evidence from the tokyo stock exchange
Securities Trading in the Absence of Dealers:Trades, and Quotes on the Tokyo Stock Exchange
... structural features This article analyzes the behavior of intraday trades and quotes on the Tokyo Stock Exchange (TSE) One of the largest exchanges in the world, the TSE certainly possesses size sufficient ... structure There are also, on the other hand, many markets in which the quote setter or limit-order trader does not know the full size of the trade that triggers the order When the quotes derive from ... Discovery on the Tokyo Stock Exchange, ” Japan and the World Economy, 1, 341-370 Amihud, Y., and H Mendelson, 1991, “Volatility, Efficiency and Trading: Evidence from the Japanese Stock Market,”...
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Interest Rate Risk and Bank Common Stock Returns: Evidence from the Greek Banking Sector pot
... Statistics The dataset consists of the daily closing of nine bank common stock prices listed in the Athens Stock Exchange (ASE) from 14/11/1997 to 16/11/2000 providing 785 observations for each stock The ... 2 Abstract The paper explores the effect of changes in the long-term interest rate on the common stock returns of banks listed in the Athens Stock Exchange Two alternative econometric ... -11.7* * The mean and standard deviation correspond to the sample values The numbers in the parentheses stand for the t-ratios The Sharpe ratio is calculated by diving the sample mean by the sample...
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Information content and policy implications of stock splits, new evidence from the saudi arabian capital market
... hypothesis works involves the individual stockholders preference to buy round lots The stockholder cannot afford to so when the stock price is high Moving the price into the preferred range, therefore, ... Glance o f the Market The first Saudi joint stock company, the Arab Automobile Company, was established in the mid 1930’s There were about 14 stock companies in 1975 In the late 1970’s, the number ... respective company The certificate was issued by the joint stock companies When a trade was agreed upon by the buyer and the seller, they or their representatives went to the company in which the shares...
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Environmental regulation and economic competitiveness: Evidence from the textile industry in Vietnam
... insights into the environmental legal regulation in Vietnam and the impacts they have on the industry I.1 Research questions The thesis aims to answer the following questions, from the macro level ... situation for the environment but further research is needed The thesis is inspired by the idea of further research on the linkages that should be made on the industry specific basis rather than ... – grease money or the ‘envelope’ The inspectors received the money and turned a blind eye to the pollution as they are making a profit from the polluting operation They are then much concerned...
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Tài liệu Báo cáo " Late Eocene metamorphism and ductile deformation age of Con Voi range, the Red River shear zone: evidence from the garnet Sm/Nd dating" docx
... relation of the samples and country rocks and also on the thermal history in which the rock itself experienced All other radioactive dating methods applied for any mineral extracted from the first ... contamination with the mantle materials The model age TDM=1880 m.y calculated from the isochron suggested that the provenance of metamorphic rocks of Con Voi range might derive from the Proterozoic ... parageneses had the same direction The different criteria of shears recorded by the minerals of the first paragenesis indicated a left 71 lateral motion The secondary minerals crystallized within the pressure...
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Monetary Policy Surprises and Interest Rates: Evidence from the Fed Funds Futures Market doc
... reconstruct the surprise change in the target is to look at the difference between the average funds rate and the spot month rate on the day prior to the change, scaled up to reflect the number ... ms , τ The surprise computed in this way, therefore, is equal to the “true” surprise, plus the average targeting errors made later in the month, minus the scaled-up premium The first of these may ... change too much from one day to the next The only contamination is the day τ targeting error, and the revision in the expectation of future targeting errors.5 The expected component of the change...
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Deep Recessions, Fast Recoveries, and Financial Crises: Evidence from the American Record ppt
... pattern: the recovery from the Great Contraction in the 1930s; the recovery after the recession of the early 1990s and the present recovery The present recovery is strikingly more tepid than the 1990s ... pattern: the recovery from the Great Contraction in the 1930s; the recovery after the recession of the early 1990s and the present recovery The present recovery is strikingly more tepid than the 1990s ... shows the quarterly path of GDP from the preceding peak to the trough of each business cycle and then the quarterly path of GDP from the trough for the same number of quarters that occurred in the...
