The Price of Street Friends: Social Networks, Informed Trading, and Shareholder Costs

2016 ◽  
Vol 51 (3) ◽  
pp. 801-837 ◽  
Author(s):  
Jie Cai ◽  
Ralph A. Walkling ◽  
Ke Yang
Keyword(s):  
Social Ties ◽  
Leisure Activities ◽  
Informed Trading ◽  
Trading Costs ◽  
Natural Experiments ◽  
Positive Relation ◽  
Privileged Information ◽  
Trading Activities ◽  
Stock Transaction ◽  
The Cost

AbstractRecent studies suggest the transfer of privileged information via social ties but do not explicitly examine the cost of these ties to shareholders. We document a significant positive relation between stock transaction costs and a company’s social ties to the investment community. Social ties based on education and leisure activities, stronger ties, and ties to individuals responsible for trading have greater effects. Using investment connection deaths as natural experiments, we document that exogenous severance of ties reduces trading costs and trading activities by connected parties. Our evidence illustrates an important and previously undocumented consequence of social ties.

Economic Aspects of Mustard Cultivation in Lakhimpur Kheri District of Uttar Pradesh

2020 ◽  
pp. 520-523
Keyword(s):  
Average Cost ◽  
Uttar Pradesh ◽  
Net Income ◽  
Economic Aspects ◽  
Positive Relation ◽  
Input Output ◽  
Output Ratio ◽  
Gross Income ◽  
Average Size ◽  
The Cost

The results revealed that on an overall average size of landholding was estimated to be 0.97 ha. The total cultivated area at all categories of sample farms were found to be irrigated. Overall average, cost of cultivation was estimated `27819.43 per ha. The cost of cultivation showed positive relation with size of holding. The cost of cultivation was highest on medium farms (`32549.25) followed by small (`31528.40 and marginal (`29171.74), respectively. Overall average, cost of production was estimated `2446.44 per hectare. On an average input-output ratio on the basis Costs A1/A2, B1, B2, C1, and C2 were recorded 1:2.86, 1:2.77, 1:1.91, 1:1.89 and 1:1.46, respectively. On the basis of Cost C2 input-output ratio was highest on marginal farms (1:1.47) followed by small (1:1.44) and medium (1:1.43), respectively. Overall average, net income and gross income were found `9859.33 and 40028.69 per ha, respectively.

scholarly journals Conflict antiquities’ rescue or ransom: The cost of buying back stolen cultural property in contexts of political violence

2021 ◽  
pp. 1-22
Author(s):  
Samuel Andrew Hardy
Keyword(s):  
Political Violence ◽  
North Africa ◽  
Western Europe ◽  
Cultural Property ◽  
Natural Experiments ◽  
Political Organizations ◽  
Criminal Organizations ◽  
Revenue Streams ◽  
The Cost ◽  
Safe Zones

Abstract Rescue has long been a defense for the removal of cultural property. Since the explosion of iconoclasm in West Asia, North Africa, and West Africa, there has been a growing demand for cultural property in danger zones to be “rescued” by being purchased and given “asylum” in “safe zones” (typically, in the market countries of Western Europe and North America). This article reviews evidence from natural experiments with the “rescue” of looted antiquities and stolen artifacts from across Asia and Europe. Unsurprisingly, the evidence reaffirms that “rescue” incentivizes looting, smuggling, and corruption, as well as forgery, and the accompanying destruction of knowledge. More significantly, “rescue” facilitates the laundering of “ordinary” illicit assets and may contribute to revenue streams of criminal organizations and violent political organizations; it may even weaken international support for insecure democracies. Ultimately, “rescue” by purchase appears incoherent, counter-productive, and dangerous for the victimized communities that it purports to support.

scholarly journals Illicit Trade in Russian Gold and Silver Coins in West China in 1850's (based on the Materials of the Russian Consul K. A. Skachkov)

2020 ◽  
Vol 22 (1) ◽  
pp. 88-97
Author(s):  
I. R. Hamzin
Keyword(s):  
Historical Analysis ◽  
West China ◽  
Illicit Trade ◽  
Russian State ◽  
Trading Activities ◽  
The Government ◽  
Chinese Trade ◽  
State Library ◽  
The Cost ◽  
Cost Of Transportation

The present research featured the illicit trade in Russian gold and silver coins in Xinjiang in the 1850's. The paper focuses on the problems of control and customs services, as well as on the difficulties connected with the trade in Russian goods. The historical analysis was based on the documents written by Konstantin Adrianovich Skachkov, the then Russian Consul in Chuguchak. The materials were obtained from the Research Department of Manuscripts of the Russian State Library. In his report, Consul K. A. Skachkov compared the state of the markets of the Russian-Chinese trade in Chuguchak and Kyakhta. He highlighted the broad prospects for trade development in Xinjiang. The Consul paid great attention to the problems on the young market of Central Asia and proposed some measures to improve the situation. He performed a comparative analysis of the trading activities of a Russian merchant and a smuggler. The analysis makes it possible to reconstruct the trading process, determine the cost of transportation, and formulate the commercial benefit resulting from the legal trade and the contraband trade. K. A. Skachkov concluded that despite the high potential for trade development, the region was torn apart by substantial internal contradictions and demanded greater attention from the government. The illicit trade in Russian coins was caused by the barter trading on the Xinjiang market in 1850's.

