scholarly journals Packaging Liquidity: Blind Auctions and Transaction Efficiencies

2005 ◽  
Vol 40 (3) ◽  
pp. 465-492 ◽  
Author(s):  
Kenneth A. Kavajecz ◽  
Donald B. Keim
Keyword(s):  
Institutional Investors ◽  
Low Cost ◽  
Cost Savings ◽  
Individual Investors ◽  
Investment Strategies ◽  
Critical Feature ◽  
Liquidity Provision ◽  
Trading Mechanisms ◽  
The Individual ◽  
The Cost

AbstractThe costs of implementing investment strategies represent a significant drag on the performance of mutual funds and other institutional investors. It is the responsibility of institutional investors, and in the interests of the individual investors they represent, to seek market mechanisms that mitigate trading costs. We investigate an example of one such liquidity provision mechanism whereby liquidity demanders auction a set of trades as a package directly to potential liquidity providers. A critical feature of the auction is that the identities of the securities in the package are not revealed to the bidder. We demonstrate that this mechanism provides a transactions cost savings relative to more traditional trading mechanisms for the liquidity demander as well as an efficient way for liquidity suppliers to obtain order flow. We argue that the cost savings afforded this new mechanism are due to the potential for low cost crosses with the bidder's existing inventory positions and through the longer trading horizon, and superior trading ability, of the bidders. This research suggests that the ability to innovate via new liquidity provision mechanisms can provide market participants with transaction cost savings that cannot be easily duplicated on more traditional exchanges.

scholarly journals Textbook Alternative Incentive Programs at U.S. Universities: A Review of the Literature

2020 ◽  
Vol 15 (4) ◽  
pp. 105-123
Author(s):  
Ashley Lierman
Keyword(s):  
Low Cost ◽  
Cost Savings ◽  
The United States ◽  
Design Development ◽  
Impact Measurement ◽  
Grant Programs ◽  
Incentive Programs ◽  
Financial Investments ◽  
Faculty Time ◽  
The Cost

Objective – This article reviews current literature on incentive grant programs for textbook alternatives at universities and their libraries. Of particular interest in this review are common patterns and factors in the design, development, and implementation of these initiatives at the programmatic level, trends in the results of assessment of programs, and unique elements of certain institutions’ programs. Methods – The review was limited in scope to studies in scholarly and professional publications of textbook alternative incentive programs at universities within the United States of America, published within ten years prior to the investigation. A comprehensive literature search was conducted and then subjected to analysis for trends and patterns. Results – Studies of these types of programs have reported substantial total cost savings to affected students compared to the relatively small financial investments that are required to establish them. The majority of incentive programs were led by university libraries, although the most successful efforts appear to have been broadly collaborative in nature. Programs are well-regarded by students and faculty, with benefits to pedagogy and access to materials beyond the cost savings to students. The field of replacing textbooks with alternatives is still evolving, however, and the required investment of faculty time and effort is still a barrier, while inconsistent approaches to impact measurement make it difficult to compare programs or establish best practices. Conclusion – Overall, the literature shows evidence of significant benefits from incentive programs at a relatively low cost. Furthermore, these programs are opportunities to establish cross-campus partnerships and collaborations, and collaboration seems to be effective at helping to reduce barriers and increase impact. Further research is needed on similar programs at community colleges and at higher education institutions internationally.

scholarly journals Open Source Digitally Replicable Lab-Grade Scales

2020 ◽  
Author(s):  
Benjamin R. Hubbard ◽  
Joshua M. Pearce
Keyword(s):  
Open Source ◽  
Low Cost ◽  
Cost Savings ◽  
Load Cell ◽  
Significant Cost ◽  
Load Cells ◽  
The Cost ◽  
Cell Data ◽  
Precision Balance ◽  
Multiple Load

This study provides designs for a low-cost, easily replicable open source lab-grade digital scale that can be used as a precision balance. The design is such that it can be manufactured for use in most labs throughout the world with open source RepRap-class material extrusion-based 3-D printers for the mechanical components and readily available open source electronics including the Arduino Nano. Several versions of the design were fabricated and tested for precision and accuracy for a range of load cells. The results showed the open source scale was found to be repeatable within 0.1g with multiple load cells, with even better precision (0.01g) depending on load cell range and style. The scale tracks linearly with proprietary lab-grade scales, meeting the performance specified in the load cell data sheets, indicating that it is accurate across the range of the load cell installed. The smallest loadcell tested(100g) offers precision on the order of a commercial digital mass balance. The scale can be produced at significant cost savings compared to scales of comparable range and precision when serial capability is present. The cost savings increase significantly as the range of the scale increases and are particularly well-suited for resource-constrained medical and scientific facilities.

