scholarly journals SIZE PRECEDENCE AND SHARE VOLUME: THE CASE OF THE PSX EXCHANGE

2020 ◽  
pp. 2050004
Author(s):  
STEPHEN N. JURICH
Keyword(s):  
Natural Experiment ◽  
Market Model ◽  
Market Returns ◽  
Substantial Evidence ◽  
Market Participants ◽  
Time Regime ◽  
Systemic Factors ◽  
Precedence Rule ◽  
Nasdaq Omx ◽  
Significant Factors

Most equity exchanges operate with a price-time priority market structure. Using a natural experiment, this study examines the ability of an exchange to attract share volume when size is the secondary precedence rule. In 2010, the NASDAQ OMX Group, Inc. and the Philadelphia Exchange launched the PSX equity exchange with a price-size pro-rata allocation market model. When operating under a pro-rata allocation algorithm, PSX is able to attract more volume than during a price-time regime. Systemic factors are imperative, as there is substantial evidence that the PSX attracts volume in times of heightened market volatility, but PSX volume decreases when market returns are positive. Competition is increasingly important in a fragmented market. There is evidence that order routing fees and the prevalence of off-exchange trading are significant factors in the ability of the PSX to capture market share. The results are of interest to market participants, regulators, and exchange officials.

scholarly journals Stochastic sensitivity of bull and bear states

2021 ◽  
Author(s):  
Jochen Jungeilges ◽  
Elena Maklakova ◽  
Tatyana Perevalova
Keyword(s):  
Additive Noise ◽  
Asset Price ◽  
Market Model ◽  
Asset Market ◽  
Stochastic Version ◽  
Market Participants ◽  
Price Process ◽  
Stochastic Sensitivity ◽  
Stable Equilibria ◽  
Parametric Noise

AbstractWe study the price dynamics generated by a stochastic version of a Day–Huang type asset market model with heterogenous, interacting market participants. To facilitate the analysis, we introduce a methodology that allows us to assess the consequences of changes in uncertainty on the dynamics of an asset price process close to stable equilibria. In particular, we focus on noise-induced transitions between bull and bear states of the market under additive as well as parametric noise. Our results are obtained by combining the stochastic sensitivity function (SSF) approach, a mixture of analytical and numerical techniques, due to Mil’shtein and Ryashko (1995) with concepts and techniques from the study of non-smooth 1D maps. We find that the stochastic sensitivity of the respective bull and bear equilibria in the presence of additive noise is higher than under parametric noise. Thus, recurrent transitions are likely to be observed already for relatively low intensities of additive noise.

Stock Market Returns and Suicide Rates: Evidence From the United States

2016 ◽  
Vol 44 (1) ◽  
pp. 89-102
Author(s):  
Sujung Choi
Keyword(s):  
United States ◽  
Stock Market ◽  
The United States ◽  
Market Returns ◽  
Stock Market Returns ◽  
Financial Decisions ◽  
Market Participants ◽  
Emotional Factors ◽  
Suicide Rates ◽  
Male Suicide

I investigated whether or not social mood is associated with the financial decisions of market participants in the United States, using the monthly suicide rate to represent the degree of negative social mood in a society. From monthly suicide data collected over the period from January 1981 through to December 2012, I found that suicide rates are associated with stock market returns, in aggregate. Specifically, suicide rates predicted future stock market returns, showing contemporaneous and lagged relationships with U.S. stock market returns. Furthermore, small-cap stocks were found to be more likely to be affected by suicide rates than were large-cap stocks. Female suicide rates had a stronger effect on market returns than male suicide rates did, suggesting that this suicide effect is not induced by economic reasons but, rather, is related to emotional factors (e.g., investor mood).

scholarly journals REGULATION OF THE CIRCULATION OF AGRICULTURAL LAND: SEARCH FOR A UKRAINIAN MODEL

2019 ◽  
pp. 41-51
Author(s):  
Ruslan SHELUDKO ◽  
Dmytro HOPTSII
Keyword(s):  
Food Security ◽  
Agricultural Land ◽  
Private Property ◽  
Circulation Model ◽  
State Regulation ◽  
Family Type ◽  
Market Model ◽  
Market Participants ◽  
Land Circulation ◽  
The World

