudden and severe drop in the stock market. There is also a hidden danger to one's health from margin trading. A person should be cautious before conducting margin trading, because while it can be quite profitable, danger always lurks just around the corner.

  14. Trade Liberalization and Optimal Environmental Policies in Vertical Related Markets

    Directory of Open Access Journals (Sweden)

    Yan-Shu Lin

    2012-12-01

    Full Text Available This paper establishes a symmetric two-country model with vertically related markets. In the downstream market, there is one firm in each country selling a homogeneous good, whose production generates pollution, to its home and the foreign markets a la Brander (1981. In the intermediate good market, there is also one upstream firm in each country, supplying the intermediate good only to its own country’s downstream market. The upstream firms can choose either price or quantity to maximize their profits. With this setting, the paper examines the optimal environmental policy and how it is affected by the tariff on the final good. It is found that, under free trade, the optimal final-good output with imperfect intermediate-good market will have the same output level as that with perfect intermediate-good market after imposing the optimal emission tax. The optimal environmental tax is smaller and the optimal environmental policy is less likely to be a green strategy under trade liberalization if the market structure in the intermediate good market is imperfect than perfect competition. On the other hand, the optimal environmental tax is necessarily higher if the upstream firm chooses price than quantity. Moreover, the optimal environmental policy is less likely to be a green strategy under trade liberalization if the upstream firms choose quantity than price to maximize their profits.

  15. Brazil’s Market for Trading Forest Certificates

    Science.gov (United States)

    Soares-Filho, Britaldo; Rajão, Raoni; Merry, Frank; Rodrigues, Hermann; Davis, Juliana; Lima, Letícia; Macedo, Marcia; Coe, Michael; Carneiro, Arnaldo; Santiago, Leonardo

    2016-01-01

    Brazil faces an enormous challenge to implement its revised Forest Code. Despite big losses for the environment, the law introduces new mechanisms to facilitate compliance and foster payment for ecosystem services (PES). The most promising of these is a market for trading forest certificates (CRAs) that allows landowners to offset their restoration obligations by paying for maintaining native vegetation elsewhere. We analyzed the economic potential for the emerging CRA market in Brazil and its implications for PES programs. Results indicate a potential market for trading 4.2 Mha of CRAs with a gross value of US$ 9.2±2.4 billion, with main regional markets forming in the states of Mato Grosso and São Paulo. This would be the largest market for trading forests in the world. Overall, the potential supply of CRAs in Brazilian states exceeds demand, creating an opportunity for additional PES programs to use the CRA market. This expanded market could provide not only monetary incentives to conserve native vegetation, but also environmental co-benefits by fostering PES programs focused on biodiversity, water conservation, and climate regulation. Effective implementation of the Forest Code will be vital to the success of this market and this hurdle brings uncertainty into the market. Long-term commitment, both within Brazil and abroad, will be essential to overcome the many challenges ahead. PMID:27050309

  16. Trade (Marketing): Occupational Cluster Series-6.

    Science.gov (United States)

    Miller, David H., Comp.; Moore, Allen B., Comp.

    This compilation of ERIC abstracts dealing with trade is the sixth in a series that identifies research and instructional materials in selected occupational clusters. Fifty-seven documents were identified by means of computer searches of "Research in Education" from 1967 to December 1972. Instructions on how to use ERIC reference…

  17. Intransparent Markets and Intra-Industry Trade

    DEFF Research Database (Denmark)

    Schmidt, Christian Gormsen

    in the model are identical, but appear heterogeneous due to their price randomization. In larger and more open economies, prices and markups will be lower, and exports are primarily realized by sellers who charge low prices. These predictions are similar to those of trade models where firm heterogeneity...

  18. Gender and trade aspects of labour markets

    NARCIS (Netherlands)

    Papyrakis, E.; Covarrubias, A.; Verschoor, A.

    2012-01-01

    We provide a comprehensive up-to-date review of the large body of theory and evidence on the linkages between trade liberalisation and gender inequality in income, as well as two of the latter's key underlying determinants: wages and employment. On balance, the evidence for developing countries

  19. Greenhouse gas emissions trading: Cogen case studies in the early trading market

    International Nuclear Information System (INIS)

    Buerer, Mary Jean

    2001-01-01

    An increasing number of companies are interested in opportunities to trade their reduction in greenhouse gas emissions from cogeneration on the emerging greenhouse gas emissions market. Only the UK and Denmark currently have emissions trading schemes, but they are under development in other European countries. Two frameworks currently exist for trading. Baseline-and-credit trading is used in Canada where companies can take part in two voluntary schemes (Greenhouse Gas Emission Reduction Trading Pilot or Clean Air Canada Inc). An example project from the CHP unit at DuPont's Maitland chemical production facility is given, with details of the baselines and calculations used. The other option is company-wide emissions trading. The example given here features the CHP units at BP's refinery and chemicals operations in Texas. The potential revenue from emission reduction projects could help to boost the economics of cogeneration projects

  20. Proceedings of the Emissions trading conference : effective strategies for successful emissions trading in a global market

    International Nuclear Information System (INIS)

    2001-01-01

    There is growing interest everywhere in the topic of emissions trading in order to meet the commitments made under the Kyoto Protocol. During this conference, most aspects of emissions trading were discussed, ranging from the need to establish credible emission reduction estimates to the means of achieving those goals, to the trading activities of Ontario Power Generation in the field of emissions trading both at the domestic and the international level. There were presentations that focussed on greenhouse gas policies, markets and strategic plays, and the preparation for the regulation of greenhouse gas. An emissions trading regime for Canada was examined by one of the presenters. This conference provided a useful venue for all stakeholders to discuss various strategies and ideas related to emissions trading. Speakers represented governments, the private sector and utilities, as well as the National Round Table on the Environment and the Economy. tabs., figs

  1. Mathematics, Pricing, Market Risk Management and Trading Strategies for Financial Derivatives (2/3)

    CERN Multimedia

    CERN. Geneva; Coffey, Brian

    2009-01-01

    Market Trading and Risk Management of Vanilla FX Options - Measures of Market Risk - Implied Volatility - FX Risk Reversals, FX Strangles - Valuation and Risk Calculations - Risk Management - Market Trading Strategies

  2. Illegal markets, human trade and transnational organised crime

    Directory of Open Access Journals (Sweden)

    Nikolić-Ristanović Vesna Ž.

    2003-01-01

    Full Text Available In this paper the author explores, focusing largely on the example of the Balkans, the connection between the expansion of neoliberal market economy and war, and related to it the growth of illegal markets and the shadow economy, on one hand, and the victimisation by human trafficking, on the other. By locating human trade within expanding local and global illegal markets, the author is arguing that, without taking into consideration wider social contexts, which create structural incentives for illegal markets and transnational organised crime, we can hardly understand the causes, let alone build effective strategies to combat and prevent it. Consequently, on the basis of the analyses of human trade as a form of both transnational organised crime and illegal markets, some strategies (short-term and long-term for the prevention and control of human trafficking on both the micro and macro level are suggested.

  3. Brazil’s Market for Trading Forest Certificates

    DEFF Research Database (Denmark)

    Soares-Filho, Britaldo; Rajão, Raoni; Merry, Frank

    2016-01-01

    Brazil faces an enormous challenge to implement its revised Forest Code. Despite big losses for the environment, the law introduces new mechanisms to facilitate compliance and foster payment for ecosystem services (PES). The most promising of these is a market for trading forest certificates (CRAs...... value of US$ 9.2±2.4 billion, with main regional markets forming in the states of Mato Grosso and São Paulo. This would be the largest market for trading forests in the world. Overall, the potential supply of CRAs in Brazilian states exceeds demand, creating an opportunity for additional PES programs...... to use the CRA market. This expanded market could provide not only monetary incentives to conserve native vegetation, but also environmental co-benefits by fostering PES programs focused on biodiversity, water conservation, and climate regulation. Effective implementation of the Forest Code will be vital...

  4. Forecasting stock market averages to enhance profitable trading strategies

    OpenAIRE

    Haefke, Christian; Helmenstein, Christian

    1995-01-01

    In this paper we design a simple trading strategy to exploit the hypothesized distinct informational content of the arithmetic and geometric mean. The rejection of cointegration between the two stock market indicators supports this conjecture. The profits generated by this cheaply replicable trading scheme cannot be expected to persist. Therefore we forecast the averages using autoregressive linear and neural network models to gain a competitive advantage relative to other investors. Refining...

  5. Cotton : Market setting, trade policies, and issues

    OpenAIRE

    Baffes, John

    2004-01-01

    The value of world cotton production in 2000-01 has been estimated at about $20 billion, down from $35 billion in 1996-97 when cotton prices were 50 percent higher. Although cotton's share in world merchandise trade is insignificant (about 0.12 percent), it is very important to a number of developing countries. Cotton accounts for approximately 40 percent of total merchandise export earnin...

  6. TRADE MARKETING NO SETOR DE LOJAS DE CONVENIÊNCIA

    Directory of Open Access Journals (Sweden)

    Victor Manoel Cunha de Almeida, Leonardo Siano Penna, Gilberto Figueira da Silva, Flávia D'Albergaria Freitas

    2012-10-01

    Full Text Available This paper aims to describe the motivations for the adoption of trade marketing in convenience stores, as well as its attributions and functional position in the organizational structure. We chose the multiple case study method approach in order to study the motivations and practices of four convenience store chains and five manufacturers. Results indicate that the existence of a formal trade marketing area does not per se ensure collaboration between manufactures and convenience store chains. Trade marketing activities are developed and negotiated with franchisors, but the execution takes place at the franchisee level. It is, in fact, a triadic relationship that encompasses the manufacturer, the franchisor of the convenience stores and its franchisees.

  7. Does Access to Foreign Markets shape Internal Migration? Evidence from Brazil

    OpenAIRE

    Laura Hering; Rodrigo Paillacar

    2014-01-01

    This paper investigates how internal migration is affected by Brazil’s increased integration into the world economy. It analyzes the impact of regional differences in access to foreign demand on sector-specific bilateral migration rates between the Brazilian states for the years 1995 to 2003. Using international trade data, a foreign market access measure is computed at the sectoral level,...

  8. 47 CFR 15.609 - Marketing of Access BPL equipment.

    Science.gov (United States)

    2010-10-01

    ... 47 Telecommunication 1 2010-10-01 2010-10-01 false Marketing of Access BPL equipment. 15.609 Section 15.609 Telecommunication FEDERAL COMMUNICATIONS COMMISSION GENERAL RADIO FREQUENCY DEVICES Access Broadband Over Power Line (Access BPL) § 15.609 Marketing of Access BPL equipment. The marketing of Access...

  9. Are we moving towards functioning agricultural markets and trade relations?

    DEFF Research Database (Denmark)

    Brosig, Stephan; Glauben, Thomas; Levkovych, Inna

    2016-01-01

    We introduce a special feature on the functioning of international agricultural markets. This feature is motivated by the increased interest in the functioning of commodity markets raised by unprecedented price turbulences since 2008, major structural changes through changed roles of emerging...... economies and related concerns regarding food security. We argue that the delineation of non-functioning markets from markets that adequately adjusted to adverse framework conditions lacks theoretical foundation. We discuss the relevance of some results on institutions for agricultural markets in emerging...... and transition countries. A synthesis of the articles included in the special feature is provided by highlighting the selection of topics that span a topical range covering price formation on world and domestic markets, market power and trade policy modelling....

  10. The surveillance of the electricity wholesale market and emission trading market

    International Nuclear Information System (INIS)

    Luedemann, Volker

    2015-01-01

    The Regulation on Wholesale Market Integrity and Transparency (REMIT) and the German Law on the Establishment of a Market Transparency Office for Wholesale Trade in Electricity and Gas (MTS-G) have fundamentally changed the surveillance of electricity wholesale trade in Germany. From now on the Federal Network Agency and the Federal Cartel Office will be jointly responsible for monitoring the electricity wholesale trade for suspicious market phenomena and abusive behaviour. The REMIT specifies that the electricity trade must be surveilled ''with due consideration to interactions'' with the emission trade system. However, occurrences observed in recent years have shown that the emission trading system is in need of reform. This has also been recognised and has prompted extensive corrective action by the regulatory authorities of the European Union. These changes have yet to be transposed into the national surveillance regimes. The present article explains why the new role accorded to the Federal Network Agency under the REMIT fails to eliminate the structural shortcomings of the old surveillance system. At least the decision to put the collection and evaluation of data exclusively in the hands of the market transparency office and the cooperation this will prompt between the supervisory authorities responsible will make the task of surveilling the energy wholesale trading market a lot easier for the authorities. The energy transition and its exigencies will yet lead to further changes in the market and its surveillance regime.

  11. Should Aid be Replaced by Better Access to Trade?

    DEFF Research Database (Denmark)

    Lahiri, Sajal; Raimondos-Møller, Pascalis

    2000-01-01

    We examine the welfare effects of reforms in which both the amount of aid and the donor-imposed trade barriers (tariff or quotas) are reduced, i.e. aid is partially replaced by better access to trade. We consider two types of reforms: (i) a reform where the donor government's revenue is held...... constant, and (ii) a reform where the donor's utility is held constant. While the latter type of reforms unambiguously benefit the recipient, the former type may harm the recipient. In particular, a revenue-neutral reform, away from aid to lower tariff barrier, unambiguosly harms the recipient....

  12. Trades, quotes and prices financial markets under the microscope

    CERN Document Server

    Bouchaud, Jean-Philippe; Donier, Jonathan; Gould, Martin

    2018-01-01

    The widespread availability of high-quality, high-frequency data has revolutionised the study of financial markets. By describing not only asset prices, but also market participants' actions and interactions, this wealth of information offers a new window into the inner workings of the financial ecosystem. In this original text, the authors discuss empirical facts of financial markets and introduce a wide range of models, from the micro-scale mechanics of individual order arrivals to the emergent, macro-scale issues of market stability. Throughout this journey, data is king. All discussions are firmly rooted in the empirical behaviour of real stocks, and all models are calibrated and evaluated using recent data from Nasdaq. By confronting theory with empirical facts, this book for practitioners, researchers and advanced students provides a fresh, new, and often surprising perspective on topics as diverse as optimal trading, price impact, the fragile nature of liquidity, and even the reasons why people trade a...

  13. Characterising Wildlife Trade Market Supply-Demand Dynamics

    Science.gov (United States)

    Rowcliffe, M.; Cowlishaw, G.; Alexander, J. S.; Ntiamoa-Baidu, Y.; Brenya, A.; Milner-Gulland, E. J.

    2016-01-01

    The trade in wildlife products can represent an important source of income for poor people, but also threaten wildlife locally, regionally and internationally. Bushmeat provides livelihoods for hunters, traders and sellers, protein to rural and urban consumers, and has depleted the populations of many tropical forest species. Management interventions can be targeted towards the consumers or suppliers of wildlife products. There has been a general assumption in the bushmeat literature that the urban trade is driven by consumer demand with hunters simply fulfilling this demand. Using the urban bushmeat trade in the city of Kumasi, Ghana, as a case study, we use a range of datasets to explore the processes driving the urban bushmeat trade. We characterise the nature of supply and demand by explicitly considering three market attributes: resource condition, hunter behaviour, and consumer behaviour. Our results suggest that bushmeat resources around Kumasi are becoming increasingly depleted and are unable to meet demand, that hunters move in and out of the trade independently of price signals generated by the market, and that, for the Kumasi bushmeat system, consumption levels are driven not by consumer choice but by shortfalls in supply and consequent price responses. Together, these results indicate that supply-side processes dominate the urban bushmeat trade in Kumasi. This suggests that future management interventions should focus on changing hunter behaviour, although complementary interventions targeting consumer demand are also likely to be necessary in the long term. Our approach represents a structured and repeatable method to assessing market dynamics in information-poor systems. The findings serve as a caution against assuming that wildlife markets are demand driven, and highlight the value of characterising market dynamics to inform appropriate management. PMID:27632169

  14. Legal market abuse regulations of WpHG (law on stock trading) and the REMIT-VO in the electricity spot trading

    International Nuclear Information System (INIS)

    Retsch, Alexander T.

    2014-01-01

    The thesis on legal market abuse regulations of WpHG (law on stock trading) and the REMIT-VO in the electricity spot trading include the discussion of the following issues: market abuse, its forms of appearance (market manipulation, insider trade, insider information), electricity spot trading, relevant legislative frame, market abuse regulations (WpHG), interdiction of market manipulation and related regulations.

  15. Detecting information-driven trading in a dealers market

    Czech Academy of Sciences Publication Activity Database

    Hanousek, Jan; Kopřiva, František

    2011-01-01

    Roč. 61, č. 3 (2011), s. 204-229 ISSN 0015-1920 R&D Projects: GA ČR(CZ) GAP403/11/0020; GA MŠk LC542 Institutional research plan: CEZ:MSM0021620846 Keywords : dealers’ market * emerging markets * informed trading Subject RIV: AH - Economics Impact factor: 0.346, year: 2011 http://journal.fsv.cuni.cz/storage/1212_hanousek.pdf

  16. Energy trading

    International Nuclear Information System (INIS)

    Glachant, J.M.; Kimman, R.; Schweickardt, H.E.

    2001-05-01

    This document brings together 18 testimonies of experts about energy trading: 1 - the energy trading experience on European deregulated markets: structure of deregulated energy markets in Europe, case study: a two years experience of a power exchange in western Europe, case study: European energy exchanges (experience of spot and future trading), case study: risk management on energy deregulated markets; 2 - the trading activity environment and realities in France: the French electrical law and the purchase for resale, experience feedback: status after 3 months of trading in France (the first experience of a French producer), the access to the power transportation network, which legal constraints for trading in France, the access of eligible clients to the French power market, conditions of implementation of a power exchange market in France, which real trading possibilities in France for producers and self-producers in the legal frame, case study: the role of trading in the company (main part or link to process), convergence of gas and electricity markets, gas-electricity trading: which pricing models; 3 - risk management and use of new technologies potentiality, the results outside the French borders: case study: what differences between the European and US markets, prices volatility and commodity risk management: towards the on-line trading, role and developments of E-business in energy trading, how to simplify trade in a liberalized market. (J.S.)

  17. Fair Trade in Sustainable Development. The Potential for Fair Trade Market Growth in Poland

    Directory of Open Access Journals (Sweden)

    Grażyna Śmigielska

    2015-11-01

    Full Text Available The paper presents the concept of Fair Trade, which is considered an alternative to conventional trade, and becomes increasingly popular in the Western countries. In addition, some results of empirical research, conveyed in Poland and aimed at diagnosis and assessment of Fairtrade products market, are provided. Fair trade is analysed not only in the broad theoretical context which shows its contribution to sustainable development and relation to corporate social responsibility, but also in the framework of supply chains management. The benefits from the Fairtrade label, including transaction costs reduction are indicated. The assumption is that to achieve them, consumer acceptance of the idea and willingness to buy Fairtrade products are necessary. The empirical research was focused on answering the question whether a market niche for Fairtrade goods exists in Poland and how to develop it by the means of communication tools. The market niche, although very small, has been identified and described. It is apparent that, in order to develop it, a public policy, aimed at raising the awareness of Fair Trade idea, is necessary as well as marketing activities like social marketing Internet campaigns and better and more prominently products display.

  18. Dynamics of a durable commodity market involving trade at disequilibrium

    Science.gov (United States)

    Panchuk, A.; Puu, T.

    2018-05-01

    The present work considers a simple model of a durable commodity market involving two agents who trade stocks of two different types. Stock commodities, in contrast to flow commodities, remain on the market from period to period and, consequently, there is neither unique demand function nor unique supply function exists. We also set up exact conditions for trade at disequilibrium, the issue being usually neglected, though a fact of reality. The induced iterative system has infinite number of fixed points and path dependent dynamics. We show that a typical orbit is either attracted to one of the fixed points or eventually sticks at a no-trade point. For the latter the stock distribution always remains the same while the price displays periodic or chaotic oscillations.

  19. Labor market flexibility, international competitiveness and patterns of trade

    Czech Academy of Sciences Publication Activity Database

    Uzagalieva, Ainura; Cukrowski, J.

    2006-01-01

    Roč. 59, č. 2 (2006), s. 225-246 ISSN 0012-981X R&D Projects: GA MŠk LC542 Institutional research plan: CEZ:AV0Z70850503 Keywords : labor market regulations * competitiveness * international trade Subject RIV: AH - Economics

  20. Trading price jump clusters in foreign exchange markets

    Czech Academy of Sciences Publication Activity Database

    Novotný, Jan; Petrov, D.; Urga, G.

    2015-01-01

    Roč. 24, June (2015), s. 66-92 ISSN 1386-4181 R&D Projects: GA ČR(CZ) GA14-27047S Institutional support: RVO:67985998 Keywords : price jumps * foreign exchange markets * trading Subject RIV: AH - Economics Impact factor: 1.726, year: 2015

  1. Reptiles traded in markets for medicinal purposes in contemporary Morocco

    NARCIS (Netherlands)

    Nijman, V.; Bergin, D.

    2017-01-01

    Reptiles are traded globally for medicinal purposes. Historic qualitative accounts of reptiles used as medicine in Morocco are numerous, but contemporary quantitative data are rare. In 2013-2014, we surveyed 49 wildlife markets in 20 towns throughout Morocco, plus the Spanish exclaves of Ceuta and

  2. Fluctuations of trading volume in a stock market

    Science.gov (United States)

    Hong, Byoung Hee; Lee, Kyoung Eun; Hwang, Jun Kyung; Lee, Jae Woo

    2009-03-01

    We consider the probability distribution function of the trading volume and the volume changes in the Korean stock market. The probability distribution function of the trading volume shows double peaks and follows a power law, P(V/)∼( at the tail part of the distribution with α=4.15(4) for the KOSPI (Korea composite Stock Price Index) and α=4.22(2) for the KOSDAQ (Korea Securities Dealers Automated Quotations), where V is the trading volume and is the monthly average value of the trading volume. The second peaks originate from the increasing trends of the average volume. The probability distribution function of the volume changes also follows a power law, P(Vr)∼Vr-β, where Vr=V(t)-V(t-T) and T is a time lag. The exponents β depend on the time lag T. We observe that the exponents β for the KOSDAQ are larger than those for the KOSPI.

  3. The market effectiveness of electricity reform: A case of carbon emissions trading market of Shenzhen city

    Science.gov (United States)

    Wang, Yongli; Wang, Gang; Zuo, Yi; Fan, Lisha; Xiao, Yao

    2017-03-01

    In the 13th Five-Year Plan, the Chinese government proposed to achieve the national carbon emission trading market established by 2017. The establishment of carbon emission trading market is the most important one in power reform, which helps to promote the power reform and achieve the goal of energy saving and emission reduction. As the bond of connecting environment energy issues and the economic development, carbon emissions trading market has become a hot research topic in the related fields, by market means, it incentive the lower cost subject emissions to undertake more reductions and therefore to benefit, the body of the high cost finished the task by buying quota reduction, to achieve the effect of having the least social total cost. Shenzhen has become the first city in China to start carbon trading pilot formally on June 16, 2013, online trading on June 18. The paper analyzes the market effectiveness of electricity reform in China, which takes carbon emissions trading market of Shenzhen city for example, and gives some suggestions for future development.

  4. Legal Protection for Investor in Capital Market Stock Trading

    OpenAIRE

    Sofyan, Tito

    2013-01-01

    Protection for investor is the crucial issue because it has been found many evidence of the misuse of company's resources for extensive period. Moreover, there are also the case of stock lose, case in IPO, short selling, securities fraud, market manipulation, and insider trading. Stock market is abouttrust, if it lose, the market will collpase and it will affect the other sector, mainly economic sector. Undang-UndangNomor 8 Tahun 1995 tentangPasar Modal (UUPM) is one of the legal order to s...

  5. Market impact and trading profile of hidden orders in stock markets.

    Science.gov (United States)

    Moro, Esteban; Vicente, Javier; Moyano, Luis G; Gerig, Austin; Farmer, J Doyne; Vaglica, Gabriella; Lillo, Fabrizio; Mantegna, Rosario N

    2009-12-01

    We empirically study the market impact of trading orders. We are specifically interested in large trading orders that are executed incrementally, which we call hidden orders. These are statistically reconstructed based on information about market member codes using data from the Spanish Stock Market and the London Stock Exchange. We find that market impact is strongly concave, approximately increasing as the square root of order size. Furthermore, as a given order is executed, the impact grows in time according to a power law; after the order is finished, it reverts to a level of about 0.5-0.7 of its value at its peak. We observe that hidden orders are executed at a rate that more or less matches trading in the overall market, except for small deviations at the beginning and end of the order.

  6. The timeline of trading frictions in the European carbon market

    International Nuclear Information System (INIS)

    Medina, Vicente; Pardo, Ángel; Pascual, Roberto

    2014-01-01

    During its trial phase (Phase I), the EU Greenhouse Gas Emission Trading Scheme (EU-ETS) collapsed because of an over-allocation of emission allowances. We evaluate the progress of this market from the trial phase to the next commitment period (Phase II) from a microstructure angle. We show that trading frictions, as measured by the relative spread, information-asymmetry risk, and market-making profits decreased from Phase I to Phase II. Although volatility decreased, its noise-related component gained in importance at the expense of its information-related component, resulting in lower quality of the price changes. - Highlights: • We compare Phases I and II of the EU-ETS from a microstructure angle. • Phase II shows lower spreads, information-asymmetry risk and market making profits. • The contribution of noise to the volatility of prices increased during Phase II

  7. Trading on extinction: An open-access deterrence model for the South African abalone fishery

    Directory of Open Access Journals (Sweden)

    Douglas J. Crookes

    2016-03-01

    Full Text Available South African rhinoceros (e.g.Diceros bicornis and abalone (Haliotis midae have in common that they both are harvested under open-access conditions, are high-value commodities and are traded illegally. The difference is that a legal market for abalone already exists. An open-access deterrence model was developed for South African abalone, using Table Mountain National Park as a case study. It was found that illegal poaching spiked following the closure of the recreational fishery. The resource custodian's objective is to maximise returns from confiscations. This study showed that a legal trade results in a trading on extinction resource trap, with a race for profits, an increase in the probability of detection after a poaching event and the depletion of populations. In contrast with HS Gordon's seminal article (J Polit Econ 1954;62:124-142, profit maximisation does not automatically improve the sustainability of the resource. Under certain conditions (e.g. a legal trade with costly enforcement, profit maximisation may actually deplete abalone populations. The article also has implications for rhino populations, as a legal trade is currently proposed.

  8. Cross-Border Trade: An Analysis of Trade and Market Integration ...

    African Journals Online (AJOL)

    An assessment of cross-border trade and market integration reveal that inhabitants of the border areas have become economically, socially and politically integrated in spite of the conflict over the Bakassi Peninsula. Based on empirical analysis, bilateral agreements between Nigeria and Cameroon have made negligible ...

  9. Cheap versus expensive trades: Assessing the determinants of market impact costs

    NARCIS (Netherlands)

    Bikker, J.A.; Spierdijk, L.; van der Sluis, P.J.

    2005-01-01

    This paper assesses the determinants of market impact costs of institutional equity trades, using unique data from the world's second largest pension fund. We allow the impact of trade characteristics and market conditions on trading costs to depend on the level of trading costs itself and establish

  10. 75 FR 5782 - Noble Energy Marketing and Trade Corporation; Supplemental Notice That Initial Market-Based Rate...

    Science.gov (United States)

    2010-02-04

    ... Marketing and Trade Corporation; Supplemental Notice That Initial Market-Based Rate Filing Includes Request...-referenced proceeding of Noble Energy Marketing and Trade Corporation's application for market- based rate... electronic submission of protests and interventions in lieu of paper, using the FERC Online links at http...

  11. Making a market for SO2 emissions trading

    International Nuclear Information System (INIS)

    Solomon, B.D.; Rose, K.

    1992-01-01

    Under the innovative, market-based approach to acid rain control included in the Clean Air Act amendments of 1990 (CAAA), sulfur dioxide emission allowances allocated to existing electric utility sources of these emissions can be used by utilities, banked for future use, or sold or traded to other users. Most power plants that burn fossil fuels will need to obtain an adequate supply of allowances from the market of EPA-sponsored auctions to cover their future emissions. This article addresses the respective roles of regulators and the private sector in facilitating a market for SO 2 emission allowances. In previous work, the authors have argued that state public utility commissions should seize the opportunity to encourage utilities to facilitate the allowance market. Yet it is the nature of new markets that many potential participants (including regulators) are risk-averse and wait for others to make the first move. Taken to the extreme, such behavior is a prescription for failure. The authors stated purpose is both to offer a perspective on how to make a market for what was previously considered an externality, as well as to stimulate debate among the various players and elicit better ideas. In fact, much more may be at stake. The success or failure of the emissions trading program could well set a benchmark for future environmental protection efforts in the US and globally

  12. The high price of "free" trade: U.S. trade agreements and access to medicines.

    Science.gov (United States)

    Lopert, Ruth; Gleeson, Deborah

    2013-01-01

    The United States' pursuit of increasingly TRIPS-Plus levels of intellectual property protection for medicines in bilateral and regional trade agreements is well recognized. Less so, however, are U.S. efforts through these agreements to influence and constrain the pharmaceutical coverage programs of its trading partners. Although arguably unsuccessful in the Australia- U.S. Free Trade Agreement (AUSFTA), the U.S. nevertheless succeeded in its bilateral FTA with South Korea (KORUS) in establishing prescriptive provisions pertaining to the operation of coverage and reimbursement programs for medicines and medical devices, which have the potential to adversely impact future access in that country. More recently, draft texts leaked from the current Trans Pacific Partnership Agreement (TPPA) negotiations show that U.S. objectives include not only AUSFTA-Plus and KORUS-Plus IP provisions but also ambitious inroads into the domestic health programs of its TPPA partners. This highlights the apparent conflict between trade goals - pursued through multilateral legal instruments to promote economic "health"- and public health objectives, such as the development of treatments for neglected diseases, the pursuit of efficiency and equity in priority setting, and the procurement of medicines at prices that reflect their therapeutic value and facilitate affordable access. © 2013 American Society of Law, Medicine & Ethics, Inc.

  13. The Doha Agricultural Market Access Negotiations: Remaining Conceptual, Practical, and Technical Issues

    OpenAIRE

    Wainio, John; Podbury, Troy

    2007-01-01

    Before the World Trade Organization's (WTO) Doha round of multilateral trade negotiations can be concluded negotiators will need to agree on a host of market access issues, including the size of tariff cuts, a methodology for opening tariff quotas in the case of products exempted from applying full tariff cuts, and the amount of flexibility to be provided under special and differential treatment for developing countries. Each of these issues harbours a number of complex problems that will hav...

  14. Trading in Target Stocks Before Takeover Announcements: An Analysis of Stock and Option Markets

    OpenAIRE

    Marcus Clements; Harminder Singh; Antonie Van Eekelen

    2007-01-01

    In this study we examine both informed trading and contraire trading preceding takeover announcements on US target firms. Our findings suggest that both informed trading and contraire trading exists within the period preceding takeover announcements on both the stock and option markets as evident through abnormal returns and trading volumes. In regard to contraire trading, this study investigates possible explanations for its existence including liquidity clustering, falsely informed trading ...

  15. Continuous Trading Dynamically Effectively Complete Market with Heterogeneous Beliefs

    DEFF Research Database (Denmark)

    Qin, Zhenjiang

    on the heterogeneous posterior variance of dividend throughout [0; T). The market populated with many time-additive exponential-utility investors is dynamically effectively complete, if investors are allowed to trade in only two long-lived securities continuously. The underlying mechanism is that these assumptions...... imply that the Pareto efficient individual consumption plans are measurable with respect to the aggregate consumption. Hence, I may not need a dynamically complete market to facilitate a Pareto efficient allocation of consumption, the securities only have to facilitate an allocation which is measurable...... a sufficient statistic for computation of the price of redundant dividend derivative and the equilibrium portfolios. The investors form their Pareto optimal trading strategies as if they intend to dynamically endogenously replicate the value of the dividend derivative....

  16. Trading in markets with noisy information: an evolutionary analysis

    Science.gov (United States)

    Bloembergen, Daan; Hennes, Daniel; McBurney, Peter; Tuyls, Karl

    2015-07-01

    We analyse the value of information in a stock market where information can be noisy and costly, using techniques from empirical game theory. Previous work has shown that the value of information follows a J-curve, where averagely informed traders perform below market average, and only insiders prevail. Here we show that both noise and cost can change this picture, in several cases leading to opposite results where insiders perform below market average, and averagely informed traders prevail. Moreover, we investigate the effect of random explorative actions on the market dynamics, showing how these lead to a mix of traders being sustained in equilibrium. These results provide insight into the complexity of real marketplaces, and show under which conditions a broad mix of different trading strategies might be sustainable.

  17. Investors' performance and trading behavior on the Norwegian stock market

    OpenAIRE

    Che, Limei

    2011-01-01

    This dissertation examines investors’ performance and trading behavior on the Norwegian stock market, using a unique and extensive data set of monthly holdings of all the investors. The first paper studies how Norwegian individual investors, financial institutional investors and foreign investors affect stock return volatility and finds surprising and interesting results: domestic individual investors and financial institutional investors dampen stock return volatility, and foreign investors ...

  18. Implications of market access on soil and water conservation ...

    African Journals Online (AJOL)

    Market access is one of the motivating mechanisms for farmers to invest in soil and water conservation (SWC). Areas of relatively high agricultural potential but remote from major markets face numerous challenges in marketing their outputs. The objective of this study was to explore the market access determinants of farmer ...

  19. Dynamic Interaction between Cap & Trade and Electricity Markets

    Science.gov (United States)

    Jeev, Kumar

    Greenhouse Gases (GHG), such as Carbon-Dioxide (CO2), which is released in the atmosphere due to anthropogenic activities like power production, are now accepted as the main culprits for global warming. The Regional Greenhouse Gas Initiative (RGGI), an initiative of the North East and Mid-Atlantic States of the United States (US) for limiting the emission of GHG, has developed a regional cap-and-trade program for CO2 emissions for power plants. Existing cap-and-trade programs in US and Europe for Greenhouse Gases have recently been plagued by over-allocation. Carbon prices recently collapsed in all these markets during the global recession. Since then, there have been significant policy changes, which have resulted in the adoption of aggressive emission cap targets by most major carbon emission markets. This is expected to make carbon emissions availability more restrictive, raising the prices of these credits. These emissions markets are expected to have a major impact on the wholesale electricity markets. Two models to study the interaction of these two markets are presented. These models assess the impact of the emissions market on wholesale electricity prices. The first model characterizes the competition between two types of power plants (coal and gas) in both the electricity and emissions markets as a dynamic game using the Cournot approximation. Under this approximation, we find that in the Nash equilibrium the plants increase their permit allocation to high-demand periods and the marginal value of each credit for a plant is identical in all periods under their optimal equilibrium strategy. The second numerical model allows us to explicitly evaluate the closed loop equilibrium of the dynamic interaction of two competitors in these markets. We find that plants often try to corner the market and push prices all the way to the price cap. Power plants derive most of their profits from these extreme price regimes. In the experiments where trading is allowed

  20. The competitiveness of Slovak foreign trade in the European market

    Directory of Open Access Journals (Sweden)

    Pavličková Viera

    2013-01-01

    Full Text Available The paper deals with the competitiveness of the Slovak Republic in its ability to succeed in foreign markets. It provides a complex view of Slovak foreign trade within the European Union using a sectoral classification of products. Several appropriate methods (Constant Market Share Analysis, Revealed Comparative Advantage, Michaely Index, and unit export and import values are applied to quantify the competitiveness of Slovak foreign trade and to identify the level and trend of its specialisation. The analysis uses the data provided by the Eurostat Comext database for the period 1999-2011. The results confirmed Slovakia as a former transition country to be a fast developing open economy. Its production is competitive in the European market, although mainly with prices. Labour- and capital-intensive commodities, along with the automotive industry, dominate Slovak foreign trade. Technology- and R&D-driven goods have a comparative disadvantage as a consequence of several factors, such as lack of innovation and creativity in the business sphere. A shift towards export of more sophisticated products would be beneficial in supporting long-term sustainable development; however, no significant change in Slovak commodity structure has occurred over the past years.

  1. Comment: Reluctance to trade a risky position in oil market

    International Nuclear Information System (INIS)

    Thomas, M.

    1995-01-01

    The oil industry is re-engineering, restructuring, down-sizing, etc. as part of a draconian effort to reduce costs and enhance profit margins. Benchmarking of corporate results against the competition is in vogue, with a view to challenging performance at every level of management. The bold can do attitude behind today's oil industry revolution in management grinds to a halt when the subject is oil trading. Mention speculation, oil pricing mechanisms, market risk-taking, or derivative instruments, and many in senior management and the corporate boardroom lapse into worried silence. When an oil company finishes restructuring and reconcentrating business direction, setting new investment and performance criteria, it is still left with the huge variable of price. Any corporate management that fails to act aggressively in the trading sector by pursuing the best possible oil price as a buyer or seller isn't living up to its responsibilities to shareholders. This article discusses market retreat, market imperfections, winners and losers, the decision to trade, developing a program and issues currently attracting oil industry attention

  2. Evaluation of the trading development in the Iberian Energy Derivatives Market

    International Nuclear Information System (INIS)

    Capitán Herráiz, Álvaro; Rodríguez Monroy, Carlos

    2012-01-01

    The efficiency of the Iberian Energy Derivatives Market in its first five and a half years is assessed in terms of volume, open interest and price. The continuous market shows steady liquidity growth. Its volume is strongly correlated to that of the Over The Counter (OTC) market, the amount of market makers, the enrolment of financial agents and generation companies belonging to the integrated group of last resort suppliers, and the OTC cleared volume in its clearing house. The hedging efficiency, measured through the ratio between the final open interest and the cleared volume, shows the lowest values for the Spanish base load futures as they are the most liquid contracts. The ex-post forward risk premium has diminished due to the learning curve and the effect of the fixed price retributing the indigenous coal fired generation. This market is quite less developed than the European leaders headquartered in Norway and Germany. Enrolment of more traders, mainly international energy companies, financial agents, energy intensive industries and renewable generation companies is desired. Market monitoring reports by the market operator providing post-trade transparency, OTC data access by the energy regulator, and assessment of the regulatory risk can contribute to efficiency gains. - Highlights: ► The continuous traded volumes in the Iberian power futures market grow steadily. ► Those volumes are correlated to OTC volumes and the enrolment of key players. ► Most liquid contracts show the smallest hedging ratio. ► Regulation fixing the coal fired generation price affects spot and forward prices. ► The overall efficiency can grow via market monitoring reports and OTC data access.

  3. A cut above: building the market for fair trade timber

    Energy Technology Data Exchange (ETDEWEB)

    MacQueen, Duncan

    2008-02-15

    Unlike coffee and cotton, timber has yet to become a fair trade commodity. But now its time has come. Rights over forest resources are increasingly ceded to small-scale community forest enterprises (CFEs), as large-scale industrial logging is now largely discredited in the sustainable development context. The fair trade emphasis on just pricing for poorer producers is exactly what CFEs need as incentive to invest in sustainable forest management — and secure environmental and poverty reduction benefits at one stroke. With fair trade timber, CFEs could boost their entrepreneurial capacity using democratic business models with in-built social and environmental responsibility. The Fair Trade Labelling Organizations International and Forest Stewardship Council are exploring the ways and means through a new partnership, but more is needed. Consumers must be made aware of why paying higher prices is key to creating CFE incentives for sustainable forest management and poverty reduction. Time and money are needed for consumer education and installing fair trade timber in producer country forest policies, market segregation and procurement policies at all levels.

  4. Social Ties for Labor Market Access

    DEFF Research Database (Denmark)

    Dorner, Matthias; Harhoff, Dietmar; Hinz, Tina

    such ties. However, mobility decisions made by inventors with outstanding patenting track records (star inventors) were not impacted by social ties. We conclude that social ties support labor market access for migrant inventors and determine regional choices while dependence on these ties is substantially......We study the impact of social ties on the migration of inventors from East to West Germany, using the fall of the Iron Curtain and German reunification as a natural experiment. We identify East German inventors via their patenting track records prior to 1990 and their social security records...... in the German labor market after reunification. Modeling inventor migration to West German regions after 1990, we find that Western regions with stronger historically determined social ties across the former East-West border attracted more inventors after the fall of the Iron Curtain than regions without...