A study of prominence for disposition effect: a systematic review

2019 ◽  
Vol 11 (1) ◽  
pp. 2-21 ◽  
Author(s):  
Syed Aliya Zahera ◽  
Rohit Bansal
Keyword(s):  
Mutual Funds ◽  
Behavioral Finance ◽  
Mutual Fund ◽  
Institutional Investors ◽  
Disposition Effect ◽  
Individual Investors ◽  
Content Type ◽  
Experimental Market ◽  
The Individual ◽  
The Impact

Purpose The purpose of this paper is to study the disposition effect that is exhibited by the investors through the review of research articles in the area of behavioral finance. When the investors are hesitant to realize the losses and quick to realize the gains, this phenomenon is known as the disposition effect. This paper explains various theories, which have been evolved over the years that has explained the phenomenon of disposition effect. It includes the behavior of individual investors, institutional investors and mutual fund managers. Design/methodology/approach The authors have used the existing literatures from the various authors, who have studied the disposition effect in either real market or the experimental market. This paper includes literature over a period of 40 years, that is, Dyl, 1977, in the form of tax loss selling, to the most recent paper, Surya et al. (2017). Some authors have used the PGR-PLR ratio for calculating the disposition effect in their study. However, some authors have used t-test, ANNOVA, Correlation coefficient, Standard deviation, Regression, etc., as a tool to find the presence of disposition effect. Findings The effect of disposition can be changed for different types of individual investors, institutional investors and mutual funds. The individual investors are largely prone to the disposition effect and the demographic variables like age, gender, experience, investor sophistication also impact the occurrence of the disposition effect. On the other side, the institutional investors and mutual funds managers may or may not be affected by the disposition effect. Practical implications The skilled understanding of the disposition effect will help the investors, financial institutions and policy-makers to reduce the adverse effect of this bias in the stock market. This paper contributes a detailed explanation of disposition effect and its impacts on the investors. The study of disposition effect has been found to be insufficient in the context of Indian capital market. Social implications The investors and society at large can gains insights about causes and influences of disposition effect which will be helpful to create sound investment decisions. Originality/value This paper has complied the 11 causes for the occurrence of disposition effect that are found by the different authors. The paper also highlights the impact of the disposition effect in the decision-making of various investors.

scholarly journals СОВЕРШЕНСТВОВАНИЕ ГИДРОМЕЛИОРАТИВНЫХ МАШИНС  АВТОМАТИЗАЦИЕЙ ПРОЦЕССА ПОЛИВА

2019 ◽  
Author(s):  
A. Akhtyamov ◽  
A. Ryazantsev ◽  
O. Gavrilina ◽  
A. Boyko ◽  
S. Borychev ◽  
...  
Keyword(s):  
Low Cost ◽  
Economic Effect ◽  
Hydraulic Drive ◽  
Cost Savings ◽  
Practical Implementation ◽  
High Productivity ◽  
Low Degree ◽  
The Cost ◽  
Positive Results ◽  
Horizontal Arrangement

Целью исследования являлось теоретическое обоснование и практическая реализация нового способа полива гидромелиоративной машиной Фрегат с гидроприводом на сложном рельефе с минимальными затратами на модернизацию и энергозатратами. Объектом исследования является экспериментальный кранзадатчик скорости, устанавливаемый на гидромелиоративную машину. Исследования проводились в сравнении с показателями машин серийного производства. В ходе исследования было установлено, что существующая технология полива не отвечает необходимым требованиям гидромелиорации и имеет низкую степень экономической эффективности. Предлагаемая технология полива решает вопрос неравномерного распределения влаги по площади, повышает урожайность и снижает стоимость обслуживания машины вследствие уменьшения числа поломок. Имеющиеся модернизации дождевальной машины (ДМ) Фрегат , позволяющие работать по предлагаемой технологии, сложны по конструкции, ненадежны и имеют относительно высокую стоимость модернизации и сезонного обслуживания. С целью увеличения экономии средств и упрощения процесса модернизации серийных машин был разработан и протестирован кранзадатчик скорости, позволяющий снизить риск эрозии почв, застревания колес тележек и, тем самым, простой машины с необходимостью ее ремонта. Главной особенностью экспериментального краназадатчика скорости является его горизонтальное расположение относительно тележки. Два плеча с увеличенной длиной позволяют задавать поливную норму путем касания вех в начале каждого сектора, где необходимо сменить скорость движения машины. Таким образом, происходит регулирование поливной нормы, выдаваемой машиной при ее движении по орошаемой площади. Получившийся экономический эффект позволяет утверждать о положительных результатах в проведенных исследованияхThe aim of the research is the theoretical justification and practical implementation of the new method of irrigation irrigation and drainage machines Frigat with hydraulic drive for complex tasks of modernization and energy consumption. The object of the study is an experimental speedadjusting crane installed on a water reclamation machine. The studies were conducted in comparison with indicators of machine production. In the course of research it was found that the existing technology does not meet the requirements of irrigation and drainage and has a low degree of economic efficiency. The issue of uneven distribution of the owner by area, high productivity and low cost of maintenance is being addressed. DM Frigat, which allows you to work on the proposed technologies, does not require the cost of modernization and seasonal maintenance. In order to increase cost savings and develop new models of machines, a speed control crane has been developed and tested to reduce the risk of machine destruction. The operation of the trolley is the horizontal arrangement of the trolley. The speed of the machine can be increased. Thus, regulation of the irrigation rate occurs. The resulting economic effect allows us to argue about the positive results in the studies

