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A number of futures markets use price limits which, in effect, preclude trade from occurring at prices outside certain exogenous bounds. Noting that such markets are characterized by heterogeneously informed traders, whereas previous work on price limits assumes symmetrically informed traders, we examine the effects of price limits in a setting where market participants are asymmetrically informed. We find that imposing price limits generally lowers the quality of information acquired in equilibrium, but lowers bid–ask spreads as well. Thus, depending on the relative weights placed by society on liquidity versus price efficiency, there may exist a set of price limits that are most efficient in achieving a trade-off between liquidity and informational efficiency. We perform empirical tests of some implications of the model using cross-sectional data on price limits. We find that price limits are strongly negatively related to both price volatility and trading volume. Though other explanations for our empirical findings cannot be ruled out, these results are not inconsistent with the model's implication that price limits should be tighter for contracts which offer greater profit potential for informed traders.  相似文献   
2.
Klaus  Anshuman   《Technovation》2000,20(12)
This research paper evolves from problems related to the environment as the result of today's product-based society and especially the end-of-life management of cars. The purpose is to identify key elements in car-scrapping approaches with the potential to meet the following three goals:
• containing the environmental damage from end-of-life cars,
• improvement of current end-of-life car management from an environmental and resource utilization standpoint, and
• fostering manufacturing of scrap-adapted/recycled cars.
An attempt is made to analyze how financial resources could be organized for the ELV recycling system. A few suggestions have been made in order to foster attainment of the above-mentioned goals through an extended producer responsibility through requisite market oriented financial support.In short, this paper takes a look at the economic feasibility and ingredients for success of a market for recyclables. It lays emphasis on some kind of transparency at the economic and technical levels.  相似文献   
3.
Market making with discrete prices   总被引:3,自引:0,他引:3  
Exchange-mandated discrete pricing restrictions create a wedgebetween the underlying equilibrium price and the observed price.This wedge permits a competitive market maker to realize economicprofits that could help recoup fixed costs. The optimal ticksize that maximizes the expected profits of the market makercan equal to $1/8 for reasonable parameter values. The optimaltick size is decreasing in the degree of adverse selection.Discreteness per se can cause time-varying bid-ask spreads,asymmetric commissions, and market breakdowns. Discreteness,which imposes additional transaction costs, reduces the valueof private information. Liquidity traders can benefit undercertain conditions.  相似文献   
4.
European response to issues in recycling car plastics   总被引:1,自引:0,他引:1  
Klaus  Anshuman   《Technovation》1999,19(12)
This paper discusses the issue of recycling of plastics in the automobile industry which has gained importance due to the proposed European Commission regulation on End-of-Life Vehicles (ELVs) where the EC sets targets on the percent recyclablity or reusability of a car by the year 2015. This proposed regulation puts pressure on the car manufacturers to increase the recyclable and/or reusable components of their product. Plastic poses a critical challenge as on one hand it is necessary to meet the customer demands related to esthetics, light weight and the technological advantages, while on the other hand it is a hurdle in achieving a higher percent recyclability of the ELVs.A closer look on this issue from Europe is necessary as it is expected to set the trend in car recycling regulations all over the world. However, there are many related economic issues that have to be kept in mind while thinking of recycling of plastics (or other components) from ELVs. Tough regulations may not have the solution to the environmental question as the issue has ramifications outside the automotive industry and outside Europe.The significance of plastics in the automotive industry, the proposed ELV directive from the EC and the economic effects of the same, along with the future concerns is discussed here. Further, the paper takes a brief look at the environment in the Indian sub-continent which is considered an emerging market and is flooded with car manufacturers from all over the world, and where issues like recycling are still to attract the attention of the government and the local population.  相似文献   
5.
In theory, political risk is project‐specific and should be accounted for in the estimation of the expected investment cash flows. But in practice, the political risk associated with this type of investment is typically accounted for implicitly by adjusting the investment's required rate of return or the discount rate. As the authors discuss in the article, this approach disguises the specific assumptions being made about the risk of expropriation and so makes it difficult to assess this risk properly. While defending some aspects of current practice, the authors argue that corporate executives should consider some changes. For example, although a project analysis that is shared with the host government could incorporate a risk adjustment to the discount rate, the authors suggest that more explicit analysis of the anticipated risk of expropriation should be incorporated into the analysis of expected project cash flows. This analysis could involve making specific assumptions about the “term structure” of expropriation risk over the life of the investment. Finally, the authors note that the political risk of making investments in emerging economies can be managed to some extent. Investments can be structured in ways that reduce political risk by structuring project cash flows in ways that better align the incentives of the project sponsor and the government of the host country.  相似文献   
6.
Entrepreneurs who deal with a venture capital firm (VC) for the first time often find themselves unprepared for the experience. The deal structure language used to describe financing terms, and the methods used to value the investment, are unique to the VC world. The authors have two objectives in preparing this entrepreneur's guide to venture capital finance: First, they explain why VCs require rates of return that are considerably higher—even after adjusting for difference in risk—than the returns required by the shareholders of established companies. Their explanation focuses on differences of opinion between overly optimistic entrepreneurs and less sanguine VCs. Second, the authors discuss the difficulty faced by entrepreneurs when trying to understand the actual cost of VC financing (including the dilution of value that occurs when entrepreneurs fail to meet targets or milestones). The problem can be traced to deal structure terms that typically call for the VC to receive preferential treatment in the event the entrepreneur's scenario does not turn out to be accurate. More specifically, entrepreneurs often grant VCs control rights as well as liquidation rights that, when things go wrong, dramatically increase the effective cost to entrepreneurs of venture financing.  相似文献   
7.
A basic tenet of microeconomics is that for a competitive industry in equilibrium the market price of a product will be equal to its marginal cost. This paper develops a model framework and a corresponding empirical inference procedure for estimating long‐run marginal cost in industries where production costs decline over time. In the context of the solar photovoltaic (PV) module industry, we rely primarily on firm‐level financial accounting data to estimate the long‐run marginal cost of PV modules for the years 2008–2013. During those years, the industry experienced both unprecedented price declines and significant expansions of manufacturing capacity. We compare the trajectory of average sales prices with the estimated long‐run marginal costs in order to quantify the extent to which actual price declines were attributable to reductions in production costs. The trajectory of estimated product costs is then extrapolated to forecast an equilibrium trend line for future PV module prices.  相似文献   
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