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Credit-risk valuation in the sovereign CDS and bonds markets: Evidence from the euro area crisis ppt
... for the rest of the data used in the subsequent estimations, the country -stock and global-risk indexes, which are proxied by means of the implied stock market volatility (we use the VIX for the ... liquidity between the CDS and the bond Specifically, the degree of liquidity in the CDS market is proxied by the bid-ask spread of the CDS premium The higher this spread is, the lower the degree of ... since the inception of the EMU.4 Our aim, however, is not to study the determinants of the CDS or the bond spread, but, rather, the determinants of the basis to test whether both markets reflect...
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Báo cáo Y học: Identification of mammalian-type transglutaminase in Physarum polycephalum Evidence from the cDNA sequence and involvement of GTP in the regulation of transamidating activity potx
... Although the predicted aminoacid sequence had similarity with the sequences of mammalian TGase, the length of the cDNA was smaller than the length deduced from the molecular size of the purified ... after the last immunization, blood was collected from the heart For expression of the full-length cDNA in E coli, the same system was used except for the vector PCR was performed to insert the ... sequence determined from the CNBr fragment The asterisk indicates the stop codon Three amino acid residues of the catalytic triad are boxed The single and double lines indicate the putative Ca2+-...
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Wars and Child Health: Evidence from the Eritrean-Ethiopian Conflict pdf
... directly from the author IZA Discussion Paper No 5558 March 2011 ABSTRACT Wars and Child Health: Evidence from the Eritrean-Ethiopian Conflict* This is the first paper using household survey data from ... exposure to the war) and temporal (within a given region, the timing of whether a child was born during the war period) These variables are binary and indicate whether a child was born before the war ... regions would have been similar in the absence of the war Equation assumes that, apart from the war, there are no other events that might have coincided with the war and independently affected...
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The Determinants of Bank Net Interest Margin: Evidence from the Lebanese Banking Sector ppt
... that the main determinants of net interest margins are bank-specific factors, whereas others claim that the industry-specific factors are more important On the other hand, others believe that the ... reason, they doubted the effect of the lending channel Conversely, Kashyap and Stein (1995, 2000) provide evidence that this hypothesis does not hold if asymmetric information about the value of the ... Standard error in parentheses *** Significantly different from zero at the 1% level ** Significantly different from zero at the 5% level * Significantly different from zero at the 10% level 0.003...
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Bank Funding Structures and Risk: Evidence from the Global Financial Crisis pptx
... to weaken the connections between the macroeconomic environment in the run-up to the crisis and the likelihood of subsequent bank failure These hypotheses are taken to the data in the next sections ... declining trend in the pre-crisis period, which reverts from 2007 for the Domestic banks, and from 2008 for the Global banks In the latter group, there is a sudden drop at the peak of the crisis, followed ... places the paper in the context of the literature Section III presents the dataset, discusses the criteria for the partition of the sample, and describes some stylized facts on the evolution of...
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WORKING PAPER SERIES NO. 303 / FEBRUARY 2004: FISCAL POLICY EVENTS AND INTEREST RATE SWAP SPREADS: EVIDENCE FROM THE EU pdf
... of the SGP would be a “stupid” avenue, there is no evidence of significant reactions from the markets Indeed, the markets may have interpreted the announcement as not raising the risk of the ... for the specific regulations of the Pact and the decisions taken by the Council varies considerably The main reason for diverging assessments of the virtues of the Stability and Growth Pact is the ... confirmed their commitment to their fiscal target.8 The embarrassment of the “sinners” resulting from the public debate of the issue had been an effective mechanism to enforce commitment to the European...
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DETERMINANTS OF COMMERCIAL BANKS INTEREST RATE SPREADS: SOME EMPIRICAL EVIDENCE FROM THE EASTERN CARIBBEAN CURRENCY UNION pdf
... factors go into the construction of the index, the number of firms in the industry and each firm’s market share The fewer the number of firms in the industry the easier it is for them to coordinate ... to support the hypothesis that interest rate spreads are positively related to market power That is, the more concentrated the banking industry (i.e the less competitive) the higher the banks’ ... uses the Herfindahl–Hirschman index (HHI) as the measure of market power in the banking system in each of the ECCU countries both at the aggregate level and for the foreign and indigenous banks The...
