Academic literature on the topic 'Markets'

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Journal articles on the topic "Markets"

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Wolfers, Justin, and Eric Zitzewitz. "Prediction Markets." Journal of Economic Perspectives 18, no. 2 (May 1, 2004): 107–26. http://dx.doi.org/10.1257/0895330041371321.

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We analyze the extent to which simple markets can be used to aggregate disperse information into efficient forecasts of uncertain future events. Drawing together data from a range of prediction contexts, we show that market-generated forecasts are typically fairly accurate, and that they outperform most moderately sophisticated benchmarks. Carefully designed contracts can yield insight into the market's expectations about probabilities, means and medians, and also uncertainty about these parameters. Moreover, conditional markets can effectively reveal the market's beliefs about regression coefficients, although we still have the usual problem of disentangling correlation from causation. We discuss a number of market design issues and highlight domains in which prediction markets are most likely to be useful.
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Reimers, Kai. "Markets for Electronic Markets? The Non-market Preconditions of Electronic Markets." Electronic Markets 5, no. 1 (January 1995): 12–13. http://dx.doi.org/10.1080/10196789500000016.

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Tokmazishvili, Mikheil. "CAPITAL MARKET CHALLENGES AND DEVELOPMENT PREREQUISITES IN GEORGIA." Globalization and Business 4, no. 8 (December 27, 2019): 60–67. http://dx.doi.org/10.35945/gb.2019.08.006.

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The­ article­ describes­ the­ challenges­ of­ capital­ markets,­ concepts­ of­ effects­ of­ capital­ markets›­ development­ on­ the­ economic­ growth,­ the­ current­ conditions­ of­ the­ capital­ market­ in­ Georgia,­ restricting­ and­ stimulating­ factors­ and­ preconditions­ necessary­ for­ the­ expansion­ of­ the­ capital­ market.­ Through­ comparative­ analysis,­ the­ problems­ and­ trends­of­development­of­capitalization­are­presented. The­ formation­ of­ capital­ market­ is­ a­ long­ process.­ It­ requires­the­formation­of­financial­instruments,­consolidated­ legal­or­model­norms,­market­infrastructure­and­institutions.­ In­ the­ developing­ countries,­ and­ moreover,­ in­ the­ Post- Soviet­ countries­ with­ least-developed­ economy­ and­ transformational­ law,­ the­ capital­ market­ is­ undeveloped­ considering­ the­ capacity­ of­ economy­ and­ its­ potential­ benefits.­The­banking­sector›s­ability­to­finance­the­economy­ is­ restricted,­ the­ demand­ on­ investment­ capital­ is­ wide,­ as­ a­ result,­ with­ the­ traditional­ bank­ financing,­ establishment­ and­ development­ of­ the­ capital­ market­ is­ considered­ with­ any­alternative. The­paper­analyzes­the­causes­that­impact­on­local­capital­ markets­ functioning­ and­ the­ prerequisites­ without­ which­ the­ capital­ market­ can­ not­ be­ formed­ and­ developed­ in­ Georgia.­ The­ characteristics­ of­ impact­ factors­ on­ the­ capital­ market­ through ­examining­of­economic­ literature ­are ­presented.­ The­ strong­ institutions­ and­ the­ well-functioning­ legal­ system­ are ­important­ for­ local­market­ development,­ as­they­ provide­ the­ protection­ of­ investors›­ rights,­ including­ the­ protection­ of­ minority­ interests­ and­ attracting­ investors.­ The­ studies­ show­ that­ the­ country,­ where­ the­ rights­ of­ shareholders are protected and the transaction is not expensive,­ has­ more­ developed­ local­ markets,­ however,­ there­is­the­different­view­about­the­need­for­regulating­the­ securities­market.­The­initial­studies­argued­that­the­securities­ market­ may­ not­ be­ regulated,­ but­ according­ to­ the­ recent­ researches,­the­regulation­is­essential­for­private­contractual­ framework­standardization­and­fraud­prevention.­Today­it­is­ widely­ recognized­ that­ the­ laws­ of­ securities­ are­ critical­ to­ the­development­of­the­capital­market; Finally,­ the­ article­ proposes­ the­ structure­ of­ market­ prerequisites­ that­ bases­ on­ several­ piles:­ macroeconomic­ stability,­ institutional­ and­ legal­ system,­ market­ size,­ market­ composition­and­pension­system,­transparency­and­financial­ infrastructure.­Despite­the­absence­of­institutional,­legal­and­ infrastructural­barriers,­many­economies­are­unable­to­attract­ investors­ in­ order­ to­ ensure­ the­ optimum­ level­ of­ capital­ market­and­efficient­liquidity.­In­this­regard,­the­compulsory­ pension­ systems­ are­ introduced,­ which­ is­ an­ opportunity­ to­ attract­ the­ long-term­ instruments­ of­ investment.­ It­ is­ the­ condition­of­the­development­of­the­local­bond­market.­With­ the­ liberalization­ of­ financial­ markets­ and­ in­ the­ effective­ regulatory­environment,­investments­in­the­state­bonds­that­ dominate­ in­ Georgia­ today­ will­ be­ added­ by­ expansion­ of­ the­corporate­private­bonds­market.­Similarly,­the­derivative­ markets­ cannot­ be­ developed­ without­ a­ well-developed­ market­and,­in­turn,­they­will­contribute­to­the­development­ of­ the­ capital­ market.­ Moreover,­ the­ bond­ market­ requires­ the­ well-developed­ money­ markets­ in­ order­ to­ encourage­ the­ monetary­ policy­ to­ ensure­ the­ stability­ of­ the­ percent­ rate­that­will­support­the­development­of­the­bond­market.
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Seifoddini, Jalal, Fraydoon Rahnamay Roodposhti, and Elahe Kamali. "Gold-Stock Market Relationship: Emerging Markets versus Developed Markets." EMAJ: Emerging Markets Journal 7, no. 1 (September 22, 2017): 17–24. http://dx.doi.org/10.5195/emaj.2017.126.

