Is Trading Behavior Stable Across Contexts? Evidence from Style and Multi-Style Investors

In this paper we study priming of identity within the context of inherent vs. contextual financial decision making. We use a sample of individual trading accounts in equity-style funds taken from one fund family to test the hypothesis that trading styles are inherent vs. contextual. Our sample contains investors who invest either in a growth fund, a value fund, or both. We document behavioral differences between growth fund investors and value fund investors. We find that their trades depend on past returns in different ways: growth fund investors tend towards momentum trading and value fund investors tend towards contrarian trading. These differences may be due to inherent clientele characteristics, including beliefs about market prices, specific personality traits and cognitive strategies that cause them to self-select into one or the other style. We use a sample of investors that trade in both types of funds to test this proposition. Consistent with the contextual hypothesis, we find that investors who hold both types of funds trade growth fund shares differently than value fund shares.

Retail trading areas in Des Moines, Henry, and Lee counties : a study / by the Committee on Business and Industry, Iowa State Planning Board, 1936

This study provides information on retail trade and market surveys in Des Moines, Henry and Lee Counties in Iowa. Maps and tables are included. Transportation facilities, sources of income, trading areas, banking changes, shopping centers and other factors that impact retail trade are discussed.

Short-term Trading in Long-term Funds: Implications for Financial Managers

Most hospitality firms do not consider managing stock portfolios to be a main part of their operations. They are in the service business, using their real assets and the services provided by employees to create valuable experiences for guests. However, the need to focus on stock investments arises through those employees. Employees consistently rank benefits, including retirement benefits, among the top five contributors to job satisfaction and as a key consideration in accepting a job.1 It is not surprising, then, that more than 90 percent of companies with 500 or more employees offer retirement plans. The five largest hotel companies in the U.S. have over $10 billion in assets under management in their retirement plans, making these plans a key component in retirement investment decisions.

Il Pricing come fattore competitivo nel mercato dei beni durevoli

L'elaborato tratta delle dinamiche del pricing, analizzando nello specifico al contrapposizione fra Prezzo e Valore per il Cliente, entrando nello specifico delle metodologie per la determinazione degli stessi per poi introdurre alcune delle più comuni politiche di prezzo attuate dalle aziende. Si descrive dunque il mercato degli elettrodomestici bianchi, evidenziando come il Prezzo sia una variabile determinante in questo mercato ormai in fase di saturazione. Infine si fa un analisi di "The Business Game" analizzando la condotta del team irajoya e come il Prezzo sia stato essenziale per il successo della squadra nel mercato simulato.

Techno-Economic Assessment of LNG and Diesel Production and Global Trading Based on Hybrid PV-Wind Power Plants and PtG, GtL and PtL Technologies

With growing demand for liquefied natural gas (LNG) and liquid transportation fuels, and concerns about climate change and causes of greenhouse gas emissions, this master’s thesis introduces a new value chain design for LNG and transportation fuels and respective fundamental business cases based on hybrid PV-Wind power plants. The value chains are composed of renewable electricity (RE) converted by power-to-gas (PtG), gas-to-liquids (GtL) or power-to-liquids (PtL) facilities into SNG (which is finally liquefied into LNG) or synthetic liquid fuels, mainly diesel, respectively. The RE-LNG or RE-diesel are drop-in fuels to the current energy system and can be traded everywhere in the world. The calculations for the hybrid PV-Wind power plants, electrolysis, methanation (H2tSNG), hydrogen-to-liquids (H2tL), GtL and LNG value chain are performed based on both annual full load hours (FLh) and hourly analysis. Results show that the proposed RE-LNG produced in Patagonia, as the study case, is competitive with conventional LNG in Japan for crude oil prices within a minimum price range of about 87 - 145 USD/barrel (20 – 26 USD/MBtu of LNG production cost) and the proposed RE-diesel is competitive with conventional diesel in the European Union (EU) for crude oil prices within a minimum price range of about 79 - 135 USD/barrel (0.44 – 0.75 €/l of diesel production cost), depending on the chosen specific value chain and assumptions for cost of capital, available oxygen sales and CO2 emission costs. RE-LNG or RE-diesel could become competitive with conventional fuels from an economic perspective, while removing environmental concerns. The RE-PtX value chain needs to be located at the best complementing solar and wind sites in the world combined with a de-risking strategy. This could be an opportunity for many countries to satisfy their fuel demand locally. It is also a specific business case for countries with excellent solar and wind resources to export carbon-neutral hydrocarbons, when the decrease in production cost is considerably more than the shipping cost. This is a unique opportunity to export carbon-neutral hydrocarbons around the world where the environmental limitations on conventional hydrocarbons are getting tighter.

