Top Research Papers on Trading

Most of the traders in the foreign community at Canton were capable businessmen and tough negotiators with specific and precise demands, and consequently not easy to please. But even in this environment, many of them greatly enjoyed the local shopping experience and held both the service and the products provided in high regard. The shopping alleys in the area of the factories and the streets on the periphery made the southwestern suburb of Canton where they were located one of the greatest shopping centres in Asia. The shops offered a staggering selection of Chinese goods that were made excl...

Kaye A. Thomas discusses the recent decision in Chen v. Commissioner, which deals with the differences among traders, dealers, and investors.

Blessed with numerous safe harbours, accessible ports, and a rich hinterland, Gujarat has been central to the history of Indian Ocean maritime exchange that involved not only goods, but also people and ideas. This volume maps the trajectory of the extra-continental interactions of Gujarat and how it shaped the history of Indian Ocean. Chronologically, the volume spans two millennia, and geographically, it ranges from the Red Sea to Southeast Asia. The book focuses on specific groups of Gujarati traders, their accessibility and trading activities with maritime merchants from Africa, Arabia, Sou...

This paper examines informed investors’ trading behaviors, such as choices on trade sizes and market thickness, and their identity in TORQ database. First, consistent with the stealth trading hypothesis, the results confirm the significance of medium-size trades in bringing about the abnormal price increases. Second, the results show that informed traders are most likely to concentrate their trades in the medium-size coupled with moderate-market category. Finally, medium-size trades, occurring in moderate thick periods, initiated by institutions gain the largest positive abnormal price increas...

Two heuristic algorithms are developed to handle combinatorial and discrete complications persistent in pollution trading markets. The algorithms specifically account for heterogeneous trading ratios innate in environmental problems resulting from the differential solubility and receptor-sensitivity of pollutants. The cost efficiencies of the algorithms are demonstrated both through simple examples and by formal reasoning.

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 impact of medium-size trades is trades initiated by institutions. This result is robust to various sensitivity checks. Our findings appear to confirm street lore that institutions are informed traders. # 20...

We examine how professional traders behave in two financial market experiments; we contrast professional traders’ behavior to that of undergraduate students, the typical experimental subject pool. In our first experiment, both sets of participants trade an asset over multiple periods after receiving private information about its value. Second, participants play the Guessing Game. Finally, they play a novel, individual-level version of the Guessing Game and we collect data on their cognitive abilities, risk preferences, and confidence levels. We find three differences between traders and students: ...

Archaeology![Figure][1] CREDIT: REPRODUCED WITH KIND PERMISSION OF DR. JOAN OATES The development of colored glass and its formation into vessels marked a major innovation in the early Bronze Age. Artisans learned how to heat the two main ingredients, silica sand and a plant ash, in large containers. The plant ash served as the source of soda-lime flux that decreased the melting point of the glass. Colored glass vessels, which appeared about 1600 B.C.E. in Mesopotamia and later in Egypt and elsewhere around the Eastern Mediterranean, became prized possessions. The variety of sites where gla...

We examine whether speed is an important characteristic of traders who anticipate local price trends. These anticipatory participants correctly trade prior to the overall market and systematically act before other participants. They use manual and algorithmic order entry methods, but most are not fast enough to be high frequency traders (HFTs). Those anticipating price trends have impacts as if they are informed traders, while the case for anticipatory participants affecting the volume of other traders is rejected. A follow-up sample shows significant attrition in accounts and difficulty maint...

SINCE the days of the writing of Barbour's Bruce, it has been customary for historians to set forth the history of the Scottish War of Independence in terms of battles, seiges, and sudden death. Sometimes the emphasis has been laid upon individual leaders, particularly Robert Bruce, while at other times most of the credit has been given to some racial group.' The economic side of the struggle, in particular the activities of the Scottish merchants and their continental allies, has correspondingly been generally overlooked. The provision of arms and food has been taken for granted, resulting in...

A methodology to solve the above mentioned problems by addressing trading markets with the use of interactive widgets and users will be able to identify profitable markets, do analysis and make a profit through trading.

