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Journal articles on the topic 'Dealery'
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1
Back, Kerry, Ruomeng Liu, and Alberto Teguia. "Signaling in OTC Markets: Benefits and Costs of Transparency." Journal of Financial and Quantitative Analysis 55, no. 1 (October 16, 2018): 47–75. http://dx.doi.org/10.1017/s0022109018001394.
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We provide a theoretical rationale for dealer objections to ex post transparency in over-the-counter markets. Disclosure of the terms of a transaction conveys information possessed by the dealer about the asset quality and reduces the dealer’s rents when she disposes of the inventory in a second transaction. We show that costly signaling in a transparent market benefits investors through lower spreads and higher volume. Dealers may also gain from transparency despite lower spreads when potential gains from trade are small or adverse selection is high, because in those circumstances higher volume offsets smaller spreads for dealer profits.
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Bettigole, Bruce, and Charlie Kruly. "What does it take to make the SEC happy? SEC criticism of broker-dealers’ due diligence for sales of unregistered securities leaves more questions than answers." Journal of Investment Compliance 16, no. 1 (May 5, 2015): 52–58. http://dx.doi.org/10.1108/joic-01-2015-0007.
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Purpose – To highlight the insufficient guidance offered by a recent Securities and Exchange Commission settlement regarding a broker-dealer’s obligation to inquire into its customers’ sales of unregistered securities. Design/methodology/approach – Discusses the traditional interpretation of Section 4(a)(4) of the Securities Act of 1933, which requires broker-dealers to conduct a reasonable inquiry into the basis for their customers’ proposed sales of unregistered securities. Then reviews a recent SEC settlement that appears to suggest the SEC believes there is a more stringent obligation on broker-dealers to inquire into their customers’ proposed sales of unregistered securities. Findings – The SEC’s recent settlement states that various inquiries conducted by a broker-dealer into its customers’ claimed registration exemptions were insufficient to satisfy the broker-dealer’s obligation under Section 4(a)(4). However, the settlement does not address why these inquiries were insufficient or what inquiries, if any, would have satisfied the broker-dealer’s obligations under Section 4(a)(4). Originality/value – This article analyses an SEC settlement that may, either intentionally or inadvertently, have used an enforcement action to attempt to heighten broker-dealers’ obligations under Section 4(a)(4).
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Purohit, Devavrat, and Richard Staelin. "Rentals, Sales, and Buybacks: Managing Secondary Distribution Channels." Journal of Marketing Research 31, no. 3 (August 1994): 325–38. http://dx.doi.org/10.1177/002224379403100301.
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The authors analyze a problem facing a durable product manufacturer who has to manage two “noncompeting” channel systems.ln particular, they focus on the practices of U.S. automakers who distribute new cars through both dealers and rental agencies. In their stylized model, the dealer sells cars to customers and the renter satisfies customers’ short-term needs by renting cars. As a result, in the short run, the rental market does not compete with the dealer's market. However, if the renter eventually sells some of its used cars into the consumer market, then these sales can compete with the dealer's sales of new cars. Using a two-period model, the authors analyze three channel structures that exist in today's auto market. They discuss the implications of their work on the structure of distribution channels in the automobile industry and show how dealer profits and total manufacturer sales depend on the type of channel structure used.
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Infante, Sebastian, and Zack Saravay. "What Drives U.S. Treasury Re-use?" Finance and Economics Discussion Series 2020, no. 101 (December 18, 2020): 1–54. http://dx.doi.org/10.17016/feds.2020.103.
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We study what drives the re-use of U.S. Treasury securities in the financial system. Using confidential supervisory data, we estimate the degree of collateral re-use at the dealer level through their collateral multiplier : the ratio between a dealer's secured funding and their outright holdings. We find that Treasury re-use increases as the supply of available securities decreases, especially when supply declines due to Federal Reserve asset purchases. We also find that non-U.S. dealers' re-use increases when profits from intermediating cash are high, U.S. dealers' re-use increases when demand to source on-the-run Treasuries is high, and both types of dealers' re-use can alleviate safe asset scarcity. Finally, we document a sharp drop in Treasury re-use at the onset of the COVID-19 pandemic, with a subsequent reversal after the Federal Reserve's intervention to support market functioning.
