Search results for "Exchange"

Contagion of Uncertainty: Transmission of Risk from the Cryptocurrency Market to the Foreign Exchange Market

2019

Earlier research documented that cryptocurrencies, including Bitcoin, have experienced dramatic fluctuations in both market capitalization and market share in recent years. Unsurprisingly, Bitcoin returns exhibit higher volatility than traditional G-10 currencies. Our paper extends earlier research and investigates the potential impact of news originating from the Bitcoin market. Confirming earlier studies, we find that Bitcoin exhibits dramatically higher volatility than the dollar factor. Surprisingly, our findings indicate that only hacking incidents that occur in the Bitcoin market result in high levels of co-movement in the risk of both markets the cryptocurrency and the G-10 currency …

AN OPERATORIAL DESCRIPTION OF STOCK MARKETS

2006

Open It And They Will Come? The Impact of Fallen Barriers on Securities Market Participation

2017

Various barriers may prevent people from entering a market. Will they participate in the market despite their inexperience once the barriers fall? I exploit the socalled German reunification experiment in order to assess the impact of removed market barriers on participation rates: While East Germans were deprived of the possibility to participate in capitalist securities markets before 1989, the reunification of Germany offered access to those markets. I estimate that a person is, ceteris paribus, by 25–30 percentage points less likely to participate over a 3–7 years horizon after being initially excluded from the securities market, suggesting a prominent role of financial experience in ex…

PRICE CONVERGENCE IN THE EUROPEAN CAR MARKET

2008

International audience; This paper examines price convergence in the European Union car market over the period 1995-2005. We find that there is a clear evidence of price convergence among the EU15 countries, but not before 1999. Moreover, countries of the Economic and Monetary Union (EMU) started convergence previously to the EU15 as a whole. Finally, exchange rate changes have significantly contributed to price dispersion over time across countries. The results provide significant evidence that trade liberalization and the EMU have enhanced the process of regional integration in the European automobile industry, even though there is room for further measures to promote integration.

Trading activity and price impact in parallel markets: SETS vs. off-book market at the London Stock Exchange

2011

We empirically study the trading activity in the electronic on-book segment and in the dealership off-book segment of the London Stock Exchange, investigating separately the trading of active market members and of other market participants which are non-members. We find that (i) the volume distribution of off-book transactions has a significantly fatter tail than the one of on-book transactions, (ii) groups of members and non-members can be classified in categories according to their trading profile (iii) there is a strong anticorrelation between the daily inventory variation of a market member due to the on-book market transactions and inventory variation due to the off-book market transac…

Disregarding Wind Power: Introduction to Finnish Feed-in Tariff Policy

2011

In 2001, the Third Assessment Report (TAR) presented by the Intergovernmental Panel on Climate Change (IPCC) identified some major barriers inhibiting the deployment of technology that has the potential to reduce greenhouse gas (GHG) emissions. The TAR classifies such barriers into categories including prices; financing; trade and environment; market structure; institutional frameworks; information provision; and social, cultural, and behavioral norms and aspirations (IPCC 2001, 355). Similar categorizations have been made prior to and following the TAR (see e.g., Reiche and Bechberger 2004; Painuly 2001; Roos et al. 1999). This chapter examines the institutional framework of Finnish energy…

A bootstrap approach to analyse productivity growth in European banking

2010

This paper analyses productivity growth for European banks over the 1995–2001 period. In contrast to previous literature, our study covers the majority of current European Union (EU) countries—all except Greece and those joining the EU in 2004. We also use resampling methods so as to gain statistical precision, which turns out to be especially important due to the limitations of the database. In order to be consistent, we use additional nonparametric methods to disentangle why productivity differentials might exist. Results show that productivity growth has occurred in most countries, mainly due to improvements in production possibilities. The bootstrap analysis yields further evidence give…

Brand extensions in the platform countries of Asia – Effects of fit, order of market entry and involvement

2012

More and more Western companies understand that Asian markets offer great opportunities to export goods and services. In addition many investment approaches made to Asian markets take place by entering such markets via so-called platform countries (for example Hong Kong and Singapore), as they serve as a bridge to the Asian market and offer an interesting learning base, with consumers cultural behavior being essentially Asian but with strong Westernized influences. As brand extension research has proved to be of major importance for international companies, we examine the effects of fit, order of market entry and involvement on brand extension evaluations in these platform countries. Althou…

Evolutionary psychological consumer research:Bold, bright, but better with behavior

2020

Abstract This special issue includes state-of-the-art papers that leverage various theories from evolutionary psychology (EP) to shed light on important consumption-related phenomena. Our guest editorial provides an overview of this EP-based consumer research, highlighting the key content, common denominators, and significant strengths of the articles. The papers cover a wide variety of topics, characteristic of evolutionary-informed research, that we structure around the following three themes: (1) Mating, marketing, and meaningful motivating forces, (2) Conspicuous consumption and salient signs of “showing off,” and (3) Human hormones and biologically-based business research. We close our…

How customer knowledge affects exploration: Generating, guiding, and gatekeeping

2021

Abstract The importance of understanding customers in order to sustain the long-term success of the company has been claimed by academics and practitioners for decades, to the point that the claim has turned into a truism. And still, the role of customer knowledge in organizational renewal, especially via explorative new product development (NPD), remains ambiguous. While existing literature generally emphasizes the value of customer knowledge, critics argue that a strong customer focus can also de-motivate and misguide exploration. This study adds clarity to our understanding of this tension by drawing from an intensive analysis of the corporate archives of a rapidly growing high-tech comp…