  5. Refugee Access to the Labour Market

    DEFF Research Database (Denmark)

    Lønsmann, Dorte

    study focuses on gatekeeping mechanisms for refugees trying to access the Danish job market, specifically during the process of transitioning from the job-training programme to a real job in the same organisation. Based on ethnographic observations and interviews with refugees, their Danish colleagues......, and the organisational gatekeepers (managers and HR representatives), the project investigates the following research question: How do discourses about Danish language competences and Danish cultural competences influence the refugees’ opportunities for gaining employment? The analysis focuses on how different...

  6. [Innovative medicines and market access agreements].

    Science.gov (United States)

    Toumi, M; Zard, J; Duvillard, R; Jommi, C

    2013-09-01

    Market Access Agreements (MAA) for drugs have emerged in response to the need to control health expenditures, as well as to the uncertainty about the true benefit of a drug. It is possible to group MAA in two types of agreements: financial agreements and outcome-based agreements. MAA is a growing trend and is shifting towards conditional access. However, the willingness to use these contracts and their implementation differ across countries, and some are still resistant to put them in place. The MAA challenges to overcome encompass the complexity of the schemes, the administrative burden and the difficulty of evaluating MAA. It is likely that these agreements might experience further evolution in the future to become a faster pathway for therapeutic innovations, at a fair price. Copyright © 2013 Elsevier Masson SAS. All rights reserved.

  7. 77 FR 24169 - Notice of Funds Availability: Inviting Applications for the Market Access Program

    Science.gov (United States)

    2012-04-23

    ... for the 2013 Market Access Program (MAP). The intended effect of this notice is to solicit...-term agricultural trade strategy and a program effectiveness time line against which results can be... part of the FAS resource allocation strategy to fund applicants who can demonstrate performance and...

  8. 76 FR 21325 - Notice of Funds Availability: Inviting Applications for the Market Access Program

    Science.gov (United States)

    2011-04-15

    ... for the 2012 Market Access Program (MAP). The intended effect of this notice is to solicit...-term agricultural trade strategy and a program effectiveness time line against which results can be... part of the FAS resource allocation strategy to fund applicants who can demonstrate performance and...

  9. 75 FR 26194 - Notice of Funds Availability: Inviting Applications for the Market Access Program

    Science.gov (United States)

    2010-05-11

    ... for the 2011 Market Access Program (MAP). The intended effect of this notice is to solicit... considers whether the applicant provides a clear, long-term agricultural trade strategy and a program... the greatest growth potential. These factors are part of the FAS resource allocation strategy to fund...

  10. Coordination mechanisms for quality improvement and market access in Ethiopian potato value chains

    NARCIS (Netherlands)

    Abebe, G.K.

    2013-01-01

    Market access for smallholders in developing countries often requires the improvement of product quality. As products are traded in value chains, quality improvement entails the coordination of activities and decisions by all actors in the chain. Thus, enhancing smallholders’

  11. Market analysis and risk management of EU emissions trading

    International Nuclear Information System (INIS)

    Ollikainen, M.; Ollikka, K.; Aatola, P.; Ahonen, H.M.; Pohjola, T.; Kumpulainen, A.; Lappalainen, E.

    2006-01-01

    The first EU emissions trading period commenced on 1 January 2005. It implies new challenges to companies included in the scheme. A central challenge is the uncertainty related to the markets. In order to manage risks and profitability companies need to be able to estimate future price developments of emission allowances. University of Helsinki is conducting a research project in cooperation with Helsinki University of Technology that will provide necessary information for analyzing emission allowance markets and create risk management competence. The objectives of the research project are 1) to develop a price estimation model for EU emission allowances and 2) to develop risk management competence related to EU emission allowances. With the price estimation model the short-term price developments of EU emission allowances can be estimated. By utilizing the model companies can reduce uncertainties related to the markets. The project will also deliver a general risk management model for emission allowances that aims at improving competitiveness of companies. (orig.)

  12. Intraday and intraweek trade anomalies on the Czech stock market

    Directory of Open Access Journals (Sweden)

    Oleg Deev

    2012-01-01

    Full Text Available The paper examines intraday and intraweek market returns on the Czech stock market for the search of time and seasonal anomalies in its activities during the last ten years. Existence or absence of anomalies indicates the efficiency of the market. A group of regression models and GARCH (1,1 model is used for the analysis of daily and high frequency data of the PX index. Time varying nature of market seasonalities is revealed with the Czech equity market having implications for changing efficiency over the studied period, when the Czech Republic’s accession to the EU implied the increase in efficiency and the global financial crisis led to opposite results and regularities, which are not yet fully overcomed. Additionally, significant hour-of-the-day effect (open jump effect in the index returns is established.

  13. Emissions trading with offset markets and free quota allocations

    Energy Technology Data Exchange (ETDEWEB)

    Rosendahl, Knut Einar; Strand, Jon

    2012-07-01

    We study interactions between a 'policy bloc's' emissions quota market and an offset market where emissions offsets can be purchased from a non-policy 'fringe' of countries (such as for the CDM under the Kyoto Protocol). Policy-bloc firms are assumed to benefit from free quota allocations that are updated according to either past emissions or past outputs. We show that both overall abatement, and the allocation of given abatement between the policy bloc and the fringe, tend to be inefficient. When the policy-bloc quota market and offset markets are fully integrated (and firms buy offsets directly from the fringe), and all quotas and offsets must be traded at a single price, it is optimal for the policy bloc to either not constrain the offset market whatsoever, or to ban offsets completely. The former (latter) case occurs when free allocation of quotas is not too generous (very generous), and the offset market can profitably deliver large (only a small) quota amounts. Governments of policy countries would however instead prefer to buy offsets directly from the fringe at a price below the policy-bloc quota price. The offset price will then be below the marginal damage cost of emissions, and the quota price in the policy bloc above marginal damage cost. This solution is also inefficient as the policy bloc (acting as a monopsonist) purchases too few offsets from the fringe.(Author)

  14. Regional trade and border markets between Niger, Benin and Nigeria

    DEFF Research Database (Denmark)

    Walther, Olivier; Tenikué, Michel; Kuepié, Mathias

    The objective of this methodological paper is to identify a number of products or sectors whose trade is relevant for border regions in West Africa. Focusing on Niger, Benin and Nigeria, we start with contextualising the importance of border markets by quantifying the changes in the relative values...... and volumes of imports and exports passing through border posts. In a second step, we determine which are the products most commonly found among the imports and exports of the border posts. The study shows that seven products are recognised as being heavily imported, subject to significant trade from large...... traders, and considered as re-export products: building materials, cereals and flour, textile, used clothing, used vehicles, cigarettes and oil....

  15. Trading Relationship Performance and Market Power in Food Supply Chains

    DEFF Research Database (Denmark)

    Xhoxhi, Orjon

    The development of the agri-food industry has led to a considerable increase of intermediaries’ market power vis-à-vis farmers. There are studies and evidence that suggests that due to their power, intermediaries transfer risks and unexpected costs to farmers which compromise the innovation...... and livelihood. The overall objective of this PhD study was to investigate the intermediaries’ power over farmers and its effects on trading relationship performance between them. Two farms survey were conducted, the first one was carried out in the Adana region in Turkey and had an explorative focus aiming......), investigate how intermediaries’ power affects farmers-intermediaries trading relationship performance (paper 3) and analyse the determinants of contract farming and its effects on post-harvest losses (paper 4). The first paper investigates the determinants of intermediaries’ power over farmers’ margin related...

  16. Toward Improved Market Access for ASEAN Agricultural Commodities

    International Development Research Centre (IDRC) Digital Library (Canada)

    ... of Southeast Asian Nations (ASEAN) is highly dependent on the agricultural sector, and on exports to overseas markets. This trade in turn depends on compliance with strict plant health and safety standards established by the World Trade Organization (WTO). ... Asian outlook: New growth dependent on new productivity.

  17. Trade Liberalization and Women's Integration into National Labor Markets: A Cross-Country Analysis

    Science.gov (United States)

    Meyer, Lisa B.

    2006-01-01

    This paper examines the effects of trade liberalization and the risks associated with participation in the global trading system on women's integration into national labor markets. Using data from 1970 to 1995, I identify two global determinants of the female share of national labor markets: trade openness and transnational corporate penetration.…

  18. Marketing support of putting on the own trade marks in the retail sector

    Directory of Open Access Journals (Sweden)

    Firsova S.

    2013-02-01

    Full Text Available The article summarizes the practical experience of putting own trade mark by the domestic enterprise on the food market of Ukraine. The author has investigated the marketing strategy of putting on the own trade mark and evaluated its results for the enterprise, formed and implemented to the practice the measures for evaluating the attractiveness of company’s own trade mark.

  19. Can NGOs regulate medicines markets? Social enterprise in wholesaling, and access to essential medicines.

    Science.gov (United States)

    Mackintosh, Maureen; Chaudhuri, Sudip; Mujinja, Phares Gm

    2011-02-28

    Citizens of high income countries rely on highly regulated medicines markets. However low income countries' impoverished populations generally struggle for access to essential medicines through out-of-pocket purchase on poorly regulated markets; results include ill health, drug resistance and further impoverishment. While the role of health facilities owned by non-governmental organisations (NGOs) in low income countries is well documented, national and international wholesaling of essential medicines by NGOs is largely unstudied. This article describes and assesses the activity of NGOs and social enterprise in essential medicines wholesaling. The article is based on a set of interviews conducted in 2006-8 with trading NGOs and social enterprises operating in Europe, India and Tanzania. The analysis applies socio-legal and economic perspectives on social enterprise and market regulation. Trading NGOs can resist the perverse incentives inherent in medicines wholesaling and improve access to essential medicines; they can also, in definable circumstances, exercise a broader regulatory influence over their markets by influencing the behaviour of competitors. We explore reasons for success and failure of social enterprise in essential medicines wholesaling, including commercial manufacturers' market response; social enterprise traders' own market strategies; and patterns of market advantage, market segmentation and subsidy generated by donors. We conclude that, in the absence of effective governmental activity and regulation, social enterprise wholesaling can improve access to good quality essential medicines. This role should be valued and where appropriate supported in international health policy design. NGO regulatory impact can complement but should not replace state action.

  20. Carbon emission trading system of China: a linked market vs. separated markets

    Science.gov (United States)

    Liu, Yu; Feng, Shenghao; Cai, Songfeng; Zhang, Yaxiong; Zhou, Xiang; Chen, Yanbin; Chen, Zhanming

    2013-12-01

    The Chinese government intends to upgrade its current provincial carbon emission trading pilots to a nationwide scheme by 2015. This study investigates two of scenarios: separated provincial markets and a linked inter-provincial market. The carbon abatement effects of separated and linked markets are compared using two pilot provinces of Hubei and Guangdong based on a computable general equilibrium model termed Sino-TERMCo2. Simulation results show that the linked market can improve social welfare and reduce carbon emission intensity for the nation as well as for the Hubei-Guangdong bloc compared to the separated market. However, the combined system also distributes welfare more unevenly and thus increases social inequity. On the policy ground, the current results suggest that a well-constructed, nationwide carbon market complemented with adequate welfare transfer policies can be employed to replace the current top-down abatement target disaggregation practice.

  1. The Impact of Trade Credit on Customer Switching Behaviour: Evidence from the Tanzanian Rice Market

    NARCIS (Netherlands)

    Hermes, N.; Kihanga, E.; Lensink, B.W.; Lutz, C.

    2012-01-01

    We use primary survey data to analyse the relationship between trade credit and customer switching in the context of trade transactions between wholesalers and retailers in the Tanzanian rice market. Results reveal a negative relation of trade credit and customer switching, that is, trade credit

  2. The impact of trade credit on customer switching behaviour : Evidence from the Tanzanian rice market

    NARCIS (Netherlands)

    Hermes, C.L.M.; Kihanga, E.P.; Lensink, B.W.; Lutz, C.H.M.

    2012-01-01

    We use primary survey data to analyse the relationship between trade credit and customer switching in the context of trade transactions between wholesalers and retailers in the Tanzanian rice market. Results reveal a negative relation of trade credit and customer switching, that is, trade credit

  3. Performance of Exchange-traded Fund in the Nordic Market

    OpenAIRE

    Huynh, Son

    2016-01-01

    Exchange-traded Fund (ETF) is one of the newer financial derivative products, yet its growth and popularity have been expansive at a remarkable rate. As a fund, it offers a convenient way to diversify the portfolio and gain exposure to foreign markets. As a stock, it holds the simplicity of being tradable on an exchange. In recent years, ETF has gained increasing interest as the next investment tool. The performance of this financial instrument is therefore worthy of discussion. The aim of th...

  4. Welfare Impact of Virtual Trading on Wholesale Electricity Markets

    Science.gov (United States)

    Giraldo, Juan S.

    market since it became available to be used by financial traders in September 2010. Stylized models are used to determine the optimal bidding strategy for the different virtual bids under different scenarios. The welfare analysis shows that the main impact of virtual bidding is surplus reallocation and that the impact on market efficiency is small by comparison. The market structure is such that it is more likely to see surplus transfers from consumers to producers. The results also show that outcomes with greater price convergence as a result of virtual bidding activity were not necessarily more efficient, nor do they always correct surplus distribution distortions that result from bias in the DA expectation of RT load. Compared to INCs and DECs, the UTC analysis showed that UTCs do not have the same self-corrective incentives towards price convergence and are less likely to lead to nodal price convergence or correct for surplus distribution distortions caused by uncertainty and bias in the DA expectation of RT load. Additionally, the analysis showed that UTCs allow financial traders to engage in low risk high volume trading strategies that, while profitable, may have little to no impact on price convergence or market efficiency.

  5. Intraday Trading Patterns in the Equity Warrants and Equity Options Markets: Australian Evidence

    Directory of Open Access Journals (Sweden)

    Lydia Segara

    2007-06-01

    Full Text Available This paper extends the microstructure literature, by examining the previouslyundocumented intraday trading patterns in trading volume, price volatility, order depthand relative spreads for both the warrant and option market in Australia. Comparisons ofintraday variations across these derivative securities allows for insight to be drawn intocompeting market microstructure theories and provides the opportunity to examinewhether market design differences explain variations in observed intraday patterns. Wefind that intraday trading patterns documented in the warrant and option markets can beexplained by their market designs, along with theories relating to time-varying informationasymmetry and time-varying hedging trades around nontrading periods.

  6. Using trading strategies to detect phase transitions in financial markets.

    Science.gov (United States)

    Forró, Z; Woodard, R; Sornette, D

    2015-04-01

    We show that the log-periodic power law singularity model (LPPLS), a mathematical embodiment of positive feedbacks between agents and of their hierarchical dynamical organization, has a significant predictive power in financial markets. We find that LPPLS-based strategies significantly outperform the randomized ones and that they are robust with respect to a large selection of assets and time periods. The dynamics of prices thus markedly deviate from randomness in certain pockets of predictability that can be associated with bubble market regimes. Our hybrid approach, marrying finance with the trading strategies, and critical phenomena with LPPLS, demonstrates that targeting information related to phase transitions enables the forecast of financial bubbles and crashes punctuating the dynamics of prices.

  7. Using trading strategies to detect phase transitions in financial markets

    Science.gov (United States)

    Forró, Z.; Woodard, R.; Sornette, D.

    2015-04-01

    We show that the log-periodic power law singularity model (LPPLS), a mathematical embodiment of positive feedbacks between agents and of their hierarchical dynamical organization, has a significant predictive power in financial markets. We find that LPPLS-based strategies significantly outperform the randomized ones and that they are robust with respect to a large selection of assets and time periods. The dynamics of prices thus markedly deviate from randomness in certain pockets of predictability that can be associated with bubble market regimes. Our hybrid approach, marrying finance with the trading strategies, and critical phenomena with LPPLS, demonstrates that targeting information related to phase transitions enables the forecast of financial bubbles and crashes punctuating the dynamics of prices.

  8. Forecasting market impact costs and identifying expensive trades

    NARCIS (Netherlands)

    Bikker, Jacob A.; Spierdijk, L.; Hoevenaars, Roy P.M.M.; van der Sluis, Pieter Jelle

    Often, a relatively small group of trades causes the major part of the trading costs on an investment portfolio. Consequently, reducing the trading costs of comparatively few expensive trades would already result in substantial savings on total trading costs. Since trading costs depend to some

  9. Emission reduction trading - a power marketer's perspective

    Energy Technology Data Exchange (ETDEWEB)

    Stewart, M. (Powerex Inc., Vancouver, BC (Canada))

    1999-01-01

    The current situation , and the short-term and long-term outlook in emission reduction trading are reviewed from the point of view of a power marketer. The author's view is that while the concept of emission reduction credit (ERC) is easy enough to understand, i.e. a series of measures to reduce carbon dioxide production and enhance carbon sequestration, there is no standard definition, although there are a number of models under consideration. What is being sought is clear ownership and title, a clear understanding of what qualifies as a credit, credit for early action, commodity specifications and the ability to hedge. The author predicts that in the short-tem, industry will experiment with different types of transactions to gain experience and seek partners who are willing to share risk and development cost. In the longer-term, emission reduction credits will be bought and sold as commodities and traded, swapped or exchanged as part of a portfolio in bilateral trade transactions, and used in hedging against future liabilities.

  10. Supply-chain trade and labor market outcomes : The case of the 2004 European Union enlargement

    NARCIS (Netherlands)

    Kaplan, Lennart C.; Kohl, Tristan; Martínez-Zarzoso, Inmaculada

    2018-01-01

    The structure of international trade is increasingly characterized by fragmentation of production processes and trade policy. Yet, how trade policy affects supply-chain trade is largely unexplored territory. This paper shows how the accession of 10 Central and Eastern European Countries (CEECs) to

  11. Cooperative Emissions Trading Game: International Permit Market Dominated by Buyers.

    Science.gov (United States)

    Honjo, Keita

    2015-01-01

    Rapid reduction of anthropogenic greenhouse gas emissions is required to mitigate disastrous impacts of climate change. The Kyoto Protocol introduced international emissions trading (IET) to accelerate the reduction of carbon dioxide (CO2) emissions. The IET controls CO2 emissions through the allocation of marketable emission permits to sovereign countries. The costs for acquiring additional permits provide buyers with an incentive to reduce their CO2 emissions. However, permit price has declined to a low level during the first commitment period (CP1). The downward trend in permit price is attributed to deficiencies of the Kyoto Protocol: weak compliance enforcement, the generous allocation of permits to transition economies (hot air), and the withdrawal of the US. These deficiencies created a buyer's market dominated by price-making buyers. In this paper, I develop a coalitional game of the IET, and demonstrate that permit buyers have dominant bargaining power. In my model, called cooperative emissions trading (CET) game, a buyer purchases permits from sellers only if the buyer forms a coalition with the sellers. Permit price is determined by bargaining among the coalition members. I evaluated the demand-side and supply-side bargaining power (DBP and SBP) using Shapley value, and obtained the following results: (1) Permit price is given by the product of the buyer's willingness-to-pay and the SBP (= 1 - DBP). (2) The DBP is greater than or equal to the SBP. These results indicate that buyers can suppress permit price to low levels through bargaining. The deficiencies of the Kyoto Protocol enhance the DBP, and contribute to the demand-side dominance in the international permit market.

  12. Developments in the emissions trading market 2009; Utvecklingen paa utslaeppsraettsmarknaden 2009

    Energy Technology Data Exchange (ETDEWEB)

    Bohnstedt, Sophie; Karlberg, Marie; Myrman, Johanna

    2010-07-01

    The Energy Agency has analyzed the development of emissions trading within the EU and globally in 2009. The analysis relates to larger events which mainly affected the prices and traded volumes during the year. The analysis includes the market for European emissions, markets for the project-based mechanisms, development of trade with the assigned emission units (AAUs), the unregulated market and developments in other trading in the world. The report is based on existing studies and monitoring of markets development during January to November 2009

  13. The trading game : emissions trading schemes offer pollution as a market commodity

    Energy Technology Data Exchange (ETDEWEB)

    Bradbury, D.

    2005-07-01

    This paper discussed the market mechanisms for emissions trading. The concept emerged in signatory countries to the Kyoto Protocol in response to their commitment to reduce greenhouse gas (GHG) emissions. Emissions trading systems allow large polluters to buy and sell pollution credits in order to meet emission reduction targets. While member states in the European Union (EU) started trading in February 2005, Canada is still developing its own proposal that will be introduced in 2008 to correspond with the first phase of the Kyoto Protocol. In contrast to the European model that places absolute limits on GHG emissions, the Canadian system is intensity-based. Heavy polluters, known as large final emitters, will have to cut emissions of the 6 GHGs covered under the Kyoto Protocol as a percentage of their total industrial output. Companies that reduce their emissions more than their defined targets can trade the surplus as credits on the open domestic market. It was argued that this allows businesses to meet their own emissions targets while failing to contribute effectively to Canada's overall Kyoto target. In addition, in order to lessen the burden to industry, Canada has imposed a $15 cap on the price of credits, which is in contrast to the European system. It was argued that businesses in Europe will be more motivated to meet their targets because of the higher value on European pollution credits. With less onus on business in Canada to reduce absolute targets, the burden of reducing GHG emissions has shifted to federal taxpayers. The paper addressed some of the factors that led to Canada's decision to use an intensity-based system. One main factor was the refusal of the United States to ratify the Kyoto Protocol and the cost disadvantage this would create for Canadian firms. However, some argue that by paying more attention to energy use, companies can reduce emissions and increase shareholder value by achieving cost savings that are greater than the

  14. Risks in global natural gas markets: Investment, hedging and trade

    International Nuclear Information System (INIS)

    Egging, Ruud; Holz, Franziska

    2016-01-01

    Recent supply security concerns in Europe have revived interest into the natural gas market. We investigate infrastructure investment and trade in an imperfect market structure for various possible risks for both supply and demand. We focus on three possible scenarios in a stochastic global gas market model: (i) transit of Russian gas via Ukraine that may be disrupted from 2020 on; (ii) natural gas intensity of electricity generation in OECD countries that may lead to higher or lower natural gas demand after 2025; and (iii) availability of shale gas around the globe after 2030. We illustrate how the timing of investments is affected by inter-temporal hedging behavior of market agents, such as when LNG capacity provides ex-ante flexibility or an ex-post fallback option if domestic or nearby pipeline supply sources are low. Moreover, we find that investment in LNG capacities is more determined by demand side pull – due to higher needs in electric power generation – than by supply side push, e.g. higher shale gas supplies needing an outlet. We focus on Europe, North America, and China that are the world's most important gas consuming and supplying regions. - Highlights: •We use the stochastic variant of the multi-period Global Gas Model. •We investigate the effects of uncertainty in Russian exports, demand, and shale gas. •We find that LNG is preferred as hedging option in anticipation of uncertain events. •Pipelines may be chosen as recourse decision after uncertain events realized. •China will dominate the global natural gas market regardless the scenario.

  15. Market Analysis and Risk Management of EU Emissions Trading - MARMET

    International Nuclear Information System (INIS)

    Ollikainen, M.; Aatola, P.; Ollikka, K.; Kumpulainen, A.; Pohjola, T.; Lappalainen, E.

    2007-01-01

    The first period of the EU Emissions Trading Scheme (EU ETS) commenced on January 1st 2005. It implies new challenges to companies included in the scheme. A central challenge is the uncertainty related to the markets. In order to manage their risks and profitability companies need to be able to estimate future price developments of emission allowances. The University of Helsinki is conducting a research project in cooperation with the Helsinki University of Technology that will provide necessary information for analyzing European Union emission allowance (EUA) markets and create risk management competence. The objectives of the research project are (1) to develop a price estimation model for EU emission allowances and (2) to develop risk management competence related to EU ETS. With the price estimation model the short-term price developments of EUAs can be estimated. By utilizing the model companies can reduce uncertainties related to the markets. The project also delivers a general risk management model for EU ETS that aims at improving competitiveness of companies. (orig.)

  16. Toward Improved Market Access for ASEAN Agricultural Commodities

    International Development Research Centre (IDRC) Digital Library (Canada)

    ... technical report, November 2009 - May 2013. Études. Towards improved market access for ASEAN agricultural commodities : donor partnerships strategy and plan. Rapports. Towards improved market access for ASEAN agricultural commodities : project inception meeting report, Palm Garden Hotel, Putrajaya, Malaysia, ...

  17. A trade based view on casino taxation: market conditions.

    Science.gov (United States)

    Li, Guoqiang; Gu, Xinhua; Wu, Jie

    2015-06-01

    This article presents a trade based theory of casino taxation along with empirical evidence found from Macao as a typical tourism resort. We prove that there is a unique optimum gaming tax in a particular market for casino gambling, argue that any change in this tax is engendered by external demand shifts, and suggest that the economic rent from gambling legalization should be shared through such optimal tax between the public and private sectors. Our work also studies the tradeoff between economic benefits and social costs arising from casino tourism, and provides some policy recommendations for the sustainable development of gaming-led economies. The theoretical arguments in this article turn out to be consistent with empirical observations on Macao realities over the recent decade.

  18. MCDA-C model for trade marketing performance evaluation: an illustrated case in the pharmaceutical sector

    Directory of Open Access Journals (Sweden)

    André Andrade Longaray

    2016-03-01

    Full Text Available Since its introduction in the early 1990s, trade marketing has played a significant role in companies and their distribution channels, focusing on the consolidation of marketing strategy at the point of purchase. In practice, one of the main obstacles for a more widespread use of trade marketing has been the lack of management tools allowing visualisation of the consequences of trade marketing in the organisation's objectives. This study shows the use of the Multi-Criteria Decision Aiding–Constructivist methodology model as an instrument of intervention in a case study conducted in a pharmaceutical company. A customised evaluation model was built interactively by interviewing decision makers to identify, organise, measure, and integrate those factors considered necessary and sufficient for the management of trade marketing. The constructed model enables executives to incorporate unique aspects of the company and the environment, expanding the possibilities for performance evaluation of trade marketing in the organisation.

  19. Research on the Development of Green Finance in Shenzhen to Boost the Carbon Trading Market

    Science.gov (United States)

    Zhou, Jiping; Xiong, Siqin; Zhou, Yucheng; Zou, Zijian; Ma, Xiaoming

    2017-08-01

    This paper analyses the current development situations of Shenzhen carbon trading market and China’s green finance, and makes the policy recommendations for promoting the carbon trading market by developing green finance in Shenzhen. Shenzhen should take the lead in driving the localized application of green principle, and formulate Shenzhen green bond guidelines ASAP, to promote carbon trading associated enterprises to finance by using green bonds; it shall work to lower the threshold for financial institutions to participate in carbon trading market, and explore development of carbon derivatives.

  20. Investigation into ivory trade in selected markets and hotels in Lagos ...

    African Journals Online (AJOL)

    The market growth for wildlife trophy collection is gradually leading to a decline in animal population. Thus, trade in ivory constitutes a potential threat to biodiversity conservation. The extent of this treat was therefore investigated via a 3-month survey of trade in ivory in selected markets and hotels in Lagos, Nigeria.

  1. Market power, inelastic income elasticity of demand, and terms of trade

    OpenAIRE

    Kujal, Praveen; Michelitsch, Roland

    1996-01-01

    The "Theory of Unequal Exchange" predicts that terms of trade for the producer of primary commodities worsen over time given the low income elasticity of demand for primary product exports and the market power of the industrialized countries. We set up a laboratory economy to test the influence of market power and low income elasticity of demand on trade. An experimental

  2. Reciprocity in the FTAA: The Roles of Market Access, Institutions and Negotiating Capacity

    OpenAIRE

    Julio J. Nogués

    2003-01-01

    The benefits of the FTAA to Latin American countries will materialize through two channels: improved access to the region's markets, and enhanced growth prospects through the strengthening of basic economic institutions. Furthermore, the importance of these negotiations is heightened by the fact that they are taking place against the failure of the Uruguay Round to liberalize agricultural trade, and the lack of progress in the ongoing negotiations of the Doha round. Under these conditions for...

  3. Predictability of Technical Trading Rules: Evidence from the Taiwan Stock Market

    OpenAIRE

    Kung, James J.

    2009-01-01

    Using the Taiwan Stock Exchange Weighted Index from the first trading day in 1975 to the last trading day in 2007, we investigate the predictability of two popular technical rules (variable-length moving average and trading range breakout) in the Taiwan stock market and assess its bearing on market efficiency. Our results show that, for the two rules, returns from buy signals are generally higher than those from sell signals. In addition, they exhibit considerable predictive power over 1975-1...

  4. Natural gas in Asia: Trade, markets and regional institutions

    International Nuclear Information System (INIS)

    Vivoda, Vlado

    2014-01-01

    Natural gas trade in Asia has been dominated by long-established market structures, under which liquefied natural gas (LNG) has remained indexed based on the price of crude oil. High transaction costs in the region in recent years imply that the regional market is sub-optimally organized. Since 2010, the continued prevalence of oil-indexation has had the most adverse effect on Japan, the world’s largest LNG importer. In response, Japan implemented several strategies to challenge traditional LNG pricing mechanisms in the region and ultimately reduce transaction costs. Japan’s efforts include an increase in the share of spot and short-term purchases, sourcing new supplies from the United States under alternative pricing arrangements and driving regional buyer cooperation. This paper evaluates the potential effect of Japan’s LNG strategy on regional pricing in the broader institutional context, arguing that LNG pricing in the region will only partially shift away from oil-indexation by the end of the decade. While recent cooperation among regional LNG importers indicates that there may be scope for change in the regional institutional setting, the degree of cooperation is insufficient to have a profound effect on regional pricing. - Highlights: • Sub-optimal natural gas market outcomes in Asia since 2010. • Asian buyers have challenged oil-indexation in the region. • Concrete evidence of Japan-led buyer cooperation since 2013. • Pricing will only partially shift from oil-indexation by 2020. • Security of supply remains a top policy priority

  5. Economic Effects of Russia’s Trade Liberalization: Russia’s WTO Accession and FTAs with EU and Korea

    Directory of Open Access Journals (Sweden)

    Chang-Soo Lee

    2008-06-01

    Full Text Available This paper estimates the economic impacts of the various liberalization scenarios of Russia (accession to the WTO, Russia-EU FTA, and Korea-Russia FTA using GTAP recursive dynamic and capital accumulation models. To compare liberalization gains from goods liberalization with those from goods-and-services liberalization, the original GTAP database is adjusted by inputting Australian sectoral indices as barriers in the service trade. The major findings and implications of this paper are as follows. First, without simultaneous improvement of market institutions, Russia's liberalization gains from its accession to the WTO are not so great. Second, the inclusion of the services sector in addition to the goods sector in the WTO liberalization scenarios does not greatly expand Russia's economic benefits from trade. This is quite different from the case of China's accession to the WTO. Third, Russia's liberalization gains from the Russia-EU FTA are not so great, either. This result is in contrast to that of CEEC's accession to the EU, where the CEEC enjoys large gaThis paper estimates the economic impacts of the various liberalization scenarios of Russia (accession to the WTO, Russia-EU FTA, and Korea-Russia FTA using GTAP recursive dynamic and capital accumulation models. To compare liberalization gains from goods liberalization with those from goods-and-services liberalization, the original GTAP database is adjusted by inputting Australian sectoral indices as barriers in the service trade. The major findings and implications of this paper are as follows. First, without simultaneous improvement of market institutions, Russia's liberalization gains from its accession to the WTO are not so great. Second, the inclusion of the services sector in addition to the goods sector in the WTO liberalization scenarios does not greatly expand Russia's economic benefits from trade. This is quite different from the case of China's accession to the WTO. Third, Russia

  6. Smallholder marketing cooperatives and smallholders’ market access: lessons learned from the actors involved

    NARCIS (Netherlands)

    Gouet Enriquez, C.A.; Paassen, van A.

    2012-01-01

    Purpose: This article explores the views of Smallholder Marketing Cooperatives’ (SMCs) leaders and staff, to gain insight about the particular roles SMCs play in facilitating smallholders’ market access. Design/methodology/approach: The authors conceptualized and executed two international workshops

  7. Formula Approaches for Market Access Negotiations

    NARCIS (Netherlands)

    J.F. François (Joseph); W. Martin (William)

    2002-01-01

    textabstractMost of the large tariff reductions achieved in multilateral trade negotiations have involved tariff-cutting formulas such as the "Swiss" formula. However, wide variations in initial tariff rates between active participants call for new approaches under the Doha Development Agenda. This

  8. The surveillance of the electricity wholesale market and emission trading market; Die Ueberwachung von Stromgrosshandelsmarkt und Emissionshandelsmarkt

    Energy Technology Data Exchange (ETDEWEB)

    Luedemann, Volker [Hochschule Osnabrueck (Germany). Forschungszentrum Energiewirtschaft/Energierecht (fee); Hochschule Osnabrueck (Germany). Wirtschafts- und Wettbewerbsrecht; Konar, Selma [Sozietaet Becker Buettner Held, Muenchen (Germany)

    2015-05-15

    The Regulation on Wholesale Market Integrity and Transparency (REMIT) and the German Law on the Establishment of a Market Transparency Office for Wholesale Trade in Electricity and Gas (MTS-G) have fundamentally changed the surveillance of electricity wholesale trade in Germany. From now on the Federal Network Agency and the Federal Cartel Office will be jointly responsible for monitoring the electricity wholesale trade for suspicious market phenomena and abusive behaviour. The REMIT specifies that the electricity trade must be surveilled ''with due consideration to interactions'' with the emission trade system. However, occurrences observed in recent years have shown that the emission trading system is in need of reform. This has also been recognised and has prompted extensive corrective action by the regulatory authorities of the European Union. These changes have yet to be transposed into the national surveillance regimes. The present article explains why the new role accorded to the Federal Network Agency under the REMIT fails to eliminate the structural shortcomings of the old surveillance system. At least the decision to put the collection and evaluation of data exclusively in the hands of the market transparency office and the cooperation this will prompt between the supervisory authorities responsible will make the task of surveilling the energy wholesale trading market a lot easier for the authorities. The energy transition and its exigencies will yet lead to further changes in the market and its surveillance regime.

  9. Conceptual design and architecture of an informatics solution for smart trading on wholesale energy market in Romania

    Directory of Open Access Journals (Sweden)

    Adela BÂRA

    2017-04-01

    Full Text Available This paper presents conceptual design and architecture of an informatics solution that aims to implement analytical models for optimization and forecasting the electricity demand and generation, simulation and what if analysis for efficient trading activities on wholesale energy markets in Romania. The informatics solution will be developed as a prototype on a cloud computing platform in order to allow easy access to energy providers and network operators.

  10. Temporal causal relationship between stock market capitalization, trade openness and real GDP: evidence from Thailand

    OpenAIRE

    Jiranyakul, Komain

    2014-01-01

    This study examines both short-run and long-run causal relationship between stock market capitalization, trade openness and economic growth in Thailand. Quarterly data over the period from the first quarter of 1993 to the fourth quarter of 2013 are used in the analysis. The results from this study show that there exists a unidirectional long-run causality running from stock market capitalization and trade openness to real GDP. In the short run, stock market capitalization does not causes econ...

  11. Learning Unfair Trading: a Market Manipulation Analysis From the Reinforcement Learning Perspective

    OpenAIRE

    Martínez-Miranda, Enrique; McBurney, Peter; Howard, Matthew J.

    2015-01-01

    Market manipulation is a strategy used by traders to alter the price of financial assets. One type of manipulation is based on the process of buying or selling assets by using several trading strategies, among them spoofing is a popular strategy and is considered illegal by market regulators. Some promising tools have been developed to detect price manipulation, but cases can still be found in the markets. In this paper we model spoofing and pinging trading from a macroscopic perspective of p...

  12. Enhancing Efficiency of Water Supply – Product Market Competition versus Trade

    OpenAIRE

    Reto Foellmi; Urs Meister

    2004-01-01

    This paper analyses and compares potential efficiency gains induced by the introduction of product market competition and cross boarder trade in the piped water market. We argue that due to the specific circumstances in the water sector product market competition, i.e. competition by common carriage is not expected to be very intensive. The connection of networks could alternatively be used for cross boarder trade between neighboured water utilities. We show that competition by common carriag...

  13. DEVELOPMENT OF THE CONCEPT OF CORPORATE SOCIAL RESPONSIBILITY IN TRADE UNDER CONDITIONS OF MARKET GLOBALISATION

    OpenAIRE

    Svetlana Sokolov Mladenovic, Djordje Cuzovic,

    2015-01-01

    Under contemporary business conditions, market globalisation has become inevitable. Such relationships on the market make trade companies use different means to acquire and maintain long-term competitive advantage. One of them is the concept of corporate social responsibility, which is, under conditions of globalisation, seen as a redesign of the classic marketing concept. The aim of this paper is to highlight the development of corporate social responsibility in trade, in the context of mark...

  14. Can NGOs regulate medicines markets? Social enterprise in wholesaling, and access to essential medicines

    Directory of Open Access Journals (Sweden)

    Chaudhuri Sudip

    2011-02-01

    Full Text Available Abstract Background Citizens of high income countries rely on highly regulated medicines markets. However low income countries' impoverished populations generally struggle for access to essential medicines through out-of-pocket purchase on poorly regulated markets; results include ill health, drug resistance and further impoverishment. While the role of health facilities owned by non-governmental organisations (NGOs in low income countries is well documented, national and international wholesaling of essential medicines by NGOs is largely unstudied. This article describes and assesses the activity of NGOs and social enterprise in essential medicines wholesaling. Methods The article is based on a set of interviews conducted in 2006-8 with trading NGOs and social enterprises operating in Europe, India and Tanzania. The analysis applies socio-legal and economic perspectives on social enterprise and market regulation. Results Trading NGOs can resist the perverse incentives inherent in medicines wholesaling and improve access to essential medicines; they can also, in definable circumstances, exercise a broader regulatory influence over their markets by influencing the behaviour of competitors. We explore reasons for success and failure of social enterprise in essential medicines wholesaling, including commercial manufacturers' market response; social enterprise traders' own market strategies; and patterns of market advantage, market segmentation and subsidy generated by donors. Conclusions We conclude that, in the absence of effective governmental activity and regulation, social enterprise wholesaling can improve access to good quality essential medicines. This role should be valued and where appropriate supported in international health policy design. NGO regulatory impact can complement but should not replace state action.

  15. Can NGOs regulate medicines markets? Social enterprise in wholesaling, and access to essential medicines

    Science.gov (United States)

    2011-01-01

    Background Citizens of high income countries rely on highly regulated medicines markets. However low income countries' impoverished populations generally struggle for access to essential medicines through out-of-pocket purchase on poorly regulated markets; results include ill health, drug resistance and further impoverishment. While the role of health facilities owned by non-governmental organisations (NGOs) in low income countries is well documented, national and international wholesaling of essential medicines by NGOs is largely unstudied. This article describes and assesses the activity of NGOs and social enterprise in essential medicines wholesaling. Methods The article is based on a set of interviews conducted in 2006-8 with trading NGOs and social enterprises operating in Europe, India and Tanzania. The analysis applies socio-legal and economic perspectives on social enterprise and market regulation. Results Trading NGOs can resist the perverse incentives inherent in medicines wholesaling and improve access to essential medicines; they can also, in definable circumstances, exercise a broader regulatory influence over their markets by influencing the behaviour of competitors. We explore reasons for success and failure of social enterprise in essential medicines wholesaling, including commercial manufacturers' market response; social enterprise traders' own market strategies; and patterns of market advantage, market segmentation and subsidy generated by donors. Conclusions We conclude that, in the absence of effective governmental activity and regulation, social enterprise wholesaling can improve access to good quality essential medicines. This role should be valued and where appropriate supported in international health policy design. NGO regulatory impact can complement but should not replace state action. PMID:21356076

  16. Legal market abuse regulations of WpHG (law on stock trading) and the REMIT-VO in the electricity spot trading; Marktmissbrauchsrechtliche Regelungen des WpHG und der REMIT-VO im Stromspothandel

    Energy Technology Data Exchange (ETDEWEB)

    Retsch, Alexander T.

    2014-07-01

    The thesis on legal market abuse regulations of WpHG (law on stock trading) and the REMIT-VO in the electricity spot trading include the discussion of the following issues: market abuse, its forms of appearance (market manipulation, insider trade, insider information), electricity spot trading, relevant legislative frame, market abuse regulations (WpHG), interdiction of market manipulation and related regulations.

