Recent studies show that individual investors tend to speculate on stock markets and hold shares with a lottery-like return. For this speculation of people have a significant impact on stock returns, individual investors must trade the same shares with the same time. The purpose of this study was to investigate the effect of the speculative bubble on the stock returns of companies in Iran. Foll...

W hether the United Kingdom (UK) should remain in the European Union (EU) or not has been a fiercely debated issue both before and after the referendum in the UK on June 23, 2016. The main purpose of this paper is to evaluate the pros and cons of the UK leaving the EU. It is concluded that if the UK leaves the EU, the resulting economic shock would risk adverse effects on macroecono...

Investment tax credits are generally implemented to stimulate investment in new goods. However, in the case of durable goods, such policies may also affect secondary markets for used goods. Using a simple theoretical model, I show that an exogenous shock to the price of new durable goods (e.g., a change in tax policy) causes an increase in price and a decrease in the number of transactions in u...

We develop a two period model of trade where an insider, a noise trader, a high frequency trader (HFT) and a market maker trade a divisible asset that has a common value in two parallel markets. The market makers set competitive prices in both markets. We analyze the e ects of the high frequency trader, who can gain from observing prices across markets, on market quality. Even though informed t...

in this research the asymmetric and non-linear correlation between the market returns and trading volume variables has modeled with the dcc-garch approach; and the impacts of market shocks, weekend and calendar effects on the market returns and trading volume are surveyed. the estimation results of parameters of the model by the maximum likelihood method show that previous day’s market return h...

This thesis proposes an Artificial Neural Network (ANN) enhanced decision support system for financial risk management. The decision support system allows hedgers to maximise their expected return while practising the hedge against financial risks. The importance of the research stems from the fact that it can be used to reduce the risk associated with adverse price movements in the stock marke...

if global trade were fair, it is argued, then international aid would be unnecessary and inequalities inherent to the economic system would be justifiable. here, we argue that while global trade is unfair, in part because richer countries set the rules, we believe that additional interventions must go beyond trade regulation and short-term aid to redress inequalities among countries that will p...

We derive an intertemporal capital asset pricing model with multiple assets and heterogeneous investors, and explore its implications for the behavior of trading volume and asset returns. Assets contain two types of risks: market risk and the risk of changing market conditions. We show that investors trade only in two portfolios: the market portfolio, and a hedging portfolio, which allows them ...