scholarly journals Formatting Open Science: agile creation of multiple document types by writing academic manuscripts in pandoc markdown

2016 ◽  
Author(s):  
Albert Krewinkel ◽  
Robert Winkler
Keyword(s):  
Low Cost ◽  
Collaborative Writing ◽  
Cost Savings ◽  
Open Science ◽  
Global Network ◽  
Open Access Publishing ◽  
Science Literature ◽  
Online Publishing ◽  
Cost Distribution ◽  
The Cost

The timely publication of scientific results is essential for dynamic advances in science. The ubiquitous availability of computers which are connected to a global network made the rapid and low-cost distribution of information through electronic channels possible. New concepts, such as Open Access publishing and preprint servers are currently changing the traditional print media business towards a community-driven peer production. However, the cost of scientific literature generation, which is either charged to readers, authors or sponsors, is still high. The main active participants in the authoring and evaluation of scientific manuscripts are volunteers, and the cost for online publishing infrastructure is close to negligible. A major time and cost factor though is the formatting of manuscripts in the production stage. In this article we demonstrate the feasibility to write scientific manuscripts in plain markdown (MD) text files, which can be easily converted into common publication formats, such as PDF, HTML or EPUB, using pandoc. The simple syntax of markdown assures the long-term readability of raw files and the development of software and workflows. We show the implementation of typical elements of scientific manuscripts -- formulas, tables, code blocks and citations -- and present tools for editing, collaborative writing and version control. We give an example on how to prepare a manuscript with distinct output formats, a DOCX file for submission to a journal and a LATEX/PDF version for deposition as a PeerJ preprint. Reducing the work spent on manuscript formatting translates directly to time and cost savings for writers, publishers, readers and sponsors. Therefore, the adoption of the MD format contributes to the agile production of open science literature.

scholarly journals Institutional Investors, Earnings Management And Mispricing Of Accruals: Evidence From China

2012 ◽  
Vol 29 (1) ◽  
pp. 275
Author(s):  
Zhen Zeng ◽  
Peiyu Ou ◽  
Bin Li
Keyword(s):  
Earnings Management ◽  
Institutional Investors ◽  
Discretionary Accruals ◽  
Individual Investors ◽  
The Individual ◽  
A Share

This study examines the role of institutional investors in the pricing of normal accruals and discretionary accruals using the firms listed in the Chinese A-share Market. The results show that significant overpricing of discretionary accruals exists for individual investors and institutional investors, suggesting that they are both misled by the earnings management, while institutional investors are associated with significantly less overpricing. With respect to normal accruals, we find there is no evidence that institutional investors misprice normal accruals, while the individual investors overprice normal accruals. Our results suggest that institutional investors superiority in mitigating the mispricing of total accruals is mainly due to their accurate pricing of normal accruals, and the reason why institutional investors cannot fully eliminate mispricing of accruals is that they are partly misled by earnings management.

scholarly journals Evolutionary Game Model of Stock Price Synchronicity from Investor Behavior

2020 ◽  
Vol 2020 ◽  
pp. 1-9
Author(s):  
Yue Dong ◽  
Yuhao Zhang ◽  
Jinnan Pan ◽  
Tingqiang Chen
Keyword(s):  
Stock Market ◽  
Institutional Investors ◽  
Stock Price ◽  
Replicator Dynamics ◽  
Evolutionary Game ◽  
Equilibrium Strategy ◽  
Individual Investors ◽  
Game Model ◽  
Stock Price Synchronicity ◽  
The Cost

Institutional and individual investors are the two important players in the stock market. Together, they determine the price of the stock market. In this paper, an evolutionary game model that contains the two groups of players is proposed to analyze the stock price synchronicity considering the impacts of investors’ decisions on stock investment. Factors affecting investors’ decisions include the potential revenue or loss, the probability of gain or loss, and the cost of corresponding behavior. The proposed game model is analyzed by replicator dynamics equations and simulation of the evolutionary equilibrium strategy under different circumstances. The analysis shows that the operating cost of institutional investors, the cost of information collection before trading, and the expected loss that may be punished by regulators are the key factors that affect the evolutionary game system between institutional investors and individual investors. In addition, reducing the speculation in the market and increasing the information access of investors through the serious operation mode of institutional investors and the strengthening of the market information disclosure mechanism are beneficial to alleviate price synchronicity in stock market.

