This paper investigates why traders hide their orders and how other traders respond to hidden depth. Using a logit model, we provide empirical findings suggesting that traders use hidden orders to manage both exposure risk and picking off risk. Using probit models, we show that hidden depth...

The bond-equity yield ratio is defined as the ratio of the coupon yield on long government bonds to the dividend yield on equity. Commonly named in the UK as the gilt-equity yield ratio (GEYR), it has been argued to capture the relative value of bonds and equities through the differential in...

In traditional theory technical progress as a cause of growth is not only artificially separated from increase in factor endowments but it is also exogenous, in the sense that technological improvements fall on the economy like manna from heaven. Technical progress, however, usually derives from...

Depuis plus de vingt ans, la PAC a accentué les disparités entre les agriculteurs et entre les différentes régions agricoles. L'objet de cette étude est à la fois de dresser un bilan de la PAC et d'identifier les évolutions indispensables que la PAC doit encore connaître. Les réformes...

La balance des paiements de l'Union Economique Belgo-Luxembourgeoise ne s'établit désormais plus en fonction de l'optique du financement compensatoire. Par conséquent, la séparation entre opérations monétaires et opérations non-monétaires n'apparaît plus de manière explicite dans la...

La structure sectorielle de la province de Liège en Belgique a sensiblement évolué depuis une vingtaine d'années. La spécialisation industrielle de cette province n'a pas toujours évolué dans une direction souhaitable. Par exemple, la province de Liège n'a pas tiré grand profit de la...

We study the dynamics of liquidity and news releases around jumps by identifying their intraday timing for the Dow Jones Industrial Average index constituents. Jumps are found to coincide with a significant increase in trading costs and demand for immediacy, amplified by the release of news....

This paper sheds new light on the liquidity dynamics of the credit default swaps (CDS) market in Europe around the Subprime crisis. Based on an original dataset of 94 European companies from 2005 to 2009, we use a panel regression analysis to study the relationship between CDS premiums and...

<title>Abstract</title> We develop market timing strategies and trading systems to test the intra-day predictive power of Japanese candlesticks at the 5-minute interval on the 30 constituents of the DJIA index. Around a third of the candlestick rules outperform the buy-and-hold strategy at the conservative...