We examine the informational role of derivatives in price discovery in Taiwan. After controlling for market cycles, moneyness, and liquidity, we use three different methods to measure the information contents in different trading venues. We find that the trades on futures contribute the most to price discovery. The futures transactions, however, are also the most costly in executing information...

Aggregate timber supply by ownership was investigated for a small region by applying stand-level harvest choice models to a representative sample of stands and then aggregating to regional totals using the area-frame of the forest survey. Timber harvest choices were estimated as probit models for three ownership categories in coastal plain southern pine stands of North Carolina using individual...

We construct two simple examples that help to clarify the role of a key assumption in the analysis of price or quantity controls of greenhouse gases in the presence of uncertain costs. Traditionally much has been made of the fact that greenhouse gases are a stock pollutant, and that therefore the marginal benefit curve must be relatively flat. This fact is said to establish the preference of a ...

Many economists and policy makers have long favored the use of a price instrument to control greenhouse gases because they are a stock pollutant and as such the marginal benefit of abatement is relatively flat. While the early literature on the problem is consistent with this view, the later literature is less categorical. It showed that the choice between a price or quantity control depends, i...

This paper documents the determinants of real oil price in global market based on an empirical model embedding transitory and permanent shocks. We find evidence significant differences propagation mechanisms versus disturbances, pointing to importance disentangling their distinct effects. Permanent supply shocks are found be very influential driving fluctuations.

knowledge of seasonal fluctuations is of great importance for sale management. the aim of this research is to assess the impact of sale season on the log and lumber prices. hence, after evaluation of sale documents in azarood forestry plan, the data of 410 timber sale lots at roadside of four seasons from 1992 to 2008 were extracted and incorporated into a dataset. calculating the average selli...

We introduce a first theory of price impact in the presence an interest rate term structure. explain how one can formulate instantaneous and transient on zero-coupon bonds with different maturities, including cross that is endogenous to connect introduced classic no-arbitrage for markets, showing be embedded pricing measure no arbitrage preserved. extend setup coupon-bearing further show implem...

China has been moving out from its country into other countries in the world, including Malaysia, with some positive and negative news. We are to examine the impact of China’s investment on our employment, price level and productivity as well as sectoral stock market performances: consumer products and services; construction and industrial sectors. The causality analyses on quarterly data from ...

This note explores the consequences of nonlinear price impact functions on price dynamics within the chartist-fundamentalist framework. Price impact functions may be nonlinear with respect to trading volume. As indicated by recent empirical studies, a given transaction may cause a large (small) price change if market depth is low (high). Simulations reveal that such a relationship may create en...