  17. Trade law and alcohol regulation: what role for a global Alcohol Marketing Code?

    Science.gov (United States)

    Mitchell, Andrew D; Casben, Jessica

    2017-01-01

    Following calls for restrictions and bans on alcohol advertising, and in light of the tobacco industry's challenge to Australia's tobacco plain packaging measure, a tobacco control measure finding support in the World Health Organization (WHO) Framework Convention on Tobacco Control, this paper considers what role, if any, an international alcohol marketing code might have in preventing or reducing the risk of challenges to domestic alcohol marketing restrictions under trade rules. Narrative review of international trade and health instruments and international trade court judgements regarding alcohol products and marketing restrictions. The experience of European trade courts in the litigation of similar measures suggests that World Trade Organization rules have sufficient flexibility to support the implementation of alcohol marketing restrictions. However, the experience also highlights the possibility that public health measures have disproportionate and unjustifiable trade effects and that the ability of a public health measure to withstand a challenge under trade rules will turn on its particular design and implementation. Measures implemented pursuant to international public health instruments are not immune to trade law challenges. Close collaboration between health policymakers, trade officials and lawyers, from as early as the research stage in the development of a measure to ensure a robust evidence base, will ensure the best chance of regulatory survival for an international marketing code. © 2016 Society for the Study of Addiction.

  18. Increasing Access to Farmers Markets for Beneficiaries of Nutrition Assistance

    Centers for Disease Control (CDC) Podcasts

    In this audio podcast, listen to author Kate Cole, MPH talk about her article on farmers markets and how acceptance of nutrition assistance could increase access to fruits and vegetables to those in low-income communities.

  19. Integration of Stock Markets between Indonesia and Its Major Trading Partners

    Directory of Open Access Journals (Sweden)

    Bakri Abdul Karim

    2009-05-01

    Full Text Available Using Autoregressive Distributed Lag (ARDL and Vector Autoregressive (VAR frameworks, this study examines the integration between the emerging stock market of Indonesia and its major trading partners (i.e., Japan, the U.S., Singapore, and China. During the period of July 1998 to December 2007, the Indonesian stock market is found to be integrated with its major trading partners. Thus, this implies that there is a limited room available for investors to gain risk-reduction benefits through diversifying their portfolio in those markets. Meanwhile, in the short run, the Indonesian market responds more to shocks in the U.S. and Singapore than in Japan and China. In designing policies pertaining to its stock market, the Indonesian government should take into account any development in the stock markets of its major trading partners, particularly the U.S. and Singaporean markets.

  20. Bank Behavior with Access to Credit Risk Transfer Markets

    NARCIS (Netherlands)

    Goderis, B.V.G.; Marsh, I.; Vall Castello, J.; Wagner, W.B.

    2006-01-01

    One of the most important recent innovations in financial markets has been the development of credit derivative products that allow banks to more actively manage their credit portfolios than ever before.We analyze the effect that access to these markets has had on the lending behavior of a sample of

  1. International competition in vertically differentiated markets with innovation and imitation: trade policy versus free trade

    Czech Academy of Sciences Publication Activity Database

    Kováč, Eugen; Žigić, Krešimir

    2014-01-01

    Roč. 81, č. 323 (2014), s. 491-521 ISSN 0013-0427 Institutional support: RVO:67985998 Keywords : model of price competition * trade policy * free trade Subject RIV: AH - Economics Impact factor: 1.045, year: 2014

  2. Intraday Analysis of Market Integration: Dutch Blue Chips traded in Amsterdam and New York

    NARCIS (Netherlands)

    A.J. Menkveld (Bert)

    2000-01-01

    textabstractMarket integration is studied for Dutch stocks cross-listed at the NYSE. Trading starts in Amsterdam and ends in New York with a one-hour overlap. Both markets are not perfectly integrated in that they can be viewed as one market with the well-documented U-shape in volatility, volume and

  3. CO2 trade and market power in the EU electricity sector

    DEFF Research Database (Denmark)

    Svendsen, Gert Tinggaard; Vesterdal, Morten

    2002-01-01

    The EU commission is planning to launch an emission trading market for greenhouse gases within near future. This to meet its obligations under the United Nations Framework Convention on Climate Change and the Kyoto Protocol. After a theoretical discussion on market power in such a market, we turn...

  4. A Market Analysis of Publications, Trade Conferences, and Key Events for Fleet Readiness Center Southwest

    Science.gov (United States)

    2007-12-01

    Win and Keep Big Customers. Austin: Bard Press, 2005. Kotler , Philip and Kevin Lane Keller. Marketing Management. Upper Saddle River, NJ...NAVAL POSTGRADUATE SCHOOL MONTEREY, CALIFORNIA MBA PROFESSIONAL REPORT A Market Analysis of Publications, Trade Conferences...AGENCY USE ONLY (Leave blank) 2. REPORT DATE December 2007 3. REPORT TYPE AND DATES COVERED MBA Professional Report 4. TITLE AND SUBTITLE: A Market

  5. Drug repurposing in pharmaceutical industry and its impact on market access: market access implications

    Science.gov (United States)

    Murteira, Susana; Millier, Aurélie; Toumi, Mondher

    2014-01-01

    Background Drug repurposing is a group of development strategies employed in order to overcome some of the hurdles innate to drug research and development. Drug repurposing includes drug repositioning, reformulation and combination. Objective This study aimed to identify the determinants of successful market access outcome for drug repurposing in the United States of America (USA) and in Europe. Methods The case studies of repurposing strategies were identified through a systematic review of the literature. Price information and reimbursement conditions for all the case studies were collected mainly through access of public datasources. A list of attributes that could be associated with market access outcome (price level and reimbursement conditions) was developed, discussed, and validated by an external expert group. Detailed information for all attributes was researched and collected for each case study. Bivariate regression models were conducted to identify factors associated with price change for all repurposing cases. A similar analysis was performed for reformulation and repositioning cases, in the USA and in Europe, separately. A significance level of 5% was used for all analyses. Results A total of 144 repurposing case studies were included in the statistical analysis for evaluation of mean price change. Combination cases (the combination of two or more individual drug components) were excluded from the statistical analysis due to the low number of cases retrieved. The main attributes associated with a significant price increase for overall repurposing cases were ‘change in administration setting to hospital’ (374%, ptarget product had a different administration route than the source product, and having a similar brand name for repurposed and original products, were variables that impacted a positive price change for repurposed drugs overall. Our research results also suggested that orphan designation could have a positive impact for repositioning in

  6. Drug repurposing in pharmaceutical industry and its impact on market access: market access implications.

    Science.gov (United States)

    Murteira, Susana; Millier, Aurélie; Toumi, Mondher

    2014-01-01

    Drug repurposing is a group of development strategies employed in order to overcome some of the hurdles innate to drug research and development. Drug repurposing includes drug repositioning, reformulation and combination. This study aimed to identify the determinants of successful market access outcome for drug repurposing in the United States of America (USA) and in Europe. The case studies of repurposing strategies were identified through a systematic review of the literature. Price information and reimbursement conditions for all the case studies were collected mainly through access of public datasources. A list of attributes that could be associated with market access outcome (price level and reimbursement conditions) was developed, discussed, and validated by an external expert group. Detailed information for all attributes was researched and collected for each case study. Bivariate regression models were conducted to identify factors associated with price change for all repurposing cases. A similar analysis was performed for reformulation and repositioning cases, in the USA and in Europe, separately. A significance level of 5% was used for all analyses. A total of 144 repurposing case studies were included in the statistical analysis for evaluation of mean price change. Combination cases (the combination of two or more individual drug components) were excluded from the statistical analysis due to the low number of cases retrieved. The main attributes associated with a significant price increase for overall repurposing cases were 'change in administration setting to hospital' (374%, ptarget product had a different administration route than the source product, and having a similar brand name for repurposed and original products, were variables that impacted a positive price change for repurposed drugs overall. Our research results also suggested that orphan designation could have a positive impact for repositioning in the USA, in particular. Although a change

  7. Policy design and performance of emissions trading markets: an adaptive agent-based analysis.

    Science.gov (United States)

    Bing, Zhang; Qinqin, Yu; Jun, Bi

    2010-08-01

    Emissions trading is considered to be a cost-effective environmental economic instrument for pollution control. However, the pilot emissions trading programs in China have failed to bring remarkable success in the campaign for pollution control. The policy design of an emissions trading program is found to have a decisive impact on its performance. In this study, an artificial market for sulfur dioxide (SO2) emissions trading applying the agent-based model was constructed. The performance of the Jiangsu SO2 emissions trading market under different policy design scenario was also examined. Results show that the market efficiency of emissions trading is significantly affected by policy design and existing policies. China's coal-electricity price system is the principal factor influencing the performance of the SO2 emissions trading market. Transaction costs would also reduce market efficiency. In addition, current-level emissions discharge fee/tax and banking mechanisms do not distinctly affect policy performance. Thus, applying emissions trading in emission control in China should consider policy design and interaction with other existing policies.

  8. Task 28: Web Accessible APIs in the Cloud Trade Study

    Science.gov (United States)

    Gallagher, James; Habermann, Ted; Jelenak, Aleksandar; Lee, Joe; Potter, Nathan; Yang, Muqun

    2017-01-01

    This study explored three candidate architectures for serving NASA Earth Science Hierarchical Data Format Version 5 (HDF5) data via Hyrax running on Amazon Web Services (AWS). We studied the cost and performance for each architecture using several representative Use-Cases. The objectives of the project are: Conduct a trade study to identify one or more high performance integrated solutions for storing and retrieving NASA HDF5 and Network Common Data Format Version 4 (netCDF4) data in a cloud (web object store) environment. The target environment is Amazon Web Services (AWS) Simple Storage Service (S3).Conduct needed level of software development to properly evaluate solutions in the trade study and to obtain required benchmarking metrics for input into government decision of potential follow-on prototyping. Develop a cloud cost model for the preferred data storage solution (or solutions) that accounts for different granulation and aggregation schemes as well as cost and performance trades.

  9. Research on technical trading and market efficiency : a trader's perspective

    OpenAIRE

    Vico-Ivanina, Julianna V.

    2012-01-01

    Research on the predictive power of technical analysis is a matter of controversy. The objective of this thesis is to look at the empirical research done on technical trading and see how the results can be used from a trader’s perspective. Some results provide strong support for the technical trading and propose useful trading strategies. However, there are some limitations regarding transaction costs, risk adjustment, and statistical tests. Technical research has developed new methodology ap...

  10. Performance of technical trading rules: evidence from Southeast Asian stock markets.

    Science.gov (United States)

    Tharavanij, Piyapas; Siraprapasiri, Vasan; Rajchamaha, Kittichai

    2015-01-01

    This paper examines the profitability of technical trading rules in the five Southeast Asian stock markets. The data cover a period of 14 years from January 2000 to December 2013. The instruments investigated are five Southeast Asian stock market indices: SET index (Thailand), FTSE Bursa Malaysia KLC index (Malaysia), FTSE Straits Times index (Singapore), JSX Composite index (Indonesia), and PSE composite index (the Philippines). Trading strategies investigated include Relative Strength Index, Stochastic oscillator, Moving Average Convergence-Divergence, Directional Movement Indicator and On Balance Volume. Performances are compared to a simple Buy-and-Hold. Statistical tests are also performed. Our empirical results show a strong performance of technical trading rules in an emerging stock market of Thailand but not in a more mature stock market of Singapore. The technical trading rules also generate statistical significant returns in the Malaysian, Indonesian and the Philippine markets. However, after taking transaction costs into account, most technical trading rules do not generate net returns. This fact suggests different levels of market efficiency among Southeast Asian stock markets. This paper finds three new insights. Firstly, technical indicators does not help much in terms of market timing. Basically, traders cannot expect to buy at a relative low price and sell at a relative high price by just using technical trading rules. Secondly, technical trading rules can be beneficial to individual investors as they help them to counter the behavioral bias called disposition effects which is the tendency to sell winning stocks too soon and holding on to losing stocks too long. Thirdly, even profitable strategies could not reliably predict subsequent market directions. They make money from having a higher average profit from profitable trades than an average loss from unprofitable ones.

  11. Cap-and-Trade Modeling and Analysis: Congested Electricity Market Equilibrium

    Science.gov (United States)

    Limpaitoon, Tanachai

    This dissertation presents an equilibrium framework for analyzing the impact of cap-and-trade regulation on transmission-constrained electricity market. The cap-and-trade regulation of greenhouse gas emissions has gained momentum in the past decade. The impact of the regulation and its efficacy in the electric power industry depend on interactions of demand elasticity, transmission network, market structure, and strategic behavior of firms. I develop an equilibrium model of an oligopoly electricity market in conjunction with a market for tradable emissions permits to study the implications of such interactions. My goal is to identify inefficiencies that may arise from policy design elements and to avoid any unintended adverse consequences on the electric power sector. I demonstrate this modeling framework with three case studies examining the impact of carbon cap-and-trade regulation. In the first case study, I study equilibrium results under various scenarios of resource ownership and emission targets using a 24-bus IEEE electric transmission system. The second and third case studies apply the equilibrium model to a realistic electricity market, Western Electricity Coordinating Council (WECC) 225-bus system with a detailed representation of the California market. In the first and second case studies, I examine oligopoly in electricity with perfect competition in the permit market. I find that under a stringent emission cap and a high degree of concentration of non-polluting firms, the electricity market is subject to potential abuses of market power. Also, market power can occur in the procurement of non-polluting energy through the permit market when non-polluting resources are geographically concentrated in a transmission-constrained market. In the third case study, I relax the competitive market structure assumption of the permit market by allowing oligopolistic competition in the market through a conjectural variation approach. A short-term equilibrium

  12. Optimal Charging of Electric Vehicles with Trading on the Intraday Electricity Market

    Directory of Open Access Journals (Sweden)

    Ilham Naharudinsyah

    2018-06-01

    Full Text Available Trading on the energy market is a possible way to reduce the electricity costs of charging electric vehicles at public charging stations. In many European countries, it is possible to trade electricity until shortly before the period of delivery on so called intraday electricity markets. In the present work, the potential for reducing the electricity costs by trading on the intraday market is investigated using the example of the German market. Based on simulations, the authors reveal that by optimizing the charging schedule together with the trading on the intraday electricity market, the costs can be reduced by around 8% compared to purchasing all the required energy from the energy supplier. By allowing the charging station operator to resell the energy to the intraday electricity market, an additional cost reduction of around 1% can be achieved. Besides the potential cost savings, the impacts of the trading unit and of the lead time of the intraday electricity market on the costs are investigated. The authors reveal that the achievable electricity costs can be strongly affected by the lead time, while the trading unit has only a minor effect on the costs.

  13. Price volatility, trading volume, and market depth in Asian commodity futures exchanges

    Directory of Open Access Journals (Sweden)

    Tanachote Boonvorachote

    2016-01-01

    Full Text Available This paper empirically investigates the impact of trading activity including trading volume and open interest on price volatility in Asian futures exchanges. Trading volume and open interest represent market information for investors. This study uses three different definitions of volatility: (1 daily volatility measured by close-to-close returns, (2 non-trading volatility measured by close-to-open returns, and (3 trading volatility measured by open-to-close returns. The impact of trading volume and open interest on price volatility is investigated. Following Bessembinder and Seguin (1993, volume and open interest are divided into expected and unexpected components. The GARCH (1,1 model is employed using expected and unexpected components of trading activity (volume and open interest as explanatory variables. The results show a positive contemporaneous relationship between expected and unexpected trading volume and volatility, while open interest mitigates volatility. Policy makers can use these findings to suggest to investors that trading activity (volume and open interest is a proxy of market information flowing to exchanges, especially unexpected trading activity. New information flowing to exchanges can mostly be noticed in unexpected trading volumes and open interests.

  14. A global assessment of market accessibility and market influence for global environmental change studies

    Energy Technology Data Exchange (ETDEWEB)

    Verburg, Peter H [Institute for Environmental Studies, Amsterdam Global Change Institute, VU University Amsterdam, De Boelelaan 1087, 1081 HV Amsterdam (Netherlands); Ellis, Erle C [Department of Geography and Environmental Systems, University of Maryland, Baltimore County, Baltimore, MD 21250 (United States); Letourneau, Aurelien, E-mail: Peter.Verburg@ivm.vu.nl [UMR 5175 Centre d' Ecologie Fonctionnelle and Evolutive, Centre National de la Recherche Scientifique, 1919 Route de Mende, 34293 Montpellier cedex 5 (France)

    2011-07-15

    Markets influence the global patterns of urbanization, deforestation, agriculture and other land use systems. Yet market influence is rarely incorporated into spatially explicit global studies of environmental change, largely because consistent global data are lacking below the national level. Here we present the first high spatial resolution gridded data depicting market influence globally. The data jointly represent variations in both market strength and accessibility based on three market influence indices derived from an index of accessibility to market locations and national level gross domestic product (purchasing power parity). These indices show strong correspondence with human population density while also revealing several distinct and useful relationships with other global environmental patterns. As market influence grows, the need for high resolution global data on market influence and its dynamics will become increasingly important to understanding and forecasting global environmental change.

  15. A global assessment of market accessibility and market influence for global environmental change studies

    Science.gov (United States)

    Verburg, Peter H.; Ellis, Erle C.; Letourneau, Aurelien

    2011-07-01

    Markets influence the global patterns of urbanization, deforestation, agriculture and other land use systems. Yet market influence is rarely incorporated into spatially explicit global studies of environmental change, largely because consistent global data are lacking below the national level. Here we present the first high spatial resolution gridded data depicting market influence globally. The data jointly represent variations in both market strength and accessibility based on three market influence indices derived from an index of accessibility to market locations and national level gross domestic product (purchasing power parity). These indices show strong correspondence with human population density while also revealing several distinct and useful relationships with other global environmental patterns. As market influence grows, the need for high resolution global data on market influence and its dynamics will become increasingly important to understanding and forecasting global environmental change.

  16. A global assessment of market accessibility and market influence for global environmental change studies

    International Nuclear Information System (INIS)

    Verburg, Peter H; Ellis, Erle C; Letourneau, Aurelien

    2011-01-01

    Markets influence the global patterns of urbanization, deforestation, agriculture and other land use systems. Yet market influence is rarely incorporated into spatially explicit global studies of environmental change, largely because consistent global data are lacking below the national level. Here we present the first high spatial resolution gridded data depicting market influence globally. The data jointly represent variations in both market strength and accessibility based on three market influence indices derived from an index of accessibility to market locations and national level gross domestic product (purchasing power parity). These indices show strong correspondence with human population density while also revealing several distinct and useful relationships with other global environmental patterns. As market influence grows, the need for high resolution global data on market influence and its dynamics will become increasingly important to understanding and forecasting global environmental change.

  17. Fair Trade as a Solution for Inequality on the Global Market - Corporate Perspective

    OpenAIRE

    Sandra Lovric

    2016-01-01

    New alternatives to free trade are evolving at the global market; their aim is to bring more ethics and morality into the relations between the trading parties (producers, corporations and buyers). This article analyses one of such alternatives i.e. Fair Trade from the perspective of influencing change of corporate politics. Due to the rising awareness of buyers about the origin of goods and the initiatives of forcing corporations into changing their practices based on unethica...

  18. Integrated control centre: Trading system for operation in a deregulated power market

    International Nuclear Information System (INIS)

    Nyland, S.; Reinertsen, T.; Gunnestad, J.; Botnan, G.O.

    1995-01-01

    The paper presents a trade system for operation in a deregulated power market. The trade system (ICC-Trade) is one of the application programs in the Integrated Control Centre (ICC). The Norwegian deregulated power market is briefly described in order to discuss the consequences of the new power market for the power utilities. The paper will also deal with the interconnection to other ICC application programs and how to make use of the communication with SCADA systems for support of managing market activities. Finally some future developments are presented. The trade system is developed in cooperation between a research institute, vendors of control centres, and power utilities, and is planned to be a commercial product during the spring of 1995. Before release the product will be tested in real life by a pilot customer. 4 figs

  19. To what extent does weather influence individuals’ financial decision-making behaviour? Evidence from the spread-trading market

    OpenAIRE

    Wang, Shaosong

    2016-01-01

    This thesis, which is divided into 3 papers, investigates the relationship between weather and individuals’ trading behaviour in the spread-trading market. The spread-trading market offers the opportunity of examining individuals’ trading records, and thus enables the exploration of the impact of weather on individuals’ financial decision-making behaviours. The first paper investigates the effect of a range of weather variables on individual spread traders’ hourly trading volumes and their pr...

  20. Experiential Learning of the Efficient Market Hypothesis: Two Trading Games

    Science.gov (United States)

    Park, Andreas

    2010-01-01

    In goods markets, an equilibrium price balances demand and supply. In a financial market, an equilibrium price also aggregates people's information to reveal the true value of a financial security. Although the underlying idea of informationally efficient markets is one of the centerpieces of capital market theory, students often have difficulties…

  1. Alliances - Another Way to Access the Market

    International Nuclear Information System (INIS)

    Komarov, Yuri A.

    1999-01-01

    The late 1990s were a difficult period for the world economy: decreased economic growth rate, dropping prices for energy and other raw materials, dropping import prices of natural gas. Companies involved in the energy business are currently at the stage of survival. High-priced projects with increased risks are postponed until better times. Consequently, Gazprom had to cut investments by two thirds. For Gazprom, the problems have been aggravated by the transition from authoritatively planned economy to market economy. Alliances are one of the most effective current methods of operation in the natural gas market. Alliances between Gazprom and leading Western oil and gas companies are beneficial both to the participants and the consumers because such alliances will provide for creation of a service package of the 21th century. The importance for Gazprom of cooperation with its alliance partners is that it makes it possible to implement cost-cutting measures that benefit both producers and consumers. It also makes it possible to ensure reliable distribution of the gas

  2. Developments in international solid biofuel trade - an analysis of volumes, policies and market factors

    NARCIS (Netherlands)

    Lamers, P.; Junginger, H.M.; Hamelinck, C.N.; Faaij, A.P.C.

    2012-01-01

    This paper presents and analyses international solid biofuel trade and concludes upon interactions with bioenergy policies and market factors. It shows that trade has grown from about 56 to 300 PJ between 2000 and 2010. Wood pellets grew strongest, i.e. from 8.5 to 120 PJ. Other relevant streams by

  3. Empirical Evidence on the Role of Trading Suspensions in Disseminating New Information to the Capital Market

    NARCIS (Netherlands)

    Engelen, Peter-Jan; Kabir, Mohammed Rezaul

    2006-01-01

    This paper examines the effect of temporarily suspending the trading of exchange-listed individual stocks. We evaluate whether regulatory authorities can successfully use the mechanism of trading suspension in forcing companies to disclose new and material information to the capital market. Previous

  4. The Gendered Labor Market Impacts of Trade Liberalization Evidence from Brazil

    NARCIS (Netherlands)

    Gaddis, Isis; Pieters, Janneke

    2017-01-01

    This paper investigates the impact of Brazil's trade liberalization on gender differences in labor market outcomes, using difference-in-difference estimation that exploits variation in preliberalization industry composition across microregions. We find that trade liberalization reduced male and

  5. 17 CFR 33.4 - Designation as a contract market for the trading of commodity options.

    Science.gov (United States)

    2010-04-01

    ... capable of being transferred, assigned or otherwise disposed of other than on or subject to the rules of... regulations: (A) The cash market for the underlying physical exhibits sufficient liquidity such that the... the board of trade. (b) Such board of trade adopts rules which: (1) Prescribe in regard to strike...

  6. Performance of technical trading rules: evidence from Southeast Asian stock markets

    OpenAIRE

    Tharavanij, Piyapas; Siraprapasiri, Vasan; Rajchamaha, Kittichai

    2015-01-01

    This paper examines the profitability of technical trading rules in the five Southeast Asian stock markets. The data cover a period of 14 years from January 2000 to December 2013. The instruments investigated are five Southeast Asian stock market indices: SET index (Thailand), FTSE Bursa Malaysia KLC index (Malaysia), FTSE Straits Times index (Singapore), JSX Composite index (Indonesia), and PSE composite index (the Philippines). Trading strategies investigated include Relative Strength Index...

  7. Trade Openness, Market Competition, and Inflation: Some Sectoral Evidence from OECD Countries

    OpenAIRE

    Mahir Binici; Yin-Wong Cheung; Kon S. Lai

    2011-01-01

    This study evaluates the role market competition plays in determining inflation based on sector-level data from OECD countries. In theory, trade openness can affect inflation through changes in market competitiveness and productivity. Nonetheless, previous empirical studies often fail to account for productivity effects, and their results may overstate the role of market competition. This study shows that inflation decreases with greater market competitiveness even after controlling for produ...

  8. Murrumbidgee Catchment, New South Wales: Recharge Trading and Targeting Markets pilot studies

    OpenAIRE

    Markets for Ecosystem Services Project

    2007-01-01

    Metadata only record There are two 'markets for ecosystem services' pilot studies in the Murrumbidgee Catchment of New South Wales, Australia. The first, "Recharge Trading", aims to develop a market-based instrument to resolve the issue of salinization caused by excess groundwater recharge from irrigated agriculture. The second, "Targeting Markets", explores the factors and conditions that make market-based approaches more or less suitable for addressing a natural resource management issue...

  9. Underdeveloped spot markets and futures trading: The Soya Oil exchange in India

    OpenAIRE

    Bharat Ramaswami; Jatinder Bir Singh

    2006-01-01

    Abstract The limited presence of futures exchanges in developing countries where commodity markets fall short of the ideal underscore the importance of understanding the relation between spot and futures markets. The paper examines the exceptional success of the soya oil contract at the National Board of Trade (NBOT) in India. The paper asks whether the NBOT contract exhibits the fundamental features of mature futures markets in terms of its use by hedgers. If the market offers arbitrage oppo...

  10. The impact of fair trade

    NARCIS (Netherlands)

    Ruben, R.

    2008-01-01

    Twenty years ago, Fair Trade started as an effort to enable smallholder producers from developing countries to successfully compete in international markets. Better access to market outlets and stable prices are considered key principles for sustainable poverty reduction and stakeholder

  11. Testing the performance of technical trading rules in the Chinese markets based on superior predictive test

    Science.gov (United States)

    Wang, Shan; Jiang, Zhi-Qiang; Li, Sai-Ping; Zhou, Wei-Xing

    2015-12-01

    Technical trading rules have a long history of being used by practitioners in financial markets. The profitable ability and efficiency of technical trading rules are yet controversial. In this paper, we test the performance of more than seven thousand traditional technical trading rules on the Shanghai Securities Composite Index (SSCI) from May 21, 1992 through June 30, 2013 and China Securities Index 300 (CSI 300) from April 8, 2005 through June 30, 2013 to check whether an effective trading strategy could be found by using the performance measurements based on the return and Sharpe ratio. To correct for the influence of the data-snooping effect, we adopt the Superior Predictive Ability test to evaluate if there exists a trading rule that can significantly outperform the benchmark. The result shows that for SSCI, technical trading rules offer significant profitability, while for CSI 300, this ability is lost. We further partition the SSCI into two sub-series and find that the efficiency of technical trading in sub-series, which have exactly the same spanning period as that of CSI 300, is severely weakened. By testing the trading rules on both indexes with a five-year moving window, we find that during the financial bubble from 2005 to 2007, the effectiveness of technical trading rules is greatly improved. This is consistent with the predictive ability of technical trading rules which appears when the market is less efficient.

  12. International coal trade: the evolution of a global market

    International Nuclear Information System (INIS)

    1998-01-01

    The international coal market has developed over the last 25 years to a mature stable market, largely free of government involvement. It is evident, however, that while the coal market is considered widely to be reliable and mature, there is only limited understanding of the way in which the market operates. Understanding energy market mechanisms is fundamental to encourage confidence in the continuing performance of liberalized markets. This publication seeks to address this need by providing a brief descriptive analysis of the operation of the coal market. The report draws attention to the considerable changes that have been experienced to date in the market, where freely operating market mechanisms have coped well. Further change is on the horizon. Coal demand in Europe is stagnating while growing rapidly in Asia. The once-dominant European market remains the region where price is formed but the Asian market is growing rapidly and becoming more flexible. Increasing competition for market share, low margins, and pressure on utilities to reduce costs as electricity markets are liberalized, will continue to stimulate productivity improvement and may lead to innovations in marketing to cope with stable real prices, high transport, and transaction costs

  13. CO2 trade and market power in the EU electricity sector

    International Nuclear Information System (INIS)

    Tinggaard Svendsen, G.; Vesterdal, M.

    2002-01-01

    The EU commission is planning to launch an emission trading market for greenhouse gases within near future. This to meet its obligations under the United Nations Framework Convention on Climate Change and the Kyoto Protocol. After a theoretical discussion on market power in such a market, wc turn to the empirical evidence which suggests that a reasonable number of sources of C02 emissions in the power sector exists for bollers larger than 25MW. Overall, together with the contestable single market for electricity, the risk of significant strategies behaviour seems negligible. Thus, the electric utility sector seems a suitable testing ground for an EU-scheme of emissions trading. In the longer run, it will be important to broaden the scope of the trading scheme as the inclusion of other sectors will further limit the risk of market power. (au)

  14. CO2 trade and market power in the EU electricity sector

    Energy Technology Data Exchange (ETDEWEB)

    Tinggaard Svendsen, G; Vesterdal, M

    2002-07-01

    The EU commission is planning to launch an emission trading market for greenhouse gases within near future. This to meet its obligations under the United Nations Framework Convention on Climate Change and the Kyoto Protocol. After a theoretical discussion on market power in such a market, wc turn to the empirical evidence which suggests that a reasonable number of sources of C02 emissions in the power sector exists for bollers larger than 25MW. Overall, together with the contestable single market for electricity, the risk of significant strategis behaviour seems negligible. Thus, the electric utility sector seems a suitable testing ground for an EU-scheme of emissions trading. In the longer run, it will be important to broaden the scope of the trading scheme as the inclusion of other sectors will further limit the risk of market power. (au)

  15. Mathematics, Pricing, Market Risk Management and Trading Strategies for Financial Derivatives (1/3)

    CERN Multimedia

    CERN. Geneva; Coffey, Brian

    2009-01-01

    Abstract: An introduction to the mathematics and practicalities of market trading and risk management for financial derivatives, the course will focus on examples from the short-term and long term Foreign Exchange (FX) and Interest Rate (IR) derivatives markets. Topics: - Government Bonds and IR Curves - Stochastic FX, Black-Scholes Vanilla FX Options and Martingales - Risk Management and Market Trading for Vanilla FX Options, Market Implied Volatility, Valuation and Risk Management, Market Trading Strategies - Stochastic IR Curves and Implied Volatility, IR Derivatives - Long Term FX Options: Interaction of Stochastic FX and Stochastic IR Vanilla Foreign Exchange (FX) Options - $ Government Bonds, Interest Rate (IR) Curves, Continuous IR - Domestic ($) and Foreign (Yen) Government Bonds, IR curves - Stochastic Spot FX, Forward FX: Ito processes for $ and Yen Investors - Black-Scholes Vanilla FX Options, Connection to Heat/Diffusion Equation - Stochastic Differential Equations with Mart...

  16. Federal Trade Commission's authority to regulate marketing to children: deceptive vs. unfair rulemaking.

    Science.gov (United States)

    Pomeranz, Jennifer L

    2011-01-01

    Food and beverage marketing directed at children is of increasing concern to the public health and legal communities. The new administration at the Federal Trade Commission and abundant science on the topic make it a particularly opportune time for the government to reconsider regulating marketing directed at youth. This Article analyzes the Commission's authority to regulate food and beverage marketing directed at children under its jurisdiction over unfair and deceptive acts and practices to determine which avenue is most viable. The author finds that the Federal Trade Commission has the authority to regulate deceptive marketing practices directed at vulnerable populations. Although the Commission can issue individual orders, its remedial power to initiate rules would better address the pervasiveness of modern marketing practices. The Commission does not currently have the power to regulate unfair marketing to children; however, even if Congress reinstated this authority, the Commission's authority over deceptive marketing may be preferable to regulate these practices. Deceptive communications are not protected by the First Amendment and the deceptive standard matches the science associated with marketing to children. The Federal Trade Commission has the authority to initiate rulemaking in the realm of food and beverage marketing to children as deceptive communications in interstate commerce, in violation of the Federal Trade Commission Act. However, to effectuate this process, Congress would need to grant the Commission the authority to do so under the Administrative Procedures Act.

  17. Impacts of seaborne trade on coal importing countries – Pacific market

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    2012-08-15

    In recent years, there has been a convergence of international trade with traditional domestic markets. As imports continue to increase in many coal producing regions, the influence of trade on domestic markets has been twofold. Firstly, imported coal displaces domestic production and, secondly, international price trends may drive prices of what remains of the indigenous market for coal. While international trade does not provide any additional benefits in terms of reduced CO2 at coalfired power stations, importing coal provides many benefits, such as cost savings, improved coal quality, enhanced supply diversity, and often fills a gap which domestic supply is unable to fulfil. This report examines how coal markets have evolved over the decades with utilities and heavy industry moving away from their seemingly secure yet captive markets of domestic coal to procuring more supplies from the international market to satisfy the need of cost reduction and better and consistent quality of fuel product. The various factors that have led to a rise in popularity of seaborne traded coal, and the future of domestically produced coal in the Pacific market are discussed. This is in one of three reports which examine the changing trends in coal imports over the long term in three geographical regions: a global perspective, the Atlantic market and the Pacific market.

  18. A smart market for nutrient credit trading to incentivize wetland construction

    Science.gov (United States)

    Raffensperger, John F.; Prabodanie, R. A. Ranga; Kostel, Jill A.

    2017-03-01

    Nutrient trading and constructed wetlands are widely discussed solutions to reduce nutrient pollution. Nutrient markets usually include agricultural nonpoint sources and municipal and industrial point sources, but these markets rarely include investors who construct wetlands to sell nutrient reduction credits. We propose a new market design for trading nutrient credits, with both point source and non-point source traders, explicitly incorporating the option of landowners to build nutrient removal wetlands. The proposed trading program is designed as a smart market with centralized clearing, done with an optimization. The market design addresses the varying impacts of runoff over space and time, and the lumpiness of wetland investments. We simulated the market for the Big Bureau Creek watershed in north-central Illinois. We found that the proposed smart market would incentivize wetland construction by assuring reasonable payments for the ecosystem services provided. The proposed market mechanism selects wetland locations strategically taking into account both the cost and nutrient removal efficiencies. The centralized market produces locational prices that would incentivize farmers to reduce nutrients, which is voluntary. As we illustrate, wetland builders' participation in nutrient trading would enable the point sources and environmental organizations to buy low cost nutrient credits.

  19. Clean air, clear market. Making emissions trading work: The role of a computer-assisted auction

    International Nuclear Information System (INIS)

    Bartels, C.W.; Marron, D.B.; Lipsky, M.I.

    1993-01-01

    Creating a new commodity presents the chance to develop new markets in which to trade it. In many cases, existing markets can be adapted easily; in other cases it proves worthwhile to develop new forms that reflect special characteristics of the commodity and those who trade it. In the case of the sulfur dioxide (SO 2 ) emission allowances created by the Clean Air Act Amendments of 1990, a number of standard market forms already have been adopted. While these will prove useful for handling some transactions, a new Market Clearing Auction (MCA) offers buyers and sellers a centralized marketplace for trading SO 2 emission allowances. The MCA, which was developed by the brokerage firm Cantor Fitzgerald, is a computer-assisted open-quotes smartclose quotes auction designed to replicate the outcome of an efficient market in emission allowances, and accepts bids and offers for any possible combination of allowances. Orders can be submitted for streams of allowances. Orders can be submitted for streams of allowances covering more than one year. The auction then determines the combination of bids and offers that maximizes the gains from trades in the market, and establishes uniform market clearing prices for each allowance issue (1995, 1996, and so on). Once executed, trades are settled on a cash-forward basis; that is, allowances are delivered and payments are made at future dates

  20. International competition in vertically differentiated markets with innovation and imitation: trade policy versus free trade

    Czech Academy of Sciences Publication Activity Database

    Kováč, E.; Žigić, Krešimir

    2014-01-01

    Roč. 81, č. 323 (2014), s. 491-521 ISSN 0013-0427 Institutional support: PRVOUK-P23 Keywords : model of price competition * trade policy * free trade Subject RIV: AH - Economics Impact factor: 1.045, year: 2014

  1. International competition in vertically differentiated markets with innovation and imitation: trade policy versus free trade

    Czech Academy of Sciences Publication Activity Database

    Kováč, E.; Žigić, Krešimir

    -, č. 336 (2007), s. 1-51 ISSN 1211-3298 R&D Projects: GA MŠk LC542 Institutional research plan: CEZ:MSM0021620846 Keywords : vertical differentiation * free trade * strategic trade policy Subject RIV: AH - Economics http://www.cerge-ei.cz/pdf/wp/Wp336.pdf

  2. International competition in vertically differentiated markets with innovation and imitation: trade policy versus free trade

    Czech Academy of Sciences Publication Activity Database

    Kováč, Eugen; Žigić, K.

    -, č. 336 (2007), s. 1-51 ISSN 1211-3298 R&D Projects: GA MŠk LC542 Institutional research plan: CEZ:AV0Z70850503 Keywords : vertical differentiation * free trade * strategic trade policy Subject RIV: AH - Economics http://www.cerge-ei.cz/pdf/wp/Wp336.pdf

  3. A Model for Trading the Foreign Exchange Market

    African Journals Online (AJOL)

    PROF. OLIVER OSUAGWA

    inflation rates, etc. have significant impacts on the exchange rate fluctuation. Existing foreign exchange ... Keywords: FOREX, marcov chain, model, neural network, trading robot. Introduction .... Support Vector Machine (SVM). Regression ...

  4. Trading volume in financial markets: An introductory review

    International Nuclear Information System (INIS)

    Duarte Queirós, Sílvio M.

    2016-01-01

    In this article, I introduce a short review on the statistical and dynamical properties of the high-frequency trading volume and its relation to other financial quantities such as the price fluctuations and trading value. In addition, I compare these results — which were obtained within the framework of applications of Physics to quantitative financial analysis —with the mainstream financial hypotheses of mixture of distributions (MDH) and sequential arrival of information (SIAH).

  5. The determinants of trade credit use : the case of the Tanzanian rice market

    NARCIS (Netherlands)

    Hermes, Niels; Kihanga, Ernest; Lensink, Robert; Lutz, Clemens

    2015-01-01

    Most small businesses in the developing economies suffer from a lack of access to formal external finance. One important alternative source of finance for these entrepreneurs is trade credit. Applying a unique data-set containing data on specific trade relations between rice wholesalers and rice

  6. Time series regression-based pairs trading in the Korean equities market

    Science.gov (United States)

    Kim, Saejoon; Heo, Jun

    2017-07-01

    Pairs trading is an instance of statistical arbitrage that relies on heavy quantitative data analysis to profit by capitalising low-risk trading opportunities provided by anomalies of related assets. A key element in pairs trading is the rule by which open and close trading triggers are defined. This paper investigates the use of time series regression to define the rule which has previously been identified with fixed threshold-based approaches. Empirical results indicate that our approach may yield significantly increased excess returns compared to ones obtained by previous approaches on large capitalisation stocks in the Korean equities market.

  7. Global Market, Colonial Economies and Trade Corporations: The consulates at Guadalajara and Buenos Aires

    Directory of Open Access Journals (Sweden)

    Antonio Ibarra

    2013-04-01

    Full Text Available This paper seeks to examine the global organization of two Spanish American colonial spaces during the era of free trade: the Hispanic North and Rio de la Plata. By studying the consular records on foreign trade, included in the derecho de avería records, I analyse how their economies were integrated into the circulation of silver, slaves, and imports. Moreover, I explain the institutional development of their trade communities, favored by the body of consulates in the cities of Guadalajara and Buenos Aires, viewed as institutional instruments of corporate negotiation, market administration, and interest organization against a backdrop of trade globalization.

  8. TURKISH TRADE POLICY AND THE EFFICIENCY OF TURKISH COTTON MARKETS

    OpenAIRE

    Schmitz, Troy G.

    1999-01-01

    Turkish cotton markets are affected by import duties, export taxes, and a range of domestic subsidies. The degree of economic inefficiency arising from these government policies is estimated through the use of two partial equilibrium models, one for the Aegean market and another for the non-Aegean market. The welfare implications of these policies are also explored.

  9. 17 CFR 140.91 - Delegation of authority to the Director of the Division of Trading and Markets.

    Science.gov (United States)

    2010-04-01

    ... Director of the Division of Trading and Markets. 140.91 Section 140.91 Commodity and Securities Exchanges COMMODITY FUTURES TRADING COMMISSION ORGANIZATION, FUNCTIONS, AND PROCEDURES OF THE COMMISSION Functions § 140.91 Delegation of authority to the Director of the Division of Trading and Markets. (a) The...

