Volume,Volatility, and New York Stock Exchange Trading Halts

Trading halts increase, rather than reduce, both volume and volatility. Volume (volatility) in the first full trading day after a trading halt is 230 percent (50 to 115 percent) higher than following “pseudohalts”: nonhalt control periods matched on time of day, duration, and absolute net-of-market returns. These results are robust over different halt types and news categories. Higher posthalt volume is observed into the third day while higher posthalt volatility decays within hours. The extent of media coverage is a partial determinant of volume and volatility following both halts and pseudohalts, but a separate halt effect remains after controlling for the media effect.     

土地投机毒害全球经济

信贷推动的房地产周期使美国、英国、西班牙和爱尔兰的民众全都成为了土地投机者,这种行为的不良影响毒害了世界经济。     

Mortality due to injuries in Maputo City, Mozambique

Records of all registered deaths due to injuries maintained by the Legal Medicine Department in Maputo City for the period 1 January to 31 December 2000 were reviewed. Among the 1135 registered deaths, road traffic injuries accounted for the most common underlying cause of death (43.7%), followed by firearm discharge (8.7%) and burns (7.8%). For all deaths, skull fracture (21.9%), organ system injury (17.2%) and brain tissue injury (9.3%) were the most important intermediate causes of death and among the immediate causes of death acute anaemia (21.9%) was the most common followed by asphyxia (14.4%) and traumatic shock (12.0%). Overall, most cases were seen in the age group 20-29 years (27.0%) and comprising mainly males (male/female ratio 3.1). The most commonly reported cause for the victims to sustain injuries leading to death were accidents (59.4%), followed by homicides (19.8%), unknown causes (16.1%) and suicides (4.2%). Prevention of road traffic injuries and improved emergency care and health facility-based treatment is needed to reduce injury-related mortality.     

Navigating Rough Waters: Global Shipping and Challenges for the North Range Ports

Intereconomics - Ports and shipping have been in the spotlight in 2021 with surging demand, skyrocketing freight rates and week-long queues. This development stands against the background of the...     

The European Green Deal — More Than Climate Neutrality

Intereconomics - The European Green Deal aims at climate neutrality for Europe by 2050, implying a significant acceleration of emission reductions. To gain the necessary support, it needs to reduce...     

Private Sector Influences on Monetary Policy in the United States

I examine the extent to which the Federal Reserve's monetary policy actions are correlated with the expressed wishes of private sector lobbying groups. I update and extend work by Havrilesky (1990, 1993) regarding the effect of signals from the banking industry through the Federal Advisory Council (FAC). I also construct a new database containing statements from non-financial interest groups. I find that monetary policy actions are correlated with signals from non-financial groups before 1979 but not after, and are correlated with signals from the FAC after 1979 but not before. I also find that the Fed's policy stance more closely matches the preferred stance of the banking industry after 1979.     

Stealing Deposits: Deposit Insurance,Risk‐Taking,and the Removal of Market Discipline in Early 20th‐Century Banks

Deposit insurance reduces liquidity risk but can increase insolvency risk by encouraging reckless behavior. Several U.S. states installed deposit insurance laws before the creation of the Federal Deposit Insurance Corporation, and those laws applied only to some depository institutions within those states. These experiments present a unique testing ground for investigating the effect of deposit insurance. We show that deposit insurance removed market discipline constraining uninsured banks. Taking advantage of World War I's rise in world agricultural prices, insured banks increased their insolvency risk and competed aggressively for deposits. When prices fell after the war, the insurance systems collapsed and suffered high losses.