Minimizar o sobrecusto da redução da capacidade de interligação com recurso ao counter-trading

Dissertação para obtenção do grau de Mestre em Engenharia Electrotécnica Ramo de energia

Water quality trading: credit stacking and ancillary benefits

Ecosystems can provide many services. Wetlands, for example, can help mitigate water pollution from point sources as well as non-point sources, serve as habitat for wildlife, sequester carbon and serve as a place for recreation. Studies have found that these services can have substantial value to society. The sale of ecosystem credits has been found to be a possible way to finance construction investments in wetlands and easements to farmers to take their land out of production. At the same time, selling one ecosystem service credit may not always be enough to justify the investment. Traditionally market participants have only been allowed to sell a single credit from one piece of land, but recently there have been discussions about the possibility of selling more than one credit from a piece of land because it potentially could lead to more efficient ecosystem service provision. Selling multiple credits is sometimes referred to as credit stacking. This paper is an empirical study of the potential for credit stacking applied to the services provided by wetlands in the Upper Mississippi River Basin, specifically nitrogen, phosphorus and wildlife credits. In the setting of our study where costs are discrete rather than continuous we found that wetlands are a cost-effective way to reduce the nitrogen loads from wastewater treatment plants and that stacking nitrogen, phosphorus and wildlife credits may improve social welfare while leading to a higher level of ecosystem services. However, for credit stacking to be welfare improving we found that there needs to be a substantial demand for the credit that covers the majority of the investment in wetlands, while the credit aggregator has a choice between what ecosystem projects to undertake. If the credit that covers the majority of investment is sold first and is the sole basis of the investment decision and the objective is to improve welfare, a sequential implementation of ecosystem credits is not recommended; it would not lead to an increase in the total amount of ecosystem services provided though it would increase profit for the credit producer.

Forecasting errors, directional accuracy and profitability of currency trading: The case of EUR/USD exchange rate

We provide a comprehensive study of out-of-sample forecasts for the EUR/USD exchange rate based on multivariate macroeconomic models and forecast combinations. We use profit maximization measures based on directional accuracy and trading strategies in addition to standard loss minimization measures. When comparing predictive accuracy and profit measures, data snooping bias free tests are used. The results indicate that forecast combinations, in particular those based on principal components of forecasts, help to improve over benchmark trading strategies, although the excess return per unit of deviation is limited.

Sino-African State Trading in Services: Added-Value through Angola-Model loaning, GATS commitments or FTAs?

Paper presented by Charlotte Sieber-Gasser at the 5th Annual TRAPCA Conference, Arusha (Tanzania), 25-26 November 2010. Despite the increasing volume of trade between China and African countries, not one single conventional free trade agreement (FTA) or economic partnership agreement (EPA) has yet been signed between an African country and China. Initially, Sino-African trade relations were to a very large extent centred on investments secured through bilateral investment agreements (BITs). The more recent Chinese investments on the African continent, however, are more informally based on FDI contracts with the state at the receiving end and a government-owned private company as the investor, or loosely attached to loans commonly known under term ‘the Angola-Model’. This rather unusual basis for economic integration and development assistance, outside the trodden path of free trade agreements and ODA, requires further analysis in order to understand how the current legal framework between China and the African continent impacts economic development and national sovereignty, and what kind of distributive consequences it may have.

Stato microbiologico di pomodori distribuiti sul mercato del fresco

Le epidemie tossinfettive dovute al consumo di prodotti vegetali freschi hanno subito negli ultimi anni un rilevante incremento a causa della crescente centralizzazione delle produzioni in prossimità di aree destinate alle produzioni animali, all’aumento dell’importazione e del trasporto di prodotti provenienti da grandi distanze, all’aumento del settore dei prodotti di IV gamma e all’incremento delle fasce di popolazione più sensibili ai principali patogeni degli alimenti. I dati recenti indicano che, negli USA, le tossinfezioni associate al consumo di vegetali freschi sono passati dallo 0.7% del totale negli anni ‘70, al 6% negli anni ’90, al 13% nei primo anni 2000, fino a rappresentare nel 2014 il 46% delle tossinfezioni complessive. Il consumo di pomodori freschi è stato implicato in numerose tossinfezioni, anche di ampie dimensioni, in diverse aree del globo. Oltre alle salmonellosi, i pomodori costituiscono importanti veicoli per la trasmissione per altri patogeni quali Listeria monocytogenes, Escherichia coli VTEC e Yersinia enterocolitica. Gli studi sulla composizione quali-quantitativa dei microrganismi presenti sui pomodori al momento della loro commercializzazione sono pochissimi. Per queste ragioni, nel mio elaborato mi sono occupata di valutare alcuni parametri microbiologici campionando la superficie di pomodori a grappolo di diversa tipologia, prelevati dai banchi della distribuzione, venduti sfusi o preconfezionati. Le analisi condotte erano mirate alla ricerca della carica batterica totale, di Escherichia coli, enterobatteriacee, stafilococchi, muffe e lieviti. Dai risultati ottenuti si evince che non esistono effettivamente delle differenze significative sulle caratteristiche microbiologiche dei pomodori in base al tipo di confezionamento. Inoltre si può anche osservare come le cariche microbiche individuate siano relativamente contenute e paragonabili a quelle riportate in letteratura per prodotti analoghi considerati a basso rischio.