Circulation and Open Space in Affordable Townhouse Communities

2013 ◽  
Vol 38 (2) ◽  
pp. 6-15
Author(s):  
Avi Friedman
Keyword(s):  
Open Space ◽  
Low Cost ◽  
Cost Savings ◽  
Design Feature ◽  
Primary Concern ◽  
Public And Private ◽  
Critical Issues ◽  
Building Typology ◽  
Residential Living ◽  
The Cost

Contemporary environmental and economic factors make the construction of narrow-front townhouses a continuous attraction. As affordability is a primary concern for many homebuyers, opting to buy a townhouse can provide the cost savings they are seeking. With their dense planning pattern, building townhouses results in the reduced cost of services and land and affordability is achieved. However, limitations to community planning occur, namely, challenges to circulation and open space. These are two critical issues that need to be resolved early on; using principles and case studies, this paper will offer strategies for maximizing efficiency and functionality in communities that use townhouses as their main design feature. In designing communities with townhouses, it is imperative to begin by paying close attention to roads and parking as well as location and content of public and private open spaces. These issues will define the character of the community. When choices are made about the location of the dwellings in conjunction with these aspects, a liveable place will emerge and the stigma associated with developments with low-cost townhouses will be alleviated. Despite the fact that townhouses are a building typology rooted in earlier centuries, its many attributes makes it relevant to our time. It preserves the advantage of private residential living, yet offers higher density and the possibility to create sustainable communities.

Do behavioral biases differ among institutional and individual investors?

2021 ◽  
pp. 61-73
Author(s):  
Roshani Chamalka Gunathilaka ◽  
◽  
J. M. Ruwani Fernando ◽  
Keyword(s):  
Decision Making ◽  
Institutional Investors ◽  
Emerging Market ◽  
Investment Decisions ◽  
Equation Modeling ◽  
Disposition Effect ◽  
Individual Investors ◽  
Behavioral Biases ◽  
The Individual ◽  
Overconfidence Bias

Purpose: The purpose of this paper is to investigate how does the behavioral biases differ among the individual and institutional investors based on Colombo Stock Exchange. The study considers the effect of four behavioral biases; overconfidence bias, representativeness bias, disposition effect and herd mentality bias on the financial investment decision making of individual investors and institutional investors. Design / methodology / approach: A questionnaire was utilized to collect the data and the final sample consisted with 104 individual and 71 institutional respondents. The data of 175 investors was analyzed by using Partial Least Square-Structural Equation Modeling approach. Findings: The study revealed that disposition effect make an impact on the investment decisions of both individual investors and institutional investors whereas overconfidence bias has impact only on the individual investors’ investment decisions. Originality: This study is one of the pioneering studies examining the behavioral biases differences of individual and institutional investors’ decision making. Thus, this study expands the existing literature in the field of behavioral finance particularly in emerging market context. In this sense, the findings of this study could draw important inferences for researchers, investors and policy makers to ensure that they make rational investments decisions.

Volatility–Volume Relationships Among Types of Traders Considering the Investment Limitation to Foreign Investors

2006 ◽  
Vol 09 (04) ◽  
pp. 575-596 ◽  
Author(s):  
Ching-Mann Huang ◽  
Tsai-Yin Lin ◽  
Chih-Hsien Yu ◽  
Si-Ying Hoe
Keyword(s):  
Stock Market ◽  
Institutional Investors ◽  
Trading Volume ◽  
Individual Investors ◽  
Volume Data ◽  
Foreign Investors ◽  
Volume Relationship ◽  
Before And After ◽  
The Individual

This paper examines the volatility–volume relationship in Taiwan stock market, using volume data categorized by type of trader. We consider before and after our event period of lifting the investment restrictions for foreign investors. We partition trading volume into expected and unexpected volume and find that the unexpected volume shocks for individual investors are more important than the expected volume shocks in explaining volatility before lifting the investment restrictions for the foreign investors. We find that the positive volatility–volume relationship is driven by the individual investors even during the period of the lifting of investment restrictions for foreign investors. However, with respect to institutional investors, before the removal of investment restrictions for foreign investors, the unexpected volume of trading of the domestic dealers exhibit positive volatility–volume relationship. Further, after the removal of investment restrictions, the unexpected volume of the foreign investors has a positive volatility–volume relationship.

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