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We perform a comparative study on the gold-stock market relationship in U.S. stock market as a developed market and in Iran stock market as an emerging market. By considering appropriate variables for emerging markets and by providing a more proper methodology, we improve earlier studies. According to our findings, the relationship between stock market returns and gold price returns does not follow any specific regimes and that this relationship changes in short and long term returns. It is necessary to mention that in the present research, we did not consider this relationship in major structural changes in the economies and instead considered usual economic circumstances that investors are regularly faced with in their investment decisions.
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Baker, Jonathan J., Kaj Storbacka, and Roderick J. Brodie. "Markets changing, changing markets: Institutional work as market shaping." Marketing Theory 19, no. 3 (November 5, 2018): 301–28. http://dx.doi.org/10.1177/1470593118809799.

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There is increasing interest in the marketing discipline to adopt an institutional perspective when examining markets. This requires seeing markets as complex systems that evolve through time, rather than as preexisting, stable structures. Using a historical, longitudinal case study, we integrate the “institutional work” framework as a lens to understand the process of market change in the novel, historic case of circus in North America through the 20th century. We explore the decline of the market for traditional American circus, and the emergence, in the 1970s, of the adjacent market for new circus, with a specific focus on the world’s preeminent new circus company, Cirque du Soleil. Theoretical contributions of the article include a “market-shaping activities” framework that illustrates market shaping involves considerably more actors than the dyad of producer and consumer. Market-shaping occurs through an interdependent process involving institutionalized practices, beliefs and expectations, and the intentional activities of market actors at any institutional level. Market change is shared, iterative, and recursive, that is cocreated, and undertaken by market actors both formal and informal. Market shapers do not necessarily work in an orchestrated fashion; nevertheless, vibrant networks of complementary actors contribute positively to the construction of shared identities and normative networks. From a managerial perspective, we find implications for policy makers, funders, strategists, and marketers.
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Gang, Gary Tian. "Equity Market Price Interactions Between China and the Other Markets Within the Chinese States Equity Markets." Multinational Finance Journal 12, no. 1/2 (June 1, 2008): 105–26. http://dx.doi.org/10.17578/12-1/2-5.

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Setiawan, Budi, and Muhammad Hidayat. "PENGARUH PASAR MODAL NEGARA G-3 TERHADAP PASAR MODAL ASEAN-5." Jurnal Ilmiah Ekonomi Global Masa Kini 8, no. 3 (January 8, 2018): 11–15. http://dx.doi.org/10.36982/jiegmk.v8i3.348.

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The stock market has captured the attention of many practitioners and scholars in the past decade. It has become one of the most vital aspects of a modern market economy. The stock market provides companies with access to capital and gives opportunity for investors to have a slice of company ownership. The present paper investigates the impact of G-3 stock markets (US, Japan and Europe) to ASEAN-5 stock markets (Indonesia, Malaysia, Philippines, Thailand and Singapore). The data coverage is composed of daily closing stock index at G-3 stock markets and ASEAN-5 stock markets over the period from January 4, 2000 to December 31, 2014. The historical stock market data were analyzed by using Structured Equation Model (SEM). The empirical results suggest that the G-3 stock markets have a positive and significant impact on ASEAN-5 stock markets. For further, the researcher could add other Asia stock markets such as Nikkei225 Index (Japan), Hang Seng Index (Hong Kong), Kospi Index (South Korea), and BSE Index (India).Keywords: G-3 Stock Markets, ASEAN-5 Stock Markets, Structured Equation Model, Stock Market Diversification; Contagious Effect.Â
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McHugh, Patrick, and Aaron L. Jackson. "PREDICTION MARKET ACCURACY: THE IMPACT OF SIZE, INCENTIVES, CONTEXT AND INTERPRETATION." Journal of Prediction Markets 6, no. 2 (December 19, 2012): 22–46. http://dx.doi.org/10.5750/jpm.v6i2.500.

