scholarly journals Visible and Invisible Forces. What Drives the Intensity of Trading in the European Carbon Market?

2019 ◽  
Vol 11 (1) ◽  
pp. 117-144
Author(s):  
Iordanis Kalaitzoglou

This study models the trading intensity in European Allowances (EUA) futures contracts, in the European Climate Exchange (ECX) using various specifications and investigates the forecasting ability of observable versus unobservable factors. This set up tests empirically the impact of the evolving market structure through regulatory updates and the contribution of the different market participants to the intensity of trading in the European Carbon market. The findings suggest that observable market characteristics capture better the dynamics of trading intensity than their latent counterparts, which implies that regulatory changes that enhance transparency would also improve market efficiency.

2017 ◽  
Vol 25 (3) ◽  
pp. 307-317 ◽  
Author(s):  
Hans Blommestein

Purpose The purpose of this study is to assess the seriousness of the impact of new regulatory factors on liquidity in government bond markets since the onset of the global financial crisis. Design/methodology/approach Questionnaires were circulated for examining the adverse impact of regulatory changes on liquidity. New evidence was presented about the adverse impact of the process of regulatory changes on market liquidity. Findings The paper presents new survey results on the adverse liquidity impact of regulations on market liquidity. Responses show that government issuers differ in their assessment on the severity of the impact of the various regulations. Determining this longer-term impact is quite complex because measures of liquidity may not only reflect the impact of regulatory changes, but also the responses by policymakers and market participants (to these regulatory changes), covering in particular the following: market transparency, trading practices, market infrastructure and other policies to promote liquidity, including by reducing unconventional monetary policy measures. Also, market dynamics may have become more complex due to responses by market participants. Practical implications Debt managers need to take into account regulations with a significant adverse influence on both market liquidity and the price discovery process. As liquidity in government bond markets also has a direct impact on funding possibilities and financing costs, funding liquidity may also be affected, especially during periods with market stress. This means that the funding strategy may need to be adapted. Originality/value The paper presents new survey results on the impact of new regulations on market liquidity. This assessment is quite complex because measures of longer-term liquidity may reflect the impact of regulatory changes and the responses by policymakers and market participants to these changes.


2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Yaman Omer Erzurumlu ◽  
Idris Ucardag

Purpose This paper aims to investigate private pension fund investor sentiment against fund performance and cost in an environment of frequent regulatory changes. The analyses are conducted in a low return, high-cost private pension fund market environment, which makes it easier to observe the relationship between investor sentiment to return and cost. Design/methodology/approach This paper conducts fixed effect, random effect and random effect within between effect panel data analyses of all Turkish private pension funds from 2011 to 2019. This paper conducts the analyses using aggregate data and subsets based on fund characteristics and pre-post regulation periods. Findings When regulations provide compensation and improve market efficiency in a pension fund market, investor focus shifted from performance to cost. Investors allocated assets with respect to return realization when adequately compensated for risk or had favorable cost contract clauses. Consequently, investors in pension funds with lower expected returns and no special fee reduction clauses tended to adopt the strategy of cost minimization. Research limitations/implications The overlap of regulatory change periods could complicate the ability to distinguish the impact of any one specific change. The findings therefore cannot be generalized to differently structured markets. Practical implications Regulatory changes could lead to a switch of investor objectives. When regulatory changes compensate investors and increase market efficiency, investors objective could switch from performance to cost. Originality/value This study investigates investor sentiment in a relatively young private pension fund market, in which the relevant regulatory body ambitiously implements frequent changes in regulation. The selected market is unique in the sense that it has negative real returns and high costs, which make investor focus to return and cost more readily apparent.


2019 ◽  
pp. 96-109

The article gives an overview of the market microstructure approach, where modern financial infrastructure (trading, clearing and settlement) has for the first time become an object of dedicated research, contrary to traditional microeconomic models dealing with abstract demand, supply etc. apart from market realities. The market microstructure approach focuses on analysis of market frictions impacting on how new equilibriums are being come upon. Market frictions exist due to fragmented market structure and information asymmetries. Respectively, the article (Part 1) compares “market microstructure” and “market structure”; reveals drivers of spatial and temporal fragmentation (including breakdown of modern trading protocols and participation models); analyzes information (self-)learning of market and adverse selection; makes distinctions between “market quality”, “market efficiency” and “market liquidity”; and traces how the market efficiency and equilibrium concepts were evolving when market frictions drew attention. How the market microstructure approach may work is demonstrated in the course of a high-frequency trading (HFT) case study in Part 2 of the article. HFT has brought new evidence that market structure matters—both as an environment where tech innovations are only possible and as mechanisms to be adjusted to new challenges—and has outlined directions for further elaborations on basic microstructural concepts. The article associates HFT with market fragmentation, describes the impact of HFT on participation structure and market quality, summarizes predatory and similar practices of HFT and instruments to mitigate them, and clarifies the specifics of information asymmetry and adverse selection within the HFT framework.