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Infante, Sebastian, and Zack Saravay. "What Drives U.S. Treasury Re-use?" Finance and Economics Discussion Series 2021, no. 021r1 (August 23, 2021): 1–54. http://dx.doi.org/10.17016/feds.2020.103r1.
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We study what drives the re-use of U.S. Treasury securities in the financial system. Using confidential supervisory data, we estimate the degree of collateral re-use at the dealer level through their collateral multiplier : the ratio between a dealer's total secured funding and their outright holdings financed through secured funding. We find that Treasury re-use increases as the supply of available securities decreases, especially when supply declines due to Federal Reserve asset purchases. We also find that non-U.S. dealers' re-use increases when profits from intermediating cash are high, U.S. dealers' re-use increases when demand to source on-the-run Treasuries is high, and both types of dealers' re-use can alleviate safe asset scarcity. Finally, we document a sharp drop in Treasury re-use at the onset of the COVID-19 pandemic, with a subsequent reversal after the Federal Reserve's intervention to support market functioning.
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F. Kerr, Richard. "FINRA fines broker-dealer for failing to apply Class A sales charge waivers for certain eligible customers on its mutual fund platform." Journal of Investment Compliance 15, no. 4 (October 28, 2014): 53–56. http://dx.doi.org/10.1108/joic-09-2014-0045.
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Purpose – To review FINRA enforcement action taken against a broker-dealer over failure to waive mutual fund sales charges for certain eligible customers and failure to establish, maintain, and enforce a supervisory system and written procedures reasonably designed to ensure eligible accounts received sales charge waivers as set forth in the mutual funds’ prospectuses. Design/methodology/approach – Reviews and summarizes FINRA’s finding’s regarding the broker-dealer’s failure to apply applicable mutual fund sales charge waivers, deficiencies in the broker-dealer’s supervisory system and written procedures resulting in the failure, resulting violations of FINRA rules, the broker-dealer’s remedial efforts, and the sanctions imposed. Findings – This settlement provides an important reminder for FINRA member broker-dealers of the need to ensure that eligible investors receive applicable sales charger waivers or are placed in the appropriate share class, and to establish, maintain, and enforce a supervisory system and written procedures reasonably designed to ensure eligible accounts received sales charge waivers as set forth in the mutual funds’ prospectuses. Originality/value – Practical explanation from experienced financial institutions lawyers.
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Fitterman, Mark, and Ignacio Sandoval. "High-frequency traders: a review of the challenges in registering them as dealers." Journal of Investment Compliance 15, no. 3 (August 26, 2014): 3–9. http://dx.doi.org/10.1108/joic-08-2014-0035.
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Purpose – To describe some of the challenges that the Securities and Exchange Commission (SEC) will face in requiring that high-frequency traders register as dealers. Design/methodology/approach – This paper provides a brief overview of the dealer-trader distinction, an analytical framework under which some high-frequency traders have avoided registration with the SEC as dealers. It then explains the difficulties the SEC will encounter in bringing high-frequency traders within its regulatory umbrella as dealers. In particular, the paper outlines some of the interpretive challenges the SEC encounter as well as challenges to justifying the economics of any proposal. Findings – While the SEC has yet to formally propose rules in this area, the interpretive vehicle it uses could have repercussions for other market participants that rely on the dealer-trader distinction to avoid having to register as dealers with the SEC. Originality/value – The paper provides practical insights into the issues the SEC will have to address if it proposes to bring high-frequency traders within its regulatory umbrella as dealers. In addition, it provides a concise overview of the dealer-trader distinction based on statements by the SEC and its staff.
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Macit, Ruken. "Becoming a Drug Dealer in Turkey." Journal of Drug Issues 48, no. 1 (September 18, 2017): 106–17. http://dx.doi.org/10.1177/0022042617731871.
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One of the major actors of ever-increasing drug crimes is the drug dealer. Turkey is a key country in the delivery of drugs due to its geographical location. In this research, in-depth interviews were conducted with 20 drug dealers who were formerly convicted in Turkey’s Diyarbakır province. Drug dealers are classified as drug smugglers, growers/manufacturers, shippers, wholesalers, and street vendors called “corner dealer.” In this context, how drug dealers entered the drug trade, their reasons for entering it, and their previous criminal experiences were discussed. Important information has been gathered from the perspective of drug dealers on the process of being a criminal in the drug business. It is believed that the information provided will shed light on the problems of countries struggling with drugs.