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Enterprises desiring to utilize prediction markets for decision support must consider numerous design factors for their market deployments. Through logistic regression analyses of more than 350 real and play-money prediction markets, this paper evaluates several design issues in order to identify conditions under which prediction markets can effectively contribute to an enterprise decision support process. Two of these design considerations include the size of the trader pool and the nature of trader incentives. We find that varying the number of market traders has minimal accuracy impact for markets exceeding 10-20 traders and that the impact of financial incentives is contextual and beneficial to market accuracy. When to act upon market results and at what levels of market support must also be considered. Our data shows that acting on market output up to three weeks prior to an event’s occurrence and requiring markets to sustain desired price levels for up to 3 weeks before responding to the market signal did not statistically impact the market’s ability to accurately predict an event’s occurrence. Adjusting the price threshold for market recommendation acceptance to levels between $55 and $80 ($45 and $20) also does not negatively impact market accuracy. A related measure capturing market uncertainty was found to be the leading predictor of a market’s failure to provide accurate predictions.
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Mildenberger, Carl David. "Agent-Democratic Markets." KRITERION – Journal of Philosophy 34, no. 2 (July 1, 2020): 1–32. http://dx.doi.org/10.1515/krt-2020-340202.

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Abstract This essay examines a new way to exercise democratic control over the market. Instead of a democratic government interfering with a market's outcomes (e.g. via taxes or minimum wages), we may also "democratize" the market by requiring that all relevant group agents who participate in that market (notably: firms) be democratically governed. This is what I call an agent-democratic market. The purpose of this essay is to argue for the claim that agent-democratic markets are a normatively viable way to democratize the market - and potentially constitute a genuine alternative to the standard approach of subjecting market outcomes to democratic control
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Dhivya, R., M. Prahadeeswaran, R. Parimalaragan, C. Thangamani, and S. Kavitha. "Commodity Future Trading and Cointegration of Turmeric Markets in India." Asian Journal of Agricultural Extension, Economics & Sociology 41, no. 9 (June 27, 2023): 190–99. http://dx.doi.org/10.9734/ajaees/2023/v41i92031.

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The government has reduced its direct market intervention in order to promote private sector engagement based on market forces, Farmers in an agriculture-dominated economy like India suffer not only yield risk but also pricing risk. As a result, agricultural products are now more vulnerable to market risks related to pricing and other factors. The futures market has to decide the prices of a commodity on the basis of demand and supply. It is important to know about the bi-directional and unidirectional relationship between different market’s the prices and future and Spot markets in India, price discovery process and price forecasting in Indian agricultural commodities. Knowing about different market’s price Integration will help us to know the prevailing prices in various markets and also the impact of one market’s price on another. It will help the farmers to know the different pricing statuses in different markets. The study analyses the efficiency of commodity futures of turmeric traded in NCDEX for 2016-2022 and the cointegration of theNizamabad, Erode, Sangli and Cuddapah Markets of India. In agriculture, commodity futures and derivatives are essential to the process of managing price risk.
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Dissertations / Theses on the topic "Markets"

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Löbler, Helge, Hans Kjellberg, Kaj Storbacka, Melissa Akaka, Jennifer Chandler, John Finch, Sara Lindeman, Katy Mason, Janet McColl-Kennedy, and Suvi Nenonen. "Market futures, future markets." Universitätsbibliothek Leipzig, 2017. http://nbn-resolving.de/urn:nbn:de:bsz:15-qucosa-218378.

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What do marketing scholars need to know about markets? The quote above places markets at the heart of marketing theory. Yet many commentators have lamented the scant attention paid to markets in marketing and argued for the need to better understand this central facet of the subject (Araujo et al., 2008; Vargo, 2007; Venkatesh et al., 2006). We share this view and outline issues and research opportunities against the backdrop of recent contributions proposing a practice approach to markets (Araujo et al., 2010; Kjellberg and Helgesson, 2007; Storbacka and Nenonen, 2011; Vargo and Lusch, 2011). A central tenet in this tradition is the idea that working markets are always in the making; that they are the continuous results of market practices. Paraphrasing Vargo and Lusch (2004): markets are not, they become. In this process of becoming, markets take on multiple forms as a result of practical efforts by many different actors to shape economic exchanges, establish rules for their performance, and represent such exchanges as markets. The observation that economic theories (including marketing) contribute to shape markets by influencing these practical efforts (Callon, 1998) introduces a complication in our study of markets and presents a reflexive challenge for marketers studying the shaping of markets.
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Löbler, Helge, Hans Kjellberg, Kaj Storbacka, Melissa Akaka, Jennifer Chandler, John Finch, Sara Lindeman, Katy Mason, Janet McColl-Kennedy, and Suvi Nenonen. "Market futures, future markets: research directions in the study of markets." Sage, 2012. https://ul.qucosa.de/id/qucosa%3A15286.

