This paper examines the effects of a semi-transparency event, introduction of the electronic trading system (EBS), on the market quality of a typical dealership market - the FX market. We find that increasing transparency leads to lower market volatility and higher trading volume, but the...

Energy efficiency projects are often executed by specialized entities, namely energy service companies (ESCOs). A typical ESCO's core business is conducted using performance-based contracts, whereby payment terms depend on the energy savings achieved. Despite their success in public, commercial,...

This paper examines the impact of electronic trading systems on the bid-ask spreads in the foreign exchange market. The paper finds: First, both the Reuters system and EBS reduce spreads significantly; Second, the EBS is more influential than the Reuters system for the currency pair DEM/USD;...

This paper examines the forward premium puzzle based on 1-week forward rates across weekdays. The paper finds that Thursday consistently appears to be a special day on which the puzzle disappears, while it is present on other weekdays. In addition to Thursday, Monday is also found to be a...

This paper examines the forward premium puzzle based on the most recent data for different horizons. The paper finds that the well-known puzzle disappears in short horizons, such as one day, but continues to exist in medium horizons such as one week or one month. This finding is proved to be...

Studies have found that air pollution increases with land misallocation, that is, industrial land is offered at low prices and in large quantities, while commercial/residential land at high price and in a restricted manner. We posit that urban sprawl is an important intermediate mechanism by...

Exchange rate is quoted by dealers based on the order flow they receive. Market survey and FX market microstructure literature suggest that financial customers order flow is the most informative and leads total order flow. This paper explains exchange rate dynamics by linking financial customers...