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Gupta, Arun. "The Internal Capital Markets of Global Dealer Banks." Finance and Economics Discussion Series 2021, no. 034 (May 28, 2021): 1–30. http://dx.doi.org/10.17016/feds.2021.036.
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This study uncovers the existence of a trillion-dollar internal capital market that played a central role in the financing of dealer banks during the 2008 Global Financial Crisis. Hand-collecting a novel set of dealer microdata at the subsidiary level, I present the first set of facts on the evolution of interaffiliate loans between U.S. primary dealers and their (primarily foreign) siblings. First, the aggregate size of these dealer internal capital markets quadrupled from $335 billion in 2001 to $1.2 trillion by 2007. Second, 25 percent of total repurchase agreements and 61 percent of total securities lending reported on U.S. primary dealer balance sheets were sourced internally from sibling dealers by year-end 2007. Third, internal securities lending collapsed by 55 percent during the 2008 crisis. These facts suggest that incorporating internal capital market dynamics may be fruitful for future research on dealer behavior and market liquidity.
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Matthay, Ellicott C., Kriszta Farkas, Dana E. Goin, Kara E. Rudolph, Veronica A. Pear, and Jennifer Ahern. "Associations of firearm dealer openings with firearm self-harm deaths and injuries: A differences-in-differences analysis." PLOS ONE 16, no. 3 (March 18, 2021): e0248130. http://dx.doi.org/10.1371/journal.pone.0248130.
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Background Firearm dealer density is correlated with firearm interpersonal violence, but no quasi-experimental studies have assessed whether changes in dealer density lead to changes in firearm self-harm injuries and deaths. We assessed whether openings of firearm dealers are associated with short-term changes in local firearm self-harm injury rates. Methods We identified 718 openings of firearm dealers in California using licensing data, 2014–2016. We defined exposure regions based on aggregations of zip codes defined by proximity to firearm dealer openings and matched each opening to four control regions on time and determinants of firearm injury. We applied a differences-in-differences approach to compare rates of firearm self-harm, in the month before and after each opening, in places with and without openings. Results Firearm dealer openings were not associated with acute, local changes in firearm self-harm relative to places without openings (ratio of rate ratio: 0.90 [95% CI:0.68–1.19]). Results were robust to numerous sensitivity and secondary analyses. Conclusion We found no associations of firearm dealer openings with acute, localized firearm self-harm deaths and injuries. Our focus on acute, local effects; broad availability of dealers and firearms; durability of firearms; or strong confounding-control may explain these null findings.
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Rachman, Fathur. "IMPLEMENTASI PENEGAKAN HUKUM BAGI PENGEDAR NARKOTIKA DI INDONESIA." PRANATA HUKUM 12, no. 2 (July 31, 2017): 73–81. http://dx.doi.org/10.36448/pranatahukum.v12i2.188.
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The circulation of narcotics is a big problem for Indonesia, so the need to discuss about the proper sanctions for narcotics dealers. then the subject matter in this paper about the legal sanctions for narcotics drug dealer in Indonesia. Problem approach using normative juridical approach (legal research). Narcotics dealer in a criminal act is an illegal narcotics dealer who is given a criminal sanction under Article 114 of Law Number 35 Year 2009 on Narcotics, with maximum threat of a sentence of 20 years or life imprisonment or death penalty or a fine. Law enforcers must be firm and eradicate the narcotic crime, Narcotics drug dealers should be given sanctions and deterrent effects for the perpetrators and gangs.
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C.V., Sunil Kumar, Surya Hemanth, Srikanta Routroy, and Ram Kumar Mishra. "Study on manufacturer–dealer relationships for strategic alignment." Journal of Global Operations and Strategic Sourcing 13, no. 1 (October 14, 2019): 70–87. http://dx.doi.org/10.1108/jgoss-04-2019-0031.