  10. COMPETITIVENESS, MARKETING ACCESS, AND NETWORK CAPABILITY AND ITS IMPACTS ON MARKETING PERFORMANCE

    Directory of Open Access Journals (Sweden)

    Teguh Iman Sayekti

    2016-12-01

    Full Text Available This study is to determine what factors influencingthe performance of SMEs. The population in this study is SMEs in the Central Java. Sample collection was conducted with a purposive sampling method. Criteriaused to take into accountis the SMEs that are already running at leastfortwo years. The sample in this study is intended as the representative of total population,67 (sixty seven. The data were processed and analyzed by computer program of SPSS 20 for Windows. Based on the results of regression analysis, it can be concluded that competitiveness has positive and significant impact on marketing performance marketing access has positive and significant impact on marketing performance. It means that the higher competitiveness and marketing access, the higher its performance. Competitiveness and marketing access have influence on SMEs’ performance through network capability.   

  11. Asset price and trade volume relation in artificial market impacted by value investors

    Science.gov (United States)

    Tangmongkollert, K.; Suwanna, S.

    2016-05-01

    The relationship between return and trade volume has been of great interests in a financial market. The appearance of asymmetry in the price-volume relation in the bull and bear market is still unsettled. We present a model of the value investor traders (VIs) in the double auction system, in which agents make trading decision based on the pseudo fundamental price modelled by sawtooth oscillations. We investigate the system by two different time series for the asset fundamental price: one corresponds to the fundamental price in a growing phase; and the other corresponds to that in a declining phase. The simulation results show that the trade volume is proportional to the difference between the market price and the fundamental price, and that there is asymmetry between the buying and selling phases. Furthermore, the selling phase has more significant impact of price on the trade volume than the buying phase.

  12. Simulation of trading strategies in the electricity market

    Science.gov (United States)

    Charkiewicz, Kamil; Nowak, Robert

    2011-10-01

    The main objective of the energy market existence is reduction of the total cost of production, transport and distribution of energy, and so the prices paid by terminal consumers. Energy market contains few markets that are varying on operational rules, the important segments: the Futures Contract Market and Next Day Market are analyzed in presented approach. The computer system was developed to simulate the Polish Energy Market. This system use the multi-agent approach, where each agent is the separate shared library with defined interface. The software was used to compare strategies for players in energy market, where the strategies uses auto-regression, k-nearest neighbours, neural network and mixed algorithm, to predict the next price.

  13. Investigating the effective factors on electronic trade by viral marketing

    Directory of Open Access Journals (Sweden)

    Nina Ghane

    2014-04-01

    Full Text Available This paper performs an investigation to explore a number of strategies underpinning virtual marketing. The study also provides several suggestions for marketers seeking to use viral marketing to position brands or to change a brand’s image, to encourage new product trials and to increase product uptake rates. In this article, we investigate the effect of external factors such as capturing the imagination, targeting credible sources, leveraging combinations of technology and easy to use product on virtual marketing. In addition, the study considers internal factors such as inclusion (the need to be part of a group, the need to be different and affection on viral marketing. The survey has been accomplished among 140 Iranian people, who were familiar with virtual marketing and they are selected, randomly. Using Pearson correlation as well as regression analysis, the study provides some evidences that there were some positive and meaningful relationship between some internal/external factors and virtual marketing.

  14. The relationship between in-store marketing and observed sales for organic versus fair trade products

    NARCIS (Netherlands)

    Herpen, van E.; Nierop, van J.E.M.; Sloot, L.M.

    2012-01-01

    To stimulate sales of sustainable products, such as organic and fair trade products, retailers need to know whether their in-store instruments effectively enhance market shares. This study uses sales data and a multilevel modeling approach to explain the market shares of sustainable products

  15. The relationship between in-store marketing and observed sales for organic versus fair trade products

    NARCIS (Netherlands)

    van Herpen, Erica; van Nierop, Erjen; Sloot, Laurens

    To stimulate sales of sustainable products, such as organic and fair trade products, retailers need to know whether their in-store instruments effectively enhance market shares. This study uses sales data and a multilevel modeling approach to explain the market shares of sustainable products

  16. Educational Systems and the Trade-Off between Labor Market Allocation and Equality of Educational Opportunity

    Science.gov (United States)

    Bol, Thijs; van de Werfhorst, Herman G.

    2013-01-01

    Educational systems with a high level of tracking and vocational orientation have been shown to improve the allocation of school-leavers in the labor market. However, tracked educational systems are also known to increase inequality of educational opportunity. This presumed trade-off between equality and labor market preparation is clearly rooted…

  17. The effect of counter-trading on competition in electricity markets

    NARCIS (Netherlands)

    Dijk, J.J.; Willems, B.

    2011-01-01

    In a competitive electricity market, nodal pricing is the most efficient way to manage congestion. Counter-trading is inefficient as it gives the wrong long term signals for entry and exit of power plants. However, in a non-competitive market, additional entry will improve the competitiveness of the

  18. International bioenergy trade - a review of past developments in the liquid biofuels market

    NARCIS (Netherlands)

    Lamers, P.; Hamelinck, C.N.; Junginger, H.M.|info:eu-repo/dai/nl/202130703; Faaij, A.P.C.|info:eu-repo/dai/nl/10685903X

    2011-01-01

    Policies aimed to promote biofuels locally had tremendous effects on global market developments across the past decade. This article develops insights into the interaction of these policies and market forces via a comprehensive collection and analysis of international production and trade data. It

  19. Effectiveness of the management of price risk methodologies for the corn market based on trading signals

    Directory of Open Access Journals (Sweden)

    W. Rossouw

    2013-03-01

    Full Text Available Corn production is scattered geographically over various continents, but most of it is grown in the United States. As such, the world price of corn futures contracts is largely dominated by North American corn prices as traded on the Chicago Board of Trade. In recent years, this market has been characterised by an increase in price volatility and magnitude of price movement as a result of decreasing stock levels. The development and implementation of an effective and successful derivative price risk management strategy based on the Chicago Board of Trade corn futures contract will therefore be of inestimable value to market stakeholders worldwide. The research focused on the efficient market hypothesis and the possibility of contesting this phenomenon through an application of a derivative price risk management methodology. The methodology is based on a combination of an analysis of market trends and technical oscillators with the objective of generating returns superior to that of a market benchmark. The study found that market participants are currently unable to exploit price movement in a manner which results in returns that contest the notion of efficient markets. The methodology proposed, however, does allow the user to consistently achieve returns superior to that of a predetermined market benchmark. The benchmark price for the purposes of this study was the average price offered by the market over the contract lifetime, and as such, the efficient market hypothesis was successfully contested

  20. Investigation of relationship marketing in the franchising activity of trade companies

    OpenAIRE

    Lisun, Yanina

    2017-01-01

    The article reveals the essence and constituents of the concepts of «relationship», «interaction», «marketing relations», «marketing partnership», «partnership» of the trade business. The essence of the terms «distribution» and «franchising» is investigated and the place of franchising in the structure of organizational and legal forms of distribution systems is determined.It analyses the activity of trading companies and the franchising market of Ukraine is conducted. The article analyses ma...

  1. Challenges for Smallholder Market Access: a review of literature on institutional arrangements in collective marketing

    NARCIS (Netherlands)

    Ton, G.

    2008-01-01

    Purpose of review: This review presents recent research on collective action in agricultural markets, focusing on the institutional settings that increase market access for smallholder farmers. It focuses attention on challenging research areas that try to understand and resolve the inherent

  2. Changes in Agricultural Markets in Poland following its Accession to the European Union

    Directory of Open Access Journals (Sweden)

    Czyżewski Andrzej

    2017-12-01

    Full Text Available This article attempts to determine the most significant tendencies and changes observed in Poland’s core markets of agricultural products, which occurred during the period preceding Poland’s accession to the European Union (1994-2003 and after the accession (2004-2013. The key markets of agricultural products include markets with the largest value of commodity production during the analysed period, such as cereals, potatoes, sugar beet, rapeseed, fruit, vegetables, pork, beef and poultry, cows’ milks and eggs. The development of domestic production, consumption and real purchasing prices were observed and compared in order to achieve the main objective. The research was preceded by the characterisation of macroeconomic and resource conditionalities of agricultural production as well as the trade balance of the Polish agri-food sector. On the basis of the conducted studies, there were singled out three groups of markets in which the situation during the period following Poland’s accession to the EU developed in a similar way.

  3. Electronic trading system and returns volatility in the oil futures market

    International Nuclear Information System (INIS)

    Liao, Huei-Chu; Lee, Yi-Huey; Suen, Yu-Bo

    2008-01-01

    This paper uses daily Brent crude prices to investigate the employment of electronic trading on the returns conditional volatility in the oil futures market. After a suitable GARCH model is established, the conditional volatility series are found. The Bai and Perron model is then used to find two significant structural breaks for these conditional volatility series around two implementation dates of electronic trading. This result indicates that the change in the trading system has significant impacts on the returns volatility since our estimated second break date is very close to the all-electronic trade implementation date. Moreover, the conditional volatility in the all-electronic trading period is found to be more dominated by the temporal persistence rather than the volatility clustering effect. All these evidence can shed some light for explaining the high relationship between more volatile world oil price and the more popular electronic trade. (author)

  4. Intellectual Property Rights and Access to Medicines: International Trade Issues

    Science.gov (United States)

    2009-05-28

    the level of market-based incentives they offer for R&D. • Type I diseases (“chronic diseases”), such as cancer, diabetes , and cardiovascular... diabetes , and asthma may be subject to patents.44 Critics of the TRIPS Agreement maintain that implementation of the agreement will affect...customs authorities temporarily halted shipments of generic medicines manufactured in India and in transit to Colombia and Peru via the Netherlands

  5. The use of violence ini llegal markets: evidence from mahogany trade in the Brazilian Amazon

    OpenAIRE

    Ariaster B. Chimeli; Rodrigo R. Soares

    2011-01-01

    Agents operating in illegal markets cannot resort to the justice system to guarantee property rights, to enforce contracts, or to seek protection from competitors’ improper behaviors. In these contexts, violence is used to enforce previous agreements and to fight for market share. This relationship plays a major role in the debate on the pernicious effects of the illegality of drug trade. This paper explores a singular episode of transition of a market from legal to illegal to provide a first...

  6. The Use of Violence in Illegal Markets: Evidence from Mahogany Trade in the Brazilian Amazon

    OpenAIRE

    Chimeli, Ariaster B.; Soares, Rodrigo R.

    2011-01-01

    Agents operating in illegal markets cannot resort to the justice system to guarantee property rights, to enforce contracts, or to seek protection from competitors' improper behaviors. In these contexts, violence is used to enforce previous agreements and to fight for market share. This relationship plays a major role in the debate on the pernicious effects of the illegality of drug trade. This paper explores a singular episode of transition of a market from legal to illegal to provide a first...

  7. Statistical properties of trading activity in Chinese stock market

    Science.gov (United States)

    Sun, Xiaoqian; Cheng, Xueqi; Shen, Huawei; Wang, Zhaoyang

    2010-08-01

    We investigate the statistical properties of traders' trading behavior using cumulative distribution function(CDF). We analyze exchange data of 52 stocks for one-year period which contains non-manipulated stocks and manipulated stocks published by China Securities Regulatory Commission(CSRC). By analyzing the total number of transactions and the trading volume of each trader over a year, we find the cumulative distributions have power-law tails and the distributions between non-manipulated stocks and manipulated stocks are different. These findings can help us to detect the manipulated stocks.

  8. An International Trade Model with Entrepreneurs and Financial Markets

    DEFF Research Database (Denmark)

    Olai Hansen, Bodil; Keiding, Hans

    2016-01-01

    We consider a two-period model of a three-country world with free trade in finished products and some factor mobility, where production is subject to uncertainty. Enterpreneurs may establish production in other countries but can obtain financing only in the country of origin. In this model, integ......, integrating production across countries, in particular integrating economically strong and weak partners, may give rise to a welfare loss, showing that traditional views on efficiency of international trade must be reconsidered when risk and uncertainty are taken into account....

  9. The factors in the development of marketing potential of trading enterprises

    Directory of Open Access Journals (Sweden)

    Bubenets Iryna

    2016-03-01

    Full Text Available The purpose of this article is the selection and systematization of the influence factors the formation and development of marketing potential of trading enterprises. Currently, when enterprises have experienced an acute shortage of financial resources the value of the marketing potential of the enterprise increases. Since the marketing potential is determined by the possibility of using their own marketing resources, taking into account external and internal factors, their concretization and systematization for increasing the total effective functioning of the economic subsystems of the enterprise are now becoming ever more relevant. Taking into consideration the content of the main functions of business enterprises the author distinguishes the following groups of factors of formation and development of marketing potential of an enterprise: external (external development resources and market opportunities, external marketing environment; internal (internal marketing environment marketing reflects the tangible and intangible resources and capabilities internal development of commercial enterprise. The author has researched and identified the factors-activators of marketing potential of the trading enterprises, which influence greatly on the current and future state of the management system of the marketing potential of the enterprise and help define the desired strategy for the development of marketing potential.

  10. COMPANY SIZE, TRADING ACTIVITY AND LIQUIDITY AS A DETERMINANTS OF CROSS-SECTIONAL MOMENTUM TRADING STRATEGY ON RUSSIAN STOCK MARKET

    Directory of Open Access Journals (Sweden)

    Teplova T. V.

    2014-06-01

    Full Text Available Momentum-effect has many interpretations in the practice of investing and in understanding of anomalies in asset prices. We consider a Cross-Sectional momentum effects and the corresponding two medium-term (3 months or more trading strategies that are different from the trend following rules for individual assets. We tested four hypothesis deals with cross-sectional momentum effect on the Russian stock market and the possibility of building a self-financing (long-short trading strategy at three time horizon (stock market growth from 2004 until mid 2008, financial crisis and post-crisis periods. It is shown that for the Russian market cross-sectional momentum strategy with partly rebalanced portfolio maximizing portfolio return (134 stocks listed from 2004 to 2014 in the few Russian stock exchanges should be based on the three-month formation period and three-month holding period periods (3/1/3. We have identified elements of profit-maximizing momentum strategy: three time windows and determinants of assets. Monthly average return of arbitrage strategy is estimated at 1.5 % for 134 common shares. Implementation of the strategy for the post-crisis period does not allow to maximize profit. For 6-month and more investment windows it gets the advantage of reverse strategy (opening long positions in stocks with low investment results and short position for assets with high relative returns. Fundamental parameters of the issuer (size of companies like market capitalization and two measures of liquidity (trading activity and transaction costs like bid-ask spread are significant to maximize portfolio performance (we prove the growth of monthly average return ranging from 1.5 to 2.5 %. We find that size and liquidity control momentum strategy can earn positive profits in Russian stock market, larger than naïve momentum.

  11. International trade, technological change and evolution of work market

    International Nuclear Information System (INIS)

    Cacciotti, M.

    1999-01-01

    The report estimates the historic series of wages and employment depending on the average unit value of importation prices in the most important european countries, Italy, France and Germany for the years 1988-1996. Results shows that in the traditional sectors, with unskilled employment are negative influenced by international trade, otherwise, in the technological advanced sectors, influenced are to be considered positive [it

  12. Wood pellet market and trade: A global perspective

    NARCIS (Netherlands)

    Goh, C.S.; Cocchi, M.; Junginger, H.M.; Marchal, D.; Thrän, D.; Hennig, C.; Heinimo, J.; Nikolaisen, L.; Schouwenberg, P.P.; Bradley, D.; Hess, R.F.; Jacobson, J.; Ovard, L.; Deutmeyer, M.

    2013-01-01

    This perspective provides an overview of wood pellet markets in a number of countries of high signifi cance, together with an inventory of market factors and relevant past or existing policies. In 2010, the estimated global wood pellet production and consumption were close to 14.3 Mt (million

  13. Medicinal plant markets and trade in Maputo, Mozambique

    DEFF Research Database (Denmark)

    Krog, Mogens Pedersen; Falcâo, Mario P.; Olsen, Carsten Smith

    Medicinal plants and traditional medicine are important to urban and rural livelihoods in Mozambique. This study presents a preliminary investigation of the structure and conduct of medicinal plant markets in Maputo.......Medicinal plants and traditional medicine are important to urban and rural livelihoods in Mozambique. This study presents a preliminary investigation of the structure and conduct of medicinal plant markets in Maputo....

  14. British American Tobacco's tactics during China's accession to the World Trade Organization.

    Science.gov (United States)

    Zhong, Fei; Yano, Eiji

    2007-04-01

    China entered the World Trade Organization (WTO) in 2001 after years of negotiations. As a WTO member, China had to reduce tariffs on imported cigarettes and remove non-tariff barriers to allow foreign cigarettes to be more competitive in the Chinese market. Among foreign tobacco companies, British American Tobacco (BAT) was the most active lobbyist during China's WTO negotiations. To review and analyse BAT's tactics and activities relating to China's entry into the WTO. Internal tobacco industry documents were reviewed and are featured here. Industry documents were searched mainly on the website of BAT's Guildford Depository and other documents' websites. 528 documents were evaluated and 142 were determined to be relevant to China's entry into the WTO. BAT was extremely active during the progress of China's entry into the WTO. The company focused its lobbying efforts on two main players in the negotiations: the European Union (EU) and the US. Because of the negative moral and health issues related to tobacco, BAT did not seek public support from officials associated with the WTO negotiations. Instead, BAT lobbyists suggested that officials protect the interests of BAT by presenting the company's needs as similar to those of all European companies. During the negotiation process, BAT officials repeatedly spoke favourably of China's accession into the WTO, with the aim of presenting BAT as a facilitator in this process and of gaining preferential treatment from their Chinese competitor. BAT's activities clearly suggest that tobacco companies place their own interests above public health interests. Today, China struggles with issues of tobacco control that are aggravated by the aggressive practices of transnational tobacco companies, tobacco-tariff reductions and the huge number of smokers. For the tobacco-control movement to progress in China, health advocates must understand how foreign tobacco companies have undermined anti-tobacco activities by taking advantage

  15. Relationship of the Australian Stock Market with its Major Trading Partners: a Simple Exposition

    Directory of Open Access Journals (Sweden)

    Mazharul H. Kazi

    2008-06-01

    Full Text Available markets of its major trading partners namely, UK, USA, Canada, Germany, France, andJapan using 1945 to 2002 annual data series. The analysis of this paper considers boththe foreign exchange risk element and the notion of share-return parity into its modifiedstructural model which is estimated by applying both OLS and GMM methods. TheUK, Canadian and French markets are found significant from OLS estimation; whileGMM estimation suggests four markets including the German are significant at 5%level. Accordingly, this paper concludes that Australian stock market is related to thatof its trading partners; and it is being influenced by 3 to 4 markets of which the UK isthe most significant. The outcomes of this paper seem beneficial to Australian investorsfor effective diversifications of their international portfolio risks.

  16. Aggressive and Defensive High‑Frequency Trading and its Impact on Liquidity of German Stock Market

    Directory of Open Access Journals (Sweden)

    Juraj Hruška

    2016-01-01

    Full Text Available Algorithmic trading and especially high frequency trading is the concern of the current research studies as well as legislative authorities. It is also the subject of criticism mostly from low frequency traders and long-term institutional investors. This is due to several cases of market manipulation and flash crashes in the previous years. Advocates of this trading mechanism claim that it has large positive influence on the market, such as liquidity growth by lowering spreads and others. This paper is focused on testing the relationship between market liquidity of shares traded on Frankfurt Stock Exchange and HFT activity on European stock markets. Author proposes own methodology for measuring dynamics in HFT activity, without knowledge of original market messages. Liquidity is measured by various from of price spreads. Econometrical methods for panel regression are used to determine these relations. Results of this paper will reveal the relevance of the HFT trader’s main argument about creating liquidity and hence reducing market risks related with high spreads and low number of limit orders.

  17. Trading places: the impact and outcomes of market reform in vocational education and training

    OpenAIRE

    Anderson, Damon Lindsay

    2017-01-01

    In 1990, Australian governments embarked upon a radical policy experiment to create an ‘open training market’, comprising public Technical and Further Education (TAFE) and private providers. The idea that vocational education and training could be traded in a marketplace, with provision subject to market forces and competition between public and private providers, was unthinkable for most at the time. Underwritten by government, TAFE had been the dominant post-school provider of trade and tec...

  18. Is Historical Cost Accounting a Panacea? Market Stress, Incentive Distortions, and Gains Trading

    OpenAIRE

    Ellul, Andrew; Jotikasthira, Chotibhak; Lundblad, Christian T; Wang, Yihui

    2015-01-01

    This paper explores the trading incentives of financial institutions induced by the interaction between regulatory accounting rules and capital requirements by investigating insurance companies’ trading behavior during the recent financial crisis. According to insurance regulation, life insurers have a greater degree of flexibility to hold downgraded instruments at historical cost, whereas property and casualty insurers are forced to re-mark many of their downgraded securities to market price...

  19. Rogue trading at Lloyds Bank International, 1974: Operational risk in volatile markets

    OpenAIRE

    Schenk, C

    2017-01-01

    Rogue trading has been a persistent feature of international financial markets over the past thirty years, but there is remarkably little historical treatment of this phenomenon. To begin to fill this gap, evidence from company and official archives is used to expose the anatomy of a rogue trading scandal at Lloyds Bank International in 1974. The rush to internationalize, the conflict between rules and norms, and the failure of internal and external checks all contributed to the largest singl...

  20. Furniture Industry Assessment: Trade Policy and Market Opportunities

    OpenAIRE

    Lord, Montague J.

    1999-01-01

    The report analyzes the international competitiveness of furniture industry based on calculations of effective rates of protection and trade indicators. Furniture manufacturing remains one of the most highly protected industries in Egypt. Although the nominal rate of protection (NRP) for that industry was lowered from 50 percent in 1997 to 40 percent, its rate remains the fourth highest of all manufacturing categories. The effective rate of protection (ERP) for the wood furniture industry is ...

  1. International trade and the role of market transparency

    OpenAIRE

    Broll, Udo; Eckwert, Bernhard; Wong, Kit Pong

    2010-01-01

    The paper examines the economic role of market transparency on the decision problems of an international firm. Transparency is described in terms of the informativeness of a publicly observable signal. With higher transparency, the signal conveys more precise information about the random foreign exchange rate. We analyze the interaction between market transparency, ex ante expected production, domestic sales, and exports of the firm. Furthermore, we discuss the welfare implications of more tr...

  2. Influence of market factors on the pricing of exchange traded metals in the medium term

    Science.gov (United States)

    Bogdanov, S. V.; Shevelev, I. M.; Chernyi, S. A.

    2017-06-01

    On the basis of comparison of the influence of the stock exchange factors on the pricing of nonferrous metals for medium term with similar results for short term, it has been established that the main attention should be paid to the changes in the pricing environment on the metal market as a function of the prices of exchange traded metals. The situation on the market of energy carriers (hydrocarbons) and the European, American, and Asian stock exchanges can be based on parity and even significantly influence the variation of the metal prices. In the medium term, constructive development of metal trade should be reasonably promoted by changing the elasticity of supply with regard to prices for exchange traded metals and by applying the stock exchange factors that positively influence the pricing on commodity and stock markets.

  3. Fair Trade as a Solution for Inequality on the Global Market - Corporate Perspective

    Directory of Open Access Journals (Sweden)

    Sandra Lovric

    2016-03-01

    Full Text Available New alternatives to free trade are evolving at the global market; their aim is to bring more ethics and morality into the relations between the trading parties (producers, corporations and buyers. This article analyses one of such alternatives i.e. Fair Trade from the perspective of influencing change of corporate politics. Due to the rising awareness of buyers about the origin of goods and the initiatives of forcing corporations into changing their practices based on unethical treatment of workers in the 3rd world countries, alternative ways of trade are becoming part of traditional corporate environment in the free trade chain. By elaborating fundamental principles of certification process, the article gives an answer to the question of creation of added ethical value in the aspect of positioning corporations in the “new economy”.

  4. Market access pathways for cell therapies in France.

    Science.gov (United States)

    Rémuzat, Cécile; Toumi, Mondher; Jørgensen, Jesper; Kefalas, Panos

    2015-01-01

    Cell therapies can be classified into three main categories of products: advanced therapy medicinal products (ATMPs), ATMPs prepared on a non-routine basis (hospital exemptions), and minimally manipulated cells. Despite the benefits that cell therapies can bring to patients, they are subject to complex pathways to reach the market in France. The objective of this study was to identify and describe routes to market access for cell therapies in France and how these vary by regulatory status. The research was structured following five main steps: (1) identification of the French regulatory framework for cell therapies; (2) identification of the health products categorised as cell therapies in France; (3) mapping of the market access pathways per category of cell therapy; (4) validation of findings by interviewing experts; and (5) development of a roadmap summarising market access pathways for cell therapies in France. The secondary research methodology included a comprehensive literature review conducted on websites of French public health institutions, complemented by a research for peer-reviewed articles, abstracts, and grey literature. Different market access pathways are possible depending on the cell therapy category. For ATMPs, market access pathways depend on the licensing status of the therapy. Licensed ATMPs followed the same market access pathways as 'conventional' pharmaceuticals, whereas not-yet-licensed ATMPs can be funded via a specific financial allowance under the framework of a Temporary Authorisation for Use procedure or various research programmes. For new ATMPs that are associated with a separate medical device (not considered as 'combined ATMPs') or associated with a new medical procedure, additional pathways will apply for the medical device and/or medical procedure to be reimbursed in the ambulatory settings or at hospital. The most likely funding option for ATMPs prepared on a non-routine basis is outside the diagnosis-related group (DRG

  5. Stock Market Index Data and indicators for Day Trading as a Binary Classification problem.

    Science.gov (United States)

    Bruni, Renato

    2017-02-01

    Classification is the attribution of labels to records according to a criterion automatically learned from a training set of labeled records. This task is needed in a huge number of practical applications, and consequently it has been studied intensively and several classification algorithms are available today. In finance, a stock market index is a measurement of value of a section of the stock market. It is often used to describe the aggregate trend of a market. One basic financial issue would be forecasting this trend. Clearly, such a stochastic value is very difficult to predict. However, technical analysis is a security analysis methodology developed to forecast the direction of prices through the study of past market data. Day trading consists in buying and selling financial instruments within the same trading day. In this case, one interesting problem is the automatic individuation of favorable days for trading. We model this problem as a binary classification problem, and we provide datasets containing daily index values, the corresponding values of a selection of technical indicators, and the class label, which is 1 if the subsequent time period is favorable for day trading and 0 otherwise. These datasets can be used to test the behavior of different approaches in solving the day trading problem.

  6. Stock Market Index Data and indicators for Day Trading as a Binary Classification problem

    Directory of Open Access Journals (Sweden)

    Renato Bruni

    2017-02-01

    Full Text Available Classification is the attribution of labels to records according to a criterion automatically learned from a training set of labeled records. This task is needed in a huge number of practical applications, and consequently it has been studied intensively and several classification algorithms are available today. In finance, a stock market index is a measurement of value of a section of the stock market. It is often used to describe the aggregate trend of a market. One basic financial issue would be forecasting this trend. Clearly, such a stochastic value is very difficult to predict. However, technical analysis is a security analysis methodology developed to forecast the direction of prices through the study of past market data. Day trading consists in buying and selling financial instruments within the same trading day. In this case, one interesting problem is the automatic individuation of favorable days for trading. We model this problem as a binary classification problem, and we provide datasets containing daily index values, the corresponding values of a selection of technical indicators, and the class label, which is 1 if the subsequent time period is favorable for day trading and 0 otherwise. These datasets can be used to test the behavior of different approaches in solving the day trading problem.

  7. Effects of NYMEX trading on IPE Brent Crude futures markets: a duration analysis

    International Nuclear Information System (INIS)

    Lin, S.X.; Tamvakis, M.N.

    2004-01-01

    Recent developments in the energy markets, and the surge and dip in crude oil prices over the last few years, have renewed the interest in the workings of the two main price setting markets: London's International Petroleum Exchange (IPE) and New York's Mercantile Exchange (NYMEX). The interaction of these two markets, when both of them are open (synchronous trading) and when only London is open (asynchronous trading), is important, in view of the fact that most participants take positions in both markets. This paper looks at how London is affected by New York by analysing the transaction duration of the IPE Brent futures contract, both when the NYMEX WTI futures contract is being traded and when NYMEX is closed. Using tick-by-tick data obtained from IPE, transaction durations are found to form two distinctive and inverted U-shaped patterns. Autoregressive conditional duration (ACD) model, first introduced by Engle and Russell, is applied to the data. Parameters of IPE morning and afternoon are significantly different from each other, underlining the dominant effects of NYMEX on IPE trading. The results from the current analysis reinforce previous results by the authors, which indicate that NYMEX is a leading price setter in crude oil futures prices and has a dominant effect on the IPE-traded contracts

  8. Quantitative Model of Price Diffusion and Market Friction Based on Trading as a Mechanistic Random Process

    Science.gov (United States)

    Daniels, Marcus G.; Farmer, J. Doyne; Gillemot, László; Iori, Giulia; Smith, Eric

    2003-03-01

    We model trading and price formation in a market under the assumption that order arrival and cancellations are Poisson random processes. This model makes testable predictions for the most basic properties of markets, such as the diffusion rate of prices (which is the standard measure of financial risk) and the spread and price impact functions (which are the main determinants of transaction cost). Guided by dimensional analysis, simulation, and mean-field theory, we find scaling relations in terms of order flow rates. We show that even under completely random order flow the need to store supply and demand to facilitate trading induces anomalous diffusion and temporal structure in prices.

  9. The Impact of Emissions Trading on the Price of Electricity in Nord Pool : Market Power and Price Determination in the Nordic Electricity Market

    OpenAIRE

    Oranen, Anna

    2006-01-01

    The objective of this thesis is to find out how dominant firms in a liberalised electricity market will react when they face an increase in the level of costs due to emissions trading, and how this will effect the price of electricity. The Nordic electricity market is chosen as the setting in which to examine the question, since recent studies on the subject suggest that interaction between electricity markets and emissions trading is very much dependent on conditions specific to each market ...

  10. Fiber Access Networks: Reliability Analysis and Swedish Broadband Market

    Science.gov (United States)

    Wosinska, Lena; Chen, Jiajia; Larsen, Claus Popp

    Fiber access network architectures such as active optical networks (AONs) and passive optical networks (PONs) have been developed to support the growing bandwidth demand. Whereas particularly Swedish operators prefer AON, this may not be the case for operators in other countries. The choice depends on a combination of technical requirements, practical constraints, business models, and cost. Due to the increasing importance of reliable access to the network services, connection availability is becoming one of the most crucial issues for access networks, which should be reflected in the network owner's architecture decision. In many cases protection against failures is realized by adding backup resources. However, there is a trade off between the cost of protection and the level of service reliability since improving reliability performance by duplication of network resources (and capital expenditures CAPEX) may be too expensive. In this paper we present the evolution of fiber access networks and compare reliability performance in relation to investment and management cost for some representative cases. We consider both standard and novel architectures for deployment in both sparsely and densely populated areas. While some recent works focused on PON protection schemes with reduced CAPEX the current and future effort should be put on minimizing the operational expenditures (OPEX) during the access network lifetime.

  11. The impacts of EU CO2 emissions trading on electricity markets and electricity consumers in Finland

    International Nuclear Information System (INIS)

    Kara, M.; Syri, S.; Lehtilae, A.; Helynen, S.; Kekkonen, V.; Ruska, M.; Forsstroem, J.

    2008-01-01

    In this paper, the likely impacts of the EU emission trading system on the Nordic electricity market and on the position of various market actors are assessed. In its first phase, the EU CO 2 emission trading system includes power plants with thermal capacity greater than 20 MW, metals industry, pulp and paper industry, mineral industry and oil refineries. This paper describes the assessment done for the Finnish Minister of Trade and Industry, analysing the likely impacts on power plant operators, on energy-intensive industries, on other industries and on other consumer groups. The impacts of emissions trading were studied with the VTT electricity market model and with the TIMES energy system model. The annual average electricity price was found to rise 0.74 EUR MW h -1 for every 1 Euro tonne CO 2 -1 in the Nordic area. Large windfall profits were estimated to incur to electricity producers in the Nordic electricity market. In Finland, metals industry and private consumers were estimated to be most affected by the electricity market price increases. Expanded nuclear power generation could limit the increases in the prices of electricity to one-third compared to those in the base case

  12. FRESH FISH TRADE NETWORKS IN THE STREET MARKETS OF PALMAS, TOCANTINS STATE, BRAZIL

    Directory of Open Access Journals (Sweden)

    Kelly Bessa

    2016-12-01

    Full Text Available This paper focuses on fresh fish trade networks found in the street markets of Palmas, capital of Tocantins state, Brazil, so as to identify the economic agents involved and the various geographical spaces which interact as a result of these networks. Fresh fish trade in Palmas takes place in distributor warehouses, grocery stores, supermarkets and hypermarkets, fish shops, and fishing communities, but it is street markets that constitute the most popular sale venues. Market sellers establish upstream supply networks with sectors in the fish food system (suppliers in primary and secondary production, distribution, and retail, whose interactions generate connections in Palmas (fishermen, distributors, retailers on a local scale, as well as connections with locations in Tocantins and Pará states (fishermen, fisheries, cold storage companies on a regional scale. Sellers also establish downstream trade networks with the end consumer at markets and with establishments in the food and small retail sectors, whose interactions produce mostly local connections, in Palmas and in the Luzimangues district (close to Palmas. Such connections are marked by consumption processes in these urban areas. Key-words: network, fresh fish trade, street markets.

  13. National and Regional Impacts of Increasing Non-Agricultural Market Access by Developing Countries – the Case of Pakistan

    OpenAIRE

    Butt, Muhammad Shoaib; Bandara, Jayatilleke S.

    2008-01-01

    The US, the EU, Brazil and India met in Germany in June 2007 with a view to bridging differences between developed and developing countries on the Doha Round of trade negotiations. However, the talks broke down because of disagreement on the intertwined issues of agricultural protection and Non-Agricultural Market Access (NAMA). This study uses the first regional computable general equilibrium (CGE) model of Pakistan to evaluate the national and regional impacts of increasing NAMA as per two ...

  14. Increasing Access to Farmers Markets for Beneficiaries of Nutrition Assistance

    Centers for Disease Control (CDC) Podcasts

    2013-10-22

    In this audio podcast, listen to author Kate Cole, MPH talk about her article on farmers markets and how acceptance of nutrition assistance could increase access to fruits and vegetables to those in low-income communities.  Created: 10/22/2013 by Preventing Chronic Disease (PCD), National Center for Chronic Disease Prevention and Health Promotion (NCCDPHP).   Date Released: 10/22/2013.

  15. Do government owned banks trade market power for slack?

    NARCIS (Netherlands)

    Hackethal, A.; Koetter, M.; Vins, O.

    2012-01-01

    The 'Quiet Life Hypothesis (QLH)' posits that banks with market power have less incentives to maximize revenues and minimize cost. Especially government owned banks with a public mandate precluding profit maximization might succumb to a quiet life. We use a unified approach that simultaneously

  16. Risk-Return Trade-Off for European Stock Markets

    DEFF Research Database (Denmark)

    Aslanidis, Nektarios; Christiansen, Charlotte; Savva, Christos S.

    This paper adopts dynamic factor models with macro-finance predictors to revisit the intertemporal risk-return relation in five large European stock markets. We identify country specific, Euro area, and global factors to determine the conditional moments of returns considering the role of higher...

  17. Trade policy, market leaders and endogenous competition intensity

    Czech Academy of Sciences Publication Activity Database

    Boone, J.; Ionascu, D.; Žigić, Krešimir

    -, č. 311 (2006), s. 1-25 ISSN 1211-3298 Institutional research plan: CEZ:AV0Z70850503 Keywords : tariff protection * market conduct * consumer welfare Subject RIV: AH - Economics http://www.cerge-ei.cz/pdf/wp/Wp311.pdf

  18. Emissions Trading - Growing Markets with Impacts on Energy and Biofuel Business

    International Nuclear Information System (INIS)

    Otterstroem, Tomas

    2006-01-01

    The markets for environmental derivatives are relatively new, e.g. in June 2006, the EU ETS has been operational for eighteen months and the Swedish electricity-certificate scheme has been operating for about three years. There is a clear trend towards an increasingly CO 2 -constrained economy, in which trading schemes are implemented with the purpose of reducing the overall cost of reaching the targets set. The business impacts of emissions trading are significant for many actors, both in terms of direct financial effects (e.g. need to buy or sell allowances) as indirect ones (e.g. changes in the competitiveness of fuels, the price of electricity and the demand for low-emission technologies). During 2005, almost 800 million tons of CO 2 equivalents have changed owner on the carbon markets. The market and variety of products are increasing and the market volume is expected to exceed 10 billion euros in 2006

  19. Impact of information cost and switching of trading strategies in an artificial stock market

    Science.gov (United States)

    Liu, Yi-Fang; Zhang, Wei; Xu, Chao; Vitting Andersen, Jørgen; Xu, Hai-Chuan

    2014-08-01

    This paper studies the switching of trading strategies and its effect on the market volatility in a continuous double auction market. We describe the behavior when some uninformed agents, who we call switchers, decide whether or not to pay for information before they trade. By paying for the information they behave as informed traders. First we verify that our model is able to reproduce some of the stylized facts in real financial markets. Next we consider the relationship between switching and the market volatility under different structures of investors. We find that there exists a positive relationship between the market volatility and the percentage of switchers. We therefore conclude that the switchers are a destabilizing factor in the market. However, for a given fixed percentage of switchers, the proportion of switchers that decide to buy information at a given moment of time is negatively related to the current market volatility. In other words, if more agents pay for information to know the fundamental value at some time, the market volatility will be lower. This is because the market price is closer to the fundamental value due to information diffusion between switchers.

  20. THE IMPACT OF ACCESSION TO THE EUROPEAN UNION ON THE ROMANIAN CAPITAL MARKET

    OpenAIRE

    Dragoş Mînjină; Andrei Stănculescu

    2007-01-01

    The accession to the European Union has had a significant impact on the Romanian capital market. In this paper are presented some aspects of the capital market which are influenced by the mentioned event, such as a harmonized legislation with EU legislation and restructured capital market architecture. In order to synthesize the accession effect on the Romanian capital market, we have analyzed the specific market indicators (such as market value, turnover, market indexes etc.), computed for t...

  1. Impact of increasing market access on a tropical small-scale fishery

    Science.gov (United States)

    Stevens, Kara; Irwin, Brian J.; Kramer, Daniel; Urquhart, Gerald

    2014-01-01

    Small-scale fisheries have historically been marginalized in management and policy investments, and they often remain under-reported in national economic and fisheries statistics. Even so, small-scale fisheries are not entirely buffered from the impacts of globalization, such as the introduction and expansion of markets. This study measures the long-term impact of market-access on a coastal fishery on Nicaragua׳s remote Atlantic Coast from approximately the time when fishermen had access to stable and predictable local markets until the present, when the region has been transformed by road connection. In the last four years, fisheries trade has expanded as road connection has facilitated export to distant markets. Fishery-independent surveys were used to measure changes in indicators of fish-community status such as length-frequency, mean trophic level, and relative biomass. Species-level changes in relative biomass of common snook Centropomus undecimalis and gafftopsail catfish Bagre marinus were also evaluated since these species are the most economically valuable and likely account for the most fish biomass in the system. Using historical records, reports, current observations and interviews, changes in indicators of fishing intensity and market access over the past 17 years were assessed. From 1994 to 2011, community and species-specific metrics of the lagoon fishery declined significantly across all indicators examined. The potential social and economic outcomes of the decline in the fishery are far-reaching for the region, because this tropical fishery comprises the main source of protein and income for residents of twelve indigenous and Afro-descendent communities.

  2. Brokers and brokerage in the process of trading in commodity futures markets

    Directory of Open Access Journals (Sweden)

    Eremić Milan B.

