We study multi-period trading strategies of institutional investors who plan to trade the same security during some finite time horizons. Investors who trade large volumes face a price impact that depends on their trading volumes simultaneously, and is usually represented as a function, the so called price-impact function. We show through a numerical example that a trading strategy, optimal for...

Using a unique dataset of institutional investors’ equity transactions, we document that institutional trading desks can sustain relative performance over adjacent periods. The best institutional desks exhibit a persistent pattern of negative trading cost, suggesting that skilled traders have the ability to create positive (investment) alpha through their trading strategies. We investigate seve...

One of the basic assumptions of management accounting illustrate that costschanges has a significance Relationship with increasing and decreasing in the levelof activity, recently after being raised of sticky costs issue by Anderson and hiscolleagues this assumption was discussed. It means Increases in costs by increasingthe more activity level of reduction in costs is exchange for the reductio...

Title IV of the 1990 Clean Air Act Amendments (CAAA) established a market for transferable sulfur dioxide (SO2) emission allowances among electric utilities. This market offers firms facing high marginal abatement costs the opportunity to purchase the right to emit SO2 from firms with lower costs, and is expected to yield cost savings compared to a command and control approach to environmental ...

I use the neoclassical growth model to study financial intermediation in the U.S. over the past 140 years. I measure the cost of intermediation on the one hand, and the production of assets and liquidity services on the other. Surprisingly, the model suggests that the finance industry has become less efficient: the unit cost of intermediation is higher today than it was a century ago. Improveme...

This paper presents a model of a global CO 2 emissions market as envisaged in the Kyoto Protocol. Using an agent-based simulation, six trading regions abstracted from the Annex-I countries are allowed to trade within a market defined by 1) perfect competition, 2) monopoly, 3) monopsony, and 4) unrestrained strategic battling between powerful buyers and sellers. Cost analysis was performed for v...

This study aims to propose three evaluation methods to evaluate the Tokyo Cap and Trade Program when emissions trading is performed virtually among enterprises, focusing on carbon dioxide (CO2), which is the only emitted greenhouse gas that tends to increase. The first method clarifies the optimum reduction rate for the highest cost benefit, the second discusses emissions trading among enterpri...

This paper examines how water quality trading interacts with nonpoint-source abatement cost sharing (e.g., as currently practiced by the National Resource Conservation Service through its Environmental Quality Incentives Program (EQIP)) to promote the participation of nonpoint sources in a water quality market; participation that has thus far been noticeably lacking nationwide. As such, an idea...

This paper presents a class of examples where a barter economy develops through agents' optimizing decisions into a monetary economy. A barter economy with m commodities is characterized by m(m-1)/2 commodity pair trading posts for active trade of each good for every other. Monetary equilibrium is characterized by active trade concentrated on m-1 posts, those trading in 'money' versus the m-1 o...

This paper presents a class of examples where a barter economy develops through agents' optimizing decisions into a monetary economy. A barter economy with m commodities is characterized by m(m-1)/2 commodity pair trading posts for active trade of each good for every other. A monetary economy is characterized by active trade concentrated on m-1 posts, those trading in 'money' versus the m-1 oth...