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Purpose Dealers positioned at the downstream of the supply chains are those who can directly influence demand scenario for the manufacturer. However, manufacturer has to ensure that the influence is favorable by competitively fulfilling the anticipations of the dealers. In this regard, the purpose of this paper is focused on developing sustainable strategic relationships between manufacturer and dealer. Design/methodology/approach In this paper, the basic requirements of the dealers expected to be fulfilled by a manufacturer are analyzed by applying fuzzy Analytic Hierarchy Process and fuzzy Quality Function Deployment. The said approach is implemented in a case situation of a paint manufacturing company in India, and the results are analyzed to provide directions for the company to strategically align manufacturer–dealer relationships. Findings It was found that the case company has to focus mainly on promotions and advertisements, painters meet, and recognition offered to the dealers. Although pricing was also considered as one of the prominent aspects yet through competitive assessment the case company was found to be better off compared to its competitors. Research limitations/implications As the results obtained in the current study are specific to a manufacturing environment, they cannot be generalized for all the companies. However, similar approach can be adopted for analyzing the customer requirements in order to achieve dealers’ attractiveness and satisfaction. Originality/value The application of proposed approach assists a manufacturer to pursue right strategy to practice for achieving dealer attractiveness and satisfaction. This will definitely help the supply chain managers to have the right requirements of the dealers’ are fulfilled on priority.
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Rutsaert, Pieter, and Jason Donovan. "Sticking with the old seed: Input value chains and the challenges to deliver genetic gains to smallholder maize farmers." Outlook on Agriculture 49, no. 1 (January 20, 2020): 39–49. http://dx.doi.org/10.1177/0030727019900520.
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The Kenyan maize seed sector exhibits high hybrid adoption rates, a growing number of seed companies, and an extensive agro-dealer network. Nonetheless, maize yields remain low and uptake of new, stress-tolerant varieties has been disappointing. This article investigates interactions in maize seed value chains in Kenya, and decisions made by agro-dealers, farmers, and seed companies, to gain a better understanding of how to encourage the uptake of new, stress-tolerant varieties. Data were collected during the 2019 seed-purchasing season from Kenyan seed companies ( n = 8), agro-dealers ( n = 80), and farmers immediately following their seed purchase ( n = 466). Most agro-dealers had a wide offer of seed products available, but seed companies’ engagement with them was limited and marketing efforts were directly focused on farmers. Only a fraction of farmers used the agro-dealer environment to guide their decision-making. However, when agro-dealers engaged with farmers, they influenced varietal selection in 80% of the cases. Agro-dealers were one of the key information outlets about maize seed varieties. Seed company engagement with agro-dealers and in-store promotions (push marketing) should be further explored to improve returns on investments in seed systems.
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Venkataraman, Kumar, and Andrew C. Waisburd. "The Value of the Designated Market Maker." Journal of Financial and Quantitative Analysis 42, no. 3 (September 2007): 735–58. http://dx.doi.org/10.1017/s0022109000004166.
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AbstractThe proliferation of electronic limit order books operating without dealers raises questions regarding the need for intermediaries with affirmative obligations to maintain markets. We develop a simple model of dealer participation and test it using a sample of less liquid firms that trade on the Paris Bourse. The results indicate that firms with designated dealers exhibit better market quality, and that younger firms, smaller firms, and less volatile firms choose a designated dealer. Around the announcement of dealer introduction, stocks experience an average cumulative abnormal return of nearly 5% that is positively correlated with improvements in liquidity. Overall, these findings emphasize the potential benefits of designing better market structures, even within electronic limit order books, and suggest that purely endogenous liquidity provision may not be optimal for all securities.
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Mardhani, Candra Tri. "PRO KONTRA KOMPARASI HUKUMAN MATI UNTUK PENGEDAR NARKOTIKA." Negara dan Keadilan 10, no. 1 (April 18, 2021): 15. http://dx.doi.org/10.33474/hukum.v10i1.4620.