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What do marketing scholars need to know about markets? The quote above places markets at the heart of marketing theory. Yet many commentators have lamented the scant attention paid to markets in marketing and argued for the need to better understand this central facet of the subject (Araujo et al., 2008; Vargo, 2007; Venkatesh et al., 2006). We share this view and outline issues and research opportunities against the backdrop of recent contributions proposing a practice approach to markets (Araujo et al., 2010; Kjellberg and Helgesson, 2007; Storbacka and Nenonen, 2011; Vargo and Lusch, 2011). A central tenet in this tradition is the idea that working markets are always in the making; that they are the continuous results of market practices. Paraphrasing Vargo and Lusch (2004): markets are not, they become. In this process of becoming, markets take on multiple forms as a result of practical efforts by many different actors to shape economic exchanges, establish rules for their performance, and represent such exchanges as markets. The observation that economic theories (including marketing) contribute to shape markets by influencing these practical efforts (Callon, 1998) introduces a complication in our study of markets and presents a reflexive challenge for marketers studying the shaping of markets.
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Børter, Martin. "Market Risk in Turbulent Markets." Thesis, Norwegian University of Science and Technology, Department of Mathematical Sciences, 2009. http://urn.kb.se/resolve?urn=urn:nbn:no:ntnu:diva-9871.

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In this thesis we study market risk in turbulent markets over different risk horizons. We construct portfolios which represent possible investments for a life assurance fund. The portfolios consist of equities, fixed income instruments, cash positions and interest rate derivatives. Today, the most commonly used metrics for market risk are Value-at-Risk (VaR) and Expected Shortfall (ES), and they will be central. We introduce necessary theory from quantitative finance related to asset price dynamics and security pricing. Further, interest rate related instruments are handled by the LIBOR Market Model (LMM), while equity prices are modeled as geometric Brownian motions. We use implied volatilities for instruments where they are available, and historical for the rest. We implement a risk model and make daily and quarterly market risk estimates between 2000-2008 for the portfolios. We choose some central events from the last quarter of 2008, a critical phase of the ongoing financial crisis, and analyze how the portfolios and the corresponding risk estimates are affected. Comparison of the portfolio losses against risk estimates allows us to evaluate the reliability of the broadly adopted model.

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Lorusso, Valentina. "Market making and dealer markets." Thesis, Imperial College London, 2016. http://hdl.handle.net/10044/1/49240.

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The thesis investigates information and liquidity provision in financial markets. I explore the implications of the strategic behaviour of market makers competing with high frequency traders and of dealers involved in long term relationships with clients in the foreign exchange markets. Additionally, I analyse the value of information from the liquidity order flow to market makers and dealers. Further, I reflect on regulatory implications of my findings. The first chapter presents a literature review to motivate the following chapters. First, I survey the main findings of the papers on market making most relevant to this thesis. Second, I discuss the regulatory and academic debate on high frequency traders, which are widely viewed as a new type of liquidity providers. Third, I discuss important differences between market makers and FX dealers, including specific features of foreign exchange markets and their informational structure. Lastly, I provide a brief overview of the recent regulatory debate on OTC markets. The second chapter analyses the effect of competition between a designated, traditional market maker and a High Frequency Trader providing liquidity. The market maker is risk neutral and the high frequency trader is risk averse, which creates differences in their inventory exposures. The market power of these two participants creates a bid ask spread, but the high frequency trader narrows the spread and improves liquidity. The chapter further investigates the liquidity provision by a monopolistic high frequency trader. I show that having agents with strong inventory concerns as market makers could hamper liquidity provision. I explain how ceteris paribus small changes in the reservation value of liquidity traders can trigger shifts in the equilibrium spread. The third chapter endogenizes the existence of intermediation in a two-tier market. Specifically, trading takes place sequentially in a client-dealer OTC market and in an interdealer market organised as a limit order book. A privately-informed client chooses between trading through dealers or paying an entry cost to join the interdealer market directly. Dealer rents from intermediation increase in the entry cost. I show that competitive dealers use the bid ask spread strategically to reward the client for the information conveyed by his order flow. Furthermore, I show that the client dealer relationship is affected by a commitment problem: clients who trade una tantum execute trades with multiple dealers. Ongoing client dealer relationships viewed as an infinitely repeated game can overcome this problem and the client may benefit from trading exclusively with one dealer. The fourth chapter analyses information sharing and collusion incentives of strategic liquidity providers and the impact of their cooperation on asset prices. Risk neutral liquidity providers operate in a market with risk-averse informed traders (fundamentalists) and noise traders. I consider four regimes: 1) pure market making; 2) dealership without information sharing; 3) dealership with information sharing but without collusion in trading; and 4) dealership with information sharing and collusion in trading. I show that information sharing substantially increases agents' profits, while colluding in trading has a relatively low additional impact on profits. This suggests that if there are penalties for collusion, dealers may choose to only share information, but not to collude. Furthermore, I investigate the effect of the four regimes on market depth, volatility of prices and information content of prices. I find that dealers sharing information and colluding increase market depth compared to dealership without information sharing. However, the market depth is lower compared to pure market making. Both volatility of prices and the information content of prices increase when liquidity providers act as dealers. The magnitude of these differences depends on the parameters of the model.
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Ball, Catherine. "Local Markets : Competition and Market Structure." Thesis, University of East Anglia, 2010. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.527635.

