A case study of short-sale constraints and limits to arbitrage

This paper uses a unique data set of trades in a unique pair of securities that enables the precise identification of individual broker activity and the trade direction of that activity. We find direct evidence that the imposition (removal) of short-sale constraints limits (generates) trading activity consistent with brokers exploiting apparent mispricing.

Mesure et Prévision de la Volatilité pour les Actifs Liquides

Le prix efficient est latent, il est contaminé par les frictions microstructurelles ou bruit. On explore la mesure et la prévision de la volatilité fondamentale en utilisant les données à haute fréquence. Dans le premier papier, en maintenant le cadre standard du modèle additif du bruit et le prix efficient, on montre qu’en utilisant le volume de transaction, les volumes d’achat et de vente, l’indicateur de la direction de transaction et la différence entre prix d’achat et prix de vente pour absorber le bruit, on améliore la précision des estimateurs de volatilité. Si le bruit n’est que partiellement absorbé, le bruit résiduel est plus proche d’un bruit blanc que le bruit original, ce qui diminue la misspécification des caractéristiques du bruit. Dans le deuxième papier, on part d’un fait empirique qu’on modélise par une forme linéaire de la variance du bruit microstructure en la volatilité fondamentale. Grâce à la représentation de la classe générale des modèles de volatilité stochastique, on explore la performance de prévision de différentes mesures de volatilité sous les hypothèses de notre modèle. Dans le troisième papier, on dérive de nouvelles mesures réalizées en utilisant les prix et les volumes d’achat et de vente. Comme alternative au modèle additif standard pour les prix contaminés avec le bruit microstructure, on fait des hypothèses sur la distribution du prix sans frictions qui est supposé borné par les prix de vente et d’achat.

Cybernetic Modeling Revisited: A Method for Inferring the Cybernetic Variables u(i) from Experimental Data

The cybernetic modeling framework for the growth of microorganisms provides for an elegant methodology to account for the unknown regulatory phenomena through the use of cybernetic variables for enzyme induction and activity. In this paper, we revisit the assumption of limited resources for enzyme induction (Sigma u(i) = 1) used in the cybernetic modeling framework by presenting a methodology for inferring the individual cybernetic variables u(i) from experimental data. We use this methodology to infer u(i) during the simultaneous consumption of glycerol and lactose by Escherichia coli and then model the fitness trade-offs involved in the recently discovered predictive regulation strategy of microorganisms.

Trade Liberalization and the Profitability of Domestic Mergers.

It is often thought that a tariff reduction, by opening up the domestic market to foreign firms, should lessen the need for a policy aimed at discouraging domestic mergers. This implicitly assumes that the tariff in question is sufficiently high to prevent foreign firms from selling in the domestic market. However, not all tariffs are prohibitive, so that foreign firms may be present in the domestic market before it is abolished. Furthermore, even if the tariff is prohibitive, a merger of domestic firms may render it nonprohibitive, thus inviting foreign firms to penetrate the domestic market. In this paper, we show, using a simple example, that in the latter two cases, abolishing the tariff may in fact make the domestic merger more profitable. Hence, trade liberalization will not necessarily reduce the profitability of domestic mergers.

Direction Estimation of Pedestrian from Images

The capability of estimating the walking direction of people would be useful in many applications such as those involving autonomous cars and robots. We introduce an approach for estimating the walking direction of people from images, based on learning the correct classification of a still image by using SVMs. We find that the performance of the system can be improved by classifying each image of a walking sequence and combining the outputs of the classifier. Experiments were performed to evaluate our system and estimate the trade-off between number of images in walking sequences and performance.

Global factor trade with differentiated factor prices and factor intensities

Relaxing the assumption of internationally identical factor intensity techniques in the HOV model creates two challenges. First, computing actual factor intensity techniques of different countries requires detailed input-output tables and factor usage data, which are not always available. Second, determinants of the factor intensity technique differences across countries need to be identified. This paper explores the role of relative factor price differences in the determination of factor intensity technique differences across countries and proposes an inferring method that infers factor intensity techniques of different countries based on relative factor price differences. The HOV model is then modified accordingly.