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AbstrakPro kontra soal hukuman mati bagi pengedar narkotika adalah logis. elaksanaan hukuman mati terhadap pengedar narkoba atau tindak pidana pengedaran narkotika di sejumlah Negara juga mempunyai kesamaan dan perbedaan. Persamaannya, bahwa tidak setiap pengedar bisa dijatuhi hukuman mati. Hanya pengedar dengan jumlah tertentu yang bisa dijatuhi dengan sanksi hukuman mati. Mereka (masing-masing Negara) tetap dalam suatu kesepakatan untuk menjadikan pengedar narkoba sebagai ancaman serius bagi kelangsungan hidup bermasyarakat dan bernegara, khususnya dalam merusak dan menghancurkan generasi mudaKata kunci: narkotika, hukuman mati, pengedar AbstractThe pros and cons of the death penalty for narcotics dealers are logical. the implementation of the death penalty for drug dealers or criminal acts of drug trafficking in a number of countries also have similarities and differences. Similarly, not every dealer can be sentenced to death. Only dealers with a certain amount can be sentenced to death penalty. They (each country) remain in an agreement to make drug dealers a serious threat to the survival of society and the state, especially in destroying and destroying the younger generation Keywords: narcotics, death penalty, dealer
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Blake, Andrew, Robert Robinson, Alex Rovira, and Charles Sommers. "SEC and FDIC proposed rules on the orderly liquidation of certain large broker-dealers." Journal of Investment Compliance 17, no. 3 (September 5, 2016): 42–48. http://dx.doi.org/10.1108/joic-07-2016-0029.
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Purpose To alert financial market participants to rules jointly proposed by the US Securities and Exchange Commission (SEC) and US Federal Deposit Insurance Corporation (FDIC) regarding orderly liquidation of certain large broker-dealers as mandated in Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank). Design/methodology/approach Explains how typical broker-dealer liquidations are generally effected, the alternative of determining a broker-dealer to be a “covered broker-dealer” to be liquidated through an orderly liquidation proceeding under Title II of Dodd-Frank, the appointment of the FDIC as receiver and Securities Investor Protection Corporation (SIPC) as trustee, the requirement for the SIPC to file a protective decree with a federal district court, the possible use of “bridge broker-dealers” to facilitate an orderly liquidation, the FDIC’s procedures for settling claims of customers and other creditors against covered broker-dealers, and additional proposed provisions for administrative expenses and unsecured claims. Findings Counterparties of broker-dealers that could be subject to an orderly liquidation proceeding should evaluate the proposal and consider whether, if adopted, the rules would require any changes to credit risk or other internal procedures. Large broker-dealers that could be the subject of such an orderly liquidation proceeding should do the same. Although the formal comment period has closed regarding the proposal, market participants that did not submit comments but who still wish to influence final rule making should still consider submitting written comments to the SEC and FDIC or otherwise advocating before them. Originality/value Practical guidance from experienced securities and financial services lawyers.
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Smith, Holly. "SEC guidance on broker-dealer custody of digital asset securities." Journal of Investment Compliance 22, no. 2 (June 18, 2021): 189–94. http://dx.doi.org/10.1108/joic-04-2021-0013.
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Purpose To explain how the U.S. Securities and Exchange Commission (SEC), in its Digital Asset Securities Release, issued on December 23, 2020, laid out its vision for how broker-dealers can comply with the custody requirements of Rule 15c3-3 under the Exchange Act (the Customer Protection Rule) for investments in digital asset securities. Design/Methodology/Approach Explains the current regulatory uncertainty for broker-dealers doing a business in digital asset securities and developing systems and procedures that result in compliance with the custody requirements of the Customer Protection Rule; seven minimum steps that broker-dealers can take and nine terms and conditions with which they can comply to protect against SEC enforcement action; and the SEC’s request for comment in response to its position statement. Findings A broker-dealer operating pursuant to the terms and conditions of the position statement articulated in the Release will not be subject to SEC enforcement action on the basis that the broker-dealer deems itself to have obtained and maintained physical possession or control of customer fully paid and excess margin digital asset securities for the purposes of paragraph (b)(1) of the Customer Protection Rule. Originality/Value Practical guidance from experienced financial services, broker-dealer and securities lawyer.
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Nathan, Daniel A., and Tiffany Rowe. "SEC charges broker-dealer for failure to protect against insider trading by employees." Journal of Investment Compliance 16, no. 1 (May 5, 2015): 59–62. http://dx.doi.org/10.1108/joic-01-2015-0004.
