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Information & communication technologies - panacea for traffic congestion?

Heng, Stefan - EconWPA - 2004

making traffic flow more efficiently in a given infrastructure. Furthermore, the virtual world gives rise to new business … continues to drive qualitative improvements in traffic conditions, e-business and telework in particular have, for structural … reasons, a much less pronounced effect on traffic than widely presumed. ICT helps in organising traffic flows more efficiently …

Persistent link: https://www.econbiz.de/10005412520

The New Italian Road Code and the virtues of the ‘shame lane’

Richiardi, Matteo - EconWPA - 2004

In July 2003 a new Road Code was approved by the Italian parliament. Among many reforms whose validity is not questioned here, the new law states that on three-lane motorways the right lane should not be reserved anymore to slow vehicles alone. As in two-lane roads, all vehicles must now drive...

Persistent link: https://www.econbiz.de/10005413007

Breeds of risk-adjusted fundamentalist strategies in an order- driven market

LiCalzi, Marco; Pellizzari, Paolo - EconWPA - 2005

This paper studies an order-driven stock market where agents have heterogeneous estimates of the fundamental value of the risky asset. The agents are budget-constrained and follow a value-based trading strategy which buys or sells depending on whether the price of the asset is below or above its...

Persistent link: https://www.econbiz.de/10005561519

Long-Lived Information and Intraday Patterns

Back, Kerry; Pedersen, Hal - EconWPA - 1995

This paper studies the effect of clustering of liquidity trades on intraday patterns of volatility and market depth when private information is long-lived. The assumption of long-lived information allows us to distinguish between the patterns of information arrival and information use. Our...

Persistent link: https://www.econbiz.de/10005134644

How Important Is Informed Trading for the Bid-Ask Spread? Evidence from an Emerging Market

Hanousek, Jan; Podpiera, Richard - EconWPA - 2001

The link between informed trading and the bid-ask spread has been the focus of abundant literature and some authors feared that a large amount of informed trading might lead to shutdown of markets. We explore this issue using data from the Czech Republic. Our estimates confirm that the share of...

Persistent link: https://www.econbiz.de/10005134765

Order Flow and Exchange Rate Dynamics in Brazil

Medeiros, Otavio De - EconWPA - 2005

The paper presents results of empirical tests with hybrid nominal exchange rate models for the Brazilian foreign exchange market, using macroeconomic and market microstructure variables. The basic model was originally proposed and tested in the German (DM/US$) and the Japanese (¥/US$) foreign...

Persistent link: https://www.econbiz.de/10005134888

Introduction to Market Microstructure

EKINCI, Cumhur - EconWPA - 2004

Persistent link: https://www.econbiz.de/10005134945

Forecasting in Continuous Double Auction

Smid, Martin - EconWPA - 2005

Recently, the continuous double auction, i.e. the trading mechanism used in the majority of the financial markets, is the subject of an extensive study. In the present paper, a model of the continuous double auction with the completely random flow of the limit orders is studied. The main result...

Persistent link: https://www.econbiz.de/10005407942

Simple market protocols for efficient risk sharing

LiCalzi, Marco; Pellizzari, Paolo - EconWPA - 2005

This paper studies the performance of four market protocols with regard to allocative efficiency and other performance criteria such as volume or volatility. We examine batch auctions, continuous double auctions, specialist dealerships, and a hybrid of these last two. All protocols are...

Persistent link: https://www.econbiz.de/10005413187

Long-Lived Information and Intraday Patterns

Back, Kerry; Pedersen, Hal - EconWPA - 1995

Persistent link: https://www.econbiz.de/10005413201