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This thesis examines competition in three local markets: homebuilding, estate agency and groceries. It uses and extends the methodology developed by Bresnahan and Reiss in their seminal work in the 1990s, whereby the relationship between market structure and market size is used to evaluate how competition varies with finn numbers. U sing data from the homebuilding market, the rationale for using the Ordered Probit rather than count data alternatives to estimate these models is explored. Contrary to the existing literature, it is shown that the choice of estimator can significantly affect the results. In addition, several extensions to the Bresnahan and Reiss methodology are proposed. Firstly, the model is generalised to allow analysis of the persistence of certain effects as the number of finns in the market increases. It is shown that estate agents are able to profit from price discrimination and market segmentation, even in relatively unconcentrated markets. Secondly, a methodology is proposed to analyse the effects of competition on market expansion by augmenting the model with sales data. It is shown that increased competition between estate agents leads to a transfer of surplus but no increase in the size of the market. Thirdly, the model is extended in two ways to allow for competition between differentiated finns. When finn level data on differentiation is not available, the effect of the scope for differentiation is analysed. It is shown that markets with greater scope for differentiation are more profitable for estate agents. However, as finns can be identified by type, a more strategic approach is used to analyse the competition between different grocery formats. It is shown that small supermarkets, when located near at least one specialist store (e.g. a butcher or baker), negatively affect the profits of large supermarkets; a result that differs from previous studies by competition authorities.
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Huang, Yao. "Market Sentiments and the Housing Markets." Diss., Virginia Tech, 2020. http://hdl.handle.net/10919/97518.

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This paper has three chapters. In the first chapter, we develop a measure of housing sentiment for 24 cities in China by parsing through newspaper articles from 2006 to 2017.We find that the sentiment index has strong predictive power for future house prices even after controlling for past price changes and macroeconomic fundamentals. The index leads price movements by nearly 9 months, and it is highly correlated with other survey expectations measures that come with a significant time lag. In the second chapter, we show that short term house price movement is predictable by solely using newspaper and historical price change. In the last chapter, using the sentiment index constructed from newspaper, we got empirical results to show that some people are forward-looking when deciding default and a positive sentiment (anticipated house price appreciation) will lower the Z score of probability of default by 0.028.
Doctor of Philosophy
This paper has three chapters. In the first chapter, we develop a measure of housing sentiment for 24 cities in China by parsing through newspaper articles from 2006 to 2017. Two sentiment index were created using text mining method based on keywords matching and machine learning respectively.We find that the sentiment index has strong predictive power for future house prices even after controlling for past price changes and macroeconomic fundamentals. The index leads price movements by nearly 9 months, and it is highly correlated with other survey expectations measures that come with a significant time lag. In contrast, we find much weaker feedback coming from past prices to current sentiment. In the second chapter, we show that short term house price movement is predictable by solely using newspaper and historical price change. The accuracy of the prediction could be up to 0.96 for out of sample prediction. We first use a text mining method to transfer all the text information into numerical vector space, which is able to represent the extracted full information contained in a text. Then by adopting machine learning models of Neural networks, SVM, and random forest, we classified the newspaper into 1 (up) and 0 (down) group and constructed an index as the mean label accordingly. In the last chapter, by merging the Fannie Mae loan performance data with the sentiment index constructed from newspaper as well as the macro variables about local market, we got empirical results to show that some people are forward-looking when deciding default and a positive sentiment ( anticipated house price appreciation) will lower the Z score of probability of default by 0.028. We found that during the recession period, people access more information when they try to default, on top of the traditional econ conditions and historical house price, they also consider the future house price change. Moreover, borrowers with high income, high home value, and high FICO scores tend to pay more attention to future price change. However, for those who are less experienced in this game (first time home buyer), they only pay attention to the historical price change during the recession period.
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Liu, Dongqing. "Market-making behavior in futures markets /." For electronic version search Digital dissertations database. Restricted to UC campuses. Access is free to UC campus dissertations, 2002. http://uclibs.org/PID/11984.

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Rahman, Rizwan Tanvir. "Market integrity issues in financial markets." Thesis, The University of Sydney, 2013. http://hdl.handle.net/2123/12552.

