We empirically address the question of how stock prices respond to changes in demand. We quantify the relations between price change G over a time interval Deltat and two different measures of demand fluctuations: (a) Phi, defined as the difference between the number of buyer-initiated and seller-initiated trades, and (b) Omega, defined as the difference in number of shares traded in buyer- and...

Using audit trail data for a sample of NYSE firms we show that medium-size trades are associated with a disproportionately large cumulative stock price change relative to their proportion of all trades and volume. This result is consistent with the predictions of Barclay and Warner’s (1993) stealth-trading hypothesis. We find that the source of this disproportionately large cumulative price imp...

An extended 1-perfect trade is a pair (T0, T1) of two disjoint binary distance-4 even-weight codes such that the set of words at distance 1 from T0 coincides with the set of words at distance 1 from T1. Such trade is called primary if any pair of proper subsets of T0 and T1 is not a trade. Using a computer-aided approach, we classify nonequivalent primary extended 1-perfect trades of length 10,...

In the last decade of the sixteenth century, the Dutch republic underwent a dramatic economic transformation that laid the foundation of the country’s Golden Age. At the heart of this process was the rise of the ‘rich trades’, the network by which Dutch shipping came to dominate the lucrative trade routes to the East Indies, the Americas and the Levant (Israel (1990)). The rise of the ‘rich tra...

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A latin trade is a subset of a latin square which may be replaced with a disjoint mate to obtain a new latin square.A d-homogeneous latin trade is one which intersects each row, each column and each entry of the latin square either 0 or d times. In this paper we give a construction for minimal d-homogeneous latin trades of size dm, for every integer d 3, and m 1.75d2 + 3. We also improve this b...

This chapter aims to illustrate the role of culture for development over the life-span. First, theoretical approaches on development in culture are presented, starting from early anthropological to recent eco-cultural approaches. Then culture-specific conceptualisations of development over the life span are discussed, including childhood, adolescence, adulthood, and old age. Finally, recent stu...

Abstract There is currently a geopoliticisation of foreign policy, which primarily driven by dependencies on autocratic systems. Autocracies are constantly the rise, especially when measured percentage distribution world population. Even though EU still trades with significantly more democracies than autocracies, trade relations autocracies often characterised strong dependencies, regard to cri...

I examine the informational contributions and effects on transitory volatility of trades initiated by different types of traders in three actively traded index futures markets. The results show that trades initiated by exchange member firms account for more than 60% of price discovery during the trading day. These institutional trades appear to be more informative than trades of individual exch...