List of Figures Notes on Contributors Preface List of Abbreviations 1. Time for Change? Shaping the Future of the Ancient Economy Helen Parkins 2. The Old Assyrian Merchants Amelie Kuhrt 3. Traders and Artisans in Archaic Central Italy Christopher Smith 4. Trade on the Black Sea in the Archaic and Classical Periods: Some Observations Gocha R. Tsetskhladze 5. Ceramics and Positivism Revisited: Greek Transport Amphoras and History Mark Lawall 6. The Grain Trade of Athens in the Fourth Century BC Michael Whitby 7. Land Transport in Roman Italy: Costs, Practice and the Economy Ray Laurence 8. Trad...

Traders from the ancient Sumerian city of Ur traveled by donkey caravan, river barges, and seagoing ships to all parts of the Fertile Crescent, Persia, Tilmun, Magan, and Melukka. They imported copper, precious stones and woods, and ivory and exported woolen clothing and cloth, barley, and locally grown foodstuffs. These Sumerian damkara traded for the palace, temple, other merchants, and on their own account. The activities performed by the Ur traders established a model that spread throughout the civilized world and on into modern times.

An architecture for ODP trading functions can be integrated smoothly into a uniform standard system support platform (like DCE) and can be implemented eeciently by extending DCE by additional trading functions which speciically support service management, mediation and access for open distributed applications.

North Umatera, a province in the northern part of Sumatra Island, has a rich and varied trade history in the context of international relations. The historical traces of trade in this region cover important periods, starting from the Malay kingdom era to the colonial and modern periods. This article explores the role of North Sumatra as a vital trade node in the Indonesian and international trade networks. By considering geographic, cultural, and political factors, this research traces the evolution of trade routes and economic relations in the region. The main focus of this article is on the ...

The article makes an effort to locate the emergence of merchant groups in the context of agrarian growth, availability of a marketable surplus, the rise of different types of exchange centres and political enterprises, which must have created their own requirements and facilitated the movement of goods and commodities. It also tries to factor in the transport and communication routes because coastal Odisha had a large hinterland moving up to the Chhattisgarh plains, as also access to southern Bengal and Jharkhand and beyond through the eastern littoral, especially Dandabhukti, among other rout...

McIntosh and Fagan (above) write that “For 45 years, Ingombe Ilede has been viewed as a key nexus linking the Copperbelt and Great Zimbabwe”. Some regional specialists have not believed this since the publication of Swan's (2007) important review of the sizes and shapes of prehistoric copper ingots found in modern Zimbabwe. Swan noted that both of the ingot moulds found at Great Zimbabwe (which have a clear stylistic connection to the Copperbelt) are of the earlier HIH style (ninth to fourteenth centuries AD; de Maret 1995; Nikis & Livingstone Smith in press). But neither the later HXR-style c...

This research found that using the implicit cost minimization trading strategy proposed in this paper has greater advantage in reducing transaction costs.

The single auction equilibrium of Kyle's (1985) is studied, in which noise traders may be partially informed, or alternatively they can be manipulated. Unlike Kyle's assumption that the quantity traded by the noise traders is independent of the asset value, we assume that the noise traders are able to correlate their trade with the true price. This has several implications for the equilibrium, one being that the insider's expected profits decrease as the noise traders' ability to correlate positively improve. In the limit, the noise traders do not lose on average, and the insider makes zero ex...

Situating trade and traders in the overall agrarian milieu of early India, this book highlights the diversities of merchants and market places. The author strongly argues against the perception of declining trade in India during the period AD600-1000, and demonstrate the linkages of trade at the locality level during this period. In depth analysis of maritime commerce in the Bengal coast [c.200BC to 1300] is a major feature of the book.

This article defines a hybrid trader as a type of new user who behaves as both the buyer and the seller and proposes a decision-making method for efficient side payment values.

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Learning outcomes The learning outcomes of this case will help the participants to assess values, motivations and interpersonal relations that exist and evolve in a family firm; analyze individual-level strategies in absence of business growth strategy and succession plan; expose trade-offs associated with natural inheritance or merit-based succession; reveal alternate strategies of coping with conflicts in multi-generation multi-family firms. Case overview/synopsis This case focuses on leadership, succession and conflicts at Dalal Group, a 50 years old textile yarn trading family-run busines...

Folklore is constructed in various ways, and popular conceptions reflect both reality and illusions. The article examines how traders and their profession and activities figure in Tulu folklore, Tulu being the language of Tulunadu, a part of Karnataka.