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This dissertation investigates market integrity issues across a range of financial markets. The essays investigate the leakage of information, information asymmetry, market manipulation, and off-market trading across the carbon, equity, and option markets. The study spans across the European Union Emissions Allowances (EUA) futures market, the Australian Securities Exchange (ASX) equity market, and the Australian Securities Exchange (ASX) option market (AOM). The first essay examines the impact of European Union emissions trading scheme (EU ETS) national allocation plan (NAP) announcements on carbon markets. The findings show that Phase II announcements have an influence on both Phase I & II front futures and sole Phase II futures carbon returns. In addition, the results indicate that the announcements have no significant impact on volatility. Together, the findings suggest a systematic leakage of information across all types of announcements. The second essay examines trade cancellations on the Australian Securities Exchange (ASX). Trade cancellations are trades that are determined to have been made in error by both parties, and are subsequently cancelled. Results indicate return reversal patterns consistent with manipulative activity following the initial trades. Findings on volume, return, and volatility around the trades are also consistent with the empirical findings on market manipulation in the literature. The final essay examines the impact of large off-market option trades on the Australian Options Market (AOM). The results reveal that large off-market option trades receive price improvement when compared to the quoted prices at the time of the trade. Further, although large off-market trades experience some temporary price effects there is no evidence of significant leakage or permanent price effects. Finally, cumulative abnormal returns in the days surrounding the trades reveal no significant price patterns.
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Baumann, Dominique Cristian. "Market coupling in the power markets." reponame:Repositório Institucional do FGV, 2014. http://hdl.handle.net/10438/12174.

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The thesis analyses the European Unions’ effort to create an integrated pan-European electricity market based on “market coupling” as the proposed allocation mechanism for interconnector transfer capacity. Thus, the thesis’ main focus is if market coupling leads to a price convergence in interlinked markets and how it affects the behavior of electricity price data. The applied research methods are a qualitative, structured literature review and a quantitative analysis of electricity price data. The quantitative analysis relies on descriptive statistics of absolute price differentials and on a Cointegration analysis according to Engle & Granger (1987)’s two step approach. Main findings are that implicit auction mechanisms such as market coupling are more efficient than explicit auctions. Especially the method of price coupling leads to a price convergence in involved markets, to social welfare gains and reduces market power of producers, as shown on the example of the TLC market coupling. The market coupling initiative between Germany and Denmark, on the other hand, is evaluated as less successful and illustrates the complexity and difficulties of implementing market coupling initiatives. The cointegration analysis shows that the time series were already before the coupling date cointegrated, but the statistical significance increased. The thesis suggests that market coupling leads to a price convergence of involved markets and thus functions as method to create a single, integrated European electricity market.
A dissertação analisa o esforço dos sindicatos europeus para criar um mercado pan- europeu de electricidade integrada baseada em 'mercados combinados', como o mecanismo de alocação de capacidade de transferência de energia entre diferentes sistemas. Assim, o foco principal do estudo é se a integração do mercado leva a uma convergência de preços nos mercados interligados, e como isso afeta o comportamento dos preços de energia elétrica. Os métodos de investigação são uma revisão bibliográfica estruturada qualitativa e uma análise quantitativa de dados de preços de energia elétrica. A análise quantitativa se baseia em estatísticas descritivas das diferenças de preços absolutos e em uma análise de cointegração de acordo com a abordagem de Engle e Granger (1987). As principais conclusões são que os mecanismos de leilões implícitos, tais como a integração de mercado são mais eficientes que os leilões explícitos. Especialmente, o método de acoplamento de preços leva a uma convergência de preços nos mercados envolvidos, a ganhos de bem-estar social e reduz a o poder dos produtores no mercado, como mostra o exemplo da integração mercado TLC. A iniciativa mercados combinados entre a Alemanha ea Dinamarca, por outro lado, é avaliada como de menor sucesso e ilustra a complexidade e as dificuldades de implementação de iniciativas de integração de mercado. A análise de cointegração mostra que as séries temporais já estavam cointegradas antes da data de integração, mas a significância estatística aumentou. A tese sugere que a integração do mercado leva a uma convergência dos preços dos mercados envolvidos e, portanto, funciona como método para criar um mercado de eletricidade único e integrado na Europa.
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Coronado, Saleh Francisco Javier. "Market structure and regulation in pharmaceutical markets." Doctoral thesis, Universitat Pompeu Fabra, 2010. http://hdl.handle.net/10803/7414.

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Esta tesis trata sobre la competencia y regulación en mercados farmacéuticos.El primer capítulo presenta un modelo de oligopolio donde se demuestra que la regulación de precios sólo aumenta los beneficios esperados de la entrada de un competidor genérico cuando el tamaño del mercado es pequeño en relación a la eficiencia de un productor incumbente. En el segundo capítulo se estudia empíricamente la interacción entre el efecto de redistribución del poder de mercado debido a los contactos multimercado y la regulación de precios. A bajos niveles de regulación el efecto se incrementa mientras que cuando la regulación es más estricta el efecto desaparece. En el tercer capítulo se estima un modelo estructural de oligopolio en el que se identifican los márgenes de precios de los productores. Se concluye que los márgenes simulados son consistentes con un escenario en el que los productores maximizan beneficios considerando a rivales con los que tienen contacto en otros mercados.
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Books on the topic "Markets"

1

Corporation, City of London. London markets: Billingsgate market. (London): The Corporation, 1988.

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Kevin, Koy, ed. Markets and market logic. Chicago: Porcupine Press, 1986.