    2003-01-01

    Full Text Available This paper mainly deals with the analysis of a very complex process of brokerage in commodity futures markets. Unlike a classical commodity market in which brokers are not a necessity, sales and purchases in commodity futures markets cannot be carried out without brokers. Brokers who act as agents of buyers and sellers of futures are a necessary condition for trading in organized markets, such as commodity futures markets. The structure of brokers in futures trading is multilayer and involves participants in futures trading from floor brokers, immediate futures traders and the members of clearing and the clearing house itself, on the one hand, to numerous other necessary actors whose activities out of the stock exchange and the clearing house contribute to the efficient functioning of futures market. The fact that transactions between buyers and sellers in futures markets are not carried out directly but through brokers means that the obligations of buyers and sellers are formally conveyed to brokers, providing at the same time the guarantee by the broker that the actual buyer and the actual seller will fulfill their contractual obligations. At the very beginning of futures trading, the relationship between the seller and the buyer is transformed into a relationship between two brokers. Since that moment on, the original relationship is conveyed to higher levels of brokerage reaching the level of the clearing house. In the process of transformation of the buyer-seller relationship and transmitting obligations and guaranteeing their fulfillment, the clearing house itself becomes the buyer relative to all sellers and the seller relative to all buyers. In this way, it guarantees that obligations regarding all transactions in futures market will be fulfilled. The whole process is carried out in accordance with the prescribed procedures conducted on the floor of commodity exchange, in its administrative departments and in the clearing house itself.

  3. Implications of carbon cap-and-trade for US voluntary renewable energy markets

    International Nuclear Information System (INIS)

    Bird, Lori A.; Holt, Edward; Levenstein Carroll, Ghita

    2008-01-01

    Many consumers today are purchasing renewable energy in large part for the greenhouse gas (GHG) emissions benefits that they provide. Emerging carbon regulation in the US has the potential to affect existing markets for renewable energy. Carbon cap-and-trade programs are now under development in the Northeast under the Regional Greenhouse Gas Initiative (RGGI) and in early stages of development in the West and Midwest. There is increasing discussion about carbon regulation at the national level as well. While renewable energy will likely benefit from carbon cap-and-trade programs because compliance with the cap will increase the costs of fossil fuel generation, cap-and-trade programs can also impact the ability of renewable energy generation to affect overall CO 2 emissions levels and obtain value for those emissions benefits. This paper summarizes key issues for renewable energy markets that are emerging with carbon regulation, such as the implications for emissions benefits claims and voluntary market demand and the use of renewable energy certificates (RECs) in multiple markets. It also explores policy options under consideration for designing carbon policies to enable carbon markets and renewable energy markets to work together

  4. Study on the new financial products traded on the Forex Market

    Directory of Open Access Journals (Sweden)

    Laurenţiu Paul BARANGA

    2016-07-01

    Full Text Available This paper puts forward an analysis of the new trends in terms of foreign currency transactions and, implicitly, the new financial products traded on the Forex market with a view to identify the category they belong to, namely foreign currency transactions or foreign exchange derivative transactions. Also, the implications of including the new products traded on the Forex market into one of the two categories have been taken into account, both in terms of market microstructure and in terms of investor-wise implications. Thus, the analysis showed that, by changing the destination of the amounts deposited by clients into the settlement account of the Forex services provider, i.e. from amounts deposited in order to cover the equivalent of purchased foreign currencies into amounts deposited in order to cover any price difference, financial products such as currency pairs and rolling spot Forex acquire features similar to those of derivatives (such as Contracts For Difference - CFDs. Further, acknowledging these financial products of the Forex market (currency pairs and rolling spot Forex as derivatives would determine a series of transformations of the microstructure of the market they are traded on, changes that would contribute to a better protection of investors and to improved monitoring and prevention by the supervisory authorities of the potential risks induced by such transactions on the financial market.

  5. The effect of counter-trading on competition in electricity markets

    International Nuclear Information System (INIS)

    Dijk, Justin; Willems, Bert

    2011-01-01

    In a competitive electricity market, nodal pricing is the most efficient way to manage congestion. Counter-trading is inefficient as it gives the wrong long term signals for entry and exit of power plants. However, in a non-competitive market, additional entry will improve the competitiveness of the market, and will increase social benefit by reducing price-cost margins. This paper studies whether the potential pro-competitive entry effects could make counter-trading more efficient than nodal pricing. We find that this is unlikely to be the case, and expect counter-trading to have a negative effect on overall welfare. The potential benefits of additional competition (more competitive prices and lower production cost) do not outweigh the distortions (additional investment cost for the entrant, and socialization of the congestion cost to final consumers). - Research highlights: → 'Counter-trading' and 'nodal pricing' manage congestion in electric grids. → Nodal pricing gives superior locational prices. → Counter-trading induces extra investments in regions with a production surplus. → Extra investments improve competition, but are expected to be socially inefficient.

  6. Stock Market Overreaction and Trading Volume: Evidence from Malaysia

    OpenAIRE

    Ruhani Ali; Zamri Ahmad; Shangkari V. Anusakumar

    2011-01-01

    We investigate the stock market overreaction in Bursa Malaysia from January 2000 to October 2010 using weekly data. We find that winner portfolios tend to have negative returns whereas loser portfolios have positive returns for various holding periods from 1 to 52 weeks. Loser stocks experience more persistent and stronger return reversals than winner stocks. The evidence implies that a lower level of overreaction exists for winner stocks. Overall, a loser-winner portfolio yields highly signi...

  7. Risk-Return Trade-Off for European Stock Markets

    OpenAIRE

    Aslanidis, Nektarios; Christiansen, Charlotte; Savva, Christos S.

    2015-01-01

    This paper adopts dynamic factor models with macro-finance predictors to revisit the intertemporal risk-return relation in five large European stock markets. We identify country specific, Euro area, and global factors to determine the conditional moments of returns considering the role of higher-order moments as additional measures of risk. The preferred combination of factors varies across countries. In the linear model, there is a strong but negative relation between conditional returns and...

  8. Biomass market and trade in Norway: Status and future prospects

    International Nuclear Information System (INIS)

    Troemborg, Erik; Bolkesjoe, Torjus Folsland; Solberg, Birger

    2008-01-01

    This paper gives an overview of bioenergy use, prices, markets and markets prospects in Norway. The current energy production based on biomass in Norway is about 50 pJ or 10% of the stationary energy consumption. About one-half is produced and used in forest industries. The main share of bioenergy used by households consists of firewood in stoves. The use of refined, solid biofuels in heat production is hampered by low coverage of water-borne heating systems and historically low end-user prices of electricity. Harvest levels in Norwegian forests are much below annual growth, implying that forest biomass resources steadily accumulate. Decreasing wood prices combined with rising prices of oil and electricity in recent year have improved competitiveness of solid biofuels in the heat market. Projections of future bioenergy use in Norway using a partial equilibrium forest sector model suggest that bioenergy use will increase in some market segments with the current price levels of electricity and oil. However, quite minor improvements of bioenergy competitiveness or increased energy prices may release substantially higher bioenergy use. A net increase in bioenergy use of 5 TWh (18 PJ) by 2010 is realistic, but requires public awareness of the opportunities in bioenergy technologies, as well as significant economic incentives. Wood stoves and replacement of oil-boilers in central heating systems show highest competitiveness, whereas district heating systems need higher energy prices or more subsidies to be competitive. Biomass for combined heat and power projects or domestically produced liquid biofuels seems to have limited competitiveness in the short term. On the raw material side, wood residues, and roundwood from pine and non-coniferous species represent the main potential, whereas spruce continues to be consumed by the forest industries. According to the model projections, imported biomass will take a significant share of the possible increase of wood consumption

  9. Modern trends of electronic trading by negotiable financial instruments

    OpenAIRE

    Кравчук, Ігор Святославович

    2018-01-01

    International negotiable financial instrument markets have a high level of electronic trading. It is displayed using the consolidated limit order book, the widening the range of trading orders, smart order routing, high speed access to the market on the basis of latency minimizing. The result of electronic trading is the development of high-frequency trading, the positive features of which are the increase of trading activity and market liquidity, and the reducing of transaction costs. The ma...

  10. Annual Earnings Announcements and Market Reaction: The Influence of Screening Criteria for Thin Trading

    DEFF Research Database (Denmark)

    Møller, Peder Fredslund; Thinggaard, Frank; Lønroth, Helle L.

    2001-01-01

    This paper presents the findings of an event study of the Danish stock market price reactions to annual earnings announcements in the period 1993-1997, with a dual purpose. The primary purpose is to find out how market reactions vary with different screening criteria for thin trading. Our findings...... on this point suggest that the Danish stock market, although small, seems to have different segments of shares in relation to earnings announcements. Applying different screening criteria we find differences both in terms of how quickly the market reacts to earnings announcements and the relative quality...... purpose of our study is briefly to compare our findings with those of a similar study for the period 1971-1981. The aim is to find indications of developments in the Danish market's reactions to earnings announcements since that study. We find distinct indications that the Danish stock market in some...

  11. Local Economic Trading Schemes and their implications for marketing assumptions, concepts, and practices

    NARCIS (Netherlands)

    Crowther, D.; Greene, A-M.; Hosking, D.M.

    2002-01-01

    This paper focuses on the relationship between a particular social practice - local exchange trading systems or schemes (LETS) - and what we here call the "mainstream" marketing paradigm. It begins by discussing some of the key principles that are thought to set LETS apart from other, "more

  12. 75 FR 12737 - Applications To Export Electric Energy; Noble Energy Marketing and Trade Corp.

    Science.gov (United States)

    2010-03-17

    ... impact on the reliability of the U.S. electric power supply system. Copies of this application will be... DEPARTMENT OF ENERGY [OE Docket Nos. EA-363 and EA-364] Applications To Export Electric Energy; Noble Energy Marketing and Trade Corp. AGENCY: Office of Electricity Delivery and Energy Reliability...

  13. The Cost of Technical Trading Rules in the Forex Market: A Utility-based Evaluation

    NARCIS (Netherlands)

    H.D.R. Dewachter (Hans); M. Lyrio (Marco)

    2003-01-01

    textabstractWe compute the opportunity cost for rational risk averse agents of using technical trading rules in the foreign exchange rate market. Our purpose is to investigate whether these rules can be interpreted as near-rational investment strategies for rational investors. We analyze four

  14. The minimal entropy martingale measure in a market of traded financial and actuarial risks

    NARCIS (Netherlands)

    Dhaene, J.; Stassen, B.; Devolder, P.; Vellekoop, M.

    2015-01-01

    In arbitrage-free but incomplete markets, the equivalent martingale measure QQ for pricing traded assets is not uniquely determined. A possible approach when it comes to choosing a particular pricing measure is to consider the one that is ‘closest’ to the physical probability measure PP, where

  15. Labor market regulations and trade patterns: the panel data analysis within a modified Ricardian setting

    Czech Academy of Sciences Publication Activity Database

    Uzagalieva, Ainura

    -, 05/2008 (2008), s. 1-33 ISSN N Institutional research plan: CEZ:AV0Z70850503 Keywords : labor market * international trade * competition Subject RIV: AH - Economics http://www.deg.uac.pt/~ceeapla/pt/pdf/papers/Paper05-2008.pdf

  16. Informed trading and the bid-ask spread: evidence from an emerging market

    Czech Academy of Sciences Publication Activity Database

    Hanousek, Jan; Podpiera, R.

    2003-01-01

    Roč. 31, č. 2 (2003), s. 275-296 ISSN 0147-5967 R&D Projects: GA MŠk ME 595 Institutional research plan: CEZ:AV0Z7085904 Keywords : market microstructure * bid-ask spread * informed trading Subject RIV: AH - Economics Impact factor: 0.746, year: 2003

  17. Formation of trading strategy based on technical analysis and application in the FOREX market

    OpenAIRE

    Butkus, Mindaugas; Tamašauskas, Mantas

    2016-01-01

    This paper accomplishes modification of technical analysis based trading strategy for the FOREX market. New strategy performance was checked using historical data. Most profitable modification was excluded and optimized. Straipsnyje atliktas technine analize grįstos prekybos strategijos, skirtos FOREX rinkai, modifikavimas. Naujos strategijos veikimas patikrintas su istoriniais duomenimis. Buvo atrinkta ir optimizuota pelningiausia modifikacija.

  18. Education Needs of California Firms for Trade in Pacific Rim Markets. Commission Report 88-43.

    Science.gov (United States)

    California State Postsecondary Education Commission, Sacramento.

    An exploratory survey of firms concerning their need for specialists for pursuing trade in Pacific Rim markets is reported. The industries surveyed include food and agriculture, sportswear and sports equipment, and applied electronics. After an introductory section explaining the origins and development of the survey, the report presents the major…

  19. Reinforcing Buyer Power : Trade Quotas and Supply Diversification in the EU Natural Gas Market

    NARCIS (Netherlands)

    Ikonnikova, S.; Zwart, G.

    2010-01-01

    We consider a market with concentrated domestic buyers and concentrated foreign sellers and explore the extent to which domestic regulation helps to increase the buyers' countervailing power against the foreign sellers. We use the Shapley value to describe the distribution of the trade surplus and

  20. Welfare Effects of Trade Liberalization with Intra-industry Reallocations: The Importance of Preferences and Market Failures

    DEFF Research Database (Denmark)

    Sørensen, Allan

    pref- erences, which ensures equivalence of the market equilibrium and the social planner solution. For other preferences this equivalence is broken and trade liberalization may reduce welfare by magnifying market failures. An exact condition for trade liberalization to reduce overall welfare...

  1. 47 CFR 2.924 - Marketing of electrically identical equipment having multiple trade names and models or type...

    Science.gov (United States)

    2010-10-01

    ... Authorizations § 2.924 Marketing of electrically identical equipment having multiple trade names and models or... 47 Telecommunication 1 2010-10-01 2010-10-01 false Marketing of electrically identical equipment having multiple trade names and models or type numbers under the same FCC Identifier. 2.924 Section 2.924...

  2. 75 FR 10244 - TC Energy Trading, LLC; Supplemental Notice That Initial Market-Based Rate Filing Includes...

    Science.gov (United States)

    2010-03-05

    ... DEPARTMENT OF ENERGY Federal Energy Regulatory Commission [Docket No. ER10-792-000] TC Energy Trading, LLC; Supplemental Notice That Initial Market- Based Rate Filing Includes Request for Blanket... proceeding of TC Energy Trading, LLC's application for market-based rate authority, with an accompanying rate...

  3. 76 FR 43684 - Verde Energy USA Trading, LLC; Supplemental Notice That Initial Market-Based Rate Filing Includes...

    Science.gov (United States)

    2011-07-21

    ... DEPARTMENT OF ENERGY Federal Energy Regulatory Commission [Docket No. ER11-4041-000] Verde Energy USA Trading, LLC; Supplemental Notice That Initial Market-Based Rate Filing Includes Request for... Verde Energy USA Trading, LLC's application for market-based rate authority, with an accompanying rate...

  4. 76 FR 81965 - Remanufactured Goods: An Overview of the U.S. and Global Industries, Markets, and Trade...

    Science.gov (United States)

    2011-12-29

    ... the U.S. and Global Industries, Markets, and Trade; Submission of Questionnaire for OMB Review AGENCY..., Markets, and Trade, instituted under the authority of section 332(g) of the Tariff Act of 1930 (19 U.S.C... leader Alan Treat ( [email protected] or (202) 205-3426) or deputy project leader Jeremy Wise ( jeremy...

  5. The significance of interconnector counter-trading in a security constrained electricity market

    International Nuclear Information System (INIS)

    Higgins, P.; Li, K.; Devlin, J.; Foley, A.M.

    2015-01-01

    Throughout the European Union there is an increasing amount of wind generation being dispatched-down due to the binding of power system operating constraints from high levels of wind generation. This paper examines the impact a system non-synchronous penetration limit has on the dispatch-down of wind and quantifies the significance of interconnector counter-trading to the priority dispatching of wind power. A fully coupled economic dispatch and security constrained unit commitment model of the Single Electricity Market of the Republic of Ireland and Northern Ireland and the British Electricity Trading and Transmission Arrangement was used in this study. The key finding was interconnector counter-trading reduces the impact the system non-synchronous penetration limit has on the dispatch-down of wind. The capability to counter-trade on the interconnectors and an increase in system non-synchronous penetration limit from 50% to 55% reduces the dispatch-down of wind by 311 GW h and decreases total electricity payments to the consumer by €1.72/MW h. In terms of the European Union electricity market integration, the results show the importance of developing individual electricity markets that allow system operators to counter-trade on interconnectors to ensure the priority dispatch of the increasing levels of wind generation. - Highlights: • Interconnector counter-trading reduces the system marginal price in the SEM. • Dispatch-down of wind power is reduced due to interconnector counter-trading. • A 5% increase in the SNSP limit can reduce wind power dispatched-down by 50%. • An increase in the SNSP limit and installed wind capacity reduces the SMP.

  6. A water market simulator considering pair-wise trades between agents

    Science.gov (United States)

    Huskova, I.; Erfani, T.; Harou, J. J.

    2012-04-01

    In many basins in England no further water abstraction licences are available. Trading water between water rights holders has been recognized as a potentially effective and economically efficient strategy to mitigate increasing scarcity. A screening tool that could assess the potential for trade through realistic simulation of individual water rights holders would help assess the solution's potential contribution to local water management. We propose an optimisation-driven water market simulator that predicts pair-wise trade in a catchment and represents its interaction with natural hydrology and engineered infrastructure. A model is used to emulate licence-holders' willingness to engage in short-term trade transactions. In their simplest form agents are represented using an economic benefit function. The working hypothesis is that trading behaviour can be partially predicted based on differences in marginal values of water over space and time and estimates of transaction costs on pair-wise trades. We discuss the further possibility of embedding rules, norms and preferences of the different water user sectors to more realistically represent the behaviours, motives and constraints of individual licence holders. The potential benefits and limitations of such a social simulation (agent-based) approach is contrasted with our simulator where agents are driven by economic optimization. A case study based on the Dove River Basin (UK) demonstrates model inputs and outputs. The ability of the model to suggest impacts of water rights policy reforms on trading is discussed.

  7. Evaluation of CO2 free electricity trading market in Japan by multi-agent simulations

    International Nuclear Information System (INIS)

    Sichao, Kan; Yamamoto, Hiromi; Yamaji, Kenji

    2010-01-01

    As of November 2008, a new market, the CO 2 free electricity market, started pilot trading within the Japan Electric Power Exchange (JEPX). The electricity in this market comes from renewable resources, nuclear or fossil thermal power with CDM credits. The demanders of the CO 2 free electricity are supposed to be the power companies with high emission rates. In this paper, we analyzed the effects of the new market by using a multi-agent based model to simulate the markets. From our simulation results, we found that the demander, under strict CO 2 emission regulations, tends to buy more electricity from the new CO 2 free market even though the price of this market is higher than that of the normal power exchange market. Suppliers with hydro or nuclear power plants only sell their electricity to the CO 2 free market, and suppliers with coal power plants also enter this market (with CDM credits). The media and peak demands in the normal market are met mainly by electricity from LNG power plants. We also compared the results from the multi-agent approach with those from the least-cost planning approach and found that the results of the two methods were similar. (author)

  8. Labour Market Programmes and the Equity-Efficiency Trade-off

    DEFF Research Database (Denmark)

    Filges, Trine; Kennes, John; Larsen, Birthe

    This paper studies labour market policy in a society where differently gifted individuals can invest in training to further increase their labour market productivity and where the government seeks both effiency and equity. Frictions in the matching process create unemployment and differently...... skilled workers face different unemployment risks. We show that in such an environment, training programmes that are targeted to the unemployed complement passive transfers (UI benefits), unlike a general training subsidy. Combining passive subsidies with a training subsidy conditioned on the individual...... being unemployed (for a while) - the typical Active Labour Market Programme - implies a favorable trade-off between equity and efficiency which encourages high spending on training....

  9. Labour Market Programmes and the Equity-Efficiency Trade-off

    DEFF Research Database (Denmark)

    Kennes, John; Larsen, Birthe; Tranæs, Torben

    2005-01-01

    This paper studies labour market policy in a society where differently gifted individuals can invest in training to further increase their labour market productivity and where the government seeks both effiency and equity. Frictions in the matching process create unemployment and differently...... skilled workers face different unemployment risks. We show that in such an environment, training programmes that are targeted to the unemployed complement passive transfers (UI benefits), unlike a general training subsidy. Combining passive subsidies with a training subsidy conditioned on the individual...... being unemployed (for a while) - the typical Active Labour Market Programme - implies a favorable trade-off between equity and efficiency which encourages high spending on training....

  10. Market and trade of organic fruits in Serbia

    Directory of Open Access Journals (Sweden)

    Prodanović Radivoj

    2017-01-01

    Full Text Available The aim of paper is to investigate the market and traffic flows of organic fruit, respectively factors that determine demand, customer attitudes and their motives for purchase. From methods that are applied, the key methods are questionnaire and interview, and statistical, graphical and logical methods are used. Organic fruits market has begun to be developed in recent years, there is a demand, but on a small scale. Sustainability and further development of organic fruit production is largely caused by demand. Employed woman, with good financial condition, with children, higher or high educated, ages between 30 and 50 years, with a place of residence in the city, buys organic fruits. Health safety, quality, production area and care for the environment are the most important motives for purchase of organic fruits. Certificate, recommendations, appearance and taste of product, curiosity and packaging have secondary importance. The key factors, because of which the customers do not buy organic fruits, are unavailability in sales channels, high price, lack of confidence in organic products and low incomes.

  11. Market analyses of livestock trade networks to inform the prevention of joint economic and epidemiological risks.

    Science.gov (United States)

    Moslonka-Lefebvre, Mathieu; Gilligan, Christopher A; Monod, Hervé; Belloc, Catherine; Ezanno, Pauline; Filipe, João A N; Vergu, Elisabeta

    2016-03-01

    Conventional epidemiological studies of infections spreading through trade networks, e.g., via livestock movements, generally show that central large-size holdings (hubs) should be preferentially surveyed and controlled in order to reduce epidemic spread. However, epidemiological strategies alone may not be economically optimal when costs of control are factored in together with risks of market disruption from targeting core holdings in a supply chain. Using extensive data on animal movements in supply chains for cattle and swine in France, we introduce a method to identify effective strategies for preventing outbreaks with limited budgets while minimizing the risk of market disruptions. Our method involves the categorization of holdings based on position along the supply chain and degree of market share. Our analyses suggest that trade has a higher risk of propagating epidemics through cattle networks, which are dominated by exchanges involving wholesalers, than for swine. We assess the effectiveness of contrasting interventions from the perspectives of regulators and the market, using percolation analysis. We show that preferentially targeting minor, non-central agents can outperform targeting of hubs when the costs to stakeholders and the risks of market disturbance are considered. Our study highlights the importance of assessing joint economic-epidemiological risks in networks underlying pathogen propagation and trade. © 2016 The Authors.

  12. Market analyses of livestock trade networks to inform the prevention of joint economic and epidemiological risks

    Science.gov (United States)

    Gilligan, Christopher A.; Belloc, Catherine; Filipe, João A. N.; Vergu, Elisabeta

    2016-01-01

    Conventional epidemiological studies of infections spreading through trade networks, e.g. via livestock movements, generally show that central large-size holdings (hubs) should be preferentially surveyed and controlled in order to reduce epidemic spread. However, epidemiological strategies alone may not be economically optimal when costs of control are factored in together with risks of market disruption from targeting core holdings in a supply chain. Using extensive data on animal movements in supply chains for cattle and swine in France, we introduce a method to identify effective strategies for preventing outbreaks with limited budgets while minimizing the risk of market disruptions. Our method involves the categorization of holdings based on position along the supply chain and degree of market share. Our analyses suggest that trade has a higher risk of propagating epidemics through cattle networks, which are dominated by exchanges involving wholesalers, than for swine. We assess the effectiveness of contrasting interventions from the perspectives of regulators and the market, using percolation analysis. We show that preferentially targeting minor, non-central agents can outperform targeting of hubs when the costs to stakeholders and the risks of market disturbance are considered. Our study highlights the importance of assessing joint economic–epidemiological risks in networks underlying pathogen propagation and trade. PMID:26984191

  13. A reaction-diffusion model for market fluctuations - A relation between price change and traded volumes

    Science.gov (United States)

    Yuvan, Steven; Bier, Martin

    2018-02-01

    Two decades ago Bak et al. (1997) [3] proposed a reaction-diffusion model to describe market fluctuations. In the model buyers and sellers diffuse from opposite ends of a 1D interval that represents a price range. Trades occur when buyers and sellers meet. We show analytically and numerically that the model well reproduces the square-root relation between traded volumes and price changes that is observed in real-life markets. The result is remarkable as this relation has commonly been explained in terms of more elaborate trader strategies. We furthermore explain why the square-root relation is robust under model modifications and we show how real-life bond market data exhibit the square-root relation.

  14. A Study on Market Efficiency of Selected Commodity Derivatives Traded on NCDEX During 2011

    Science.gov (United States)

    Sajipriya, N.

    2012-10-01

    The study aims at testing the weak form of Efficient Market Hypothesis in the context of an emerging commodity market - National Commodity Derivatives Exchange (NCDEX), which is considered as the prime commodity derivatives market in India. The study considered daily spot and futures prices of five selected commodities traded on NCDEX over 12 month period (the futures contracts originating and expiring during the period January 2011 to December 2011) The five commodities chosen are Pepper, Crude palm Oil, steel silver and Chana as they account for almost two-thirds of the value of agricultural commodity derivatives traded on NCDEX. The results of Run test indicate that both spot and futures prices are weak form efficient

  15. Underage access to online alcohol marketing content: a YouTube case study.

    Science.gov (United States)

    Barry, Adam E; Johnson, Emily; Rabre, Alexander; Darville, Gabrielle; Donovan, Kristin M; Efunbumi, Orisatalabi

    2015-01-01

    With the proliferation of the Internet and online social media use, alcohol advertisers are now marketing their products through social media sites such as YouTube, Facebook and Twitter. As a result, new recommendations have been made by the Federal Trade Commission concerning the self-regulation of digital marketing strategies, including content management on social and digital media sites. The current study sought to determine whether alcohol companies were implementing the self-imposed mandates that they have developed for online marketing. Specifically, we examined whether alcohol companies were implementing effective strategies that would prevent persons under the minimum legal drinking age in the USA from accessing their content on YouTube. We assessed 16 alcohol brands (beer and liquor) associated with the highest prevalence of past 30 day underage alcohol consumption in the USA. Fictitious YouTube user profiles were created and assigned the ages of 14, 17 and 19. These profiles then attempted to access and view the brewer-sponsored YouTube channels for each of the 16 selected brands. Every underage profile, regardless of age, was able to successfully subscribe to each of the 16 (100%) official YouTube channels. On average, two-thirds of the brands' channels were successfully viewed (66.67%). Alcohol industry provided online marketing content is predominantly accessible to underage adolescents. Thus, brewers are not following some of the self-developed and self-imposed mandates for online advertising by failing to implement effective age-restriction measures (i.e. age gates). © The Author 2014. Medical Council on Alcohol and Oxford University Press. All rights reserved.

  16. MARKET-MAKING STRATEGY IN THE SYSTEM OF ALGORITHMIC HIGH-FREQUENCY TRADING

    Directory of Open Access Journals (Sweden)

    A. V. Toropov

    2014-01-01

    Full Text Available Market maker is the most important participant of modern exchange trading, it provides the increase of market liquidity and reduces the difference between bid and ask (spread. The paper presents automatic market-making strategy for quoting of options and other kinds of financial instruments on electronic markets. Quotes are based on theoretical pricing which is a resource-intensive task. Presented algorithmic optimizations, in particular quotes caching and smoothing of underlying asset price oscillation, give the possibility up to four times boost for quote modify scenario on real market data. Mechanism of quotes caching precalculates quotes in certain diapason around current underlying price. If underlying price changes within the diapason, algorithm sends already filled message for quote modification, instead of new complex computation. Smoothing of underlying asset price oscillation prevents permanent moving of the diapason and reacts only on significant market moving. A size of caching diapason which provides optimal correlation between speed of quotes modification and resource consumption has been defined experimentally (40 elements. In case of quoting 36 options on Eurex Exchange an average delay between underlying price change and quote modification is 277 usec. The measurements were carried out on the Sun X4170 M3: CPU(s: 2xXeon 2.9GHz RAM: 128 GB server under Solaris 10 operating system. Obtained results correspond to modern market-making requirements. The developed strategy is used by big European banks and trading firms.

  17. Pharmaceutical Market Access: current state of affairs and key challenges – results of the Market Access Launch Excellence Inventory (MALEI)

    Science.gov (United States)

    Koch, Marcus A.

    2015-01-01

    Objectives To take inventory of the current state of affairs of Market Access Launch Excellence in the life sciences industry. To identify key gaps and challenges for Market Access (MA) and discuss how they can be addressed. To generate a baseline for benchmarking MA launch excellence. Methodology An online survey was conducted with pharmaceutical executives primarily working in MA, marketing, or general management. The survey aimed to evaluate MA excellence prerequisites across the product life cycle (rated by importance and level of implementation) and to describe MA activity models in the respective companies. Composite scores were calculated from respondents’ ratings and answers. Results Implementation levels of MA excellence prerequisites generally lagged behind their perceived importance. Item importance and the respective level of implementation correlated well, which can be interpreted as proof of the validity of the questionnaire. The following areas were shown to be particularly underimplemented: 1) early integration of MA and health economic considerations in research and development decision making, 2) developing true partnerships with payers, including the development of services ‘beyond the pill’, and 3) consideration of human resource and talent management. The concept of importance-adjusted implementation levels as a hybrid parameter was introduced and shown to be a viable tool for benchmarking purposes. More than 70% of respondents indicated that their companies will invest broadly in MA in terms of capital and headcount within the next 3 years. Conclusions MA (launch) excellence needs to be further developed in order to close implementation gaps across the entire product life cycle. As MA is a comparatively young pharmaceutical discipline in a complex and dynamic environment, this effort will require strategic focus and dedication. The Market Access Launch Excellence Inventory benchmarking tool may help guide decision makers to prioritize

  18. Pharmaceutical Market Access: current state of affairs and key challenges – results of the Market Access Launch Excellence Inventory (MALEI

    Directory of Open Access Journals (Sweden)

    Marcus A. Koch

    2015-12-01

    Full Text Available Objectives: To take inventory of the current state of affairs of Market Access Launch Excellence in the life sciences industry. To identify key gaps and challenges for Market Access (MA and discuss how they can be addressed. To generate a baseline for benchmarking MA launch excellence. Methodology: An online survey was conducted with pharmaceutical executives primarily working in MA, marketing, or general management. The survey aimed to evaluate MA excellence prerequisites across the product life cycle (rated by importance and level of implementation and to describe MA activity models in the respective companies. Composite scores were calculated from respondents’ ratings and answers. Results: Implementation levels of MA excellence prerequisites generally lagged behind their perceived importance. Item importance and the respective level of implementation correlated well, which can be interpreted as proof of the validity of the questionnaire. The following areas were shown to be particularly underimplemented: 1 early integration of MA and health economic considerations in research and development decision making, 2 developing true partnerships with payers, including the development of services ‘beyond the pill’, and 3 consideration of human resource and talent management. The concept of importance-adjusted implementation levels as a hybrid parameter was introduced and shown to be a viable tool for benchmarking purposes. More than 70% of respondents indicated that their companies will invest broadly in MA in terms of capital and headcount within the next 3 years. Conclusions: MA (launch excellence needs to be further developed in order to close implementation gaps across the entire product life cycle. As MA is a comparatively young pharmaceutical discipline in a complex and dynamic environment, this effort will require strategic focus and dedication. The Market Access Launch Excellence Inventory benchmarking tool may help guide decision

  19. EU-MOLDOVA TRADE RELATIONS: COMPETITIVE ADVANTAGES OF MOLDOVAN INDUSTRIES ON THE SINGLE MARKET

    Directory of Open Access Journals (Sweden)

    Ioana SANDU

    2014-10-01

    Full Text Available Engaging on the long road of implementing the Deep and Comprehensive Free Trade Area with the EU in 2010, Moldova is now closer than ever to being included in the most privileged category of the Eastern neighbouring countries - those who have chosen to deepen the European economic integration. The Vilnius Summit in November 2013 has reinforced the ‘more for more’ principle for both Moldova and Georgia by emphasizing, at the same time, the role of reactive measures and financial aid in counterbalancing aggressive trade barriers from non-EU states. Not only has Moldova proved to efficiently capitalize the provisions of the ATP agreement since 2008, but it has also consequently received more support from the EU in boosting exports to the single market. The wine industry was the first to benefit from the free-trade regime, as for the EU decision of eliminating quotas from the beginning of 2014. Nonetheless, the progressive liberalisation of trade flows between Moldova and the EU would finally oppose two asymmetric partners. Consequently, Moldova is facing the challenge of asserting its value on the EU market, by yet not undermining the relevance of other important trading partners nearby.

  20. Green certificate trading in the Netherlands in the prospect of the European electricity market

    International Nuclear Information System (INIS)

    Dinica, Valentina; Arentsen, Maarten J.

    2003-01-01

    The support system for green electricity in the Netherlands has been one of the most complex and complicated systems across Europe. A voluntary trade of green certificates--or green labels--was one of the schemes used in the policy models of the 1990s. The liberalization of the electricity market has attracted substantial changes in the degree and nature of commitment by energy companies and political authorities for renewable electricity. In 2001, a new mechanism for the voluntary trade of green certificates has become operational, replacing the green label trade system one terminated in the end of 2000. This paper presents the two systems of green certificates' trade developed in the Netherlands and discusses their market stimulation potential in the very different economic and industrial circumstances that has surrounded each of them. The paper argues for a need to enable a support system that reduces investment risks as much as possible, and removes the residual, but still strong, institutional, administrative and social barriers for renewables' deployment. But before this, a clear governmental vision on the role of renewables in current energy supply systems is first needed, backed by a coherent policy and sufficient support along the economic dimension of renewables' market diffusion

  1. Estimating the effects of China's Accession to the World Trade Organisation

    OpenAIRE

    Yin Hua Mai; Mark Horridge; Frances Perkins

    2003-01-01

    Accession to the World Trade Organization (WTO) marks a new era in China's economic reform. In this new era, state capital will lose its dominance of pillar industries such as iron and steel, automobile, petrochemicals, non-ferrous metal, insurance, telecommunication, banking, wholesale, and utilities. This study uses a computable general equilibrium model of China to estimate the economic benefits from China opening its pillar industries to private foreign and domestic capital. The study ant...

  2. Intraday Seasonalities and Nonstationarity of Trading Volume in Financial Markets: Individual and Cross-Sectional Features.

    Directory of Open Access Journals (Sweden)

    Michelle B Graczyk

    Full Text Available We study the intraday behaviour of the statistical moments of the trading volume of the blue chip equities that composed the Dow Jones Industrial Average index between 2003 and 2014. By splitting that time interval into semesters, we provide a quantitative account of the nonstationary nature of the intraday statistical properties as well. Explicitly, we prove the well-known ∪-shape exhibited by the average trading volume-as well as the volatility of the price fluctuations-experienced a significant change from 2008 (the year of the "subprime" financial crisis onwards. That has resulted in a faster relaxation after the market opening and relates to a consistent decrease in the convexity of the average trading volume intraday profile. Simultaneously, the last part of the session has become steeper as well, a modification that is likely to have been triggered by the new short-selling rules that were introduced in 2007 by the Securities and Exchange Commission. The combination of both results reveals that the ∪ has been turning into a ⊔. Additionally, the analysis of higher-order cumulants-namely the skewness and the kurtosis-shows that the morning and the afternoon parts of the trading session are each clearly associated with different statistical features and hence dynamical rules. Concretely, we claim that the large initial trading volume is due to wayward stocks whereas the large volume during the last part of the session hinges on a cohesive increase of the trading volume. That dissimilarity between the two parts of the trading session is stressed in periods of higher uproar in the market.

  3. Intraday Seasonalities and Nonstationarity of Trading Volume in Financial Markets: Individual and Cross-Sectional Features.

    Science.gov (United States)

    Graczyk, Michelle B; Duarte Queirós, Sílvio M

    2016-01-01

    We study the intraday behaviour of the statistical moments of the trading volume of the blue chip equities that composed the Dow Jones Industrial Average index between 2003 and 2014. By splitting that time interval into semesters, we provide a quantitative account of the nonstationary nature of the intraday statistical properties as well. Explicitly, we prove the well-known ∪-shape exhibited by the average trading volume-as well as the volatility of the price fluctuations-experienced a significant change from 2008 (the year of the "subprime" financial crisis) onwards. That has resulted in a faster relaxation after the market opening and relates to a consistent decrease in the convexity of the average trading volume intraday profile. Simultaneously, the last part of the session has become steeper as well, a modification that is likely to have been triggered by the new short-selling rules that were introduced in 2007 by the Securities and Exchange Commission. The combination of both results reveals that the ∪ has been turning into a ⊔. Additionally, the analysis of higher-order cumulants-namely the skewness and the kurtosis-shows that the morning and the afternoon parts of the trading session are each clearly associated with different statistical features and hence dynamical rules. Concretely, we claim that the large initial trading volume is due to wayward stocks whereas the large volume during the last part of the session hinges on a cohesive increase of the trading volume. That dissimilarity between the two parts of the trading session is stressed in periods of higher uproar in the market.

  4. Market Monitor, development of the wholesale trade market of electricity 2006. Results

    International Nuclear Information System (INIS)

    Vermeulen, M.; Mulder, M.; Van den Reek, W.; Thomeer, G.; De Kleijn, M.

    2007-12-01

    The Office of Energy Regulation carries out its legal task by means of a monitor, a practical tool to assess and analyze the wholesale market for electricity. Monitoring of the wholesale electricity market concerns continuous, accurate and structured following of developments in the market. The aim is to identify in time signals from the market that could lead to a decrease of competition and transparency. The starting point of the monitor for the wholesale electricity market is the selection of indicators which give insight in real competition, liquidity and transparency [nl

  5. Trading with energy derivatives in the U.S. electricity market : a NYMEX update

    International Nuclear Information System (INIS)

    Burke, L.

    1998-01-01

    This presentation provided a primer on futures and options trading, trading in energy derivatives and the role that NYMEX, the New York Mercantile Exchange plays in this area. Among many other concepts put and call options, the benefits of options, hedging, the characteristics of a hedge are defined, with an explanation of the significance and the application of these concepts in risk management. The nature of futures contracts for oil, natural gas and electricity, and the current status of the eastern and western electricity markets in the United States are also outlined. tabs., figs

  6. Online stock trading platform

    Directory of Open Access Journals (Sweden)

    Ion LUNGU

    2006-01-01

    Full Text Available The Internet is the perfect tool that can assure the market’s transparency for any user who wants to trade on the stock market. The investor can have access to the market news, financial calendar or the press releases of the issuers. A good online trading platform also provides real-time intraday quotes, trading history and technical analysis giving the investor a clearer view of the supply and demand in the market. All this information provides the investor a good image of the market and encourages him to trade. This paper wishes to draft the pieces of an online trading platform and to analyze the impact of developing and implementing one in a brokerage firm.

  7. Species protection, the changing informal economy, and the politics of access to the bushmeat trade in the Democratic Republic of Congo.

    Science.gov (United States)

    De Merode, Emmanuel; Cowlishaw, Guy

    2006-08-01

    Our understanding of the linkages between the bushmeat trade and the wider informal economy is limited. This lack of knowledge is particularly problematic for conservation under conditions of political instability, when the informal economy can be highly dynamic and impacts on wildlife populations can be severe. To explore these interlinked processes, we conducted a study of the bushmeat trade in Garamba National Park, Democratic Republic of Congo, through a combination of market surveys, semistructured interviews, and direct observation. We focused on the sale of protected and unprotected species in urban and rural markets, and the bushmeat commodity chains that supplied these markets, under conditions of political stability and armed conflict. During peacetime, protected species from the park (predominantly elephant and buffalo) rarely appeared in the rural markets, but they comprised more than half of all bushmeat sales in the urban markets. This pattern reflected differences in the rural and urban commodity chains. Automatic weapons were urban trade. The use of such weapons was discouraged by the traditional chiefs, who administered the village markets. During wartime, the sales of protected species in the urban markets increased fivefold because the military officers fled, leaving behind an open-access system that led to a massive increase in the exploitation of protected species. In contrast, the rural markets remained relatively stable because of the continued authority of the village chiefs. Our results indicate that sociopolitical factors can be an important determinant of species offtake and, therefore, that knowledge of the bushmeat commodity chain can be vital to controlling theprocesses that drive species extraction. In addition, our findings suggest that traditional authorities can be potentially valuable partners for bushmeat management.

  8. Justification of the Trade Enterprises Development Strategy in the Process of Strategic Management of the Marketing Potential

    Directory of Open Access Journals (Sweden)

    Grosul Viktoriya A.