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Purpose – To alert broker-dealers to Securities and Exchange Commission charges brought against a broker-dealer for ineffective controls over employee use of confidential information and to provide guidance regarding development and implementation of controls to protect against improper use of material non-public information by employees. Design/methodology/approach – Reviews Securities and Exchange Commission settlement order with broker-dealer for violations of securities laws for failure to adequately prevent insider trading by employees and provides guidance for implementing control to prevent insider trading. Findings – The Securities and Exchange Commission’s charges are the first to be brought against a broker-dealer for failure to adequately protect against insider trading. A broker used a customer’s confidential information regarding an impending acquisition by a private equity firm to purchase stock in the target company. The broker-dealer settled charges of violations of the federal securities laws for failing to adequately establish, maintain, and enforce policies and procedures to protect against insider trading by employees with access to confidential client information. Originality/value – Practical guidance regarding internal controls at broker-dealers from experienced securities litigation and regulation lawyers.
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SUN, HUNG-MIN. "ON THE DEALER'S RANDOMNESS REQUIRED IN PERFECT SECRET SHARING SCHEMES WITH ACCESS STRUCTURES OF CONSTANT RANK." International Journal of Foundations of Computer Science 11, no. 02 (June 2000): 263–81. http://dx.doi.org/10.1142/s0129054100000168.
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A secret sharing scheme is a method which allows a dealer to share a secret among a set of participants in such a way that only qualified subsets of participants can recover the secret. The collection of subsets of participants that can reconstruct the secret in this way is called access structure. The rank of an access structure is the maximum cardinality of a minimal qualified subset. A secret sharing scheme is perfect if unqualified subsets of participants obtain no information regarding the secret. The dealer's randomness is the number of random bits required by the dealer to setup a secret sharing scheme. The efficiency of the dealer's randomness is the ratio between the amount of the dealer's randomness and the length of the secret. Because random bits are a natural computational resource, it is important to reduce the amount of randomness used by the dealer to setup a secret sharing scheme. In this paper, we propose some decomposition constructions for perfect secret sharing schemes with access structures of constant rank. Compared with the best previous results, our constructions have some improved upper bounds on the dealer's randomness and on the efficiency of the dealer's randomness.
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Susan M. Rivera and Flordeliza A. Lantican. "Market Level Price Analysis of Copra Trading in the Philippines." CORD 26, no. 1 (April 1, 2010): 12. http://dx.doi.org/10.37833/cord.v26i1.133.
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The dynamics in market level prices was examined for Philippine copra trading. The analysis of the price formation process in the copra miller-dealer-farmer markets showed that a weak form of market integration characterized the trading of copra resecada between dealers and millers in all Philippine regions. In contrast, integration of any form was absent between miller-farmer and dealer-farmer in all regions except in Region V. Likewise, no integration was noted in all market levels when dealers and millers used copra resecada price while farmers were given the copra corriente Pasa price. Important factors were identified that contributed to the level of market integration. Recommendations made encompass areas on coconut production and productivity, market infrastructure and facilities, and pricing system in copra trading.
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Hu, Chuanbo, Minglei Yin, Bin Liu, Xin Li, and Yanfang Ye. "Identifying Illicit Drug Dealers on Instagram with Large-scale Multimodal Data Fusion." ACM Transactions on Intelligent Systems and Technology 12, no. 5 (October 31, 2021): 1–23. http://dx.doi.org/10.1145/3472713.
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Illicit drug trafficking via social media sites such as Instagram have become a severe problem, thus drawing a great deal of attention from law enforcement and public health agencies. How to identify illicit drug dealers from social media data has remained a technical challenge for the following reasons. On the one hand, the available data are limited because of privacy concerns with crawling social media sites; on the other hand, the diversity of drug dealing patterns makes it difficult to reliably distinguish drug dealers from common drug users. Unlike existing methods that focus on posting-based detection, we propose to tackle the problem of illicit drug dealer identification by constructing a large-scale multimodal dataset named Identifying Drug Dealers on Instagram (IDDIG). Nearly 4,000 user accounts, of which more than 1,400 are drug dealers, have been collected from Instagram with multiple data sources including post comments, post images, homepage bio, and homepage images. We then design a quadruple-based multimodal fusion method to combine the multiple data sources associated with each user account for drug dealer identification. Experimental results on the constructed IDDIG dataset demonstrate the effectiveness of the proposed method in identifying drug dealers (almost 95% accuracy). Moreover, we have developed a hashtag-based community detection technique for discovering evolving patterns, especially those related to geography and drug types.