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Decentralization and Water Pollution Spillovers: Evidence from the Re-drawing of County Boundaries in Brazil ppt
... models are then left with the simpler task of explaining the change in pollution from the upstream point to the downstream point as a function of the characteristics of counties in between the two ... after the 1994 elections Thus the distance of the upstream station B to the nearest exiting border decreased from BD to BC, and the number of border crossings for the segment BF increased from ... following the passage of the Clean Water Act She uses variation in the time at which states were authorized to enforce the Clean Water Act within their boundaries in order to determine the impact of the...
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Báo cáo Y học: The a1b1 contact of human hemoglobin plays a key role in stabilizing the bound dioxygen Further evidence from the iron valency hybrids potx
... pocket from the surrounding solvent The iron is thus converted to the ferric met-form, and the water molecule or the hydroxyl ion remains bound to the Fe(III) at the sixth Ó FEBS 2002 The a1b1 ... can enter the heme pocket from the surrounding solvent The latter case may be in the b chains of the HbO2 tetramer To investigate more exactly the effect of the a1b1 or a2b2 contact on the stability ... passed through the column with the same buer To elute out the major peak of the hybrid tetramer, the buer was changed to 50 mM Hepes (pH 7.9) at the point indicated by the ®rst arrow The unassociated...
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Industry Consolidation and Price-Cost Margins --Evidence from the Pulp and Paper Industry ppt
... been on the rise since the 1980’s and continued throughout the 1990s The pace of change, measured by the number of mergers per year, picked up in the late 1990’s.12 From 1970 to 1979, the average ... the bias from omitted time-invariant variables, yet it does not eliminate the bias stemming from correlation between the concentration measure and the idiosyncratic errors In order to check the ... for approximately 35% of the total sales in the U.S.9 Conversely, the paperboard sector has the lowest import penetration, reflecting approximately 1% of the total sales The paper sector has imports...
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do principles-based accounting standards matter evidence from the adoption of ifrs in china
... Reproduced with permission of the copyright owner Further reproduction prohibited without permission Reproduced with permission of the copyright owner Further reproduction prohibited without ... permission Reproduced with permission of the copyright owner Further reproduction prohibited without permission Reproduced with permission of the copyright owner Further reproduction prohibited without ... permission Reproduced with permission of the copyright owner Further reproduction prohibited without permission Reproduced with permission of the copyright owner Further reproduction prohibited without...
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household liquidity and financial innovations evidence from the survey of consumer finances
... Reproduced with permission of the copyright owner Further reproduction prohibited without permission Reproduced with permission of the copyright owner Further reproduction prohibited without ... permission Reproduced with permission of the copyright owner Further reproduction prohibited without permission Reproduced with permission of the copyright owner Further reproduction prohibited without ... permission Reproduced with permission of the copyright owner Further reproduction prohibited without permission Reproduced with permission of the copyright owner Further reproduction prohibited without...
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Tìm thêm: xác định các nguyên tắc biên soạn khảo sát các chuẩn giảng dạy tiếng nhật từ góc độ lí thuyết và thực tiễn khảo sát chương trình đào tạo của các đơn vị đào tạo tại nhật bản khảo sát chương trình đào tạo gắn với các giáo trình cụ thể xác định thời lượng học về mặt lí thuyết và thực tế điều tra đối với đối tượng giảng viên và đối tượng quản lí khảo sát thực tế giảng dạy tiếng nhật không chuyên ngữ tại việt nam khảo sát các chương trình đào tạo theo những bộ giáo trình tiêu biểu nội dung cụ thể cho từng kĩ năng ở từng cấp độ xác định mức độ đáp ứng về văn hoá và chuyên môn trong ct phát huy những thành tựu công nghệ mới nhất được áp dụng vào công tác dạy và học ngoại ngữ mở máy động cơ lồng sóc mở máy động cơ rôto dây quấn hệ số công suất cosp fi p2 đặc tuyến tốc độ rôto n fi p2 đặc tuyến dòng điện stato i1 fi p2 động cơ điện không đồng bộ một pha sự cần thiết phải đầu tư xây dựng nhà máy thông tin liên lạc và các dịch vụ chỉ tiêu chất lượng 9 tr 25