    2013-11-01

    Full Text Available The article justifies a necessity of strategic management of marketing potential of retail trade enterprises. The article develops a general structural and logic scheme of the process of strategic management of the marketing potential of a trade enterprise taking into account specific features of the trade industry. It establishes that the main key issue in the theory of strategic management is argumentation of selection of the basic strategy of development of a subject of economy. It justifies a scientific and methodical approach to selection of the basic strategy of development of a trade enterprise in the process of management of the marketing potential, main stages of which are: assessment of the level of loyalty of external marketing environment; identification of marketing stratagems; and selection of the enterprise development strategy. The article offers to use the model of marketing stratagem, the components of which are policy of management of the marketing potential, strategic market position of the enterprise and level of loyalty of external marketing environment. The article develops an interactive strategic cube of formation of the complex of marketing stratagems on the basis of use of which marketing stratagems for various trade networks of the Kharkiv region are identified and strategies of their further development are justified.

  9. “Swimming Ducks Forecast the Coming of Spring”—The predictability of aggregate insider trading on future market returns in the Chinese market

    Directory of Open Access Journals (Sweden)

    Chafen Zhu

    2014-09-01

    Full Text Available This study systematically examines the ability of aggregate insider trading to predict future market returns in the Chinese A-share market. After controlling for the contrarian investment strategy, aggregate executive (large shareholder trading conducted over the past six months can predict 66% (72.7% of market returns twelve months in advance. Aggregate insider trading predicts future market returns very accurately and is stronger for insiders who have a greater information advantage (e.g., executives and controlling shareholders. Corporate governance also affects the predictability of insider trading. The predictability of executive trading is weakest in central state-owned companies, probably because the “quasi-official” status of the executives in those companies effectively curbs their incentives to benefit from insider trading. The predictive power of large shareholder trading in private-owned companies is higher than that in state-owned companies, probably due to their stronger profit motivation and higher involvement in business operations. This study complements the literature by examining an emerging market and investigating how the institutional context and corporate governance affect insider trading.

  10. “Swimming Ducks Forecast the Coming of Spring”—The predictability of aggregate insider trading on future market returns in the Chinese market

    Institute of Scientific and Technical Information of China (English)

    Chafen; Zhu; Li; Wang; Tengfei; Yang

    2014-01-01

    This study systematically examines the ability of aggregate insider trading to predict future market returns in the Chinese A-share market. After controlling for the contrarian investment strategy, aggregate executive(large shareholder)trading conducted over the past six months can predict 66%(72.7%) of market returns twelve months in advance. Aggregate insider trading predicts future market returns very accurately and is stronger for insiders who have a greater information advantage(e.g., executives and controlling shareholders).Corporate governance also affects the predictability of insider trading. The predictability of executive trading is weakest in central state-owned companies,probably because the "quasi-official" status of the executives in those companies effectively curbs their incentives to benefit from insider trading.The predictive power of large shareholder trading in private-owned companies is higher than that in state-owned companies, probably due to their stronger profit motivation and higher involvement in business operations. This study complements the literature by examining an emerging market and investigating how the institutional context and corporate governance affect insider trading.

  11. 78 FR 23969 - Ewan 1, INC. n/k/a AccessKey IP, Inc.; Order of Suspension of Trading

    Science.gov (United States)

    2013-04-23

    ... SECURITIES AND EXCHANGE COMMISSION [File No. 500-1] Ewan 1, INC. n/k/a AccessKey IP, Inc.; Order of Suspension of Trading April 19, 2013. It appears to the Securities and Exchange Commission that... AccessKey IP, Inc. (``AccessKey'') because it has not filed a periodic report since it filed its...

  12. DIAGNOSIS OF PIRARUCU FISH TRADE IN MARKETS AND FAIRS OF SANTARÉM, PARÁ

    Directory of Open Access Journals (Sweden)

    Nayane de Macêdo Nicácio Silva

    2016-12-01

    Full Text Available This study accomplished adiagnos is of the pirarucu fish (Arapaima gigas trading in sale points of Santarém-Pará.  The data were collected weekly through interviews with the trades people at the sale points, in a period from November/2012 to November/2014.The information were scanned in relational databases on Access Platform and analyzed through descriptive statistics. They were applied 354 questionnaires to the trades people who presented the pirarucu fish for sale. It was verified that the payment to the providers is made in cash by the most part of the trades people (93%, which are mostly fishermen of the region (84%. The sliced fish products (50% and fresh piece (33% were the most available forms on the selling stalls. It was verified that the defense period causes changes in the pirarucu fish trading process. Some trades people denied giving information, but the obtained results shows important data to the management of this resource in the region. Keywords: Lower Amazonas; commercialization; Arapaimatidae.

  13. The nature of the derivative market transactions traded in the Johannesburg securities exchange

    Directory of Open Access Journals (Sweden)

    Tankiso Moloi

    2014-10-01

    Full Text Available The main objective of the study was to assess and understand the nature of derivative products traded in the Johannesburg Securities Exchange (JSE by analysing daily transactions consisting of deals and contracts concluded, as well as notional values of derivatives traded in the review period. Analysed data found that the South African derivative market continues to grow and evolve with the consistent introduction of new derivative products such as the “can do” derivatives, IDX derivatives that are now being traded at the JSE. The evolvement and growth is confirmed by the fact that the total derivative deals in the JSE has also grown by 16.6% (CAGR from 2006. The study further found that the equity index remains the largest derivative for both options and futures

  14. Transforming Markets, Increasing Access : Early Lessons on Base-of-the-Pyramid Market Development in Sanitation

    OpenAIRE

    Danielle Pedi; Will Davies

    2013-01-01

    The four billion global consumers at the base of the pyramid (BOP) - those earning less than two dollars a day - are increasingly recognized by the private sector as a major untapped market segment. The sanitation industry is no exception. Across sub-Saharan Africa, more than half of the population lives without access to minimum levels of improved sanitation. Beyond the reach of urban sew...

  15. In Search of Market Access: Why the Doha “Plan B” for December 2011 is likely to fail Effective Market Access (Part I)

    OpenAIRE

    Carrere, Céline; De Melo, Jaime

    2011-01-01

    Once again the Doha Round negotiators are struggling to reach an agreement, this time by mid-December on a “plan B” package that would give increased market access to Least Developed Countries (LDCs) in the form of duty-free-quota free (DFQF) access accompanied by simplified rules of origin. Estimating ‘effective market access' to the two largest ‘preference-givers', the US and EU preferences, this note shows that remaining market access left for the LDCs is negligible at around 3 percent in ...

  16. Emission trading and international competition: The impact of labor market rigidity on technology adoption and output

    International Nuclear Information System (INIS)

    Caparrós, Alejandro; Péreau, Jean-Christophe; Tazdaït, Tarik

    2013-01-01

    Emission trading systems have been proposed in different regions to reduce polluting emissions and are in use in the European Union for carbon dioxide emissions. One of the objectives of these systems is to encourage firms to adopt advanced abatement technologies. However, permits also create an incentive to reduce output, which may be seen as negative by policy makers. We analyze the impact of a rigid labour market on these two outcomes, showing the conditions necessary to avoid reductions in production while keeping the incentives to improve abatement technologies. The analysis is done for oligopolistic firms engaged in international rivalry. - Highlights: ► Emission trading reduces production and improves abatement technologies. ► Policy makers see the first outcome as negative and the second as positive. ► This paper studies the impact of market rigidity on these two outcomes. ► It shows conditions to avoid the first outcome and maintain or enhance the second

  17. Soybean Trade: Balancing Environmental and Socio-Economic Impacts of an Intercontinental Market.

    Science.gov (United States)

    Boerema, Annelies; Peeters, Alain; Swolfs, Sanne; Vandevenne, Floor; Jacobs, Sander; Staes, Jan; Meire, Patrick

    2016-01-01

    The trade in soybean, an important animal feed product, exemplifies the environmental and socio-economic impact of global markets and global agricultural policy. This paper analyses the impact of increasing production of soybean in the exporting countries (deforestation and grassland conversion) as well as in importing regions (decrease in permanent grassland by substitution of grass as feed). Ecosystem services monetary values were used to calculate the environmental and socio-economic impact of observed land use changes. This is balanced against the economic value of the global soybean trade. The results prove that consumption choices in one region have real effects on the supply of ecosystem services at a large spatial scale. Conclusively, solutions to make this global market more sustainable are discussed.

  18. TRENDS AND MARKETS IN THE DEVELOPMENT OF PRODUCTION AND TRADE WITH ROMANIAN PRODUCTS

    Directory of Open Access Journals (Sweden)

    Pop Cohut Ioana

    2009-05-01

    Full Text Available The current stage of retail trade development in Romania still shows an important capacity to absorb, both of large outlets as well as of small outlets, which lately have disappeared from the market and they hardly cope with the superstore competition. A part of the market which has been yet insufficiently explored, with an important potential for development and which is represented by the stores selling traditional Romanian products, as well as the bio product stores, as long as these are made in Romania and are not imported. Also, the paper is trying to analyse the importance of this type of trade and its trends, its lacks and the possibilities of development.

  19. Soybean Trade: Balancing Environmental and Socio-Economic Impacts of an Intercontinental Market.

    Directory of Open Access Journals (Sweden)

    Annelies Boerema

    Full Text Available The trade in soybean, an important animal feed product, exemplifies the environmental and socio-economic impact of global markets and global agricultural policy. This paper analyses the impact of increasing production of soybean in the exporting countries (deforestation and grassland conversion as well as in importing regions (decrease in permanent grassland by substitution of grass as feed. Ecosystem services monetary values were used to calculate the environmental and socio-economic impact of observed land use changes. This is balanced against the economic value of the global soybean trade. The results prove that consumption choices in one region have real effects on the supply of ecosystem services at a large spatial scale. Conclusively, solutions to make this global market more sustainable are discussed.

  20. Research on the Legal Regulation of Market Access for Agricultural Products in China

    Institute of Scientific and Technical Information of China (English)

    2011-01-01

    On the basis of defining the concept of market access for agricultural products,this paper analyzes the necessity of establishing market access system of agricultural products,proposes the conception of establishing market access system of agricultural products in China;sets up the frame of market access system of agricultural products;analyzes the rationality of the frame of market access system of agricultural products;poses the consideration of economic law regarding setup of market access system of agricultural products.This paper also puts forward the legislative suggestions for establishing market access system of agricultural products as follows:establish the frame of market access system of agricultural products taking quality access as core;establish and perfect the compensation and relief system of guaranteeing benefit of manager and producers;establish the market access system of agricultural products with hierarchical structure;sort out existing laws and form the sound the legal frame of market access system of agricultural products.

  1. Analysis and Design of International Emission Trading Markets Applying System Dynamics Techniques

    Science.gov (United States)

    Hu, Bo; Pickl, Stefan

    2010-11-01

    The design and analysis of international emission trading markets is an important actual challenge. Time-discrete models are needed to understand and optimize these procedures. We give an introduction into this scientific area and present actual modeling approaches. Furthermore, we develop a model which is embedded in a holistic problem solution. Measures for energy efficiency are characterized. The economic time-discrete "cap-and-trade" mechanism is influenced by various underlying anticipatory effects. With a systematic dynamic approach the effects can be examined. First numerical results show that fair international emissions trading can only be conducted with the use of protective export duties. Furthermore a comparatively high price which evokes emission reduction inevitably has an inhibiting effect on economic growth according to our model. As it always has been expected it is not without difficulty to find a balance between economic growth and emission reduction. It can be anticipated using our System Dynamics model simulation that substantial changes must be taken place before international emissions trading markets can contribute to global GHG emissions mitigation.

  2. Strategic closed-loop facility location problem with carbon market trading

    DEFF Research Database (Denmark)

    Diabat, A.; Abdallah, T.; Al-Refaie, A.

    2013-01-01

    and recovery of products in a closed-loop configuration. Remanufacturing is the basis of profit-oriented reverse logistics in which recovered products are restored to a marketable condition in order to be resold to the primary or secondary market. In this paper, we introduce a multiechelon multicommodity...... facility location problem with a trading price of carbon emissions and a cost of procurement. The company might either incur costs if the carbon cap, normally assigned by regulatory agencies, is lower than the total emissions, or gain profit if the carbon cap is higher than the total emissions. A numerical...

  3. MECHANISM OF INTRODUCTION SOCIALLY-RESPONSIBLE MARKETING IN SYSTEM MANAGEMENTS BY TRADE ENTERPRISE

    Directory of Open Access Journals (Sweden)

    Victoria Gladkaya

    2015-12-01

    Full Text Available In the article the mechanism of introduction of the socially-responsible marketing is offered in control system. At his description an author the specific of activity of trade enterprises is taken into account; the best home and foreign works are investigational in the field of the social marketing; the requirement of relatively compatible approach is observed; possibility of further improvement is taken into account, estimations of quality of every stage of mechanism of introduction and on the whole through establishment of key indicators of quality.

  4. Labour market segmentation and mobility as determinants of trade union membership

    DEFF Research Database (Denmark)

    Jensen, Carsten Strøby

    2018-01-01

    This article analyses if and to what extent labour market segmentation and labour market mobility influence trade union density. Some industries and sectors have stable employment domains and employees stay to a high degree within the industry even if they change jobs. Other industries and sectors...... have more unstable employments domains and employees to a higher degree shift to employment in other industries and sectors when they move to another job. In this article, it is analysed how differences in segmentation and employee mobility out of an industry influence union density. The analysis...... of mobility....

  5. Network analysis of returns and volume trading in stock markets: The Euro Stoxx case

    Science.gov (United States)

    Brida, Juan Gabriel; Matesanz, David; Seijas, Maria Nela

    2016-02-01

    This study applies network analysis to analyze the structure of the Euro Stoxx market during the long period from 2002 up to 2014. The paper generalizes previous research on stock market networks by including asset returns and volume trading as the main variables to study the financial market. A multidimensional generalization of the minimal spanning tree (MST) concept is introduced, by adding the role of trading volume to the traditional approach which only includes price returns. Additionally, we use symbolization methods to the raw data to study the behavior of the market structure in different, normal and critical, situations. The hierarchical organization of the network is derived, and the MST for different sub-periods of 2002-2014 is created to illustrate how the structure of the market evolves over time. From the structural topologies of these trees, different clusters of companies are identified and analyzed according to their geographical and economic links. Two important results are achieved. Firstly, as other studies have highlighted, at the time of the financial crisis after 2008 the network becomes a more centralized one. Secondly and most important, during our second period of analysis, 2008-2014, we observe that hierarchy becomes more country-specific where different sub-clusters of stocks belonging to France, Germany, Spain or Italy are found apart from their business sector group. This result may suggest that during this period of time financial investors seem to be worried most about country specific economic circumstances.

  6. SELLING, DELIVERY AND TRADE MARKETING – AN OPERATIONAL TRIDENT OF THE DISTRIBUTION SYSTEM

    Directory of Open Access Journals (Sweden)

    Ioana Olariu

    2013-12-01

    Full Text Available This paper highlights the way in which a distribution system can be made operational in FMCG, starting from the interaction between three components of the system: selling, delivery and trade marketing. On this basis, I have categorized the improvement opportunities of each component, using the appropriate key performance indicators (KPIs of the system objectives. The optimal configuration of instruments and successful interaction of these components, improve the distribution system contribution to company performance. A specific system, defined for solving marketing problems, must be designed according to this purpose, and in this regard, all the significant elements and relationships must be subordinate to the objective by which it will achieve the desired solution. Business objectives achievement can be measured as effectiveness - the degree to which objectives were achieved, or as efficiency - the degree to which objectives have been achieved in the available resources. For evaluating the effectiveness with which an operative marketing system turns its sources into necessary results to solve a problem, it requires certain criteria to measure performance. These three elements: selling, delivery and trade marketing, are a trident of distribution which can lead to an optimal approach of market opportunities.

  7. Master equation for a kinetic model of a trading market and its analytic solution.

    Science.gov (United States)

    Chatterjee, Arnab; Chakrabarti, Bikas K; Stinchcombe, Robin B

    2005-08-01

    We analyze an ideal-gas-like model of a trading market with quenched random saving factors for its agents and show that the steady state income (m) distribution P(m) in the model has a power law tail with Pareto index nu exactly equal to unity, confirming the earlier numerical studies on this model. The analysis starts with the development of a master equation for the time development of P(m) . Precise solutions are then obtained in some special cases.

  8. Trading Dynamics in the Foreign Exchange Market: A Latent Factor Panel Intensity Approach

    DEFF Research Database (Denmark)

    Nolte, Ingmar; Voev, Valeri

    2011-01-01

    the influence of unobserved time effects and allows for correlation across individuals. We contribute to the literature on market microstructure and behavioral finance by providing new results on the disposition effect and on the manifestation of risk aversion on the high frequency trading level. These novel...... disposition effect. Moreover, the proposed methodology allows the investigation of the strength of these effects for different groups of investors ranging from small retail investors to professional and institutional investors....

  9. The impact of the joining of Kingdom of Saudi Arabia for World Trade Organization (WTO on local marketing of national products

    Directory of Open Access Journals (Sweden)

    Najah Hassan Salamah

    2016-11-01

    Full Text Available Saudi Arabia is one of the wealthiest nations per capita in the world, as well as an economic power through possession of a large share of global oil resources. This study has been carried out to identify the benefits, which are likely to be enjoyed by Saudi Arabia after its accession into World Trade Organization. A total of 15 entrepreneurs filled out the questionnaires, which were designed on the basis of Likert scale. In order to analyze the outcomes, descriptive statistics technique has been applied after data collection from the respondents. Most of the participants consider the joining of Saudi Arabia into World Trade Organization as a beneficial decision for the Saudi market. This accession is advantageous as it helps to enhance the marketing and investment opportunities, as a consequence of which the economy of Saudi Arabia flourishes and the population rises. The marketing techniques are required to be established and adopted to manufacture high-quality products. The study outcomes are helpful for the policymakers and Saudi companies to emphasize on the production of high-quality products, as well as to implement the strategies for better marketing of their products in local market.

  10. Residential moving intentions at highway locations: : The trade-off between nuisances and accessibility in the Netherlands

    NARCIS (Netherlands)

    Hamersma, Marije; Heinen, Eva; Tillema, Taede; Arts, Eric

    2015-01-01

    This study investigates how highway nuisances are traded off against accessibility gains and other residential characteristics in the moving intentions of people living near highways. It studies a potential mediating role for residential satisfaction and potential mitigating relationships with

  11. 12 CFR 615.5136 - Emergencies impeding normal access of Farm Credit banks to capital markets.

    Science.gov (United States)

    2010-01-01

    ... Credit banks to capital markets. 615.5136 Section 615.5136 Banks and Banking FARM CREDIT ADMINISTRATION... Investment Management § 615.5136 Emergencies impeding normal access of Farm Credit banks to capital markets... defense crisis could impede the normal access of Farm Credit banks to the capital markets. Whenever the...

  12. Waterpipe industry products and marketing strategies: analysis of an industry trade exhibition.

    Science.gov (United States)

    Jawad, Mohammed; Nakkash, Rima T; Hawkins, Ben; Akl, Elie A

    2015-12-01

    Understanding product development and marketing strategies of transnational tobacco companies (TTCs) has been of vital importance in developing an effective tobacco control policy. However, comparatively little is known of the waterpipe tobacco industry, which TTCs have recently entered. This study aimed to gain an understanding of waterpipe tobacco products and marketing strategies by visiting a waterpipe trade exhibition. In April 2014, the first author attended an international waterpipe trade exhibition, recording descriptions of products and collecting all available marketing items. We described the purpose and function of all products, and performed a thematic analysis of messages in marketing material. We classified waterpipe products into four categories and noted product variation within categories. Electronic waterpipe products (which mimic electronic cigarettes) rarely appeared on waterpipe tobacco marketing material, but were displayed just as widely. Claims of reduced harm, safety and quality were paramount on marketing materials, regardless of whether they were promoting consumption products (tobacco, tobacco substitutes), electronic waterpipes or accessories. Waterpipe products are diverse in nature and are marketed as healthy and safe products. Furthermore, the development of electronic waterpipe products appears to be closely connected with the electronic cigarette industry, rather than the waterpipe tobacco manufacturers. Tobacco control policy must evolve to take account of the vast and expanding array of waterpipe products, and potentially also charcoal products developed for waterpipe smokers. We recommend that tobacco substitutes be classified as tobacco products. Continued surveillance of the waterpipe industry is warranted. Published by the BMJ Publishing Group Limited. For permission to use (where not already granted under a licence) please go to http://www.bmj.com/company/products-services/rights-and-licensing/

  13. Wildlife Trade and Human Health in Lao PDR: An Assessment of the Zoonotic Disease Risk in Markets.

    Directory of Open Access Journals (Sweden)

    Zoe F Greatorex

    Full Text Available Although the majority of emerging infectious diseases can be linked to wildlife sources, most pathogen spillover events to people could likely be avoided if transmission was better understood and practices adjusted to mitigate risk. Wildlife trade can facilitate zoonotic disease transmission and represents a threat to human health and economies in Asia, highlighted by the 2003 SARS coronavirus outbreak, where a Chinese wildlife market facilitated pathogen transmission. Additionally, wildlife trade poses a serious threat to biodiversity. Therefore, the combined impacts of Asian wildlife trade, sometimes termed bush meat trade, on public health and biodiversity need assessing. From 2010 to 2013, observational data were collected in Lao PDR from markets selling wildlife, including information on volume, form, species and price of wildlife; market biosafety and visitor origin. The potential for traded wildlife to host zoonotic diseases that pose a serious threat to human health was then evaluated at seven markets identified as having high volumes of trade. At the seven markets, during 21 observational surveys, 1,937 alive or fresh dead mammals (approximately 1,009 kg were observed for sale, including mammals from 12 taxonomic families previously documented to be capable of hosting 36 zoonotic pathogens. In these seven markets, the combination of high wildlife volumes, high risk taxa for zoonoses and poor biosafety increases the potential for pathogen presence and transmission. To examine the potential conservation impact of trade in markets, we assessed the status of 33,752 animals observed during 375 visits to 93 markets, under the Lao PDR Wildlife and Aquatic Law. We observed 6,452 animals listed by Lao PDR as near extinct or threatened with extinction. The combined risks of wildlife trade in Lao PDR to human health and biodiversity highlight the need for a multi-sector approach to effectively protect public health, economic interests and

  14. Wildlife Trade and Human Health in Lao PDR: An Assessment of the Zoonotic Disease Risk in Markets

    Science.gov (United States)

    Singhalath, Sinpakone; Silithammavong, Soubanh; Khammavong, Kongsy; Fine, Amanda E.; Weisman, Wendy; Douangngeun, Bounlom; Theppangna, Watthana; Keatts, Lucy; Gilbert, Martin; Karesh, William B.; Hansel, Troy; Zimicki, Susan; O’Rourke, Kathleen; Joly, Damien O.; Mazet, Jonna A. K.

    2016-01-01

    Although the majority of emerging infectious diseases can be linked to wildlife sources, most pathogen spillover events to people could likely be avoided if transmission was better understood and practices adjusted to mitigate risk. Wildlife trade can facilitate zoonotic disease transmission and represents a threat to human health and economies in Asia, highlighted by the 2003 SARS coronavirus outbreak, where a Chinese wildlife market facilitated pathogen transmission. Additionally, wildlife trade poses a serious threat to biodiversity. Therefore, the combined impacts of Asian wildlife trade, sometimes termed bush meat trade, on public health and biodiversity need assessing. From 2010 to 2013, observational data were collected in Lao PDR from markets selling wildlife, including information on volume, form, species and price of wildlife; market biosafety and visitor origin. The potential for traded wildlife to host zoonotic diseases that pose a serious threat to human health was then evaluated at seven markets identified as having high volumes of trade. At the seven markets, during 21 observational surveys, 1,937 alive or fresh dead mammals (approximately 1,009 kg) were observed for sale, including mammals from 12 taxonomic families previously documented to be capable of hosting 36 zoonotic pathogens. In these seven markets, the combination of high wildlife volumes, high risk taxa for zoonoses and poor biosafety increases the potential for pathogen presence and transmission. To examine the potential conservation impact of trade in markets, we assessed the status of 33,752 animals observed during 375 visits to 93 markets, under the Lao PDR Wildlife and Aquatic Law. We observed 6,452 animals listed by Lao PDR as near extinct or threatened with extinction. The combined risks of wildlife trade in Lao PDR to human health and biodiversity highlight the need for a multi-sector approach to effectively protect public health, economic interests and biodiversity. PMID:27008628

  15. Labour Market Programmes and the Equity-Efficiency Trade-Off

    DEFF Research Database (Denmark)

    Filges, Trine; Kennes, John; Larsen, Birthe

    2011-01-01

    This paper studies optimal labour market policy in a society where differently gifted individuals can invest in training to further increase their labour market productivity and where the government seeks both efficiency and equity. Frictions in the matching process create unemployment...... and differently skilled workers face different levels of risk of unemployment. We show that in such an environment, training programmes that are targeted at the disadvantaged workers complement passive transfers (UI benefits), unlike general training subsidies. Combining passive subsidies with a training subsidy...... conditioned on the individual being unemployed (for a period) – the typical Active Labour Market Programme – creates a favourable trade-off between equity and efficiency and this encourages high spending on training...

  16. Trading Behavior of Foreign Vis a Vis Local Investors in The Indonesian Stock Market

    Directory of Open Access Journals (Sweden)

    Soemarso Slamet Rahardjo

    2015-04-01

    Full Text Available This paper studies the behavior of foreign, local investors and total market in a stock trading. The analysis is focused on their implementation of positive feedback strategy, the existence of mean reverting process and their sensitivity toward expected capital gain and losses. The result reveals that both of these two investors apply the positive feedback strategy, at a different degree. The investment horizon of the foreign investors is shorter than the local investors. There is a mean reverting pattern in the price volatilities. The convergence period for local investor is 2.4. The market needs 1.8 month. No convergence period for foreign investors. The local investors and total market are neutral toward expected gain and losses. The foreign investors are more sensitive to capital loss. Previous price and volume changes have a leverage effect to the current demand of foreign investors. The local investors are affected by changes in price only.

  17. From General Game Descriptions to a Market Specification Language for General Trading Agents

    Science.gov (United States)

    Thielscher, Michael; Zhang, Dongmo

    The idea behind General Game Playing is to build systems that, instead of being programmed for one specific task, are intelligent and flexible enough to negotiate an unknown environment solely on the basis of the rules which govern it. In this paper, we argue that this principle has the great potential to bring to a new level artificially intelligent systems in other application areas as well. Our specific interest lies in General Trading Agents, which are able to understand the rules of unknown markets and then to actively participate in them without human intervention. To this end, we extend the general Game Description Language into a language that allows to formally describe arbitrary markets in such a way that these specifications can be automatically processed by a computer. We present both syntax and a transition-based semantics for this Market Specification Language and illustrate its expressive power by presenting axiomatizations of several well-known auction types.

  18. Congestion management rules and trading strategies in the Spanish electricity market

    Energy Technology Data Exchange (ETDEWEB)

    Furio, Dolores; Lucia, Julio J. [Departamento de Economia Financiera y Actuarial, Universidad de Valencia, Avda. Los Naranjos, s/n, 46022 - Valencia (Spain)

    2009-01-15

    This paper analyses the economic incentives embodied in the rules governing the resolution of transmission constraints in the Spanish wholesale electricity market and the way these incentives may have influenced on the trading behaviour of both the generators and the demand side. The evidence obtained is consistent with them responding to these incentives. In particular, buyers would respond to the way congestion costs are billed to them by abandoning the daily market in favour of the intraday market as far as possible. Additionally, some strategic generators may have been prompted the system operator to require them to inject electricity into the system to solve network congestions. Finally, these results may contribute to shed light on what should be expected of the reform in the aforementioned rules. (author)

  19. Congestion management rules and trading strategies in the Spanish electricity market

    International Nuclear Information System (INIS)

    Furio, Dolores; Lucia, Julio J.

    2009-01-01

    This paper analyses the economic incentives embodied in the rules governing the resolution of transmission constraints in the Spanish wholesale electricity market and the way these incentives may have influenced on the trading behaviour of both the generators and the demand side. The evidence obtained is consistent with them responding to these incentives. In particular, buyers would respond to the way congestion costs are billed to them by abandoning the daily market in favour of the intraday market as far as possible. Additionally, some strategic generators may have been prompted the system operator to require them to inject electricity into the system to solve network congestions. Finally, these results may contribute to shed light on what should be expected of the reform in the aforementioned rules. (author)

  20. Impact of Market Access Reforms On the Canadian Dairy Industry

    OpenAIRE

    Hacault, Anastasie; Rude, James; Carlberg, Jared G.

    2010-01-01

    The World Trade Organization's (WTO) latest round of negotiations, the Doha Development Agenda (DDA), will likely change the way most agricultural products are traded around the world. These new liberalization policies will potentially affect the Canadian production and consumption of dairy products. This paper uses a partial equilibrium model with stochastic world prices to evaluate the effects of these trade reforms on the Canadian dairy industry. Different liberalization scenarios are simu...

  1. Cooperation in environmental protection. The economics of green trade, market-based instruments and community involvement

    International Nuclear Information System (INIS)

    Roettgers, Dirk

    2013-01-01

    The Millennium Development Goals (United Nations, 2000) and, by extension, such efforts as the Convention on Biological Diversity and the Kyoto Protocol (Kyoto Protocol, 1997), present mankind with a challenge that can only be overcome through cooperation. Cooperative policies are necessary from the highest level, i.e. international policies and treaties, to regional and national agreements, down to the local level, where policies are actually enacted. To close some gaps in the understanding of applicable policy instruments, this dissertation looks at a few key topics of environmental protection with implications for market-based instruments. The five different research areas are (1) EU bioenergy trade, (2) Clean Development Mechanism (CDM), (3) comparison of the effectiveness of product certification, ecosystem certification and offset mechanisms in wetland ecosystems, (4) international market-based instruments for African protected areas and (5) local stakeholder decision making in rural ecosystems of developing countries. Bioenergy consumption, production and trade have been increasing worldwide in the recent decade, mostly due to demand from EU countries and the USA. Taking the example of the EU, it is questionable if these trade flows are caused mainly by EU trade rules or targeted bioenergy policies. A sector-specific analysis taking industry patterns into consideration is necessary to evaluate the impact of these two policy areas on trade flows. A common way to analyze trade flows is the gravity model, which is employed here. This dissertation finds out why that is by using a gravity model to analyze flows of Certified Emission Reductions (CERs) between host and financier countries. The special roles of foreign direct investments (FDI), official development aid (ODA) and trade are scrutinized closely in this context. Findings show that FDI, ODA and trade have a positive influence on project attraction, even when holding determinants of these factors constant

  2. Cooperation in environmental protection. The economics of green trade, market-based instruments and community involvement

    Energy Technology Data Exchange (ETDEWEB)

    Roettgers, Dirk

    2013-12-18

    The Millennium Development Goals (United Nations, 2000) and, by extension, such efforts as the Convention on Biological Diversity and the Kyoto Protocol (Kyoto Protocol, 1997), present mankind with a challenge that can only be overcome through cooperation. Cooperative policies are necessary from the highest level, i.e. international policies and treaties, to regional and national agreements, down to the local level, where policies are actually enacted. To close some gaps in the understanding of applicable policy instruments, this dissertation looks at a few key topics of environmental protection with implications for market-based instruments. The five different research areas are (1) EU bioenergy trade, (2) Clean Development Mechanism (CDM), (3) comparison of the effectiveness of product certification, ecosystem certification and offset mechanisms in wetland ecosystems, (4) international market-based instruments for African protected areas and (5) local stakeholder decision making in rural ecosystems of developing countries. Bioenergy consumption, production and trade have been increasing worldwide in the recent decade, mostly due to demand from EU countries and the USA. Taking the example of the EU, it is questionable if these trade flows are caused mainly by EU trade rules or targeted bioenergy policies. A sector-specific analysis taking industry patterns into consideration is necessary to evaluate the impact of these two policy areas on trade flows. A common way to analyze trade flows is the gravity model, which is employed here. This dissertation finds out why that is by using a gravity model to analyze flows of Certified Emission Reductions (CERs) between host and financier countries. The special roles of foreign direct investments (FDI), official development aid (ODA) and trade are scrutinized closely in this context. Findings show that FDI, ODA and trade have a positive influence on project attraction, even when holding determinants of these factors constant

  3. A prospect theory explanation of the disposition to trade losing investments for less than market price.

    Science.gov (United States)

    Johnstone, D J

    2002-06-01

    Investors have a proven general reluctance to realize losses. The theory of "mental accounting" suggests that losses are easier to accept when mentally integrated with either preceding losses or with compensatory gains. Mental integration is made easier when a failed asset is exchanged against a new, apparently profitable, acquisition. The alternative is to sell the existing asset on the open market before re-investing the proceeds as desired. This is emotionally less appealing than "rolling over" a losing investment into a new venture by way of an asset trade. The psychological benefits of exchanging rather than selling a failed asset come at a cost. It is typical of trade-in arrangements, e.g., where one trades an old car against a new one, that the effective sale price of the existing asset is less than current market value. Acceptance of this low price adds to the investor's total monetary loss on the existing asset but is essential to an overall package deal apart from which that asset would often remain belatedly unsold.

  4. Trading Rules on Stock Markets Using Genetic Network Programming with Reinforcement Learning and Importance Index

    Science.gov (United States)

    Mabu, Shingo; Hirasawa, Kotaro; Furuzuki, Takayuki

    Genetic Network Programming (GNP) is an evolutionary computation which represents its solutions using graph structures. Since GNP can create quite compact programs and has an implicit memory function, it has been clarified that GNP works well especially in dynamic environments. In addition, a study on creating trading rules on stock markets using GNP with Importance Index (GNP-IMX) has been done. IMX is a new element which is a criterion for decision making. In this paper, we combined GNP-IMX with Actor-Critic (GNP-IMX&AC) and create trading rules on stock markets. Evolution-based methods evolve their programs after enough period of time because they must calculate fitness values, however reinforcement learning can change programs during the period, therefore the trading rules can be created efficiently. In the simulation, the proposed method is trained using the stock prices of 10 brands in 2002 and 2003. Then the generalization ability is tested using the stock prices in 2004. The simulation results show that the proposed method can obtain larger profits than GNP-IMX without AC and Buy&Hold.

  5. Dampak Bea Keluar Kakao Indonesia terhadap Country Market Power di Pasar Biji Kakao Amerika Serikat dan Terms of Trade

    Directory of Open Access Journals (Sweden)

    Ari Harsanti

    2017-03-01

    Full Text Available As the world’s third-largest cocoa beans producer, Indonesia is expected to have a comparative advantage and to become cocoa beans price reference. This research investigates market power of Indonesia cocoa beans export for the United State market as an impact of an export tax. Five cocoa beans exporting countries namely Cote d’Ivoire, Ecuador, Ghana, Dominica Rep and Nigeria are calculated their market power as Indonesia’s competitors by estimating residual demand elasticity with two stage least square method. The results show that Indonesia’s market power suffered after imposing the export tax. Cote d’Ivoire and Ghana get advantages from this export restriction. The effect of export tax on welfare is analyzed by calculating terms of trade. The gain from cocoa beans trade depicts a declining terms of trade for dealing with the international cocoa beans market.

  6. The Stock Market Game: A Simulation of Stock Market Trading. Grades 5-8.

    Science.gov (United States)

    Draze, Dianne

    This guide to a unit on a simulation game about the stock market contains an instructional text and two separate simulations. Through directed lessons and reproducible worksheets, the unit teaches students about business ownership, stock exchanges, benchmarks, commissions, why prices change, the logistics of buying and selling stocks, and how to…

  7. Bid-Ask Spreads, Trading Volume and Return Volatility: Intraday Evidence from Indian Stock Market

    Directory of Open Access Journals (Sweden)

    Rashmi Ranjan Paital

    2016-01-01

    Full Text Available This paper empirically examines the relationship between stock return volatility, trading volume and bid-ask spread within the scope of mixture of distribution hypothesis (MDH and sequential information arrival hypothesis (SIAH in the Indian stock market using high frequency 5-minute data set over the period of 2 July 2012 to 31 December 2012. This is the first kind of study in India using bid-ask spread as an additional information variable along with trading volume to investigate the relationship with stock return volatility. Our empirical findings provide evidence of a positive contemporaneous relationship between return volatility and trading volume, and also between return volatility and bid-ask spread. Moreover, the results of Granger causality test show that the information content of trading volume and bid-ask spread are useful for predicting stock return volatility. Our results indicate that information arrival to investors tends to follow a sequential rather than a simultaneous process. This finding is consistent with the sequential information arrival hypothesis and contradicts the mixture of distribution hypothesis.

  8. Trade-offs and synergies between universal electricity access and climate change mitigation in Sub-Saharan Africa

    NARCIS (Netherlands)

    Dagnachew, Anteneh G.; Lucas, Paul L.; Hof, Andries F.; van Vuuren, Detlef P.

    2018-01-01

    Access to electricity services is fundamental to development, as it enables improvements to the quality of human life. At the same time, increasing electricity access can have notable consequences for global climate change. This paper analyses trade-offs and synergies between achieving universal

  9. The informal economy employment impacts of trade liberalization & increased competition in export markets

    DEFF Research Database (Denmark)

    Morocco and United States. The overall logic of such measures was that liberalization and privatization would stimulate trade, support the requested modernization of the production systems and infrastructures, and enhance public administrations and services as well. Positive impacts on income, employments...... and privatization processes were implemented at the international level by the WTO's, at regional level by the establishment of free trade agreements between individual states on the southern and eastern Mediterranean rim and the EU [under the Barcelona Process] and by bilateral agreements as the one signed between...... to focus on the impacts of restructuring in the formal textile and clothing sectors (TC) which is the major employer in three Maghrib countries: Algeria, Morocco and Tunisia. The textile and clothing sectors have been particularly exposed to increased competition in foreign and/or domestic markets...

  10. Trading strategies modeling in Colombian power market using artificial intelligence techniques

    International Nuclear Information System (INIS)

    Moreno, Julian

    2009-01-01

    The aim of this paper is to present a model based on fuzzy logic and machine learning in order to maximize the profits of Colombian energy trade agents according to their risk profile. The model has two parts, the first one is a fuzzy expert system that gives a recommendation about the trade strategy these agents should follow, and whose definition depends mainly on market conditions. The second one is a reinforced learning mechanism with which the agents 'learn' when they perceive the consequences of their actions, so they modify such actions looking for a reward not just in short but also in long-term. The whole model is validated using actual data as well as a simulation approach using synthetic time series for some relevant variables as hydraulic availability, energy pool price and bilateral contracts price. (author)

  11. Trading strategies modeling in Colombian power market using artificial intelligence techniques

    Energy Technology Data Exchange (ETDEWEB)

    Moreno, Julian [Escuela de Sistemas, Universidad Nacional de Colombia, Carrera 80 No. 65-223 Bloque M8A Medellin (Colombia)

    2009-03-15

    The aim of this paper is to present a model based on fuzzy logic and machine learning in order to maximize the profits of Colombian energy trade agents according to their risk profile. The model has two parts, the first one is a fuzzy expert system that gives a recommendation about the trade strategy these agents should follow, and whose definition depends mainly on market conditions. The second one is a reinforced learning mechanism with which the agents 'learn' when they perceive the consequences of their actions, so they modify such actions looking for a reward not just in short but also in long-term. The whole model is validated using actual data as well as a simulation approach using synthetic time series for some relevant variables as hydraulic availability, energy pool price and bilateral contracts price. (author)

  12. Testing the assumptions behind emissions trading in non-market goods: the RECLAIM program in Southern California

    International Nuclear Information System (INIS)

    Lejano, Raul P.; Hirose, Rei

    2005-01-01

    Emissions trading is, essentially, a policy instrument that is designed to simulate a market for an otherwise public good. Conceptually, its justification hinges on a number of key assumptions, namely the negligibility of local impacts, the ability to separate and commodify the good in question, and characteristics of a well-functioning market. The authors examine the performance of RECLAIM, a NO x emissions trading program in Southern California, USA, and illustrate how to test these assumptions. There is some evidence that the trading of NO x generates new externalities, such as the possibility that other air pollutants, e.g. volatile organics, are essentially traded along with it. Moreover, the RECLAIM program has recently begun to experience difficulties due to the fact that the market is relatively thin. This analysis provides ways to assess more deeply and reform these trading regimes, including opening up RECLAIM to public review. The case study speaks to a wider arena, as emissions trading is presently being considered in other parts of the world to address issues ranging from acid rain to non-point source pollution to greenhouse gases. The analytic approach, illustrated herein, is a general one that has a wider applicability than the particular case of NO x trading. It is hoped that this kind of critical inquiry can lead to a more careful deliberation of the merits and challenges of emissions trading

  13. Trading strategies in the overnight money market: Correlations and clustering on the e-MID trading platform

    Science.gov (United States)

    Fricke, Daniel

    2012-12-01

    We analyze the correlations in patterns of trading for members of the Italian interbank trading platform e-MID. The trading strategy of a particular member institution is defined as the sequence of (intra-) daily net trading volumes within a certain semester. Based on this definition, we show that there are significant and persistent bilateral correlations between institutions’ trading strategies. In most semesters we find two clusters, with positively (negatively) correlated trading strategies within (between) clusters. We show that the two clusters mostly contain continuous net buyers and net sellers of money, respectively, and that cluster memberships of individual banks are highly persistent. Additionally, we highlight some problems related to our definition of trading strategies. Our findings add further evidence on the fact that preferential lending relationships on the micro-level lead to community structure on the macro-level.

