Do traders who place orders early necessarily trade first? In some trading systems, the answer is no. Such systems often give preference to larger orders instead. Institutional arrangements such as quot;preferencingquot; and quot;payment-for-order flowquot; also violate time priority. In an...

Based on the APARCH model and two outlier detection methods, we compute reliable time series of volatility asymmetry for 49 countries with relatively few observations. Results show a steady increase in the asymmetry over the years for most countries. We find that economic development and market...

In this paper, we develop a new screen to detect manipulation in commodities markets. If manipulation is occurring, not all of the relevant information is being filtered through the market, which means that the market is being quot;fooledquot; and its ability to forecast future prices is...

A közgazdaságtani gondolkodás hajlamos a piaci mechanizmusokat ab ovo egyensúlyi rendszereknek tekinteni, ahol az egyensúlyi állapot elérése legfeljebb idõ kérdése. Ez a szemléletmód azonban néhány erõs feltételezésen alapszik: (i) a láthatatlan kéz explicit megjelenése a...

From its early days, the World Wide Web space has demonstrated strong agglomeration trends with a very small number of web sites capturing the larger part of the Internet population. At a first glance, agglomeration over the virtual space sounds as a paradox. Web sites are numerous and highly...

This paper examines industry concentration for the South African manufacturing sector over the 1972-1996 period, for the three digit industry classification. The paper notes both the high level of industry concentration in South African manufacturing, and a rising trend in concentration across a...

During 2006 and 2007, by means of the Royal Decree Law 3/2006, the Royal Decree 1634/2006 and the Order ITC/400/2007, several changes were introduced in the running of the wholesale electricity market in Spain. One of the objectives of these measures was to diminish the market power in the...

Organic wines are increasingly produced and appreciated. Since organic production is more costly, a crucial question is whether they benefit from a price premium. We estimate hedonic price functions for Piedmont organic and conventional wines. We use data on the production side in addition to...

The authors examine industry concentration for the U.S. food manufacturing sector. This study is the first to examine whether particular subsectors within the food manufacturing industry, which operate in the presence of industry-funded check-off programs such as marketing orders, are more or...

A tanulmányban ármerevséget vezetünk be egy ágensalapú piaci modellbe a Calvo-féle megoldáshoz hasonló módon. Amellett érvelünk, hogy az árak merevségének DSGE modellekben leírt következményei (átváltás az ár és a termelés ingadozása között, illetve az átlagos...