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Fermanian, Jean-David, Olivier Guéant, and Jiang Pu. "The Behavior of Dealers and Clients on the European Corporate Bond Market: The Case of Multi-Dealer-to-Client Platforms." Market Microstructure and Liquidity 02, no. 03n04 (December 2016): 1750004. http://dx.doi.org/10.1142/s2382626617500046.
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For the last two decades, most financial markets have undergone an evolution toward electronification. The market for corporate bonds is one of the last major financial markets to follow this unavoidable path. Traditionally quote-driven (i.e., dealer-driven) rather than order-driven, the market for corporate bonds is still mainly dominated by voice trading, but a lot of electronic platforms have emerged. These electronic platforms make it possible for buy-side agents to simultaneously request several dealers for quotes, or even directly trade with other buy-siders. The research presented in this paper is based on a large proprietary database of requests for quotes (RFQ) sent, through the multi-dealer-to-client (MD2C) platform operated by Bloomberg Fixed Income Trading, to one of the major liquidity providers in European corporate bonds. Our goal is (i) to model the RFQ process on these platforms and the resulting competition between dealers, and (ii) to use our model in order to implicit from the RFQ database the behavior of both dealers and clients on MD2C platforms.
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R. Anderson, Scott. "New MSRB fair-pricing rule effective July 7, 2014." Journal of Investment Compliance 15, no. 3 (August 26, 2014): 47–50. http://dx.doi.org/10.1108/joic-08-2014-0032.
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Purpose – To summarize revised MSRB Rule G-30, which governs municipal bond dealer fair-pricing obligations. Design/methodology/approach – Discusses background of previous MSRB fair-pricing rules and interpretive guidance. Outlines the basic dealer obligations arising under revised MSRB Rule G-30. Discusses three key aspects of the new rule and recent rulemaking effort: the obligation of dealers to exercise “diligence” in assessing a municipal security’s market value and reasonableness of compensation, the distinction between fair security pricing and reasonable dealer compensation, and previous MSRB guidance that is superseded by the rule change. Also discusses similar rule changes related to fair-pricing, mark-ups, markdowns and commissions that have been proposed by FINRA that would apply to non-municipal securities if adopted. Findings – Revised MSRB Rule G-30 generally preserves existing municipal bond fair-pricing obligations while consolidating obligations that previously existed in multiple MSRB rules and interpretive guidance. Practical implications – The MSRB generally sought to preserve the substance of existing dealer fair-pricing obligations in revised MSRB Rule G-30 but dealers should evaluate their existing compliance frameworks in light of the recent revisions. The recent changes include deletion of prior MSRB Rule G-18 and superseding of certain interpretive guidance. Originality/value – Practical explanation by experienced financial services lawyer.
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A. Nathan, Daniel, and Libby J. Greismann. "Cybersecurity: SEC is starting to scrutinize registrants’ practices." Journal of Investment Compliance 15, no. 4 (October 28, 2014): 4–6. http://dx.doi.org/10.1108/joic-07-2014-0029.
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Purpose – To alert broker-dealers to the SEC’s plans to examine their cybersecurity practices, and offer advice on compliance. Design/methodology/approach – Reviews the SEC’s proposed cybersecurity framework and provides suggestions for broker-dealers to address and respond to these proposals. Findings – The SEC is still focused on gaining more information about the state of the cybersecurity industry in the broker-dealer context. Practical implications – Broker-Dealers should review the framework and prepare to be flexible and responsive to changing guidelines that may emerge. Originality/value – Breaks down the SEC guidelines in plain English and analyses the import of these guidelines. Offers practical advice for compliance.
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Olney, Martha L. "Credit as a Production-Smoothing Device: The Case of Automobiles, 1913–1938." Journal of Economic History 49, no. 2 (June 1989): 377–91. http://dx.doi.org/10.1017/s0022050700008007.