  14. CO2 trading and its influence on electricity markets. Final report for DTe

    International Nuclear Information System (INIS)

    Franke, M.

    2006-02-01

    The Dutch Ministry of Economics has asked the Dutch energy regulator (DTe) to gather factual information about the impact of the introduction of the European CO2 emission trading scheme (EU ETS) on the functioning of the Dutch wholesale electricity market and, in particular, to estimate the extent of windfall profits that generators may have realised as a consequence of the EU ETS. DTe has in turn appointed Frontier Economics to assist in the preparation of its advice to the Ministry. Separately, but as a parallel task, DTe has also asked us to provide guidance on the way in which DTe should monitor the performance of the wholesale electricity market in an era of CO2 trading. Section 2 describes the EU ETS, as background to the study. The section describes the institutional context, the way that the emission trading system has generally been implemented at a national level, and the way that the price of European Union Allowances (EUAs or allowances) has developed historically. Section 3 describes the way in which the EU ETS has had an impact on the Dutch electricity market including: the allocation of EUAs to the power sector in the Netherlands; the (theoretical) impact of the EU ETS on electricity generators' incentives; evidence on generators' behaviour; and the empirical evidence of the relationship between EUA prices and electricity prices (or spark and dark spreads). Section 4 provides a conceptual framework for the estimation of windfall profits. Section 5 deals with detailed assumptions that we have made and data issues we have encountered in our attempts to estimate windfall profits; and Section 6 presents and discusses our estimates of windfall profits

  15. 76 FR 44606 - Remanufactured Goods: An Overview of the U.S. and Global Industries, Markets, and Trade...

    Science.gov (United States)

    2011-07-26

    ..., trade, and investment in U.S. remanufactured goods, including a discussion of recent trends. To the extent possible, the report will also include the following: An assessment of foreign direct investment... of employment, investment, and sales (including in the domestic market and exports); The U.S. market...

  16. 77 FR 11157 - Remanufactured Goods: An Overview of the U.S. and Global Industries, Markets, and Trade; Change...

    Science.gov (United States)

    2012-02-24

    ... the U.S. and Global Industries, Markets, and Trade; Change in Start Time of Public Hearing AGENCY... investigation No. 332-525, Remanufactured Goods: An Overview of the U.S. and Global Industries, Markets, and... INFORMATION CONTACT: Project Leader Alan Treat (202-205- 3426 or [email protected] ), Deputy Project Leader...

  17. Improving U.S. Trade.

    Science.gov (United States)

    Bentsen, Lloyd

    1982-01-01

    Discusses the need to formulate a coherent trade policy in response to international economic realities. The author argues against a return to trade protectionism and supports efforts to establish workable reciprocity agreements. Increasing import tariffs on high technology products would control access to American markets. (AM)

  18. Impact of the transition to continous trading on emerging financial market's liquidity : Case study of the West Africa Regional Exchange Market (BRVM)

    OpenAIRE

    OUATTARA, Aboudou

    2016-01-01

    After 18 years of activities and take-off difficulties due to socio-economic and political environment of the WAEMU zone, the west Africa regional exchange market (BRVM)’s authorities decided to move to continuous trading. The decision was effective on 16th september 2013. This action, beyond the upgrading of this stock exchange market to international standards, aims at improving market liquidity. Two years after its implementation, it seemed interesting to question the relevancy of this dec...

  19. Performance of Technical Trading Systems in the Yen/Dollar Market

    OpenAIRE

    Schulmeister, Stephan

    2007-01-01

    The study investigates the profitability of 1,024 moving average and momentum models and their components in the yen/dollar market. It turns out that all models would have been profitable between 1976 and 1999. The pattern of profitability is as follows: the models produce more single losses than single profits, however, the size of the single profits is on average much higher than the size of single losses. Hence, the profitability of technical currency trading is exclusively due to the expl...

  20. Industry perspectives on market access of innovative drugs

    Directory of Open Access Journals (Sweden)

    Kim ePauwels

    2016-06-01

    Full Text Available This study presents industry perspectives on the challenges related to market access of innovative drugs in general and oncology drugs in specific. Fifteen interviews were conducted with representatives of pharmaceutical companies and industry associations. Interviewees call for a broader recognition of value within the assessment and appraisal of drugs. According to interviewees, focus on value is jeopardized by the lack of a common value definition across Europe, poor availability and validity of value measures and cost-saving measures such as external reference price setting and cost-effectiveness analysis at the side of the payers. Centralized assessment of relative-effectiveness at European level would provide a common value estimate across member states, independent of financial drivers. Empirical evidence on patient reported outcomes and societal preferences is however essential in the development of a value definition. Furthermore, value-based pricing would imply a dynamic approach where the price is differentiated across indications and across the lifecycle of the drug, especially in fields such as oncology. Financial drivers however also threat the application of value-based pricing at the side of the industry, making value-based profitability a more appropriate term.

  1. The european union emission trading scheme and energy markets: economic and financial analysis

    International Nuclear Information System (INIS)

    Bertrand, Vincent

    2012-01-01

    This thesis investigates relationships between the European Union Emission Trading Scheme (EU ETS) and energy markets. A special focus is given to fuel switching, the main short term abatement measure within the EU ETS. This consists in substituting Combined Cycle Gas Turbines (CCGTs) for hard-coal plants in off-peak power generation. Thereby coal plants run for shorter periods, which allows power producers to reduce their CO 2 emissions. In Chapter 1, we outline different approaches explaining relationships between carbon and energy markets. We also review the literature relating to these issues. Next, we further describe the fuel switching process and, in particular, we analyze the influence of energy and environmental efficiency of thermal power plants (coal and gas) on fuel switching. In Chapter 2, we provide a theoretical analysis that shows how differences in the efficiency of CCGTs can rule interactions between gas and carbon prices. The main result shows that the allowance price becomes more sensitive to the gas price when the level of CO 2 emissions increases. In Chapter 3, we examine interactions between carbon, coal, gas and electricity prices in an empirical study. Among the main results, we find that there is a significant link between carbon and gas prices in the long-run equilibrium. In Chapter 4, we analyze the cross-market price discovery process between gas and CO 2 markets. We identified in previous chapters that there is a robust significant link between gas and CO 2 markets. They are linked commodities, and their prices are affected by the same information. In an empirical analysis, we find that the carbon market is the leader in cross-market price discovery process. (author)

  2. CO2-emission trading and green markets for renewable electricity. Wilmar - deliverable 4.1

    DEFF Research Database (Denmark)

    Azuma-Dicke, N.; Morthorst, Poul Erik; Ravn, H.F.

    2004-01-01

    This report is Deliverable 4.1 of the EU project “Wind Power Integration in Liberalised Electricity Markets” (WILMAR) and describes the application of two policy instruments, Tradable Emissions Permits (TEP’s) and Tradable Green Certificates (TGC’s) forelectricity produced from renewable energy...... sources in the European Union and the implications for implementation in the Wilmar model. The introduction of a common emission-trading system in the EU is expected to have an upward effect on the spot pricesat the electricity market. The variations of the spot price imply that some types of power...... generation may change the situation from earning money to losing money despite the increasing spot price. Heavy restrictions on emissions penalise thefossil-fuelled technologies significantly, and the associated increase in the spot price need not compensate for this. Therefore, a market of TEP’s is expected...

  3. Global market trade policy analysis for petroleum oils and oils obtained from bituminous minerals, crude

    Directory of Open Access Journals (Sweden)

    Bagheri, F.

    2012-01-01

    Full Text Available This article is based on surveying the custom tariffs imposed on the world export market of Petroleum Oils and Oils Obtained from Bituminous Minerals, Crude. We obtained the data according to the most updated available data provided online by UNCTAD and World Bank. The results indicate that none of the 142 countries in the world market of this product have imposed non-tariff trade barriers on the import of Petroleum Oils and Oils Obtained from Bituminous Minerals, Crude. The developed countries and the countries with transition economies are the main world import partners. European Union, United States, China, Japan, South Korea, Canada, Singapore, Taiwan, Thailand, South Africa, Australia, Turkey, Brazil, Sweden and Belarus are the examples and have imposed low custom tariffs on Petroleum Oils and Oils Obtained from Bituminous Minerals, Crude.

  4. Value, market preferences and trade of Beche-de-mer from Pacific Island sea cucumbers.

    Directory of Open Access Journals (Sweden)

    Steven W Purcell

    Full Text Available Market preferences of natural resources contribute to shape their exploitation and production. Beche-de-mer, the product after gutting, cooking, salting and drying sea cucumbers, is exported worldwide to Asian dried seafood markets. A better understanding of the trade, value and market preferences of Pacific island beche-de-mer could identify critical postharvest processing techniques and management strategies for fisheries and aquaculture. Data were collected on export prices and trade of beche-de-mer from Kiribati, Fiji, Tonga and New Caledonia, and the selling prices, respective sizes and organoleptic properties of the products in stores in China. Export prices varied considerably within and among the four countries and low-value species were the most exported by volume. Most of the beche-de-mer from the four Pacific islands is exported to Hong Kong, where quality products are sold and others are distributed to mainland China. Prices of the beche-de-mer in Chinese stores varied up to ten-fold and were mostly influenced by species, body size and, to a lesser extent, physical damage to the products. Market prices across species (averaging US$15-385 kg-1 appear to have mostly increased six- to twelve-fold over the past decade. The data allude that fisheries for Holothuria scabra, H. lessoni, H. fuscogilva, H. whitmaei and Thelenota ananas should be most carefully managed because they were the highest-value species and under greatest demand. The relationships between size of beche-de-mer and sale price were species specific and highly varied. This study also highlights the need for better regulations and/or enforcement of minimum size limits in sea cucumber fisheries, which can help to maximise economic benefits of wild stocks.

  5. Statistical regularities of Carbon emission trading market: Evidence from European Union allowances

    Science.gov (United States)

    Zheng, Zeyu; Xiao, Rui; Shi, Haibo; Li, Guihong; Zhou, Xiaofeng

    2015-05-01

    As an emerging financial market, the trading value of carbon emission trading market has definitely increased. In recent years, the carbon emission allowances have already become a way of investment. They are bought and sold not only by carbon emitters but also by investors. In this paper, we analyzed the price fluctuations of the European Union allowances (EUA) futures in European Climate Exchange (ECX) market from 2007 to 2011. The symmetric and power-law probability density function of return time series was displayed. We found that there are only short-range correlations in price changes (return), while long-range correlations in the absolute of price changes (volatility). Further, detrended fluctuation analysis (DFA) approach was applied with focus on long-range autocorrelations and Hurst exponent. We observed long-range power-law autocorrelations in the volatility that quantify risk, and found that they decay much more slowly than the autocorrelation of return time series. Our analysis also showed that the significant cross correlations exist between return time series of EUA and many other returns. These cross correlations exist in a wide range of fields, including stock markets, energy concerned commodities futures, and financial futures. The significant cross-correlations between energy concerned futures and EUA indicate the physical relationship between carbon emission and energy production process. Additionally, the cross-correlations between financial futures and EUA indicate that the speculation behavior may become an important factor that can affect the price of EUA. Finally we modeled the long-range volatility time series of EUA with a particular version of the GARCH process, and the result also suggests long-range volatility autocorrelations.

  6. GASTALE. An oligopolistic model of production and trade in the European gas market

    International Nuclear Information System (INIS)

    Boots, M.G.; Rijkers, F.A.M.; Hobbs, B.F.

    2003-08-01

    The empirical model GASTALE is described and used to analyse the European natural gas market. These analyses focus primarily on the role of the downstream trading companies and their interaction with gas producers. By default, producers of natural gas are assumed to form an oligopoly in the paper. Meanwhile, downstream within-country traders of gas are represented in different versions of the model as local oligopolists or perfect competitors. The model therefore has a two-level structure, in which producers engage in competition a la Cournot, and each producer is a Stackelberg leader with respect to traders, who may be Cournot oligopolists or perfect competitors. The case of Cournot traders results in a new form of energy model, that of successive oligopoly. The model is formulated as a complementarity problem, and is solved by nonlinear programming. Considering this oligopolistic market structure, several tentative conclusions emerge. First, our model results show that successive oligopoly (so-called 'double marginalisation') yields significantly higher prices and lower consumer welfare than if oligopoly exists only on one level. Second, oligopoly in the trading market (because of the high concentration of traders) results in more distortion than oligopoly in production. Third, the level of traders' profits depends on the possibilities of discrimination on the border prices. If price discrimination by producers is allowed, these producers collect a greater share of the margins on end-use prices. Fourth, when the number of traders increases and assuming an oligopolistic downstream structure, end-use prices converge to prices corresponding with perfect competition. Thus, it is important to prevent (or abolish) monopolistic structures in the downstream gas market. In the case where oligopolistic competition among downstream gas companies cannot be prevented, vertical integration should be supported (or at least not be discouraged), especially if it would result in a

  7. Credit market access in Uganda: evidence from household survey data 1999/2000

    Directory of Open Access Journals (Sweden)

    FN Okurut

    2013-07-01

    Full Text Available This study investigated the individual and household characteristics that influenced credit market access in Uganda using household data for 1999/2000. The results suggest that credit market access was significantly influenced by gender, household wealth, age, regional location, and urban/rural location.

  8. OpenCourseWare, Global Access and the Right to Education: Real access or marketing ploy?

    Directory of Open Access Journals (Sweden)

    Henk Huijser

    2008-02-01

    Full Text Available This paper explores the potential opportunities that OpenCourseWare (OCW offers in providing wider access to tertiary education, based on the ideal of ‘the right to education’. It first discusses the wider implications of OCW, and its underlying philosophy, before using a case study of a tertiary preparation program (TPP at the University of Southern Queensland (USQ to draw out the issues involved in offering a program that is created in a particular national and social context on a global scale. This paper draws specific attention to the digital divide, its effects in national and global contexts, and the particular obstacles this presents with regards to OCW. This paper argues that OCW provides many opportunities, both in terms of access to education and in terms of student recruitment and marketing for universities. To take full advantage of those opportunities, however, requires a concerted effort on the part of tertiary education institutions, and it requires a vision that is fundamentally informed by, and committed to, the principle of ‘the right to education’.

  9. The influencing factors of China carbon price: a study based on carbon trading market in hubei province

    Science.gov (United States)

    Li, Hao; Lei, Ming

    2018-02-01

    For the carbon market, good trading mechanism is the basis for the healthy development of the carbon trading market. In order to explore the core problem of carbon price formation, our research explores the influencing factors of the price of carbon trading market. After the preliminary statistical analysis, our study found that Hubei Province is in the leading position among seven pilots in the carbon trading volume and the transaction, so our study of carbon price takes Hubei Province as sample of the empirical research. Multi-time series model and ARCH model analysis method are used in the research, we use the data of Hubei carbon trading pilot from June 2014 to December 2016 to carry out empirical research, the results found that industrial income, energy price, government intervention and the number of participating corporation have significant effect on the carbon price, which provides a meaningful reference for the other pilots in-depth study, as well as the construction of a national carbon trading market.

  10. Exploring Determinant Factors of Bond Trading with Inventory Management Theory (Case Study of Indonesian Capital Market, January – March 2009

    Directory of Open Access Journals (Sweden)

    Imam Wahyudi

    2014-08-01

    Full Text Available This  paper  studies  trading  volume  of  206  recorded  and  publicly  traded  bonds  in  Indonesian Capital Market on January 4th - March 9th 2009 observed period. The data covers almost all trading data in the market and all brokers that exist. The microstructure data used in this study is a complete understanding for almost every phenomenons in the market, and thus could explain more about bond liquidity. We ind that some bonds are actively traded and most are rare. We also construct some determinant facto tests of bond trading volume, included  descriptive  statistic,  GLS,  and  other  formal  test.  We  ind  that  bonds  with  larger par value and more seasoned tend to have smaller trading volume. We also ind that private bonds are actively traded more than public bonds (both government institution and private institution  bond.  Interest  rate  risk  and  bond  price  volatility  are  positively  inluence  bond trading volume, but opposite for bond rating. We ind that bond with higher probability to default  have  smaller  trading  volume.  While  comparing  the  bond  volume  data  with  stock price data, we ind that the relationship in two markets is not linier as the convenient theory in inance said. ";} // -->activate javascript

  11. Energy trading market evolution to the energy internet a feasibility review on the enabling internet of things (IoT) cloud technologies

    Science.gov (United States)

    Agavanakis, Kyriakos; Papageorgas, Panagiotis G.; Vokas, Georgios A.; Ampatis, Dionysios; Salame, Chafic

    2018-05-01

    Energy trading market is a consequence of the grid evolution, which has been highly regulated and accessible to a small group of stakeholders so far. Being a fundamental part of national economies, the business models and the operating regulatory structures have been the subject of intense research and experimentation. At the same time, the increasing integration of distributed energy resources to the microgrid level changes the dependence of the grid infrastructure from fossil and nuclear to renewable energy sources, smart storage and smart management. In this paper, it is argued that this shift which marks the transformation towards the next industrial era, puts in the market foreground a big number of smaller producers and ultimately all the end users, in the form of actively engaged prosumers. Furthermore, it is shown that the computational resources and technology to support an open, widely accessible and fair peer-to-peer trading market, are already available. And that such an implementation is feasible and immediately achievable using just commercial products and a side-by-side approach in the place of unrealistic big-bang type grid upgrades.

  12. The Impact of China’s WTO Accession on China-Japan-Korea Trade Relation, and its Policy Implications for Regional Economic Cooperation

    Directory of Open Access Journals (Sweden)

    Inkyo Cheong

    2001-06-01

    Full Text Available Because of the increased possibility of China's accession to the WTO due to the settlement of negotiations with the U.S. and EU, the world is interested in opening China’s domestic market and taking advantage of the opportunities. Existing papers about China’s entry into the WTO generally analyze the impact on China and the world economy based on his/her assumption of a hypothetical tariff reduction scenario. However, this paper systematically analyzes by sector and region the tariff reduction structures of 5,685 tariff lines that China will actually reduce up until 2005. Based on this, the author employs a computational general equilibrium model in order to estimate the impact of China's trade liberalization on the economies of Northeast Asia and the world economy. According to the results, China's trade liberalization will bring the greatest benefit to China itself and substantial export expansion for Korea and Japan. This paper also states that if these three countries promote economic cooperation using China's accession to the WTO as momentum, it will be necessary to think economic cooperation in the fiber and clothing industries, which are quite effectively promoting intra-regional trade and absorbing workers left unemployed by structural adjustments in China.

  13. CO2-emission trading and green markets for renewable electricity. WILMAR - deliverable 4.1

    International Nuclear Information System (INIS)

    Azuma-Dicke, N.; Weber, C.; Morthorst, P.E.; Ravn, H.F.; Schmidt, R.

    2004-06-01

    This report is Deliverable 4.1 of the EU project 'Wind Power Integration in Liberalised Electricity Markets' (WILMAR) and de-scribes the application of two policy instruments, Tradable Emissions Permits (TEPs) and Tradable Green Certificates (TGCs) for electricity produced from renewable energy sources in the European Union and the implications for implementation in the Wilmar model. The introduction of a common emission-trading system in the EU is expected to have an upward effect on the spot prices at the electric-ity market. The variations of the spot price imply that some types of power generation may change the situation from earning money to losing money despite the increasing spot price. Heavy restrictions on emissions penalise the fossil-fuelled technologies significantly, and the associated increase in the spot price need not compensate for this. Therefore, a market of TEPs is expected to have a significant influence on the electricity spot price. However, the expected price level of TEPs are met with great uncertainty and a study of a number of economical studies shows a price span between zero and 270 USD per ton of CO 2 depending on the participation or non-participation of countries in the scheme. The price-determination at the TGC market is expected to be closely related to the price at the power spot market as the RE-producers of electricity will have expectations to the total price paid for the energy produced, i.e., for the price of electricity at the spot market plus the price per kWh obtained at the green certificate mar-ket. In the Wilmar model, the TGC market can either be handled exogenously, i.e., the increase in renewable capacity and an average annual TGC price are determined outside the model, or a simple TGC module is developed, including the long-term supply functions for the most relevant renewable technologies and an overall TGC quota. Both solutions are rather simple, but to develop a more advanced model for the TGC market seems to be

  14. Financial factor influence on scaling and memory of trading volume in stock market.

    Science.gov (United States)

    Li, Wei; Wang, Fengzhong; Havlin, Shlomo; Stanley, H Eugene

    2011-10-01

    We study the daily trading volume volatility of 17,197 stocks in the US stock markets during the period 1989-2008 and analyze the time return intervals τ between volume volatilities above a given threshold q. For different thresholds q, the probability density function P(q)(τ) scales with mean interval 〈τ〉 as P(q)(τ)=〈τ〉(-1)f(τ/〈τ〉), and the tails of the scaling function can be well approximated by a power law f(x)∼x(-γ). We also study the relation between the form of the distribution function P(q)(τ) and several financial factors: stock lifetime, market capitalization, volume, and trading value. We find a systematic tendency of P(q)(τ) associated with these factors, suggesting a multiscaling feature in the volume return intervals. We analyze the conditional probability P(q)(τ|τ(0)) for τ following a certain interval τ(0), and find that P(q)(τ|τ(0)) depends on τ(0) such that immediately following a short (long) return interval a second short (long) return interval tends to occur. We also find indications that there is a long-term correlation in the daily volume volatility. We compare our results to those found earlier for price volatility.

  15. The evolution of oil markets: trading instruments and their role in price formation

    International Nuclear Information System (INIS)

    Roeber, J.

    1993-01-01

    The workings of the modern oil market are recondite, understood - if at all - mainly by specialists. By comparison with explanations of the currency markets and other financial mechanisms the literature is sparse. There are plenty of studies that analyse the economics of the oil business, but few that explain its inner workings. This study will help to fill the gap. It is of value for three main reasons. First, it offers an explanation by an acknowledged expert of a complex subject in terms which non-experts will be able to understand. Second, it provides practitioners in the trade with some valuable insights into deficiencies in the present market mechanisms which could with advantage be rectified. The market is bound to continue to evolve. Third, it points to some important policy conclusions, particularly about what is, and is not, possible in times of crisis. This study reinforces the view that the modern oil business is far too complex, fragmented and international to be subjected to old-style crisis management. (author)

  16. The Impact of Trade Policies on Spiraling Prices in International Agricultural Commodity Markets

    Directory of Open Access Journals (Sweden)

    Agnes Ghibuțiu

    2011-07-01

    Full Text Available Since the mid-2000s food prices have been on an upward trend. In the first months of 2011, agricultural commodity prices reached an all-time high, fuelling fears about the imminent outbreak of a new food crisis, similar to the 1973/74 and 2006/08 ones. Behind concerns about increased price levels and volatility in international agricultural commodity markets lie concerns about food security. Hence, the international community is now under pressure to urgently find solutions for tempering strong upward fluctuations in prices for many major food commodities. Trade policy changes are increasingly discussed as a major contributing factor to food price surges. This paper addresses some issues related to the recurrent global food crises from the perspective of trade policy, specifically export restrictions. After a brief review of the fundamental drivers of the upward trend in real food prices (rising global population and income, climate change, high oil prices, increasing cereal use for biofuel production, and financial speculation, it examines the upsurge in agricultural export restrictions over the recent years. Relying on WTO's trade policy monitoring exercise, it highlights typology, motivations and effects of the newly introduced export restrictions, and finds that a major factor behind their recent proliferation is the lack of effective and binding multilateral rules concerning these trade policy instruments. The paper argues that strenghtening and improving WTO's rules and disciplines is essential for mitigating increased price pressure and volatility as well as the associated food security risks. While the issue of export restrictions is currently the topic of discussions under the Doha Round, trade negotiations are in impasse since 2008. Hence, urgent and successful conclusion of the round would be an essential step. In the meanwhile, a closer regular monitoring of all forms of export restrictions would help to provide at least more

  17. Performance Assessment of Black Box Capacity Forecasting for Multi-Market Trade Application

    Directory of Open Access Journals (Sweden)

    Pamela MacDougall

    2017-10-01

    Full Text Available With the growth of renewable generated electricity in the energy mix, large energy storage and flexible demand, particularly aggregated demand response is becoming a front runner as a new participant in the wholesale energy markets. One of the biggest barriers for the integration of aggregator services into market participation is knowledge of the current and future flexible capacity. To calculate the available flexibility, the current aggregator pilot and simulation implementations use lower level measurements and device specifications. This type of implementation is not scalable due to computational constraints, as well as it could conflict with end user privacy rights. Black box machine learning approaches have been proven to accurately estimate the available capacity of a cluster of heating devices using only aggregated data. This study will investigate the accuracy of this approach when applied to a heterogeneous virtual power plant (VPP. Firstly, a sensitivity analysis of the machine learning model is performed when varying the underlying device makeup of the VPP. Further, the forecasted flexible capacity of a heterogeneous residential VPP was applied to a trade strategy, which maintains a day ahead schedule, as well as offers flexibility to the imbalance market. This performance is then compared when using the same strategy with no capacity forecasting, as well as perfect knowledge. It was shown that at most, the highest average error, regardless of the VPP makeup, was still less than 9%. Further, when applying the forecasted capacity to a trading strategy, 89% of the optimal performance can be met. This resulted in a reduction of monthly costs by approximately 20%.

  18. Reintroducing regulation? Consequences of the European directives for electricity trade (1228/2003) and gas trade (1775/2005) for the European internal power market; Verordnete Regulierung? Die Bedeutung der Stromhandelsverordnung / Verordnung (EG) Nr. 1228/2003 - und der Gashandelsverordnung - Verordnung (EG) Nr. 1775/2005 - fuer den europaeischen Energiebinnenmarkt

    Energy Technology Data Exchange (ETDEWEB)

    Kaiser, J.

    2007-07-01

    On 23 June 2003, the European Parliament and Council issued the directive on grid access for transfrontier electricity trading (EltHVO). It is part of a bundle of directives comprising also directives on electricity and natural gas trading (EltRL and GasRL). This marks the third and final state of unbundling of the European internal power market. In December 2003, the European Commission also announced the issuing of a directive on access to natural gas pipelines (GasHVO) which was issued on 28 September 2005 and came into force on 1 July 2006. While the European Parliament views the legislation as a key project for standardizing the European internal market, others see a danger of centralisation and standardisation of concrete regulation decisions. The publication investigates the consequences of the EltHVO and GAsHVO for the internal power market, especially with a view to the possible danger of centralisation. (orig.)

  19. Impact Of The Ban On Uncovered SCDS Trade On the Interdependencies Between The CDS Market And Other Sectors Of Financial Markets. The Case Of Safe And Developed Versus Risky And Developing European Markets

    OpenAIRE

    Kliber, Agata

    2016-01-01

    The aim of the article is to verify the impact of the ban on uncovered sCDS trade in Europe on the interdependencies between the sCDS market and other sectors of financial markets. We analyse two European markets: the safe and developed Swedish market, and the risky and developing Hungarian one. The study covers the period from October 2008 to October 2013. We analyse changes in the interdependencies between the sCDS market and the bond market, as well as between the sCDS market and the stock...

  20. Innovative Marketing Strategies for National Industrial Flagships: Brand Repositioning for Accessing Upscale Markets

    NARCIS (Netherlands)

    Todiras, A.; Nijkamp, P.; Rafijeras, S.

    2011-01-01

    Product and process innovations are generally regarded as strategic competitive vehicles in industry. Identifying and conquering new market niches through focused marketing approaches - by emphasising new product qualities in mature markets - has become a very appropriate innovation strategy. This

  1. Memory architecture for efficient utilization of SDRAM: a case study of the computation/memory access trade-off

    DEFF Research Database (Denmark)

    Gleerup, Thomas Møller; Holten-Lund, Hans Erik; Madsen, Jan

    2000-01-01

    . In software, forward differencing is usually better, but in this hardware implementation, the trade-off has made it possible to develop a very regular memory architecture with a buffering system, which can reach 95% bandwidth utilization using off-the-shelf SDRAM, This is achieved by changing the algorithm......This paper discusses the trade-off between calculations and memory accesses in a 3D graphics tile renderer for visualization of data from medical scanners. The performance requirement of this application is a frame rate of 25 frames per second when rendering 3D models with 2 million triangles, i...... to use a memory access strategy with write-only and read-only phases, and a buffering system, which uses round-robin bank write-access combined with burst read-access....

  2. Barriers of Roma Women when Accessing into the Labour Market

    OpenAIRE

    Rác, Ivan; Lehoczká, Lýdia

    2016-01-01

    The article provides information about barriers of Roma women in the labour market. It analyses the partial results of the project VEGA – Intimate Partner Violence against Roma Women. Most often interpret the entry limits of Roma women in the labour market. Labor et Educatio

  3. Species composition of the international shark fin trade assessed through a retail-market survey in Hong Kong.

    Science.gov (United States)

    Fields, Andrew T; Fischer, Gunter A; Shea, Stanley K H; Zhang, Huarong; Abercrombie, Debra L; Feldheim, Kevin A; Babcock, Elizabeth A; Chapman, Demian D

    2018-04-01

    The shark fin trade is a major driver of shark exploitation in fisheries all over the world, most of which are not managed on a species-specific basis. Species-specific trade information highlights taxa of particular concern and can be used to assess the efficacy of management measures and anticipate emerging threats. The species composition of the Hong Kong Special Administrative Region of China, one of the world's largest fin trading hubs, was partially assessed in 1999-2001. We randomly selected and genetically identified fin trimmings (n = 4800), produced during fin processing, from the retail market of Hong Kong in 2014-2015 to assess contemporary species composition of the fin trade. We used nonparametric species estimators to determine that at least 76 species of sharks, batoids, and chimaeras supplied the fin trade and a Bayesian model to determine their relative proportion in the market. The diversity of traded species suggests species substitution could mask depletion of vulnerable species; one-third of identified species are threatened with extinction. The Bayesian model suggested that 8 species each comprised >1% of the fin trimmings (34.1-64.2% for blue [Prionace glauca], 0.2-1.2% for bull [Carcharhinus leucas] and shortfin mako [Isurus oxyrinchus]); thus, trade was skewed to a few globally distributed species. Several other coastal sharks, batoids, and chimaeras are in the trade but poorly managed. Fewer than 10 of the species we modeled have sustainably managed fisheries anywhere in their range, and the most common species in trade, the blue shark, was not among them. Our study and approach serve as a baseline to track changes in composition of species in the fin trade over time to better understand patterns of exploitation and assess the effects of emerging management actions for these animals. © 2017 The Authors. Conservation Biology published by Wiley Periodicals, Inc. on behalf of Society for Conservation Biology.

  4. A risk-averse optimization model for trading wind energy in a market environment under uncertainty

    International Nuclear Information System (INIS)

    Pousinho, H.M.I.; Mendes, V.M.F.; Catalao, J.P.S.

    2011-01-01

    In this paper, a stochastic programming approach is proposed for trading wind energy in a market environment under uncertainty. Uncertainty in the energy market prices is the main cause of high volatility of profits achieved by power producers. The volatile and intermittent nature of wind energy represents another source of uncertainty. Hence, each uncertain parameter is modeled by scenarios, where each scenario represents a plausible realization of the uncertain parameters with an associated occurrence probability. Also, an appropriate risk measurement is considered. The proposed approach is applied on a realistic case study, based on a wind farm in Portugal. Finally, conclusions are duly drawn. -- Highlights: → We model uncertainties on energy market prices and wind power production. → A hybrid intelligent approach generates price-wind power scenarios. → Risk aversion is also incorporated in the proposed stochastic programming approach. → A realistic case study, based on a wind farm in Portugal, is provided. → Our approach allows selecting the best solution according to the desired risk exposure level.

  5. Competitiveness analysis of Czech agrarian foreign trade in the context of world agrarian market and agrarian trade of EU-27 countries

    Directory of Open Access Journals (Sweden)

    Miroslav Svatoš

    2010-01-01

    Full Text Available This paper analyses the commodity structure of Czech (CR agrarian trade in relation to the EU countries. An emphasis is put on comparative advantages of particular aggregations from the view-point of their application on the EU internal market. This analysis is based on an evaluation of comparative advantages by means of a modified Balassa index. It is studied in two stages, for the internal EU market and the world market. The analysis results are then shown in a graph. Subsequently, the authors implement an idea arising from a BCG matrix on the results of the graphic presentation. The aim is to identify those aggregations (SITC, rev. 3 which are or have a potential to be a pillar of agri-business (ie, the “cash cows” and “stars”, and vice versa to show the aggregation which are non-prospective in the long term or problematic (ie, the “dogs” and “problem children”. As start are identified as those aggregations which are characterised by the highest growth rate of comparative advantage value. From the analysis results, changes are apparent if we compare the CR trade commodity structure in relation to the EU countries. Findings also concern the development of comparative advantages and following CR specialisation on trade with certain aggregations.

  6. EU's forest fuel resources, energy technology market and international bioenergy trade

    International Nuclear Information System (INIS)

    Asikainen, A.; Laitila, J.; Parikka, H.

    2006-01-01

    The aim of the project is to provide for the Finnish bioenergy technology, machine and appliance manufactures information about forest fuel resources in the EU and international bioenergy trade mechanisms. The projects results act as an instrument for market potential assessments and provide information to the local energy producer about biomass as an energy source. The possibilities to use forest chips in CHP and heating plants will be investigated in the case studies. Total number of case studies will be 3-4, and they will mainly be located in Eastern Europe, where also large forest resources and utilisation potential are found. Case studies include three main tasks: 1) Assessment of forest fuel resources around the CHP or heating plant. 2) Forest fuel procurement cost study and 3) Study on the economics forest fuel based energy production. The project will be carried out as cooperation between Finnish research institutes and companies, and local actors. First case study was carried out at Poland. (orig.)

  7. Renewable portfolio standard and certificates trading on the Dutch electricity market

    International Nuclear Information System (INIS)

    Drillsch, J.

    2001-01-01

    In 1996, the Dutch distribution companies signed a voluntary agreement to reduce CO 2 emissions. As one element of the agreement a renewable portfolio standard (RPS) for the electricity distribution companies with certificates trading was introduced (green label system). The analysis reveals that the total volume of the obligation (3%) can be considered as modest. In addition, it seems more appropriate to replace the distribution companies' current monopoly for the issuing of the certificates by an independent institution. A flexibility mechanism (e.g., a certificates' banking system), which prevents high volatilities in the certificates' market price, and a clear sanction mechanism is needed. A drawback of the current Dutch system is the discriminatory financing of the RPS, which is only provided by MAP tariff customers. Nevertheless, the Dutch RPS may induce an efficient allocation of financial means to support renewable energies. It provides valuable experiences in the functioning of the new system, from which other countries may gain. (author)

  8. Internalizing carbon costs in electricity markets: Using certificates in a load-based emissions trading scheme

    International Nuclear Information System (INIS)

    Gillenwater, Michael; Breidenich, Clare

    2009-01-01

    Several western states have considered developing a regulatory approach to reduce greenhouse gas (GHG) emissions from the electric power industry, referred to as a load-based (LB) cap-and-trade scheme. A LB approach differs from the traditional source-based (SB) cap-and-trade approach in that the emission reduction obligation is placed upon Load Serving Entities (LSEs), rather than electric generators. The LB approach can potentially reduce the problem of emissions leakage, relative to a SB system. For any of these proposed LB schemes to be effective, they must be compatible with modern, and increasingly competitive, wholesale electricity markets. LSE's are unlikely to know the emissions associated with their power purchases. Therefore, a key challenge for a LB scheme is how to assign emissions to each LSE. This paper discusses the problems with one model for assigning emissions under a LB scheme and proposes an alternative, using unbundled Generation Emission Attribute Certificates. By providing a mechanism to internalize an emissions price signal at the generator dispatch level, the tradable certificate model addresses both these problems and provides incentives identical to a SB scheme

  9. IMPACT OF ECONOMIC CRISIS ON WOOD MARKETS (CONSUMPTION, PRODUCTION AND TRADE

    Directory of Open Access Journals (Sweden)

    Maria‐Loredana POPESCU

    2013-12-01

    Full Text Available Global economic crisis represents one of the causes why wood consumption is increasing especially in countries less developed. In countries where governments couldn’t improve the quality of life and unemployment rate is higher, local communities devastate a lot of forestry. In last thirty years we saw a deforestation process at the global level related to land being converted to other uses: agriculture and urbanization, which represent a positive trend of a negative use. The statistics reveal, on one hand, an increasing demand for paper, paper products, wood products and wood energy. So this point is important to analyze: where wood came from and where it is going as either raw material or processed goods? For undeveloped countries, like Romania, it is easy to export primary wood product without evaluating the consequences. On the other hand, developed countries like Sweden export value added products which brig them higher value and profits and require greater manufacturing and marketing skills (case IKEA. For this, government policy could introduce trade barriers to decrease log consumption (like export taxes and simultaneously support furniture production and trade (e.g. export.

  10. COMPANY SIZE, TRADING ACTIVITY AND LIQUIDITY AS A DETERMINANTS OF CROSS-SECTIONAL MOMENTUM TRADING STRATEGY ON RUSSIAN STOCK MARKET. PART 2

    Directory of Open Access Journals (Sweden)

    Teplova T. V.

    2014-09-01

    Full Text Available Momentum-effect has many interpretations in the practice of investing and in understanding of anomalies in asset prices. We consider a Cross-Sectional momentum effects and the corresponding two medium-term (3 months or more trading strategies that are different from the trend following rules for individual assets. We tested four hypothesis deals with cross-sectional momentum effect on the Russian stock market and the possibility of building a self-financing (long-short trading strategy at three time horizon (stock market growth from 2004 until mid-2008, financial crisis and post-crisis periods. It is shown that for the Russian market cross-sectional momentum strategy with partly rebalanced portfolio maximizing portfolio return (134 stocks listed from 2004 to 2014 in the few Russian stock exchanges should be based on the three-month formation period and three-month holding period periods (3/1/3. We have identified elements of profit-maximizing momentum strategy: three time windows and determinants of assets. Monthly average return of arbitrage strategy is estimated at 1.5 % for 134 common shares. Implementation of the strategy for the post-crisis period does not allow to maximize profit. For 6 month and more investment windows it gets the advantage of reverse strategy (opening long positions in stocks with low investment results and short position for assets with high relative returns. Fundamental parameters of the issuer (size of companies like market capitalization and two measures of liquidity (trading activity and transaction costs like bid-ask spread are significant to maximize portfolio performance (we prove the growth of monthly average return ranging from 1.5 to 2.5 %. We find that size and liquidity control momentum strategy can earn positive profits in Russian stock market, larger than naïve momentum.

  11. Korea's emission trading scheme and policy design issues to achieve market-efficiency and abatement targets

    International Nuclear Information System (INIS)

    Park, Hojeong; Hong, Won Kyung

    2014-01-01

    In 2008, the government of Republic of Korea (Korea) announced the national abatement target aiming at 30% reductions from the Business-as-Usual projections by 2020. Accordingly, the Emission Trading Scheme (ETS) will be implemented from 2015 onwards. As ETS performance substantially depends on the structural design, it is critically important to examine the details of Korean ETS for the achievement of cost effectiveness and concurrent development of an active emission trading market. This paper addresses several policy design issues for this purpose. After providing an overview on the current framework of Korean ETS, we propose ways to achieve flexibility, consistency and market efficiency of the program in consideration of the preexisting policies. Issues in policy design are discussed by focusing on allowance allocation, market stabilization measures and price mechanism in the emission and energy markets in Korea. This paper will serve as a practical guideline for establishing sustainable and market-efficient Korean ETS that can be compatible with the international standards as in the EU ETS. - Highlights: • Emission Trading Scheme (ETS) will be implemented from 2015 in Korea to reduce CO 2 . • ETS performance substantially depends on structural design. • We provide policy overview on the current framework of Korean ETS. • Several policy design issues are discussed for developing policy consistency. • We focus on allowance allocation, allowance reserve and market stabilization measures

  12. The Impact of Migration on Access to Credit Markets: Experience ...

    African Journals Online (AJOL)

    This paper sought to explore whether rural-urban migration and urban dwellers have equal access to credit ... The model identified annual income, membership to local network/associations ...... Economics of Rural Organizations: Theory,.

