A Challenge for Equity Markets on Both Sides of the Atlantic: Can Liquidity be Augmented, Volatility Better Controlled, and Price Discovery Sharpened?

2016 ◽  
Vol 28 (6) ◽  
Author(s):  
Robert A. Schwartz
Keyword(s):  
Market Structure ◽  
Price Discovery ◽  
Equity Markets ◽  
Critical Determinant ◽  
The Public ◽  
Market Makers ◽  
Liquidity Provision ◽  
The Us ◽  
Call Auction ◽  
Intraday Volatility

AbstractAfter suggesting that optimizing equity market structure remains a work in progress (as it has for the past five decades), the paper focuses on liquidity provision – a critical determinant of market quality – and its associations with intraday volatility and price discovery. Controlling intraday volatility and sharpening price discovery is of critical importance, it is not a simple matter, and it depends on market structure. After considering each term separately, we call attention to the public goods property of price discovery, set forth the traditional suppliers of liquidity (market makers, high frequency traders, and limit order placers), and contrast continuous and call auction trading. As liquidity is widely thought to be insufficient in equity markets in the US and Europe, we stress that listed companies should provide supplemental liquidity for their own shares and, to this end, we address a proposal that formalizes a corporate involvement.

scholarly journals Liquidity, Trading, and Price Determination in Equity Markets: A Finance Course Application

2021 ◽  
pp. 21-49
Author(s):  
Deniz Ozenbas ◽  
Michael S. Pagano ◽  
Robert A. Schwartz ◽  
Bruce W. Weber
Keyword(s):  
Market Structure ◽  
Price Discovery ◽  
Investment Decision ◽  
Equity Markets ◽  
Regulatory Environment ◽  
Trading Costs ◽  
Price Determination ◽  
Liquidity Trading ◽  
Portfolio Decision ◽  
Structure Regulation

AbstractTrading is the implementation of an investment decision. After a portfolio decision has been made by a portfolio manager, it must be implemented, and especially for handling large orders and navigating stressful markets, specific skills and responsibilities are needed that require the expertise of a professional trader. However, the efficiency with which orders are handled and turned into trades depends, not just on traders’ abilities, but also on a market’s liquidity, on the design of the marketplace where shares are traded, and on the regulatory environment. In this chapter, we cover trading costs, liquidity, volatility, price discovery, market structure, and market structure regulation.

Refusal to Mourn

2005 ◽  
Vol 1 (1) ◽  
pp. 9-45 ◽  
Author(s):  
Erin Runions
Keyword(s):  
American Politics ◽  
Psychoanalytic Theory ◽  
Civil Religion ◽  
Judith Butler ◽  
American People ◽  
Recent Book ◽  
The Public ◽  
American Civil Religion ◽  
The Us ◽  
Robert Bellah

In her recent book Precarious Life, Judith Butler points out that not more than ten days after 9/11, on 20 September 2001, George W. Bush urged the American people to put aside their grief; she suggests that such a refusal to mourn leads to a kind of national melancholia. Using psychoanalytic theory on melancholia, this article diagnoses causes and effects of such national melancholia. Further, it considers how a refusal to mourn in prophetic and apocalyptic texts and their interpretations operates within mainstream US American politics like the encrypted loss of the melancholic, thus creating the narcissism, guilt, and aggression that sustain the pervasive disavowal of loss in the contemporary moment. This article explore the ways in which the texts of Ezekiel, Micah, Revelation, and their interpreters exhibit the guilt and aggression of melancholia, in describing Israel as an unfaithful and wicked woman whose pain should not be mourned. These melancholic patterns are inherited by both by contemporary apocalyptic discourses and by the discourse of what Robert Bellah calls ‘American civil religion’, in which the US is the new Christian Israel; thus they help to position the public to accept and perpetuate the violence of war, and not to mourn it.