2019 ◽  
Vol 14 (2) ◽  
pp. 110-141

The article gives an overview of the market microstructure approach, where modern financial infrastructure (trading, clearing and settlement) has for the first time become an object of dedicated research, contrary to traditional microeconomic models dealing with abstract demand, supply etc. apart from market realities. The market microstructure approach focuses on analysis of market frictions impacting on how new equilibriums are being come upon. Market frictions exist due to fragmented market structure and information asymmetries. Respectively, the article (Part 1) compares “market microstructure” and “market structure”; reveals drivers of spatial and temporal fragmentation (including breakdown of modern trading protocols and participation models); analyzes information (self-)learning of market and adverse selection; makes distinctions between “market quality”, “market efficiency” and “market liquidity”; and traces how the market efficiency and equilibrium concepts were evolving when market frictions drew attention. How the market microstructure approach may work is demonstrated in the course of a high-frequency trading (HFT) case study in Part 2 of the article. HFT has brought new evidence that market structure matters—both as an environment where tech innovations are only possible and as mechanisms to be adjusted to new challenges—and has outlined directions for further elaborations on basic microstructural concepts. The article associates HFT with market fragmentation, describes the impact of HFT on participation structure and market quality, summarizes predatory and similar practices of HFT and instruments to mitigate them, and clarifies the specifics of information asymmetry and adverse selection within the HFT framework.


2018 ◽  
Vol 1 (1) ◽  
pp. 1
Author(s):  
Murisal Murisal

Motif and Impact of Early Marriage in Indarung Ngalau Batu Gadang.Penelitian is motivated by teenagers who married early on. Today, young men and women have a tendency to be less prepared to enter the home life, they are only ready to marry (ready here can be interpreted, maturity in terms of financial, understand what the meaning of marriage according to marriage law) is the bond of inner birth between a man and a woman as husband and wife for the purpose of forming a happy and eternal family (household) based on the Supreme Godhead while they are not ready to set up a home, whereas to build a household requires preparation both physically and spiritually . The purpose of this study to determine the motives underlying adolescents to make early marriage and the impact caused in the household as a result of the marriage.


Author(s):  
Mark Burden

Much eighteenth-century Dissenting educational activity was built on an older tradition of Puritan endeavour. In the middle of the seventeenth century, the godly had seen education as an important tool in spreading their ideas but, in the aftermath of the Restoration, had found themselves increasingly excluded from universities and schools. Consequently, Dissenters began to develop their own higher educational institutions (in the shape of Dissenting academies) and also began to set up their own schools. While the enforcement of some of the legal restrictions that made it difficult for Dissenting institutions diminished across the eighteenth century, the restrictions did not disappear entirely. While there has been considerable focus on Dissenting academies and their contribution to debates about doctrinal orthodoxy, the impact of Dissenting schools was also considerable.


The theory of the vibrations of the pianoforte string put forward by Kaufmann in a well-known paper has figured prominently in recent discussions on the acoustics of this instrument. It proceeds on lines radically different from those adopted by Helmholtz in his classical treatment of the subject. While recognising that the elasticity of the pianoforte hammer is not a negligible factor, Kaufmann set out to simplify the mathematical analysis by ignoring its effect altogether, and treating the hammer as a particle possessing only inertia without spring. The motion of the string following the impact of the hammer is found from the initial conditions and from the functional solutions of the equation of wave-propagation on the string. On this basis he gave a rigorous treatment of two cases: (1) a particle impinging on a stretched string of infinite length, and (2) a particle impinging on the centre of a finite string, neither of which cases is of much interest from an acoustical point of view. The case of practical importance treated by him is that in which a particle impinges on the string near one end. For this case, he gave only an approximate theory from which the duration of contact, the motion of the point struck, and the form of the vibration-curves for various points of the string could be found. There can be no doubt of the importance of Kaufmann’s work, and it naturally becomes necessary to extend and revise his theory in various directions. In several respects, the theory awaits fuller development, especially as regards the harmonic analysis of the modes of vibration set up by impact, and the detailed discussion of the influence of the elasticity of the hammer and of varying velocities of impact. Apart from these points, the question arises whether the approximate method used by Kaufmann is sufficiently accurate for practical purposes, and whether it may be regarded as applicable when, as in the pianoforte, the point struck is distant one-eighth or one-ninth of the length of the string from one end. Kaufmann’s treatment is practically based on the assumption that the part of the string between the end and the point struck remains straight as long as the hammer and string remain in contact. Primâ facie , it is clear that this assumption would introduce error when the part of the string under reference is an appreciable fraction of the whole. For the effect of the impact would obviously be to excite the vibrations of this portion of the string, which continue so long as the hammer is in contact, and would also influence the mode of vibration of the string as a whole when the hammer loses contact. A mathematical theory which is not subject to this error, and which is applicable for any position of the striking point, thus seems called for.