Introduction. The prerequisites for the circulation of agricultural land in Ukraine are considered in the article. The attention is paid to the peculiarities in comparison with other countries, which is important when choosing the Ukrainian model of the circulation of agricultural land. The purpose of the article is to study systematically the existed agricultural models of the circulation of agricultural land in the world and to determine the most appropriate one for Ukraine in the current geopolitical conditions. The results of the research. The classification of the agricultural land circulation models is proposed for the entities that can be market participants. The determined components that need clear regulation in the Ukrainian model are identified on the analysis basis of agricultural land circulation models existing in different countries of the world. These include entities that may be market participants; presence or absence of special entities; presence or absence of priority for the purchase of agricultural land; maximum area of agricultural land that can be privately owned by one person; food security mechanism; state mechanism of market regulation. The influence of each component on the market model in different countries is considered. It is proved that all countries whose market models are considered successful have a high level of state regulation aimed at protecting of national interests and supporting of domestic family-type farms. The conclusions. A village-saving model of agricultural land circulation has been proposed for Ukraine, which involves giving farmers a priority in the purchase of agricultural land, the creation of a State Land Bank and a State Reserve of agricultural land that cannot be transferred to private property to guarantee the country's food security. Keywords: agricultural land circulation, land market, moratorium, market model, agricultural land circulation model.

scholarly journals Can Social Media Content Increase Financial Market Returns? Survey Results from Poland

Organizacija ◽  
2017 ◽  
Vol 50 (2) ◽  
pp. 97-111
Author(s):  
Andrzej Cwynar ◽  
Wiktor Cwynar ◽  
Robert Pater
Keyword(s):  
Social Media ◽  
Financial Market ◽  
Media Content ◽  
Content Increase ◽  
Market Returns ◽  
Market Theory ◽  
Job Experience ◽  
Market Participants ◽  
Survey Results ◽  
The Media

Abstract Background and Purpose: In recent years classic financial market theory based on decision makers’ rationality has been challenged by repeated anomalies that became a ‘new normal’. As a result, what we witness today is a considerable turn to behavioral concepts that can shed a new light on choices made by market participants. The astonishing development of social media accelerated scientific validation of such concepts, since the media opened new and capacious ‘laboratory space’ for testing behavioral hypotheses. The main purpose of the article is to examine whether financial market professionals believe that social media content can be useful in achieving additional financial market returns and to investigate the factors behind this belief. Design/Methodology/Approach: We surveyed a sample of over 400 financial market professionals at institutions operating in Poland, and analyzed the results using logit regression models. Results: We established that almost 60% of the surveyed finance professionals recognized the potential of social media for achieving additional returns. We also found out that the differences in respondents’ perception of this potential could be explained mainly by heterogeneity of their job experience and, to a lesser degree, by their job position. Interestingly, more experienced individuals were less likely to recognize this potential. Firm-specific factors did not have a significant effect on the dependent variable. Conclusion: The opinions of financial market professionals regarding the link between social media and additional returns are mixed, which is consistent with the current body of evidence brought by sentiment-based research. Our findings confirm the key role of previous experience in explaining attitudes towards novelties and innovations (such as social media), a phenomenon known from other fields and everyday experience.

scholarly journals The Characteristics of Purpose-built Office: Occupants’ perception

2018 ◽  
Vol 3 (8) ◽  
pp. 159
Author(s):  
Edie Ezwan Mohd Safian ◽  
Abdul Hadi Nawawi
Keyword(s):  
Publishing House ◽  
Asia Pacific ◽  
Building Performance ◽  
Property Market ◽  
Market Participants ◽  
Office Market ◽  
International Publishing ◽  
Property Performance ◽  
Open Access Article ◽  
Significant Factors

Report from Asia Pacific Colliers had suggested that continued proactive marketing efforts and tenancy offerings could maintain the local office market performance. Therefore, the characteristics of PBO are significant factors that need to be studied. The aim of this paper is to examine the occupiers’ perceptions and needs as well as the importance of the characteristics that applied in PBO. Hence, this paper identified the issues that could provide ideas to the property market participants in improving PBO’s market and building performance via investigating the perception of occupants in order to determine the factors that affect office market property performance. Keywords: Purpose-built office; characteristics; occupants; perceptions. eISSN 2514-7528 © 2018. The Authors. Published for AMER ABRA cE-Bs by e-International Publishing House, Ltd., UK. This is an open-access article under the CC BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/). Peer–review under responsibility of AMER (Association of Malaysian Environment-Behaviour Researchers), ABRA (Association of Behavioural Researchers on Asians) and cE-Bs (Centre for Environment-Behaviour Studies), Faculty of Architecture, Planning & Surveying, Universiti Teknologi MARA, Malaysia. https://doi.org/10.21834/jabs.v3i8.289 