Market response to land auction events: a transaction volume approach

2015 ◽  
Vol 8 (1) ◽  
pp. 4-26
Author(s):  
Shuk Man Chiu ◽  
Kwong Wing Chau ◽  
Yung Yau
Keyword(s):  
Housing Market ◽  
Small Body ◽  
Spot Market ◽  
Content Type ◽  
Study Approach ◽  
Short Sale ◽  
Trading Activities ◽  
Secondary Housing Market ◽  
Stock Transaction ◽  
The Impact

Purpose – The purpose of this paper is to investigate the response of transaction volume in Hong Kong’s housing market to public land auctions. Design/methodology/approach – An event study approach with the use of regression analyses was adopted for the empirical study. Findings – Fewer pre-event transactions in the secondary housing spot market come with greater dispersion in the pre-event forecasts of land auction outcomes. Unexpected auction outcomes were also found to minify the post-event transaction volume in the secondary housing spot market, with negative unexpected outcomes exerting a stronger downward force. Research limitations/implications – These findings are contrary to the empirical evidence commonly found in most financial literature on stock transaction volume around corporate earnings announcements with an assumption of negligible transaction costs. Imperfect market structure, differences in sellers’ and buyers’ characteristics and short-sale restriction may explain the disparity. Practical implications – Price in the secondary housing market is more sensitive to negative unexpected land auction outcomes. The analysis results of the current study attest that the impact exerted by the negative unexpected auction outcomes on transaction volume in the housing spot market is stronger than that of positive unexpected auction outcomes. Originality/value – Unlike price and return, transaction volume has not received substantial academic attention in property research. In particular, within the existing small body of transaction volume research, the impact of information events on trading activities has been largely ignored.

Analysis of Carbon Emissions Trading Costs Influencing Factors in Power Industry

2014 ◽  
Vol 651-653 ◽  
pp. 1410-1414
Author(s):  
Wen Yan Liu ◽  
Xiao Bao Yu ◽  
Pu Yu He ◽  
Yan Li Huang ◽  
Bing Bing Zhou ◽  
...  
Keyword(s):  
Influencing Factors ◽  
Carbon Emissions ◽  
Emissions Trading ◽  
Structural Model ◽  
Trading Costs ◽  
Carbon Emissions Trading ◽  
Transport Chain ◽  
The Cost ◽  
Accuracy Of Prediction ◽  
The Impact

The uncertain factors that impact of carbon emissions trading costs are so many, the impact of various factors interact to form a complex system. To improve the accuracy of prediction, it is necessary to deepen the study of these influencing factors. Through investigation identified 21 main factors that affecting the cost of carbon emissions trading, processing and analysis explained by structural model was constructed of carbon emissions trading cost factors and the impact of transport chain hierarchy, based on this model to find the factors that most affect carbon emissions trading costs.

Endogenous informed trading in the presence of trading costs: Theory and evidence

1999 ◽  
Vol 2 (3) ◽  
pp. 273-305 ◽  
Author(s):  
Jin-Wan Cho ◽  
Jhinyoung Shin ◽  
Rajdeep Singh
Keyword(s):  
Informed Trading ◽  
Trading Costs

Homogenous Industries and Auditor Specialization: An Indication of Production Economies

2006 ◽  
Vol 25 (1) ◽  
pp. 49-67 ◽  
Author(s):  
Timothy D. Cairney ◽  
George R. Young
Keyword(s):  
Competitive Advantage ◽  
Industry Concentration ◽  
Positive Relation ◽  
Industry Regulation ◽  
Production Economies ◽  
The Cost ◽  
Auditor Specialization ◽  
Industry Homogeneity

In this study, we examine the association between industry homogeneity and auditor specialization. We find a significant association between our proxies for industry homogeneity (change in industry-member operating expenses) and auditor specialization (auditor concentration and auditor focus) after controlling for extent of industry regulation, litigiousness, growth, client-industry concentration, and the number of industry members. The positive relation between our specialist proxies and industry homogeneity indicates that auditors seek additional firms to audit in industries in which members have similar operations. This suggests that auditor specialization provides a cost-based competitive advantage because the cost of developing expertise is spread over more clients. Thus, in contrast to recent criticisms of auditor concentration, specialization results in more efficient audits.

Asymmetric Dynamics between Informed Trading Activity and Credit Default Swaps

2018 ◽  
Keyword(s):  
Investment Decisions ◽  
Informed Trading ◽  
Economic Conditions ◽  
Positive Relation ◽  
Trading Activity ◽  
Quantile Regression Model ◽  
Panel Quantile Regression ◽  
Credit Default ◽  
The Relationship ◽  
Different Levels

This article investigates the relationship between informed trading activity and CDS spreads; contrary to prior research, the results show that level of information-based trading of stocks should be a key determinant of CDS spreads. Using the panel quantile regression model, this article finds that the effects of informed trading activity on CDS spreads are asymmetrical across firms with different levels of credit conditions. Further, these asymmetric dynamics behave in opposite directions across different economic conditions. In particular, when economic conditions are good, a negative (positive) relation between informed trading activity and CDS spreads is documented for firms with bad (good) credit conditions. When economic conditions are unfavorable, catastrophic news dominates investment decisions, and a reverse asymmetrical dynamic between the two variables is then observed.

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