This paper makes three contributions to our understanding of the price discovery process in currency markets. First, it provides evidence that this process cannot be the familiar one based on adverse selection and customer spreads, since such spreads are inversely related to a trade's likely...

We study the relationship between foreign exchange trading activity at a small bank in Germany and volatility on the USD/EUR foreign exchange market around the events of 09/11/2001. We find that volatility and bid-ask spreads are by far larger at that time, but the shock is not persistent. The...

This paper examines the price discovery process in currency markets, basing its analysis on the pivotal distinction between the customer (end-user) market and the interdealer market. It first provides evidence that this price discovery process cannot be based on adverse selection between dealers...

This paper examines the price discovery process in currency markets, basing its analysis on the pivotal distinction between the customer (end-user) market and the interdealer market. It first provides evidence that the price discovery process cannot be based on adverse selection between dealers...

The performance and composition of the U.S. brewing industry has changed dramatically over the past three decades. The industry displays contradictory shifts in both aggregate production volume and number of firms. While aggregate beer production in the US has increased modestly, per capita...

Supporting thermoelectric power generation requires a significant quantity of water, primarilyfor cooling operations. Lack of available water due to physical scarcity or thermal permit limitsassociated with the Clean Water Act 316 (a) can result in a forced curtailment of plant operation,known...

AbstractThere currently exists a demand in the United States for information about the environmental impactsof consumer products, but there is no consistent system for providing this information. This project proposes guidelines for the creation of a Type III environmental declaration program...

Market facilitation organizations (MFOs) are a new concept developed asprivate public partnerships for promoting renewable energy markets. Thesepublic-private entities support the growth of particular markets through a variety ofmeans, such as partner matching, information dissemination, and...