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Mitchell, Horace. Teleworking market opportunities: Business markets. Aldershot: BRAMEUR Ltd, 1993.

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Mitchell, Horace. Teleworking market opportunities: Consumer markets. Aldershot: BRAMEUR Ltd, 1993.

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Taylor, Francesca. Market know how: Finance and markets. New York: Prentice Hall, 2009.

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Sornette, Didier, Sergey Ivliev, and Hilary Woodard, eds. Market Risk and Financial Markets Modeling. Berlin, Heidelberg: Springer Berlin Heidelberg, 2012. http://dx.doi.org/10.1007/978-3-642-27931-7.

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Daniel, Van Schalkmyk Herman, ed. Market integration in Mozambican maize markets. Addis Ababa, Ethiopia: Organisation for Social Science Research in Eastern and Southern Africa, 2009.

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Publications, Market Assessment, ed. Market Assessment's top 400 UK markets. London: Market Assessment Publications, 1987.

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Sornette, Didier. Market Risk and Financial Markets Modeling. Berlin, Heidelberg: Springer Berlin Heidelberg, 2012.

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Parmerlee, David. Market analysis: Identifying the right markets. Lincolnwood, Ill.,USA: NTC Business Books, 1993.

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Book chapters on the topic "Markets"

1

Atkinson, Brian, Peter Baker, and Bob Milward. "Markets and Market Failure." In Economic Policy, 21–37. London: Macmillan Education UK, 1996. http://dx.doi.org/10.1007/978-1-349-24876-6_2.

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Cooke, Andrew J. "Markets and Market Failure." In Economics and Construction, 53–82. London: Macmillan Education UK, 1996. http://dx.doi.org/10.1007/978-1-349-13567-7_3.

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Goodwin, Neva, Jonathan M. Harris, Julie A. Nelson, Pratistha Joshi Rajkarnikar, Brian Roach, and Mariano Torras. "Markets with Market Power." In Microeconomics in Context, 557–89. 5th ed. New York: Routledge, 2022. http://dx.doi.org/10.4324/9781003252207-23.

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Guàrdia, Manel, José Luis Oyón, and Sergi Garriga. "Markets and market halls." In The Routledge Companion to the History of Retailing, 101–18. Abingdon, Oxon ; New York, NY : Routledge, 2019. |: Routledge, 2018. http://dx.doi.org/10.4324/9781315560854-7.

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Goodwin, Neva, Jonathan M. Harris, Julie A. Nelson, Pratistha Joshi Rajkarnikar, Brian Roach, and Mariano Torras. "Markets with Market Power." In Principles of Economics in Context, 391–412. 2nd edition. | New York, NY : Routledge, 2019.: Routledge, 2019. http://dx.doi.org/10.4324/9780429438752-19.

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Gouri, Geeta. "Economics of Emergent Markets Platform Markets, Data Markets and Market for Ideas." In A Commissioner’s Primer to Economics of Competition Law in India, 47–73. Singapore: Springer Nature Singapore, 2023. http://dx.doi.org/10.1007/978-981-19-9476-0_3.

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Huggett, Renée. "What is a Market?" In Markets, 1–4. London: Macmillan Education UK, 1990. http://dx.doi.org/10.1007/978-1-349-11600-3_1.

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Huggett, Renée. "1992." In Markets, 56–63. London: Macmillan Education UK, 1990. http://dx.doi.org/10.1007/978-1-349-11600-3_10.

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Huggett, Renée. "Internal Effects of 1992." In Markets, 64–68. London: Macmillan Education UK, 1990. http://dx.doi.org/10.1007/978-1-349-11600-3_11.

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Huggett, Renée. "The EC and the Wider World." In Markets, 69–74. London: Macmillan Education UK, 1990. http://dx.doi.org/10.1007/978-1-349-11600-3_12.

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Conference papers on the topic "Markets"

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Shuttleworth, G. "Market failure in electricity markets." In IEE Seminar on "How Secure are Britain's Electricity Supplies?". IEE, 2004. http://dx.doi.org/10.1049/ic:20040149.

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David, A. K. "Market power in generation markets." In APSCOM 2000 - 5th International Conference on Advances in Power System Control, Operation and Management. IEE, 2000. http://dx.doi.org/10.1049/cp:20000400.

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Waluyo, Sugeng Eko Yuli, Mohamad Johan Efendi, Yunita Dwi Wikandari, Ahfi Nova Ashriana, and Ghozali. "Can Traditional Markets Became Online Market." In 3rd Annual International Conference on Public and Business Administration (AICoBPA 2020). Paris, France: Atlantis Press, 2021. http://dx.doi.org/10.2991/aebmr.k.210928.051.

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Qi, Ji, and Carmine Ventre. "Incentivising Market Making in Financial Markets." In ICAIF '22: 3rd ACM International Conference on AI in Finance. New York, NY, USA: ACM, 2022. http://dx.doi.org/10.1145/3533271.3561706.

