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11.
This paper investigates the impact on UK stock and option markets of the change from an account based settlement system to a rolling settlement procedure. Such a change increases the transaction costs of short-term margin traders, and is likely to impact on the liquidity of the underlying market, as well as trading in the options market. Evidence is presented that the settlement procedure does impact on the liquidity of the market. Further, we find that rolling settlement increased market liquidity, consistent with the exit of margin traders as a result of the increase in short selling costs. Associated with this increase in liquidity is a significant reduction in nonoptionable stock trading volume, implying that margin trading may have been more prevalent in stocks without options. Finally, it is shown that while trading in stock options increased, the volatilities implied from call and put option prices indicate that put options have become relatively more expensive. This reflects the change in demand induced by the new settlement procedure, especially in terms of the increase in short selling costs. 相似文献
12.
By utilizing the techniques of multivariate cointegration and error correctionmodels, we investigate the impact of the different exchange rate regimes that spannedthe twentieth century on the bilateral exports between the UK and the USA over thelast 99 years. Our results support two conclusions. First, fixed exchange rate regimesand managed float exchange rate regimes are equally conducive to trade. Second, freely floating exchange rate regimes are more conducive to trade than fixed exchange rateregimes. 相似文献
13.
Andreas P. Kyriacou 《Constitutional Political Economy》1998,9(4):335-338
This comment replies to the assertion by Müller (1998) that a rational and self-interested individual faced with a thick veil of uncertainty may not, as a result, vote for a fair rule. It is argued that if such an individual is reasonably assumed to behave as if he/she were risk-averse then he/she is more likely to vote for such a rule. 相似文献
14.
In light of the fact that the most recent Lomé Convention is currently being renegotiated, this study attempts to assess the overall impact of the first three Lomé Conventions on the trade flows of a selected group of African, Caribbean, and Pacific countries (ACP) to the European Union (EU). A brief summary of the major findings is that the Lomé Conventions had no detectable impact on ACP countries' trade with the EU, except in the case of agricultural products during the Lomé I period and that ACP countries did better than non-ACP countries in their traditional markets only, i.e., Yaoundé ACP with the original six members of the EU and the Commonwealth ACP with the United Kingdom. 相似文献
15.
Andreas P. Kyriacou 《Kyklos》2013,66(1):78-101
Institutional quality has been increasingly identified as crucial for economic development. In line with previous work which has explored the determinants of good institutions, this paper examines the impact of economic and social inequalities between ethnic groups on government quality. I hypothesize that greater inequalities between groups will tend to undermine institutions both because they tend to legitimize corruption in the eyes of disadvantaged groups and because of the efforts of better‐off groups to maintain their privileges. Based on a panel of 29 developing countries, I find that socio‐economic ethnic group inequalities reduce government quality, something which suggests the convenience of policies that can level the playing field in ethnically heterogeneous societies. 相似文献
16.
Andreas P. Kyriacou 《American journal of economics and sociology》2011,70(1):109-130
The price of irrationality or belief manipulation varies as we move from small to large group settings. Individual members of large groups can more cheaply bias downwards their beliefs as to the immorality of their free‐riding thereby circumventing internal moral constraints. The relative anonymity inherent to large number settings moreover reduces social pressures against free‐riding stemming from some common ethical or moral norms. Both selfish individuals facing an internal moral constraint to behave altruistically and those with altruistic preferences have an incentive to bias upward their belief of the decisiveness of their contribution in large number settings. In addition, the impact of symmetry and the illusion of control can introduce biases regarding the expected reactions of others to one's own decisions. The loosening of moral constraints will tend to increase free‐rider behavior while biased beliefs about the decisiveness of one's contribution or the reaction of others to one's actions will tend to decrease such behavior. 相似文献