MODELING THE RISK AND RETURN RELATION CONDITIONAL ON MARKET VOLATILITY AND MARKET CONDITIONS

2005 ◽  
Vol 08 (01) ◽  
pp. 75-95 ◽  
Author(s):  
DON U. A. GALAGEDERA ◽  
ROBERT FAFF
Keyword(s):  
Risk Premium ◽  
Market Volatility ◽  
Market Model ◽  
Pricing Model ◽  
Market Returns ◽  
Market Conditions ◽  
Cross Sectional ◽  
Beta Risk ◽  
Market Regimes ◽  
Volatility Regimes

This paper investigates whether the risk-return relation varies, depending on changing market volatility and up/down market conditions. Three market regimes based on the level of conditional volatility of market returns are specified — "low", "neutral" and "high". The market model is extended to allow for these three market regimes and a three-beta asset-pricing model is developed. For a set of US industry sector indices using a cross-sectional regression, we find that the beta risk premium in the three market volatility regimes is priced. These significant results are uncovered only in the pricing model that accommodates up/down market conditions.

The Crowdfunding Market, Models, Platforms, and Projects

2017 ◽  
pp. 90-126 ◽  
Author(s):  
Melek Demiray ◽  
Sebnem Burnaz ◽  
Yonca Aslanbay
Keyword(s):  
Social Network ◽  
General Public ◽  
Online Social Network ◽  
Market Model ◽  
Future Trends ◽  
Market Models ◽  
Market Participants ◽  
Technological Developments ◽  
Number Of Individuals ◽  
Intensity Of Competition

The changing structure and intensity of competition on one hand, the ongoing pressure on creating differentiated offerings lead to seek out new ways to improve technology as well as new ways to perform business. Technological developments enable market participants or other interest parties to engage in the process of both innovation and production, resulting with an online social network market model of co-creation. This chapter focuses on describing different aspects of recently developing crowdfunding market models where new projects are offered and funded by large number of individuals from general public. The current extent and dynamics of the growing crowdfunding market, various models of crowdfunding, crowdfunding platforms and the projects that are crowdfunded are analyzed through the chapter by giving examples and comparative comments. The analysis of the market is concluded by the foreseen future trends.

The Factors Associated with the Market's Reaction to New Information about Foreign Operations: Operational Savings versus Agency Interpretation

1994 ◽  
Vol 9 (2) ◽  
pp. 171-193 ◽  
Author(s):  
In-Mu Haw ◽  
Kooyul Jung ◽  
Victor Pastena
Keyword(s):  
Current Evidence ◽  
Market Returns ◽  
Substantial Evidence ◽  
Empirical Results ◽  
Factors Associated ◽  
New Information ◽  
Foreign Operations ◽  
Gains And Losses ◽  
New System

SFAS No. 52 establishes a new system for reporting the results of foreign operations by excluding translation gains and losses that relate to autonomous subsidiaries. Substantial evidence indicates SFAS No. 52 saved multinationals' resources by reducing the need for accounting hedging. Insofar as SFAS No. 52 generates both operational and reporting benefits, we test the association between market returns and both operational savings and agency variables. Empirical results indicate that measures of operational savings are positively associated with increases in the market returns but do not support the agency-based hypotheses. The current evidence on SFAS No. 52 taken together with Salatka (1989) on SFAS No. 8 mandates caution in concluding that agency considerations are driving the capital market's reaction to new information about foreign operations.

scholarly journals Integrated Energy Transaction Mechanisms Based on Blockchain Technology

Energies ◽  
2018 ◽  
Vol 11 (9) ◽  
pp. 2412 ◽  
Author(s):  
Shengnan Zhao ◽  
Beibei Wang ◽  
Yachao Li ◽  
Yang Li
Keyword(s):  
Demand Response ◽  
Electricity Market ◽  
Rapid Development ◽  
Market Model ◽  
Distributed Energy ◽  
Energy Internet ◽  
Market Participants ◽  
Blockchain Technology ◽  
Call Auction ◽  
Two Stages

With the rapid development of distributed renewable energy (DRE), demand response (DR) programs, and the proposal of the energy internet, the current centralized trading of the electricity market model is unable to meet the trading needs of distributed energy. As a decentralized and distributed accounting mode, blockchain technology fits the requirements of distributed energy to participate in the energy market. Corresponding to the transaction principle, a blockchain-based integrated energy transaction mechanism is proposed, which divides the trading process into two stages: the call auction stage and the continues auction stage. The transactions among the electricity and heat market participants were used as examples to explain the details of the trading process. Finally, the smart contracts of the transactions were designed and deployed on the Ethereum private blockchain site to demonstrate the validity of the proposed transaction scheme.

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