CAN INEFFICIENT TRADERS CREATE VALUE?

I examine the aggregate expected profit generated by informed traders of diverse ability in a competitive market. I assume that efficient traders get perfect information on asset values whereas inefficient traders get noisy information. In the presence of order size restrictions, I show that the aggregate expected profit generated by efficient and inefficient traders together can be higher than that generated by efficient traders alone. Thus, inefficient traders can create value in a constrained trading environment.     

Regional integration: an empirical assessment of Russia

Using a statistical model of commodity trade, we quantify the evolution of regional economic integration within Russia during 1995–1999, and explore potential determinants of this evolution. Our integration measure exhibits rich regional variation that, when aggregated to the national level, fluctuates substantially over time. In accounting for this behavior, we draw in part on theoretical models that emphasize the potential role of openness to international trade and regional disparities in income in threatening economic integration. Controlling for a host of additional regional- and national-level variables, we find a strong negative correspondence between openness to international trade and internal economic integration.     

Results of familiarization of and prospects for a procedure for the burning of wastes in a vortical fluidized bed

Problems that have arisen during tune-up of the production line for the thermal processing of solid household waste by the method of burning in a vortical fluidized bed (principally, a new technology for Russia), and means of their solution are presented. Investigative studies are cited. __________ Translated from élektricheskie Stantsii, No. 6, pp. 20–26, August, 2006.     

Hydrogen-driven denitrification of wastewater in an anaerobic submerged membrane bioreactor: potential for water reuse.

An anaerobic submerged membrane bioreactor was coupled with a novel hydrogen delivery system for hydrogenotrophic denitrification of municipal final effluent containing nitrate. The biological treatment unit and hydrogen delivery unit were proven successful in removing nitrate and delivering hydrogen, respectively. Complete hydrogen transfer resulted in reducing nitrate below detectable levels at a loading of 0.14 kg Nm(-3) d(-1). The produced water met all drinking water guidelines except for color and organic carbon. However, the organic carbon was removed by 72% mostly by membrane rejection. To reduce the organic carbon and color of the effluent, post treatment of the produced water is required.     

The Impact of Regulation Fair Disclosure on Information Asymmetry and Trading: An Intraday Analysis

This study examines the impact of Regulation Fair Disclosure (FD) on liquidity, information asymmetry, and institutional and retail investors trading behavior. Our main findings suggest three conclusions. First, Regulation FD has been effective in improving liquidity and in decreasing the level of information asymmetry. Second, retail trading activity increases dramatically after earnings announcements but there is a significant decline in institutional trading surrounding earnings announcements, particularly in the pre‐announcement period. Last, the decline in information asymmetry around earnings announcements is closely associated with a lower participation rate in the pre‐announcement period and more active trading of retail investors after earnings releases.     

Bayesian MCMC Mapping of Quantitative Trait Loci in a Half-sib Design: a Graphical Model Perspective

Graphical models provide a powerful and flexible approach to the analysis of complex problems in genetics. While task-specific software may be extremely efficient for any particular analysis, it is often difficult to adapt to new computational challenges. By viewing these genetic applications in a more general framework, many problems can be handled by essentially the same software. This is advantageous in an area where fast methodological development is essential. Once a method has been fully developed and tested, problem-specific software may then be required. The aim of this paper is to illustrate the potential use of a graphical model approach to genetic analyses by taking a very simple and well-understood problem by way of example.     

IntraLATA long-distance demand: carrier choice, usage demand and price elasticities

Competition in the long-distance market in the US continues to intensify; the 1996 Telecommunications Act has led to increased competition in long-distance telephony especially as the Regional Bell Operating Companies have begun to gain entry to long-haul, long-distance markets. In order to better understand the implications of having increased service offerings, models of how customers choose between carriers (and the impact of this choice on subsequent usage) will be useful. We develop the first publicly available models that simultaneously estimate choice and usage for intraLATA long-distance in the US. Utilizing a generalized Tobit model, the price responsiveness of usage and carrier choice are estimated. The results are generally consistent with expectations both in terms of theory and of practical experience in the industry.     

Use of oxygen for the cleaning, passivation, and preservation of power-generating equipment at the Kharanorskaya SAPP

Studies conducted on two power-generating units at the Kharanorskaya SAPP relative to the steam-water-oxygen passivation, preservation, and partial cleaning of all boiler-heating surfaces, including the surfaces of the reheater, and passivation of the surfaces of the high-pressure heaters on the steam and water sides by the steam-oxygen method, as well as partial passivation, preservation, and cleaning of turbine blading are presented. __________ Translated from élektricheskie Stantsii, No. 6, pp. 56–64, May, 2006.     

Three-dimensional stressed state of the asphalt-concrete wall in a rock-fill dam

Numerical analysis of the stressed-strained states of a dam with an asphalt concrete water wall are performed. __________ Translated from Gidrotekhnicheskoe Stroitel’stvo, No. 10, October 2006, pp. 29–33.     

Mutual Fund Advisory Contracts: An Empirical Investigation

We investigate marginal compensation rates in mutual fund advisory contracts and find the following. Equity and foreign fund advisors receive higher marginal compensation than debt and domestic fund advisors. Advisors of funds with greater turnover receive higher marginal compensation. Also, closed-end fund advisors receive higher marginal compensation than open-end fund advisors. Finally, we find that marginal compensation is lower for advisors of large funds and members of large fund families. We argue that these differences in marginal compensation reflect differences in advisor marginal product, differences in the difficulty of monitoring performance, differences in control environments, and scale economies.