Analisi di mercato per pannelli fotovoltaici e cogeneratori

L'analisi di questa tesi si basa sui dati ottenuti contattando direttamente le aziende produttrici e/o di progettazione e riguarda due settori energetici: la cogenerazione e il solare fotovoltaico. Nel primo si sono studiate 60 unità complete di cogenerazione il cui studio si è basato sulla costruzione di grafici che mettono in relazione le potenze uscenti con il prezzo. Si è mostrato così la forte presenza di un fenomeno di economia di scala e la diversa ripartizione della potenza prodotta. Per unità di piccola-media potenza predomina la produzione di energia termica, la quale diminuisce la sua quota percentuale all’aumentare della taglia. Nel settore del solare fotovoltaico l’analisi è stata più diversificata e articolata. Si sono analizzati 70 pannelli di cui 35 monocristallini, 14 europei e 21 asiatici, e 35 policristallini, 26 europei e 9 asiatici, per i quali si sono graficati gli andamenti di resa, potenza specifica e costo specifico. I pannelli monocristallini, intrinsecamente più efficienti grazie al maggior grado di purezza, presentano un andamento crescente dei costi piuttosto ripido anche se non proporzionale con l’aumento delle prestazioni. Tra i pannelli policristallini invece si evidenzia l’assenza di un andamento nettamente crescente delle prestazioni all’aumentare dei costi. Confrontando i moduli divisi in base alla macro-regione di produzione si nota che l’Asia produce i pannelli al Si monocristallino più efficienti e più costosi mentre pannelli al Si policristallino più economici, ma con prestazioni in linea con quelli europei.Con i dati raccolti si è potuta svolgere anche una ristretta analisi sui pannelli al film sottile. Quelli che utilizzano il Si amorfo presentano prestazioni così basse da non permettere loro una vera affermazione sul mercato. Quest’ultima si presume che sarà invece possibile per pannelli basati su diversi materiali semiconduttori che presentano buoni livelli di prestazioni, ma prezzi ancora troppo elevati.

Essays on Emissions Trading Markets

This dissertation is a collection of three economics essays on different aspects of carbon emission trading markets. The first essay analyzes the dynamic optimal emission control strategies of two nations. With a potential to become the largest buyer under the Kyoto Protocol, the US is assumed to be a monopsony, whereas with a large number of tradable permits on hand Russia is assumed to be a monopoly. Optimal costs of emission control programs are estimated for both the countries under four different market scenarios: non-cooperative no trade, US monopsony, Russia monopoly, and cooperative trading. The US monopsony scenario is found to be the most Pareto cost efficient. The Pareto efficient outcome, however, would require the US to make side payments to Russia, which will even out the differences in the cost savings from cooperative behavior. The second essay analyzes the price dynamics of the Chicago Climate Exchange (CCX), a voluntary emissions trading market. By examining the volatility in market returns using AR-GARCH and Markov switching models, the study associates the market price fluctuations with two different political regimes of the US government. Further, the study also identifies a high volatility in the returns few months before the market collapse. Three possible regulatory and market-based forces are identified as probable causes of market volatility and its ultimate collapse. Organizers of other voluntary markets in the US and worldwide may closely watch for these regime switching forces in order to overcome emission market crashes. The third essay compares excess skewness and kurtosis in carbon prices between CCX and EU ETS (European Union Emission Trading Scheme) Phase I and II markets, by examining the tail behavior when market expectations exceed the threshold level. Dynamic extreme value theory is used to find out the mean price exceedence of the threshold levels and estimate the risk loss. The calculated risk measures suggest that CCX and EU ETS Phase I are extremely immature markets for a risk investor, whereas EU ETS Phase II is a more stable market that could develop as a mature carbon market in future years.

Pairs trading in the UK equity market: risk and return

In this paper, we provide the first comprehensive UK evidence on the profitability of the pairs trading strategy. Evidence suggests that the strategy performs well in crisis periods, so we control for both risk and liquidity to assess performance. To evaluate the effect of market frictions on the strategy, we use several estimates of transaction costs. We also present evidence on the performance of the strategy in different economic and market states. Our results show that pairs trading portfolios typically have little exposure to known equity risk factors such as market, size, value, momentum and reversal. However, a model controlling for risk and liquidity explains a far larger proportion of returns. Incorporating different assumptions about bid-ask spreads leads to reductions in performance estimates. When we allow for time-varying risk exposures, conditioned on the contemporaneous equity market return, risk-adjusted returns are generally not significantly different from zero.

Regionalism as trading blocks, a comparative analysis of the legal structure of the EC and NAFTA within the context of the WTO

Geography has almost become obsolete. The world’s goods and services can now be accessed instantaneously by electronic commerce. Small and medium sized countries have felt the cold winds of change blowing, and have adopted the “safety in numbers” philosophy. Regional organisations throughout the world have sprung up, with their original raison d'être the encouragement and development of regional trading blocks. Two of the most developed regional groupings are the EU/EC and NAFTA. These two organisations represent two quite different philosophies of regional trade groupings, with contrasting legal structures. The advent of Trade Globalisation, with the founding of the WTO has brought these two approaches into confrontation, as each side of the Atlantic Ocean tries to influence the development on the naissant WTO. This paper examines the two contrasting legal structures, and the conflict on an inter regional level that they are engendering.