This paper focuses on the post-war process of creation of a global trading system and integration of world trade. As the former came into being, multilateral trade liberalization became an on-going feature of the global economy facilitating international trade, consequently importance of international trade in the global economy increased dramatically. Since the mid-1980s, mindset of policy mak...

in this paper, we are examining the relationship between stock trading costs and commitment components and find both abnormal and normal commitments associated with these costs are associated. moreover, stock trading costs have a greater influence by both abnormal and normal negative commitments more than positive commitments. further analysis has shown that in general, investors are unable to ...

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There is a growing realization among regulators and managers of competing trading venues (incumbent stock exchanges, in particular) that the design of the trading mechanism is the most important determinant of a market’s ability to compete for order flow. To understand how different trading venues succeed in capturing trading activity in a particular security, one has to understand which attrib...

This paper empirically examines the relationship between trading intensity and price in the US existing home markets. In particular, I have tested two recent theories, the search model by Wheaton (1990) and the "downpayment" model by Stein (1995). The search model predicts that trading volume should positively affect real home price, while the "downpayment" model predicts that, with liquidity c...

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This paper finds evidence that brokers who execute insider trades on the Toronto Stock Exchange engage in tipping and insider trading. We find that on the day when insiders buy (sell), there is a significant increase in the proportion of non-insider client buying (selling) handled by the insider’s brokerage firm. Furthermore, we find that the brokerage firm doubles the amount of its own buying ...

A universal agent should be capable of gathering information from arbitrary heterogeneous sites and offer intelligent information services on its own based on information so gathered. We present a domain-dependent agent for information gathering. It can visit an arbitrary domain-related site by observing a user perform the first query. By understanding key concepts of the first query, the agent...