Interaction of Ukrainian Diaspora and the USA Government Regarding Celebration of Ukrainian Independence Day on January 22

2018 ◽  
Vol 1 (47) ◽  
pp. 136-145
Author(s):  
Halyna Shchyhelska
Keyword(s):  
United States ◽  
House Of Representatives ◽  
The United States ◽  
100Th Anniversary ◽  
Totalitarian Regime ◽  
The Public ◽  
Us Congress ◽  
The Us ◽  
Public Consciousness ◽  
The Usa

2018 marks the 100th anniversary of the proclamation of Ukrainian independence. OnJanuary 22, 1918, the Ukrainian People’s Republic proclaimed its independence by adopting the IV Universal of the Ukrainian Central Rada, although this significant event was «wiped out» from the public consciousness on the territory of Ukraine during the years of the Soviet totalitarian regime. At the same time, January 22 was a crucial event for the Ukrainian diaspora in the USA. This article examines how American Ukrainians interacted with the USA Government institutions regarding the celebration and recognition of the Ukrainian Independence day on January 22. The attention is focused on the activities of ethnic Ukrainians in the United States, directed at the organization of the special celebration of the Ukrainian Independence anniversaries in the US Congress and cities. Drawing from the diaspora press and Congressional Records, this article argues that many members of Congress participated in the observed celebration and expressed kind feelings to the Ukrainian people, recognised their fight for freedom, during the House of Representatives and Senate sessions. Several Congressmen submitted the resolutions in the US Congress urging the President of United States to designate January 22 as «Ukrainian lndependence Day». January 22 was proclaimed Ukrainian Day by the governors of fifteen States and mayors of many cities. Keywords: January 22, Ukrainian independence day, Ukrainian diaspora, USA, interaction, Congress

High Frequency Trading of Commodities

2018 ◽  
Author(s):  
Raymond P. H. Fishe
Keyword(s):  
High Frequency ◽  
Equity Markets ◽  
Conclusive Evidence ◽  
Commodity Markets ◽  
High Frequency Trading ◽  
Market Quality ◽  
Market Makers ◽  
Speed Advantage ◽  
Open Outcry ◽  
Derivative Markets

Electronic platforms and high frequency traders (HFTs) have changed the nature of trading. Like equity markets, commodity markets have experienced an influx of algorithmic traders and a decline in “pit” or open outcry trading. Regulatory efforts to understand the effects of HFTs and to offer prudent guidelines or new rules are in their infancy. An overall hesitancy exists because academic studies have produced diverse results on liquidity, volatility, and market quality. This survey focuses on high frequency trading research in commodity derivative markets, documenting basic results and extracting inferences when warranted. Evidence indicates that HFTs act as market makers and their speed advantage has lowered transaction costs, generally during normal markets. Although not entirely conclusive, evidence also suggests that HFTs may exacerbate volatility by withdrawing liquidity in times of market stress, such as during “flash” crashes.

Archaeologists and the Dead

2016 ◽  
Keyword(s):  
Historical Context ◽  
Ethical Considerations ◽  
International Context ◽  
The Public ◽  
The Us ◽  
The Dead ◽  
The Many ◽  
The Uk ◽  
The Relationship ◽  
Experience Effect

This volume addresses the relationship between archaeologists and the dead, through the many dimensions of their relationships: in the field (through practical and legal issues), in the lab (through their analysis and interpretation), and in their written, visual and exhibitionary practice--disseminated to a variety of academic and public audiences. Written from a variety of perspectives, its authors address the experience, effect, ethical considerations, and cultural politics of working with mortuary archaeology. Whilst some papers reflect institutional or organizational approaches, others are more personal in their view: creating exciting and frank insights into contemporary issues that have hitherto often remained "unspoken" among the discipline. Reframing funerary archaeologists as "death-workers" of a kind, the contributors reflect on their own experience to provide both guidance and inspiration to future practitioners, arguing strongly that we have a central role to play in engaging the public with themes of mortality and commemoration, through the lens of the past. Spurred by the recent debates in the UK, papers from Scandinavia, Austria, Italy, the US, and the mid-Atlantic, frame these issues within a much wider international context that highlights the importance of cultural and historical context in which this work takes place.

scholarly journals Behavioral and Attitudinal Correlates of Trusted Sources of COVID-19 Vaccine Information in the US

2021 ◽  
Vol 11 (4) ◽  
pp. 56
Author(s):  
Carl A. Latkin ◽  
Lauren Dayton ◽  
Jacob R. Miller ◽  
Grace Yi ◽  
Afareen Jaleel ◽  
...  
Keyword(s):  
Regression Models ◽  
Logistic Regression Models ◽  
The Public ◽  
Public Health Systems ◽  
Online Study ◽  
News Sources ◽  
The Us ◽  
Vulnerable People ◽  
Two Factors ◽  
Vaccine Information