A new scheme is proposed that provides the advantages of dynamic traitor tracing schemes and also overcomes their problems and is presented as a viable alternative to Fiat and Tassa's framework.

A prototype is implemented using the trading service of CORBA, in order to evaluate the suitability of the CORBA trader for trading media gateways, and shows that the CorBA trader has some shortcomings.

We investigate a dynamic model of speculative trading in which a naive noise trader is born each period who uses a simple strategy, whereas a rational informed investor maximizes her profits by strategically exploiting the successive noise trading over time. The model shows that the two types of traders will soon hold opposite views on whether the current price is high or low relative to its fundamental value. The informed trader simultaneously submits an "information trade" to exploit asymmetric information and an "arbitrage trade" to exploit heterogeneous beliefs between the two types every ...

Abstract This essay reviews two documentaries: Biuutiful Cauntri , an exposee of waste-disposal criminality in the Naples area of Italy, and Traces of the Trade , in which members of New England family uncover their ancestors9 deep involvement in the slave trade.

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Growing inter-regional trade has created closer ties between a remote.Thai market town near the Burma-Thailand border and the central region of Thailand. With more outside traders — armed with new kinds of goods — coming to trade, the central region, Bangkok in particular, is no longer a strange, faraway land, and Central Thai, which is used in trade, has become a familiar language in the town. Such new economic activities are thus a crucial factor in national integration, and help strengthen the ideology of the modern Thai nation.

The main goal of this paper is the study of the robot trader approaches in order to use them in automatic trading, and some technical indicators and modules to uses it in a robot trader for an automate trading.

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Thailand and its ASEAN partners may face trade- and system-based challenges to expansion of their CBTs in health services, and more studies are necessary to learn the true impact on CBT of health services.

On his hugely popular website Undergroundtrader.com. Jea Yu tells traders how to stand firm, trust their instincts and knowledge, and grab the day trading profits they deserve. Traders trust Yu's hard core, just-the-facts perspective to cut through the fluff, hype, and misinformation -- and deliver effective trading tips and strategies on techniques, order routing, technical analysis, market maker activity, and more.Here, Yu dynamically transfers his methods for making daily, real-time recommendations to the printed page. Traders will derive instant benefit from Yu's straightforward, website-d...

A supervised learning approach to generate trading signals (buy / sell) using a combination of technical indicators to detect rise and fall of the market with greater accuracy and generates realistic trading signals is proposed.

What is the role played by the option market in price discovery? We answer this question by examining the effect of news events on trading patterns and price discovery in the options and equity markets. Using intraday data on stocks and options and a dataset of over 70,000 firm-specific news events for Dow30 stocks, we find the volume of trading in the options increases almost seven times an hour before news, whereas the stock volume increases by 17%. The average information share of options for Dow30 stocks around news is almost 27%, in contrast to almost 10% in absence of news. For almost 50...

Although it is widely accepted that options implied volatility is a good estimate of market expectations, very little work has focused on the impact of volatility trading on market microstructure. The present article attempts to fill this gap. We develop a multimarket sequential trades model with asymmetric information in which directional-traders and volatility-traders interact strategically. The major finding is that volatility-traders evict directional-traders from the options market. Indeed, we provide conditions under which volatility trades have a positive impact on options bid-ask sprea...

Beginning in 1206 large parts of Eurasia came under the sway of the Chinggissid Mongols. In 1260 the united Mongol Empire came to an end and divided into four khanates ruled by the progenies of Chinggis Khan. The four khanates were the Yuan (centered at China), the Ilkhanate (Middle East), the Golden Horde (Russia and the Caucasus), and the Chaghadaids (Central Asia). These political entities remained connected under the broad umbrella of the institutions and worldview that originated in the steppe and one that was informed by Chinggis Khan’s rule. Essentially the periods of the united Mongol ...

The current SEC regulation section 13(f) allows financial institutions to delay the disclosure of their quarter-end stock holdings up to 45 days. Motivated by a recent regulatory debate about the appropriate length of delay for disclosures, I develop a model to examine a financial institution’s optimal response in different regulatory environments in terms of permitted delay. I show that an institution with access to better information about stocks optimally chooses to delay filing its disclosure for as long as permitted by the regulations. I demonstrate that this forbearance results in higher...