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Zeiselmair, Andreas, Ryan Harper, Simon Koppl, and Alexander Bogensperger. "Market power assessment in regional smart markets." In 2020 17th International Conference on the European Energy Market (EEM). IEEE, 2020. http://dx.doi.org/10.1109/eem49802.2020.9221930.

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Khodadadi, Abolfazl, Lars Herre, Priyanka Shinde, Robert Eriksson, Lennart Soder, and Mikael Amelin. "Nordic Balancing Markets: Overview of Market Rules." In 2020 17th International Conference on the European Energy Market (EEM). IEEE, 2020. http://dx.doi.org/10.1109/eem49802.2020.9221992.

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Perwitasari, Arie, and Rifki Khoirudin. "Market Analysis of Bantul Markets After Revitalization." In Proceedings of the 1st International Conference on Life, Innovation, Change and Knowledge (ICLICK 2018). Paris, France: Atlantis Press, 2019. http://dx.doi.org/10.2991/iclick-18.2019.57.

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Lusan, D. A., Z. Yu, and F. T. Sparrow. "Market gaming and market power mitigation in deregulated electricity markets." In IEEE Power Engineering Society. 1999 Winter Meeting (Cat. No.99CH36233). IEEE, 1999. http://dx.doi.org/10.1109/pesw.1999.747272.

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Kvietkauskienė, Alina, and Raimonda Martinkutė-Kaulienė. "Performance Evaluation of Stock Markets." In Contemporary Issues in Business, Management and Education. Vilnius Gediminas Technical University, 2017. http://dx.doi.org/10.3846/cbme.2017.071.

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The authors concentrate their attention on the performance evaluation of stock markets. The markets evaluation and selection is the important part of investment decision making. In order to develop a conceptual framework for investment decisions in financial markets, it is important to establish a logical model for market selection. The main purpose of the article – to propose the scheme of stock market evaluation and selection for investment portfolio formation. The authors propose the scheme, according to that, it is possible to analyse the issue of the market value and to select markets that may potentially generate a sustainable investment return for investor, taking into account that sustainable investment return is the stable investment return for a long period. According to the analysis of selected stock markets and their evaluation using three-dimension utility function, the authors identified the most stable markets to investors for investment portfolio formation.
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Argueso, Javier. "From regional markets to a single European market." In 2010 7th International Conference on the European Energy Market (EEM 2010). IEEE, 2010. http://dx.doi.org/10.1109/eem.2010.5558676.

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Reports on the topic "Markets"

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Ito, Koichiro, and Mar Reguant. Sequential Markets, Market Power and Arbitrage. Cambridge, MA: National Bureau of Economic Research, December 2014. http://dx.doi.org/10.3386/w20782.

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Caballero, Ricardo, and Arvind Krishnamurthy. Emerging Market Crises: An Asset Markets Perspective. Cambridge, MA: National Bureau of Economic Research, December 1998. http://dx.doi.org/10.3386/w6843.

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Amare, Mulubrhan, Kibrom A. Abay, and Patrick L. Hatzenbuehler. Spatial market integration of food markets during a shock: Evidence from food markets in Nigeria. Washington, DC: International Food Policy Research Institute, 2023. http://dx.doi.org/10.2499/p15738coll2.136963.

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Dixon, Brent, and Leilani Beard. Global Nuclear Markets – Market Arrangements and Service Agreements. Office of Scientific and Technical Information (OSTI), June 2016. http://dx.doi.org/10.2172/1483596.

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Fang, Hanming, and Zenan Wu. Multidimensional Private Information, Market Structure and Insurance Markets. Cambridge, MA: National Bureau of Economic Research, October 2016. http://dx.doi.org/10.3386/w22773.

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Gan, Li, and Qinghua Zhang. The Thick Market Effect on Housing Markets Transactions. Cambridge, MA: National Bureau of Economic Research, April 2006. http://dx.doi.org/10.3386/w12134.

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Sklar, Maggie. “YOLOing the Market”: Market Manipulation? Implications for Markets and Financial Stability. Federal Reserve Bank of Chicago, 2021. http://dx.doi.org/10.21033/pdp-2021-01.

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Silva Monroy, Cesar Augusto, Verne William Loose, James F. Ellison, Ryan Thomas Elliott, Raymond Harry Byrne, Ross Guttromson, and Leigh S. Tesfatsion. New wholesale power market design using linked forward markets :. Office of Scientific and Technical Information (OSTI), April 2013. http://dx.doi.org/10.2172/1095932.

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Berry, Steven, and Philip Haile. Identification in Differentiated Products Markets Using Market Level Data. Cambridge, MA: National Bureau of Economic Research, January 2010. http://dx.doi.org/10.3386/w15641.

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Allen, Jason, Robert Clark, and Jean-François Houde. Search Frictions and Market Power in Negotiated Price Markets. Cambridge, MA: National Bureau of Economic Research, February 2014. http://dx.doi.org/10.3386/w19883.

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