WTO law issues of emissions trading

Based on existing research in the interface of emissions trading schemes (ETSs) and WTO law, the paper looks more closely at the design elements of an ETS that are most vulnerable to a WTO challenge, including border adjustment on importation and exportation, recycling of revenues and cross-border linking. The analysis of WTO consistency of various ETS regulatory components reveals significant legal uncertainty. One explanation is that an ETS is not yet fully established as a regulatory tool. It does not have a fixed design and its design elements vary significantly with a scheme. Moreover, ETS-related issues have never been raised in WTO disputes. This makes it hard to predict with confidence the outcome of scrutiny of an ETS by a WTO adjudicative body. In this respect, the availability of environmental and/or health exceptions for justification of ETS-related measures is of great importance.

Dois ensaios em finanças

In the first chapter, we test some stochastic volatility models using options on the S&P 500 index. First, we demonstrate the presence of a short time-scale, on the order of days, and a long time-scale, on the order of months, in the S&P 500 volatility process using the empirical structure function, or variogram. This result is consistent with findings of previous studies. The main contribution of our paper is to estimate the two time-scales in the volatility process simultaneously by using nonlinear weighted least-squares technique. To test the statistical significance of the rates of mean-reversion, we bootstrap pairs of residuals using the circular block bootstrap of Politis and Romano (1992). We choose the block-length according to the automatic procedure of Politis and White (2004). After that, we calculate a first-order correction to the Black-Scholes prices using three different first-order corrections: (i) a fast time scale correction; (ii) a slow time scale correction; and (iii) a multiscale (fast and slow) correction. To test the ability of our model to price options, we simulate options prices using five different specifications for the rates or mean-reversion. We did not find any evidence that these asymptotic models perform better, in terms of RMSE, than the Black-Scholes model. In the second chapter, we use Brazilian data to compute monthly idiosyncratic moments (expected skewness, realized skewness, and realized volatility) for equity returns and assess whether they are informative for the cross-section of future stock returns. Since there is evidence that lagged skewness alone does not adequately forecast skewness, we estimate a cross-sectional model of expected skewness that uses additional predictive variables. Then, we sort stocks each month according to their idiosyncratic moments, forming quintile portfolios. We find a negative relationship between higher idiosyncratic moments and next-month stock returns. The trading strategy that sells stocks in the top quintile of expected skewness and buys stocks in the bottom quintile generates a significant monthly return of about 120 basis points. Our results are robust across sample periods, portfolio weightings, and to Fama and French (1993)’s risk adjustment factors. Finally, we identify a return reversal of stocks with high idiosyncratic skewness. Specifically, stocks with high idiosyncratic skewness have high contemporaneous returns. That tends to reverse, resulting in negative abnormal returns in the following month.

The future of the WTO and the international trading system: investigating the institutional crisis

Pierre Sauvé addressed the issue of the WTO’s institutional crisis at a workshop on "The Future of the WTO and the International Trading System" organized by the European Parliament’s International Trade Committee in Brussels on May 8th, 2012.

Trading under the laws of Venezuela,

At head of title: U.S. Department of Commerce. Daniel C. Roper, secretary. Bureau of Foreign and Domestic Commerce. Alexander V. Dye, director ...

Trading with Mexico

Mode of access: Internet.

Export trading companies legislation : hearings before the Subcommittee on International Trade, Investment, and Monetary Policy of the Committee on Banking, Finance, and Urban Affairs, House of Representatives, Ninety-sixth Congress, second session, on H.R. 7310 ... H.R. 7364 ... H.R. 7436 ... H.R. 7463 ... July 1 and 2, 1980.

Item 1013

Export trading company legislation : hearing before the Subcommittee on Financial Institutions Supervision, Regulation and Insurance of the Committee on Banking, Finance, and Urban Affairs, House of Representatives, Ninety-sixth Congress, second session, September 30, 1980.

Item 1013

A handbook on scrap futures markets and futures trading /

Mode of access: Internet.

Trading with the enemy in World War II.

Bibliography: p. 570-577.

Trade reference roster; containing names of shippers, brokers and jobbers who have signed agreements making their transactions subject to the standard trading rules or who are members of an association that has adopted the said "rules."

Mode of access: Internet.

The control of alien property. Supplement to Trading with the enemy in World War II.

Bibliography: p. 266-276.

Nomination of Wendy L. Gramm [microform] : hearing before the Committee on Agriculture, Nutrition, and Forestry, United States Senate, One Hundredth Congress, second session on the nomination of Wendy L. Gramm, of Texas, to be Chairman of the Commodity Futures Trading Commission, February 3, 1988.

CIS Microfiche Accession Numbers: CIS 88 S161-26

Trading off among the needs of motor vehicle users, pedestrians, and bicyclists. Case study no. 10.

Federal Highway Administration, Washington, D.C.

Trading with the enemy act : interim report of the Subcommittee to Investigate the Administration of the Trading with the Enemy Act to the Committee on the Judiciary, United States Senate (pursuant to S. Res. 245, 82d Congress)

At head of title: Committee print.