  13. PREDICTION AND ANALYSIS OF SLOVAKIAN TIMBER TRADE ON GLOBAL MARKET CONDITIONS

    Directory of Open Access Journals (Sweden)

    Miloš Gejdoš

    2017-11-01

    Full Text Available In Slovakian forestry the main source of finance is the wood sale. The main aim of this paper is to evaluate the assortments supply structure (quality management, prices development for the coniferous sawlogs and to set the future prediction of this development in new global market conditions, which are affected mainly by the global climate changes. Price changes were analysed for the period of the years from 2000 to March 2016 for the spruce and fir sawlogs. Data about the volume supply of raw-wood assortments in Slovakia for years 2005-2014 were collected from “Green Reports“ published by the Ministry of Agriculture and Rural Development of the Slovak Republic. From the influence factors in the studied period, the biggest impact was assigned to the global economic crisis. The prediction captures the further decline of prices of raw-wood assortments. In the second half of the year 2016 the price of sawlogs decreased by € 4 per 1 m3. Local impacts, the structure of wood processors and specific trade area in Slovakia affected substantially the structure of assortments on Market. There is also some space for a better evaluation of harvested wood.

  14. Analysis and evaluation of compounds from Cichorium intybus aromatic water trade market samples

    Directory of Open Access Journals (Sweden)

    A. Hosseini*

    2017-11-01

    Full Text Available Background and objectives: Cichorium intybus products are one of the best sellers in market Because of their effect on treatment of infection, poisoning, diabetes and allergy. This is the first study about Cichorium intybus market samplephytochemical compounds and the aim of this study was to define a method to recognize the original products. Methods: The sample compounds were extracted by liquid-liquid method and evaluated by GC-MS and compared with the references like Adams 2007. The obtained phytochemical data were analyzed with SPSS and classified by dendrogram method and was compared with the data earned from the standard sample. Results: Forty one compounds were detected. Carvacrol was available in all samples from 1.14 to 39.34%. Also, thymol was present in most of samples from 1.24 to 69.32%. Moreover, we understood that some compounds like pulegone, carvone, carvacrol and piperitenone could be detected in all samples mostly with different percentages. Some linear hydrocarbon was detected in this method along with some other unexpected compounds like cinnamaldehyde. Conclusion: Existence of some impure compounds like: pulegone, carvone, piperitenone and cinnamaldehyde in trade samples showed cleaning of container might not have been proper. Carvacrol and thymol are common compounds to define acceptable standard for Cichorium intybus aromatic water.

  15. Farmers, Trust, and the Market Solution to Water Pollution: The Role of Social Embeddedness in Water Quality Trading

    Science.gov (United States)

    Mariola, Matt J.

    2012-01-01

    Water quality trading (WQT) is a market arrangement in which a point-source water polluter pays farmers to implement conservation practices and claims the resulting benefits as credits toward meeting a pollution permit. Success rates of WQT programs nationwide are highly variable. Most of the literature on WQT is from an economic perspective…

  16. Modeling future U.S. forest sector market and trade impacts of expansion in wood energy consumption

    Science.gov (United States)

    Peter J. Ince; Andrew D. Kramp; Kenneth E. Skog; Do-il Yoo; V. Alaric Sample

    2011-01-01

    This paper describes an approach to modeling U.S. forest sector market and trade impacts of expansion in domestic wood energy consumption under hypothetical future U.S. wood biomass energy policy scenarios. The U.S. Forest Products Module (USFPM) was created to enhance the modeling of the U.S. forest sector within the Global Forest Products Model (GFPM), providing a...

  17. A trade-based method for modelling supply markets in consequential LCA exemplified with Portland cement and bananas

    DEFF Research Database (Denmark)

    Sacchi, Romain

    2017-01-01

    This study proposes a method based on the analysis of trade networks over time for modelling the marginal supply of products in consequential life cycle assessment (LCA). It aims at increasing the geographical granularity of markets, accuracy of transport distances and modes and material losses d...

  18. 17 CFR 33.6 - Suspension or revocation of designation as a contract market for the trading of commodity options.

    Science.gov (United States)

    2010-04-01

    ... or the underlying futures or cash markets, or is otherwise contrary to the public interest: Provided... trading presents a substantial risk to the public interest. (Approved by the Office of Management and Budget under control number 3038-0007) [46 FR 54529, Nov. 3, 1981, as amended at 46 FR 63036, Dec. 30...

  19. Cross-border electricity market effects due to price caps in an emission trading system : An agent-based approach

    NARCIS (Netherlands)

    Richstein, J.C.; Chappin, E.J.L.; De Vries, L.J.

    2014-01-01

    The recent low CO2 prices in the European Union Emission Trading Scheme (EU ETS) have triggered a discussion whether the EU ETS needs to be adjusted. We study the effects of CO2 price floors and a price ceiling on the dynamic investment pathway of two interlinked electricity markets (loosely based

  20. Towards a Continental Energy Market: From the Energy Crisis to the Free Trade Agreement, 1970-88.

    Science.gov (United States)

    Bennett, Paul W.

    1989-01-01

    Discusses the impact the 1973 oil embargo and resulting energy crisis had on Canadian energy policies, which eventually led in 1987 to the enactment of the Free Trade Agreement between Canada and the United States. Includes excerpts of three documents which reveal much about the shift in Canadian policy toward a continental energy market. (LS)

  1. The development of a market for sustainable coffee in the Netherlands: Rethinking the contribution of fair trade

    NARCIS (Netherlands)

    Ingenbleek, P.T.M.; Reinders, M.J.

    2013-01-01

    In recent years, researchers have observed the process of mainstreaming Fair Trade and the emergence of alternative sustainability standards in the coffee industry. The underlying market dynamics that have contributed to these developments are, however, under-researched. Insight into these dynamics

  2. 78 FR 55057 - Authority To Manufacture Carbon Fiber for the U.S. Market Not Approved; Foreign-Trade Subzone...

    Science.gov (United States)

    2013-09-09

    ... DEPARTMENT OF COMMERCE Foreign-Trade Zones Board [Order No. 1914] Authority To Manufacture Carbon... behalf of Toho Tenax America, Inc. (TTA), to manufacture carbon fiber under zone procedures for the U.S... approve the application requesting authority to manufacture carbon fiber for the U.S. market under zone...

  3. A global assessment of market accessibility and market influence for global environmental change studies

    NARCIS (Netherlands)

    Verburg, P.H.; Ellis, E.C.; Letourneau, A.

    2011-01-01

    Markets influence the global patterns of urbanization, deforestation, agriculture and other land use systems. Yet market influence is rarely incorporated into spatially explicit global studies of environmental change, largely because consistent global data are lacking below the national level. Here

  4. Market access and agricultural production : the case of banana production in Uganda

    NARCIS (Netherlands)

    Bagamba, F.

    2007-01-01

    Keywords: Smallholder poor farmers, market access, bananas, productivity, efficiency, labour demand, labour supply,Uganda.This study investigates the effects of factor and commodity markets on the

  5. Global Market Access in the Internet Era: South Africa's Wood Furniture Industry.

    Science.gov (United States)

    Moodley, Sagren

    2002-01-01

    Explores the link between Internet connectivity and access to global markets, and uses the South African wood furniture producers as they are integrated into global value chains and exposed to the demands of more sophisticated markets. Articulates policy recommendations to promote greater diffusion of e-commerce technologies in the wood furniture…

  6. Liquidity Creation through Banks and Markets : Multiple Insurance and Limited Market Access

    OpenAIRE

    Ernst-Ludwig VON THADDEN

    1998-01-01

    The paper surveys theories of the intertemporal allocation of funds through demand deposits and anonymous markets, first separately and then in an integrated model. It reviews some work on the role of market frictions and asset characteristics, and suggests that the interplay between these two is crucial in explaining the observed coexistence of demand deposits and anonymous markets.

  7. A Unified Trading Model Based on Robust Optimization for Day-Ahead and Real-Time Markets with Wind Power Integration

    DEFF Research Database (Denmark)

    Jiang, Yuewen; Chen, Meisen; You, Shi

    2017-01-01

    In a conventional electricity market, trading is conducted based on power forecasts in the day-ahead market, while the power imbalance is regulated in the real-time market, which is a separate trading scheme. With large-scale wind power connected into the power grid, power forecast errors increase...... in the day-ahead market which lowers the economic efficiency of the separate trading scheme. This paper proposes a robust unified trading model that includes the forecasts of real-time prices and imbalance power into the day-ahead trading scheme. The model is developed based on robust optimization in view...... of the undefined probability distribution of clearing prices of the real-time market. For the model to be used efficiently, an improved quantum-behaved particle swarm algorithm (IQPSO) is presented in the paper based on an in-depth analysis of the limitations of the static character of quantum-behaved particle...

  8. Permit trading and credit trading

    DEFF Research Database (Denmark)

    Boom, Jan-Tjeerd; R. Dijstra, Bouwe

    This paper compares emissions trading based on a cap on total emissions (permit trading) and on relative standards per unit of output (credit trading). Two types of market structure are considered: perfect competition and Cournot oligopoly. We find that output, abatement costs and the number...... of firms are higher under credit trading. Allowing trade between permit-trading and credit-trading sectors may increase in welfare. With perfect competition, permit trading always leads to higher welfare than credit trading. With imperfect competition, credit trading may outperform permit trading....... Environmental policy can lead to exit, but also to entry of firms. Entry and exit have a profound impact on the performance of the schemes, especially under imperfect competition. We find that it may be impossible to implement certain levels of total industry emissions. Under credit trading several levels...

  9. Trading Agents

    CERN Document Server

    Wellman, Michael

    2011-01-01

    Automated trading in electronic markets is one of the most common and consequential applications of autonomous software agents. Design of effective trading strategies requires thorough understanding of how market mechanisms operate, and appreciation of strategic issues that commonly manifest in trading scenarios. Drawing on research in auction theory and artificial intelligence, this book presents core principles of strategic reasoning that apply to market situations. The author illustrates trading strategy choices through examples of concrete market environments, such as eBay, as well as abst

  10. Temporary authorization for use: does the French patient access programme for unlicensed medicines impact market access after formal licensing?

    Science.gov (United States)

    Degrassat-Théas, Albane; Paubel, Pascal; Parent de Curzon, Olivier; Le Pen, Claude; Sinègre, Martine

    2013-04-01

    To reach the French market, a new drug requires a marketing authorization (MA) and price and reimbursement agreements. These hurdles could delay access to new and promising drugs. Since 1992, French law authorizes the use of unlicensed drugs on an exceptional and temporary basis through a compassionate-use programme, known as Temporary Authorization for Use (ATU). This programme was implemented to improve early access to drugs under development or authorized abroad. However, it is suspected to be inflationary, bypassing public bodies in charge of health technology assessment (HTA) and of pricing. The aim of this study is to observe the market access after the formal licensing of drugs that went through this compassionate-use programme. We included all ATUs that received an MA between 1 January 2005 and 30 June 2010. We first examined market access delays from these drugs using the standard administrative path. We positioned this result in relation to launch delays observed in France (for all outpatient drugs) and in other major European markets. Second, we assessed the bargaining power of a hospital purchaser after those drugs had obtained an MA by calculating the price growth rate after the approval. During the study period, 77 ATUs were formally licensed. The study concluded that, from the patient's perspective, licensing and public bodies' review time was shortened by a combined total of 36 months. The projected 11-month review time of public bodies may be longer than delays usually observed for outpatient drugs. Nonetheless, the study revealed significant benefits for French patient access based on comparable processing to launch time with those of other European countries with tight price control policies. In return, a 12 % premium, on average, is paid to pharmaceutical companies while drugs are under this status (sub-analysis on 56 drugs). In many instances, the ATU programme responds to a public health need by accelerating the availability of new drugs

  11. Quality Assurance "Down Under": Market Access and Product Differentiation

    OpenAIRE

    John D. Lawrence

    2002-01-01

    Australia and New Zealand are major beef producing countries and major beef exporters. Unlike the case in the United States, where less than 10 percent of beef is exported, approximately 60 percent of Australia's and 85 percent of New Zealand's beef production is exported. Because of their dependency on a diverse set of export customers, these two countries are developing quality assurance programs that differentiate their beef in the global market and assure individual customers that the pro...

  12. The Bio-Inspired Optimization of Trading Strategies and Its Impact on the Efficient Market Hypothesis and Sustainable Development Strategies

    Directory of Open Access Journals (Sweden)

    Rafał Dreżewski

    2018-05-01

    Full Text Available In this paper, the evolutionary algorithm for the optimization of Forex market trading strategies is proposed. The introduction to issues related to the financial markets and the evolutionary algorithms precedes the main part of the paper, in which the proposed trading system is presented. The system uses the evolutionary algorithm for optimization of a parameterized greedy strategy, which is then used as an investment strategy on the Forex market. In the proposed system, a model of the Forex market was developed, including all elements that are necessary for simulating realistic trading processes. The proposed evolutionary algorithm contains several novel mechanisms that were introduced to optimize the greedy strategy. The most important of the proposed techniques are the mechanisms for maintaining the population diversity, a mechanism for protecting the best individuals in the population, the mechanisms preventing the excessive growth of the population, the mechanisms of the initialization of the population after moving the time window and a mechanism of choosing the best strategies used for trading. The experiments, conducted with the use of real-world Forex market data, were aimed at testing the quality of the results obtained using the proposed algorithm and comparing them with the results obtained by the buy-and-hold strategy. By comparing our results with the results of the buy-and-hold strategy, we attempted to verify the validity of the efficient market hypothesis. The credibility of the hypothesis would have more general implications for many different areas of our lives, including future sustainable development policies.

  13. Market opening and third party access in district heating networks

    International Nuclear Information System (INIS)

    Soederholm, Patrik; Warell, Linda

    2011-01-01

    The purpose of this paper is to analyse the possible effects of introducing TPA in district heating networks by identifying and scrutinizing a number of possible scenarios for increased competition. The analysis builds on a theoretical discussion of economic efficiency in district heating operations, and the possible impacts on consumer prices of a market opening. An important conclusion is that regulated TPA may have small positive effects on competition, and at the same time it can have a negative impact on the possibility to run the integrated district heating operations in a cost-effective manner. This conclusion stems in part from the observation that most district heating networks are local in scope. Moreover, district heating operations are highly interdependent in, for instance, that the level of the return temperature of the water will affect the efficiency of combined heat and power plants. For these reasons, the introduction of the so-called single-buyer model or, perhaps even more preferable, an extended and more transparent producer market could represent more efficient market designs. Moreover, in networks with clear natural monopoly characteristics an ex ante price regulation must be considered. - Research Highlights: →The paper analyses the possible effects of TPA in district heating networks. → Four possible scenarios for increased competition are identified and scrutinized. → A conclusion is that regulated TPA have only small positive effects on competition. → District heating operations are highly interdependent and separation can be costly.

  14. Access pricing on gas networks and capacity release markets: Lessons from North American and European experiences

    International Nuclear Information System (INIS)

    David, L.; Percebois, J.

    2004-01-01

    An evaluation of different access fee systems in North America and Europe in relation to normative prices is discussed. Among available alternatives the entry-exit pricing system as it is currently applied in the United Kingdom, the Netherlands, Italy and France, was judged to be the best solution to increased competition. Canadian and American experiences highlight the influence of the market power of shippers with regard to the efficacy of capping the market. Whether or not to cap the price on a capacity release market is a choice between the protection of shippers against market abuses and the promotion of secondary market liquidity, a choice that is linked to the level of congestion of a pipeline system. If there is much congestion, a price cap may be necessary; if there is little congestion, the need for market value given by an uncapped price may be more important than the market power of shippers. 15 refs., 2 tabs

  15. Impact Of The Ban On Uncovered SCDS Trade On the Interdependencies Between The CDS Market And Other Sectors Of Financial Markets. The Case Of Safe And Developed Versus Risky And Developing European Markets

    Directory of Open Access Journals (Sweden)

    Kliber Agata

    2016-03-01

    Full Text Available The aim of the article is to verify the impact of the ban on uncovered sCDS trade in Europe on the interdependencies between the sCDS market and other sectors of financial markets. We analyse two European markets: the safe and developed Swedish market, and the risky and developing Hungarian one. The study covers the period from October 2008 to October 2013. We analyse changes in the interdependencies between the sCDS market and the bond market, as well as between the sCDS market and the stock exchange. We found out that in the case of the safe Swedish market, the strength of relationships of each sector of financial markets with the sCDS one was much weaker than in the case of Hungary, which may suggest that the Swedish market is less prone to crisis transmission arising from herd behaviour or speculative attacks. In the end we show that in the two economies, the influence of the sCDS market on the other sectors of financial market indeed diminished following introduction of the ban on uncovered sCDS trade.

  16. Trading wind energy on the basis of probabilistic forecasts both of wind generation and of market quantities

    DEFF Research Database (Denmark)

    Zugno, Marco; Jónsson, Tryggvi; Pinson, Pierre

    2013-01-01

    in liberalized electricity markets and to assess its performance. At first, the so-called optimal quantile strategy is revisited. It is proved that without market power, i.e. under the price-taker assumption, this strategy maximizes expected market revenues. Forecasts of wind power production, of day......-ahead and real-time market prices and of the system imbalance are inputs to this strategy. Subsequently, constraining of the bid that maximizes the expected revenues is proposed as a way to overcome the strategy's disregard of practical limitations and, at the same time, of risk. Two constraining techniques......Wind power is not easily predictable and non-dispatchable. Nevertheless, wind power producers are increasingly urged to participate in electricity market auctions in the same manner as conventional power producers. The aim of this paper is to propose an operational strategy for trading wind energy...

  17. Market integration of pastoral systems in the south of Chad : case of the milk trade in Moundu

    Directory of Open Access Journals (Sweden)

    G. Duteurtre

    2000-03-01

    Full Text Available Since 1980, livestock husbandry has steadily increased in the south of Chad, particularly because of transhumant herd moves from the center to the south of the country. Supplying cities and villages with dairy products is an important trade for the breeders. This trade was the foundation for pastoral breeders to settle down around the city of Moundu. Can such a livestock system respond in a sustainable way to the quickly growing demand of the population? Does it change as a result of integrating the market? Suburban dairy producers, dairy processors, salespersons and consumers were surveyed to better understand the organization of this subsector. Results show that the traditional dairy product trade is dynamic. More than 5000 liters originating from suburban Fulani settlements reach city markets every day. The livestock system is also adapting itself well to the new trade environment, while keeping its intrinsic mobility, even on short distances. In addition, urban dairy processors (cheesemakers and dairy bars boost this subsector. Finally, there is not much competition with imports due to the area being enclosed and consumers’ preference for traditional products. However, Fulani pastoralist settlements generate some conflicts on land use. This study shows the need to initiate more talks between livestock breeders and cotton producers, to reorganize the cotton oilseed cake market, and to develop small dairy-processing units.

  18. Electricity trade and GHG emissions: Assessment of Quebec's hydropower in the Northeastern American market (2006-2008)

    International Nuclear Information System (INIS)

    Ben Amor, Mourad; Pineau, Pierre-Olivier; Gaudreault, Caroline; Samson, Rejean

    2011-01-01

    Worldwide electricity sector reforms open up electricity markets and increase trades. This has environmental consequences as exports and imports either increase or decrease local production and consequently greenhouse gas (GHG) emissions. This paper's objective is to illustrate the importance of electricity trade's impact on GHG emissions by providing an estimate of the net GHG emissions resulting from these trades. To achieve this objective, Quebec hourly electricity exchanges with adjacent jurisdictions were examined over the 2006-2008 period. In order to associate a specific GHG emission quantity to electricity trades, hourly marginal electricity production technologies were identified and validated using the Ontario hourly output per power plant and information released in the Quebec adjacent system operator reports. It is estimated that over three years, imports into Quebec were responsible for 7.7 Mt of GHG, while Quebec hydropower exports avoided 28.3 Mt of GHG emissions. Hence, the net result is 20.6 Mt of avoided emissions over 2006-2008, or about 7 Mt per year, which corresponds to more than 8% of the Quebec yearly GHG emissions. When GHG emissions from all life cycle stages (resource extraction to end-of-life) are accounted for, the net avoided GHG emissions increase by 35%, to 27.9 Mt. - Research highlights: → Environmental benefits of hydropower exports are considerable. → Detailed GHG assessment of such electricity trade is missing from the literature. → Net GHG emissions estimate resulting from such trade is provided. → GHG gains are significant in the Northeast American electricity market due to such electricity trade.

  19. Eliminating Anticompetitive Market Distortions Through The Transatlantic Trade and Investment Partnership

    OpenAIRE

    Shanker Singham

    2013-01-01

    A U.S.-EU trade agreement that truly eliminated these anticompetitive distortions would generate trillions of dollars of new wealth in the global economy. Shanker A. Singham (Squire Sanders & Roundtable on Trade and Competition)

  20. Fishers, Fair Trade, and finding middle ground

    NARCIS (Netherlands)

    Bailey, Megan; Bush, Simon; Oosterveer, Peter; Larastiti, Laksmi

    2016-01-01

    The goal of Fair Trade certification is to contribute to sustainable development by offering trading conditions that are transparent and equitable. One important condition is improved market access and strengthened producer organizations. In regions like Southeast Asia this goal can be hard to

  1. Virtuous interactions in removing exclusion: The link between foreign market access and access to education

    OpenAIRE

    Leonardo Becchetti; Pierluigi Conzo; Fabio Pisani

    2009-01-01

    Abstract We outline a methodology which aims to give an answer to the widespread demand of impact methodologies by regulators or by funding agencies which need to evaluate the current and past performance of development projects and may lack of time series evidence. We devise a retrospective panel data approach to evaluate the dynamics of the effects of fair-trade affiliation on the schooling decisions of a sample of Thai organic rice producers across the past twenty years. We find...

  2. Carbon savings with transatlantic trade in pellets: accounting for market-driven effects

    International Nuclear Information System (INIS)

    Wang, Weiwei; Khanna, Madhu; Dwivedi, Puneet; Abt, Robert

    2015-01-01

    Exports of pellets from the United States (US) are growing significantly to meet the demand for renewable energy in the European Union. This transatlantic trade in pellets has raised questions about the greenhouse gas (GHG) intensity of these pellets and their effects on conventional forest product markets in the US. This paper examines the GHG intensity of pellets exported from the US using either forest biomass only or forest and agricultural biomass combined. We develop an integrated dynamic, price-endogenous, partial equilibrium model of the forestry, agricultural, and transportation sectors in the US to investigate not only the direct life-cycle GHG intensity of pellets but also the accompanying indirect market and land use effects induced by changes in prices of forest and agricultural products over the 2007–2032 period. Across different scenarios of high and low pellet demand that can be met with either forest biomass only or with forest and agricultural biomass, we find that the GHG intensity of pellet based electricity is 74% to 85% lower than that of coal-based electricity. We also find that the GHG intensity of pellets produced using agricultural and forest biomass is 28% to 34% lower than that of pellets produced using forest biomass only. GHG effects due to induced direct and indirect changes in forest carbon stock caused by changes in harvest rotations, changes in land use and in conventional wood production account for 11% to 26% of the overall GHG intensity of pellets produced from forest biomass only; these effects are negative with the use of forest and agricultural biomass. (letter)

  3. Market environment and Medicaid acceptance: What influences the access gap?

    Science.gov (United States)

    Bond, Amelia; Pajerowski, William; Polsky, Daniel; Richards, Michael R

    2017-12-01

    The U.S. health care system is undergoing significant changes. Two prominent shifts include millions added to Medicaid and greater integration and consolidation among firms. We empirically assess if these two industry trends may have implications for each other. Using experimentally derived ("secret shopper") data on primary care physicians' real-world behavior, we observe their willingness to accept new privately insured and Medicaid patients across 10 states. We combine this measure of patient acceptance with detailed information on physician and commercial insurer market structure and show that insurer and provider concentration are each positively associated with relative improvements in appointment availability for Medicaid patients. The former is consistent with a smaller price discrepancy between commercial and Medicaid patients and suggests a beneficial spillover from greater insurer market power. The findings for physician concentration do not align with a simple price bargaining explanation but do appear driven by physician firms that are not vertically integrated with a health system. These same firms also tend to rely more on nonphysician clinical staff. Copyright © 2017 John Wiley & Sons, Ltd.

  4. A methodology for assessing the market benefits of alternative motor fuels: The Alternative Fuels Trade Model

    Energy Technology Data Exchange (ETDEWEB)

    Leiby, P.N.

    1993-09-01

    This report describes a modeling methodology for examining the prospective economic benefits of displacing motor gasoline use by alternative fuels. The approach is based on the Alternative Fuels Trade Model (AFTM). AFTM development was undertaken by the US Department of Energy (DOE) as part of a longer term study of alternative fuels issues. The AFTM is intended to assist with evaluating how alternative fuels may be promoted effectively, and what the consequences of substantial alternative fuels use might be. Such an evaluation of policies and consequences of an alternative fuels program is being undertaken by DOE as required by Section 502(b) of the Energy Policy Act of 1992. Interest in alternative fuels is based on the prospective economic, environmental and energy security benefits from the substitution of these fuels for conventional transportation fuels. The transportation sector is heavily dependent on oil. Increased oil use implies increased petroleum imports, with much of the increase coming from OPEC countries. Conversely, displacement of gasoline has the potential to reduce US petroleum imports, thereby reducing reliance on OPEC oil and possibly weakening OPEC`s ability to extract monopoly profits. The magnitude of US petroleum import reduction, the attendant fuel price changes, and the resulting US benefits, depend upon the nature of oil-gas substitution and the supply and demand behavior of other world regions. The methodology applies an integrated model of fuel market interactions to characterize these effects.

  5. Emulation of Equal Open Access and Competition Creation in the Wireline Telecommunications Local and Last Mile Market Segments

    Science.gov (United States)

    Van Epps, Daniel L.

    2013-01-01

    Expanded telecommunications was deemed a serious need for end users. The "Local Market" and "Last Mile" market segments have largely consolidated into "natural utilities". Competition and access problems occur if new providers enter the local market and desire competitive access and service to end users. Local and…

  6. Tarım Dışı Ürünlerde Pazara Giriş (NAMA Müzakereleri ve Türkiye (Non-Agricultural Market Access Negotiations and Turkey

    Directory of Open Access Journals (Sweden)

    Şahin YAMAN

    2010-04-01

    Full Text Available This essay tries to analyse Turkey’s position and constraints in the WTO Nonagricultural Market Access Negotiations (NAMA especially vis-à-vis developing countries.It basically, underlines Turkey’s unique negotiating position; de jure developing, de facto an advanced economy status in the WTO Doha NAMA negotiations.At Doha Ministerial Meeting in 2001, WTO members agreed to initiate negotiations to further liberalize trade, among other areas, on non-agricultural goods. For this purpose, the Negotiating Group on Market Access (NGMA was created at the first meeting of the Trade Negotiations Committee of the WTO, in early 2002. Turkey has been quite active since then in NAMA negotiations in calibrating its position between offensive and defensive negotiation interests although its offensive market access interests largely outweigh defensive one.Turkey has also been propagating an offensive non-linear tariff cutting Swiss Formula approach at the WTO to curb the international high tariffs, tariff peaks and escalations. Having a strong offensive market access interests, Turkey mainly aims at large developing country markets diversifying its trade portfolio away from traditional markets towards large developing economies.From the perspective of governance, Turkey has serious constraints on its trade and industry policy space stemming from the Turkey-EU Customs Union (CU. Although Turkey is a de jure developing country in the WTO and will have all legal rights and mobligations stemming from the outcome of the DOHA, in practice, Turkey will have to implement the same applied common external tariffs of the EU. Despite the constraints and dilemmas stemming from the EU-Turkey customs union, it can be strongly argued that, it is in Turkey’s industrial interests to be actively involved in the WTO to tackle the high tariffs, tariff peaks and escalations which hinders Turkey’s exports to the world markets.

  7. Does AFTA Create More Trade for Thailand? An Investigation of Some Key Trade Indicators

    Directory of Open Access Journals (Sweden)

    Piriya Pholphirul

    2010-04-01

    Full Text Available This paper examines whether the ASEAN Free Trade Agreement (AFTA creates trade for Thailand or actually diverts it away from the country. It does this by analyzing various trade indicators: the Export Similarity Index, the Intra-Industry Trade Index, and Revealed Comparative Advantage (RCA rank correlation. By examining the patterns of trade between Thailand and other members of ASEAN, it reveals a high degree of similarity regarding the trade structure between Thailand and AFTA, which indicates that there will be fewer trade-creation benefits from AFTA and a greater likelihood of trade diversion once the AFTA scheme has been fully implemented. This similarity pattern explains the reasons for future collaboration among member countries and supportive arguments for the future extension of ASEAN ("ASEAN+". Market-penetration and development strategies should be employed by Thai exporters when accessing the ASEAN market.

  8. The integrated North American electricity market : assuring an adequate supply of electricity through cross-border cooperation and trade

    International Nuclear Information System (INIS)

    Egan, T.

    2005-03-01

    The purpose of this paper is to support cooperation and discussion of the long-term sufficiency of the electricity trading system between Canada and the United States. It discusses the integrated electricity market including details on exports and imports of electricity, major transmission interconnections, the economic and environmental benefits of an integrated market and electricity generation statistics by fuel source. The paper also discusses several areas of cooperation and presents several recommendations including: greater dialogue on regional supply requirements; mandatory reliability standards; coordinated regulatory approaches to new cross-border transmission; the role of emerging generation and transmission technologies; opportunities to exchange experience and learning on demand-side measures; coordinated strategies to manage greenhouse gas and other air pollutants; and, critical infrastructure protection. The paper concludes that the integration between Canada and the United States will only increase as energy demand and trade continue to grow, making close cooperation between the two countries a necessity. 6 figs

  9. Markets in the Ottoman city of Algiers and trading systems through the Law of Kanon al-asswak Manuscript

    Directory of Open Access Journals (Sweden)

    A.E.K.Sahraoui

    2009-03-01

    Full Text Available The markets are economic entities with a common advantage in the field of professional specialization accompanied by a clear geographic concentration in the city of Algeria during the Ottoman period. Each trade has a specific street. Each profession's name shows three facts, including the concentration of artisans and merchants into one product, then the trade union that brings them together, and the place that bears their name, which has become independent of the technical meaning. Perhaps the markets of Ottoman Algeria and its professional and professional organizations are the ones that reveal the accuracy of attention to the commercial movement of the civilian, and its economic communities in general and industrial in particular.

  10. Television food marketing to children revisited: the Federal Trade Commission has the constitutional and statutory authority to regulate.

    Science.gov (United States)

    Pomeranz, Jennifer L

    2010-01-01

    The evidence reveals that young children are targeted by food and beverage advertisers but are unable to comprehend the commercial context and persuasive intent of marketing. Although the First Amendment protects commercial speech, it does not protect deceptive and misleading speech for profit. Marketing directed at children may fall into this category of unprotected speech. Further, children do not have the same First Amendment right to receive speech as adults. For the first time since the Federal Trade Commission's original attempt to regulate marketing to children in the 1970s (termed KidVid), the political, scientific, and legal climate coalesce to make the time well-suited to reevaluate the FTC's authority for action. This paper analyzes the constitutional authority for the FTC to regulate television food marketing directed at children as deceptive in light of the most robust public health evidence on the subject.

  11. Health economics of market access for biopharmaceuticals and biosimilars.

    Science.gov (United States)

    Simoens, Steven

    2009-09-01

    This article discusses health economic challenges of research and development, registration, pricing and reimbursement of biopharmaceuticals and biosimilars. A literature search was carried out of PubMed, Centre for Reviews and Dissemination databases, Cochrane Database of Systematic Reviews and EconLit up to March 2009. The development process of biopharmaceuticals is risky, lengthy, complex and expensive. Registration is complicated by the inherent variation between biopharmaceuticals. Also, as biopharmaceuticals are likely to be efficacious in a subgroup of the patient population, there is a need to select the most responsive target population and to identify biomarkers. To inform pricing and reimbursement decisions, the development process needs to collect comparative data to calculate the incremental cost effectiveness and budget impact of biopharmaceuticals. There is a role for innovative mechanisms such as risk-sharing arrangements to reimburse biopharmaceuticals. Given that biosimilars are similar, but not identical to the reference biopharmaceutical, the development process needs to generate clinical trial data in order to gain marketing authorisation. From a health economic perspective, the question arises whether inherent differences between biopharmaceuticals and biosimilars produce differences in safety, effectiveness and costs: to date, this question is unresolved. The early inclusion of health economics in the process of developing biopharmaceuticals and biosimilars is imperative with a view to demonstrating their relative (cost) effectiveness and informing registration, pricing and reimbursement decisions.

  12. Experiences in accessing the U.S. equity markets

    International Nuclear Information System (INIS)

    Gosbee, G. F. J.

    1998-01-01

    This paper was designed to deal with three issues: (1) reasons for the difficulty of attracting U.S. capital into Canada; (2) Canadian companies' need for U.S. capital, and (3) how to successfully attract U.S. capital. As far as the reasons for the difficulties of attracting U.S. capital are concerned, intense world-wide competition for U.S. capital, the relatively small capital needs in Canada, the relatively poorly developed reporting practices, passive management and shareholders, and Canada's more stringent regulatory practices were highlighted as being most responsible. As to whether Canadian companies need U.S. capital, the answer was in the affirmative, citing multiple expansion, shareholder base diversification and the large equity raising power of the U.S. market as contributing factors. With regard to attracting U.S. capital into Canada, the advice given included differentiating the company, adopting U.S. reporting practices, addressing regulatory concerns, obtaining U.S.listings, and outperforming competitors

  13. Impacts of a farmers' market incentive programme on fruit and vegetable access, purchase and consumption.

    Science.gov (United States)

    Olsho, Lauren Ew; Payne, Gayle Holmes; Walker, Deborah Klein; Baronberg, Sabrina; Jernigan, Jan; Abrami, Alyson

    2015-10-01

    The present study examines the impact of Health Bucks, a farmers' market incentive programme, on awareness of and access to farmers' markets, and fruit and vegetable purchase and consumption in low-income New York City neighbourhoods. The evaluation used two primary data collection methods: (i) an on-site point-of-purchase survey of farmers' market shoppers; and (ii) a random-digit-dial telephone survey of residents in neighbourhoods where the programme operates. Additionally, we conducted a quasi-experimental analysis examining differential time trends in consumption before and after programme introduction using secondary Community Health Survey (CHS) data. New York City farmers' markets and communities. Farmers' market shoppers (n 2287) completing point-of-purchase surveys in a representative sample of New York City farmers' markets in 2010; residents (n 1025) completing random-digit-dial telephone survey interviews in 2010; and respondents (n 35 606) completing CHS interviews in 2002, 2004, 2008 and 2009. Greater Health Bucks exposure was associated with: (i) greater awareness of farmers' markets; (ii) increased frequency and amount of farmers' market purchases; and (iii) greater likelihood of a self-reported year-over-year increase in fruit and vegetable consumption. However, our CHS analysis did not detect impacts on consumption. While our study provides promising evidence that use of farmers' market incentives is associated with increased awareness and use of farmers' markets, additional research is needed to better understand impacts on fruit and vegetable consumption.

  14. International Management and Marketing in Regional Trade within V4 Countries: Focus on Slovak - Hungarian Trade Flows

    OpenAIRE

    Elena Horská; Iveta Ubreziová

    2007-01-01

    Integration processes and globalization trends create new possibilities for enterprises. New economics alters the ways of „doing business" in the market. Interdependence of national economies is still deeper and includes different aspects of economic, political and social life. First of all, the paper identifies the areas and ways of the international business cooperation development among the Slovak Republic and Hungary - a business partner closed from geographical or business point of view....

  15. Technical Barriers, Licenses and Tariffs as Means of Limiting Market Access

    DEFF Research Database (Denmark)

    Schröder, Philipp J.H.; Jørgensen, Jan Guldager

    2006-01-01

    Technical barriers (standards), import licenses and tariffs may be deployed as means of limiting the market access of foreign firms. The present paper examines these measures in a setting of monopolistic competition. We find that, if protection focuses predominantly on the number of foreign firms...... accessing the domestic market, a technical barrier (an import license) may dominate a tariff (tariff and a tech- nical barrier) in terms of consumer welfare, even when tariff revenues are fully redistributed. However, if protection pays su±cient focus on limiting the total import volume, then tariffs...

  16. Bringing Produce to the People: Implementing a Social Marketing Food Access Intervention in Rural Food Deserts.

    Science.gov (United States)

    Ramirez, A Susana; Diaz Rios, Lillian K; Valdez, Zulema; Estrada, Erendira; Ruiz, Ariana

    2017-02-01

    This study describes and evaluates the process of implementing a social marketing food access intervention for food desert communities in rural California. A case study approach used mixed-methods data from nationwide market comparisons, environmental assessment, and community informants. Lessons learned demonstrate room for improvement in implementing such strategies and underscore the importance of involving community in decision making; the strategic importance of operational decisions relating to intervention design, site and product selection, and distribution models; and the need to reconsider the problem of access in rural areas. Copyright © 2016 Society for Nutrition Education and Behavior. All rights reserved.

  17. Issues in Water Quality Trading: Perspectives on the Market-Based Approach

    Science.gov (United States)

    Market mechanisms and incentives can play an important role in addressing environmental problems. Potential advantages of using market-based approaches include reducing the costs of meeting environmental goals and encouraging innovation. One market mechanism that has been promo...

  18. Post-marketing access to orphan drugs: a critical analysis of health technology assessment and reimbursement decision-making considerations

    Directory of Open Access Journals (Sweden)

    Iskrov G

    2014-01-01

    Full Text Available Georgi Iskrov, Rumen Stefanov Department of Social Medicine and Public Health, Medical University of Plovdiv, Plovdiv, Bulgaria Abstract: This study aims to explore the current rationale of post-marketing access to orphan drugs. As access to orphan medicinal products depends on assessment and appraisal by health authorities, this article is focused on health technology assessment (HTA and reimbursement decision-making considerations for orphan drugs. A critical analysis may identify important factors that could predetermine the combined outcomes of these two processes. Following this objective, an analytical framework was developed, comprising three overlaying issues: to outline what is currently done and what needs to be done in the field of HTA of orphan drugs, to synthesize important variables relevant to the reimbursement decision-making about orphan drugs, and to unveil relationships between theory and practice. Methods for economic evaluation, cost-effectiveness threshold, budget impact, uncertainty of evidence, criteria in reimbursement decision-making, and HTA research agenda are all explored and discussed from an orphan drug perspective. Reimbursement decision-making for orphan drugs is a debate of policy priorities, health system specifics, and societal attitudes. Health authorities need to pursue a multidisciplinary analysis on a range of criteria, ensuring an explicit understanding of the trade-offs for decisions related to eligibility for reimbursement. The only reasonable way to accept a higher valuation of orphan drug benefits is if these are demonstrated empirically. Rarity means that the quality of orphan drug evidence is not the same as for conventional therapies. Closing this gap is another crucial point for the timely access to these products. The generation of evidence goes far beyond pre-market authorization trials and requires transnational cooperation and coordination. Early constructive dialogue among orphan drug

  19. Increasing Wage Gap, Spatial Structure and Market Access: Evidence from Swedish Micro Data

    OpenAIRE

    Nabavi, Pardis

    2015-01-01

    The new economic geography predicts that the wage gap will increase with accessibility to markets but does not consider the impact of spatial proximity. In contrast, urban economic theory explains wage differences by density without accounting for accessibility. Using a rich Swedish micro-panel, we empirically examine the two rival theories for males and females separately, controlling for individual, firm and regional characteristics. The regression results indicate that wage dispersion is c...

  20. Wood products trade and foreign markets. Annual production, consumption, and trade issue. Principal countries impacting US trade in wood products. Foreign agriculture circular

    International Nuclear Information System (INIS)

    1993-05-01

    The Forest Products Division has compiled production, consumption, and trade data on selected wood products for twenty eight significant countries. The data, collected from various sources, is not necessarily compatible with US export and import data normally published in this circular, which comes from the US Census Bureau. To supplement this data, the following perspectives offer a comparative snapshot of conditions in these countries, both in the general economy and the wood products sector. Economic information was extracted from the 1992 World Factbook; Central Intelligence Agency