There is a critical need for the public to have trusted sources of vaccine information. A longitudinal online study assessed trust in COVID-19 vaccine information from 10 sources. A factor analysis for data reduction revealed two factors. The first factor contained politically conservative sources (PCS) of information. The second factor included eight news sources representing mainstream sources (MS). Multivariable logistic regression models were used. Trust in Dr. Fauci was also examined. High trust in MS was associated with intention to encourage family members to get COVID-19 vaccines, altruistic beliefs that more vulnerable people should have vaccine priority, and belief that racial minorities with higher rates of COVID-19 deaths should have priority. High trust in PCS was associated with intention to discourage friends from getting vaccinated. Higher trust in PCS was also associated with participants more likely to disagree that minorities with higher rates of COVID-19 deaths should have priority for a vaccine. High trust in Dr. Fauci as a source of COVID-19 vaccine information was associated with factors similar to high trust in MS. Fair, equitable, and transparent access and distribution are essential to ensure trust in public health systems’ abilities to serve the population.

scholarly journals Robust estimation of SARS-CoV-2 epidemic in US counties

2021 ◽  
Vol 11 (1) ◽  
Author(s):  
Hanmo Li ◽  
Mengyang Gu
Keyword(s):  
Transmission Rate ◽  
Public Awareness ◽  
Mitigation Measures ◽  
Infectious Period ◽  
Protective Measures ◽  
Social Distancing ◽  
The Public ◽  
The Us ◽  
Local Officials ◽  
Us Counties

AbstractThe COVID-19 outbreak is asynchronous in US counties. Mitigating the COVID-19 transmission requires not only the state and federal level order of protective measures such as social distancing and testing, but also public awareness of time-dependent risk and reactions at county and community levels. We propose a robust approach to estimate the heterogeneous progression of SARS-CoV-2 at all US counties having no less than 2 COVID-19 associated deaths, and we use the daily probability of contracting (PoC) SARS-CoV-2 for a susceptible individual to quantify the risk of SARS-CoV-2 transmission in a community. We found that shortening by $$5\%$$ 5 % of the infectious period of SARS-CoV-2 can reduce around $$39\%$$ 39 % (or 78 K, $$95\%$$ 95 % CI: [66 K , 89 K ]) of the COVID-19 associated deaths in the US as of 20 September 2020. Our findings also indicate that reducing infection and deaths by a shortened infectious period is more pronounced for areas with the effective reproduction number close to 1, suggesting that testing should be used along with other mitigation measures, such as social distancing and facial mask-wearing, to reduce the transmission rate. Our deliverable includes a dynamic county-level map for local officials to determine optimal policy responses and for the public to better understand the risk of contracting SARS-CoV-2 on each day.

scholarly journals Citizen views on genome editing: effects of species and purpose

2021 ◽  
Author(s):  
Gesa Busch ◽  
Erin Ryan ◽  
Marina A. G. von Keyserlingk ◽  
Daniel M. Weary
Keyword(s):  
Disease Resistance ◽  
Product Quality ◽  
Genome Editing ◽  
Total Sample ◽  
Moral Foundations ◽  
Perceived Risks ◽  
Public Response ◽  
The Public ◽  
Wide Range ◽  
The Us

AbstractPublic opinion can affect the adoption of genome editing technologies. In food production, genome editing can be applied to a wide range of applications, in different species and with different purposes. This study analyzed how the public responds to five different applications of genome editing, varying the species involved and the proposed purpose of the modification. Three of the applications described the introduction of disease resistance within different species (human, plant, animal), and two targeted product quality and quantity in cattle. Online surveys in Canada, the US, Austria, Germany and Italy were carried out with a total sample size of 3698 participants. Using a between-subject design, participants were confronted with one of the five applications and asked to decide whether they considered it right or wrong. Perceived risks, benefits, and the perception of the technology as tampering with nature were surveyed and were complemented with socio-demographics and a measure of the participants’ moral foundations. In all countries, participants evaluated the application of disease resistance in humans as most right to do, followed by disease resistance in plants, and then in animals, and considered changes in product quality and quantity in cattle as least right to do. However, US and Italian participants were generally more positive toward all scenarios, and German and Austrian participants more negative. Cluster analyses identified four groups of participants: ‘strong supporters’ who saw only benefits and little risks, ‘slight supporters’ who perceived risks and valued benefits, ‘neutrals’ who showed no pronounced opinion, and ‘opponents’ who perceived higher risks and lower benefits. This research contributes to understanding public response to applications of genome editing, revealing differences that can help guide decisions related to adoption of these technologies.

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