2021 ◽  
Vol 13 (12) ◽  
pp. 6875
Author(s):  
Irene Poza-Casado ◽  
Raquel Gil-Valverde ◽  
Alberto Meiss ◽  
Miguel Ángel Padilla-Marcos

Indoor air quality (IAQ) in educational buildings is a key element of the students’ well-being and academic performance. Window-opening behavior and air infiltration, generally used as the sole ventilation sources in existing educational buildings, often lead to unhealthy levels of indoor pollutants and energy waste. This paper evaluates the conditions of natural ventilation in classrooms in order to study how climate conditions affect energy waste. For that purpose, the impact of the air infiltration both on the IAQ and on the efficiency of the ventilation was evaluated in two university classrooms with natural ventilation in the Continental area of Spain. The research methodology was based on site sensors to analyze IAQ parameters such as CO2, Total Volatile Organic Compounds (TVOC), Particulate Matter (PM), and other climate parameters for a week during the cold season. Airtightness was then assessed within the classrooms and the close built environment by means of pressurization tests, and infiltration rates were estimated. The obtained results were used to set up a Computational Fluid Dynamics (CFD) model to evaluate the age of the local air and the ventilation efficiency value. The results revealed that ventilation cannot rely only on air infiltration, and, therefore, specific controlled ventilation strategies should be implemented to improve IAQ and to avoid excessive energy loss.


2021 ◽  
Vol 7 (1) ◽  
Author(s):  
Radeef Chundakkadan

AbstractIn this study, we investigate the impact of the light-a-lamp event that occurred in India during the COVID-19 lockdown. This event happened across the country, and millions of people participated in it. We link this event to the stock market through investor sentiment and misattribution bias. We find a 9% hike in the market return on the post-event day. The effect is heterogeneous in terms of beta, downside risk, volatility, and financial distress. We also find an increase (decrease) in long-term bond yields (price), which together suggests that market participants demanded risky assets in the post-event day.


2021 ◽  
pp. 112067212110307
Author(s):  
Julia Sieberer ◽  
Patrick Hughes ◽  
Indy Sian

Objectives: The coronavirus pandemic has forced healthcare staff across all medical specialties to adapt new and different ways of working. A new approach has been set up in the Acute Referral Clinic (ARC) at Musgrove Park Hospital and a survey has been conducted to measure the impact of the new method on patient and healthcare professionals’ satisfaction with the new service. Methods: A telephone-based consultation was introduced in ARC at Musgrove Park Hospital in March 2020 and patients were instructed to fill out a questionnaire containing eight items using a Likert Scale 1 (‘very poor/disagree’) to 4 (‘very good/strongly agree’) plus two boxes for open positive and negative comments respectively. Likewise a questionnaire was designed in order to assess the healthcare professionals’ satisfaction using the new approach. Data collection took place over a two month period between the end of March 2020 and end of May 2020. The data underwent quality control and was analysed using descriptive statistics. Results: Patient responses illustrated high satisfaction scores with an overall rating of very good (89.4%). The healthcare professionals’ rating of the service was good (28.6% – ‘very good/strongly agree’, 57.1% – ‘good/agree’). The safety rating of the new approach was overall rated ‘very good’ with 90.4% and 71.4% of patients and healthcare professionals respectively. Conclusions: The telephone consultations introduced in the wake of COVID-19 are well accepted by both patients and doctors. There are some limitations of the approach, foremost being consultation time and clinic space but these do not outweigh the general benefit of this format amidst a pandemic setting.


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