Commerce mondial des facteurs de production quand les prix des facteurs sont différenciés et les intensités dans l'intensité d'utilisation des facteurs différentes. Relaxer le postulat de techniques à intensité identique de facteurs de production d'un pays à l'autre dans un modèle Heckscher-Ohlin-Vanek (HOV) pose deux défis. D'abord, mesurer les intensités en facteurs des techniques en place dans les divers pays réclame des tableaux interindustriels détaillés et des données sur l'utilisation des facteurs qui ne sont pas toujours disponibles. Ensuite, il faut identifier les déterminants des différences d'intensités en facteurs des techniques d'un pays à l'autre. Ce mémoire explore le rôle des différences dans les prix relatifs des facteurs dans la détermination des différences d'intensité en facteurs d'un pays à l'autre, et propose une méthode qui permet d'inférer les différences d'intensité en facteurs des techniques des divers pays à partir des différences dans les prix relatifs des facteurs. Le modèle HOV est alors modifié en conséquence.

New Zealand’s trade balance : evidence of the J-curve and granger causality

This article tests for the existence of any cointegration relationship between trade balance and real effective exchange rate (REER), foreign income and domestic income for New Zealand during the period 1970-2000. It also examines the direction of the casual relationship between the above variables, and applies the impulse response analysis to determine whether shocks to the REER induce the trade balance to follow a J-curve pattern. The results indicate that there is no cointegration relationship between the above variables; there is a casual connection in both directions between trade balance and foreign income; and New Zealand's trade balance exhibits a J-curve pattern when there is a depreciation of the New Zealand dollar.

Wal-Mart’s trade union in China

In 2007–8, more than 100 Wal-Mart stores in China established trade unions, which were praised by labour organizations and scholars throughout the world. This article questions these positive assessments and evaluations through an empirical study. The empirical findings reveal a dark and unpleasant picture of a double cooptation in that both the Chinese government and Wal-Mart have successfully coopted a few more or less independent unions. Although the presence of the trade union seems to challenge Wal-Mart’s neoliberal corporate ideology and governance, the compromise and tacit agreement between Wal-Mart and the party-state not only reflects a marriage of convenience but also indicates some deeper compatibility, the compatibility between China’s state corporatist model and the neoliberal approach taken by Wal-Mart. This study finds that China continues to move in a ‘state corporatist’ direction and that the transition towards civil society and ‘societal corporatism’ has been stymied.

Wings or winds : inferring bat migration in a stepping-stone archipelago

Eocene ocean currents and prevailing winds correlate with over-water dispersals of terrestrial mammals from Africa to Madagascar. Since the Early Miocene (about 23 Ma), these currents flowed in the reverse direction, from the Indian Ocean towards Africa. The Comoro Islands are equidistant between Africa and Madagascar and support an endemic land vertebrate fauna that shares recent ancestry predominantly with Madagascar. We examined whether gene flow in two Miniopterus bat species endemic to the Comoros and Madagascar correlates with the direction of current winds, using uni- and bi-parentally inherited markers with different evolutionary rates. Coalescence-based analyses of mitochondrial matrilines support a Pleistocene (approximately 180 000 years ago) colonization event from Madagascar west to the Comoros (distance: 300 km) in the predicted direction. However, nuclear microsatellites show that more recent gene flow is restricted to a few individuals flying against the wind, from Grande Comore to Anjouan (distance: 80 km).

Recent trade performance of Caribbean countries

Includes bibliography

Caribbean trade and integration: trends and future prospects

Includes Bibliography

Trade reforms and trade patterns in Latin America

Includes bibliography

Quantitative assessment of a free trade agreement between MERCOSUR and the European Union

Incluye Bibliografía

Trade, direct investment and production policies

Includes bibliography