Abstract This paper examines the use, determinants, and impact of anonymous orders in a market where disclosure of broker identity in the trading screen is voluntary. We find that most trading occurs nonanonymously, contrary to prior literature that suggests liquidity gravitates to anonymous markets. By strategically using anonymity when it is beneficial, traders reduce their execution costs. Traders select anonymity based on various factors including order source, order size and aggressiveness, time of day, liquidity, and expected execution costs. Finally, we report how anonymous orders affec...

We develop a rational model of trading behavior in which the agents gradually learn about their ability to trade, and exit after poor trading performance. We demonstrate that it is optimal for experienced traders to "procrastinate" and postpone exit even after bad results. We embed this "optimal procrastination" in a model of population dynamics with entry and endogenous exit, and generate predictions about the dynamics of various cross-sectional characteristics. We test these population-level predictions using a large client data set of a major Swiss retail broker. Consistent with the model, ...

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This paper studies the dynamic strategy of large informed trader under the circumstances that traders are risk averse. The large informed trader, when determining his dynamic strategy, takes into account the fact that exploiting his information over time will influence the prices. Our model is proven being easy to analyze with compared to other strategic trading models. In addition, under a specific assumption the model acquires the closed form equilibrium solution.

This paper aims to present and draw a plan of action to promote the Ottoman trade network of Northern Greece. This network had been developed since the fifteenth century and it was a part of the broader system of communication, administra-tion, urban development and economical flow of the Ottoman Empire. The study focuses on the geographic region extending from Thrace to Central Macedonia, emphasizing its monuments and the urban centers that are important for this multidimensi-onal network. Most of these monuments are constructed on li-nes of the former Roman road the Via Egnatia, also known a...

In the present paper, we deal with traders who crossed the border between the Ottoman Empire and Iran during the late seventeenth and early eighteenth centuries. These merchants are at once a topic of much scholarly debate and virtually unknown. Little trace has survived of their everyday activities, but they are repeatedly mentioned in Niels Steensgaard's well-known work on pedlars and European companies, in which he has analyzed the activities of merchants who confronted two great “protection-producing” and “redistributive” empires, namely the Ottoman and the Safavid, and who also needed to ...

An approach to the performance analysis of trading strategies in the a-Trader system is presented and the algorithms of the selected agents’ strategies are presented.

The trading preferences of equity derivative traders has been examined in this study. The examination of objectives and preferences of equity derivative traders shows that earning speculative profit is the most preferred trading objective of derivatives traders, and the options market, index options and intra-day trade are the most preferred; market, instrument and trade respectively. Most of the options traders are showing interest in weekly expiring contracts and ATM options along with different market-based strategies while trading in the options market. Among 300 respondents, more than one...

Paper ini untuk menganalisis permasalahan tentang mekanisme yang ada di trading forex dengan platform meta trader 4. Terdapat beberapa hal yang tidak sesuai dengan ketentuan fatwa DSN MUI No. 28/DSN-MUI/III/2002 tentang Jual Beli Mata Uang Al-Sharf. Diantaranya pertama, ketentuan tentang jangka waktu dalam transaksi forward. Kedua, terkait dengan perbedaan makna transaksi swap yang disebutkan di dalam fatwa dengan pemahaman penulis terhadap implementasi transaksi swap yang ada didalam meta trader 4. Penelitian ini merupakan penelitian digital (digital research) dengan pendekatan kualitatif. Da...

This research was conducted to study the main elements that affect FOREX trader’s trading decisions. The independent variables in this case were inflation rate, political climate, tools and technical analysis knowledge such as Fibonacci and Elliot wave the dependent variable used was the FOREX trading decision;    Semi-structured interviews of experienced FOREX market traders were used for data collection.  Hypothesis testing showed some differences in tools used by respondents for technical analysis in the FOREX market. Various tool differences featured in the hypothesis were Fibonacci and El...

Abstract:This article examines how the institutional design of borders affects international trade. The explore variation in the effects of borders by comparing new international borders that follow precedent and thus have a prior institutional history with new international borders that lack such an institutional history. The former minimally disrupt—or restore—previous economic networks, while the latter fundamentally disrupt existing economic networks. A variety of empirical tests show that, consistent with this institutional perspective on borders, new international boundaries that follow ...