The paper offers a new view of the role of state based on recognition of the economic ability of the state as a separate factor of production. This approach gives indirect taxes the status of factor income as state profit. If we were to apply the mechanism of producing and purchasing private...

The paper compares the properties of market dynamics, under different trading protocols. At an empirical level, we present some evidence stemming from the comparison between different intra-daily trade regimes within the world largest Stock Exchanges. Such evidence also motivates the...

In this paper, we infer motives for trade initiation from market sidedness. We define trading as more two-sided (one-sided) if the correlation between the numbers of buyerand seller-initiated trades increases (decreases), and assess changes in sidedness (relative to a control sample) around...