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Credit financing of automobile sales and dealer inventories was provided primarily by hundreds of sales finance companies in the interwar United States. The few finance companies tied to auto manufacturers wrote 90 percent of credit business. Manufacturers initially established finance companies not to bolster retail sales but to finance dealers' wholesale inventory so manufacturers could lower average costs by smoothing seasonal production patterns. Moreover, until the Justice Department intervened, manufacturers apparently illegally coerced franchised dealers into using the manufacturer's preferred finance company rather than an independent.
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Ishiguro, Hisatoshi, and Kakuro Amasaka. "Proposal And Effectiveness Of A Highly Compelling Direct Mail Method - Establishment And Deployment Of PMOS-DM." International Journal of Management & Information Systems (IJMIS) 16, no. 1 (December 22, 2011): 1. http://dx.doi.org/10.19030/ijmis.v16i1.6717.
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No clear processes are used at car dealers when deciding target customers for direct mail campaigns, and individual sales representatives rely on their experience when making such decisions. This means that dealer strategies lose their effectiveness and dealers fail to achieve the desired increase in customer visits. Thus, for this study, the author has established the Practical Method using Optimization and Statistics for Direct Mail (PMOS-DM) as a method of deciding the most suitable target customers for direct mail campaigns. Specifically, in order to both clarify the dealers target customer types and increase the number of customer visits, the author applied mathematical programming (combinatorial optimization) using statistical science to establish a model for determining the most suitable target customers for direct mail campaigns. This model has subsequently been applied at company M dealers, demonstrating significant effectiveness in increasing customer visits.
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Anderson, Shannon W., and William N. Lanen. "Using Electronic Data Interchange (EDI) to Improve the Efficiency of Accounting Transactions." Accounting Review 77, no. 4 (October 1, 2002): 703–29. http://dx.doi.org/10.2308/accr.2002.77.4.703.
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Electronic data interchange (EDI) is an information technology that standardizes the exchange of information between transacting parties. Using data from a major U.S. office furniture manufacturer that adopted EDI primarily to improve the efficiency of accounting transactions, we evaluate whether EDI reduces order-processing time (the time from sales order receipt to sales order scheduling) and whether this improvement is greater for more complex orders. Our measure of complexity reflects both the mix of different products the dealer orders as well as features and options the dealer selects for each product in the order. We find that EDI is associated with faster order processing, independent of complexity, and that EDI mitigates most of the negative effects of complexity on processing time. We also find that dealers learn to submit error-free orders to the manufacturer, and that previous errors provide feedback that helps dealers submit more accurate orders. However, we find only mixed evidence that order complexity impedes learning.
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Issa, George, and Elvis Jarnecic. "Effect of Trading Relationships on Execution Costs in Low-Information-Asymmetry Over-the-Counter Markets." Journal of Financial and Quantitative Analysis 54, no. 6 (November 12, 2018): 2605–34. http://dx.doi.org/10.1017/s0022109018001485.
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Traders can reduce search costs in dealership markets by entering relationships with dealers. However, dealers draw little informational benefit from these relationships in Treasury markets, due to low risk and information asymmetry. We investigate the extent, duration, effects on pricing, and potential benefits of client–dealer relationships. We find that relationship strength leads to higher execution costs for clients, more so during stressed market conditions but less so in the presence of information asymmetry and when trading in corporate bonds. Relationship traders are compensated with immediacy at times when search is costly.
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Guéant, Olivier, and Jiang Pu. "Mid-Price Estimation for European Corporate Bonds: A Particle Filtering Approach." Market Microstructure and Liquidity 04, no. 01n02 (March 2018): 1950005. http://dx.doi.org/10.1142/s2382626619500059.
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In most illiquid markets, there is no obvious proxy for the market price of an asset. The European corporate bond market is an archetypal example of such an illiquid market where mid-prices can only be estimated with a statistical model. In this OTC market, dealers/market makers only have access, indeed, to partial information about the market. In real time, they know the price associated with their trades on the dealer-to-dealer (D2D) and dealer-to-client (D2C) markets, they know the result of the requests for quotes (RFQ) they answered, and they have access to composite prices (e.g., Bloomberg CBBT). This paper presents a Bayesian method for estimating the mid-price of corporate bonds by using the real-time information available to a dealer. This method relies on recent ideas coming from the particle filtering/sequential Monte Carlo literature.
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Woo, Shin Sc, Ya Hui Li, Xi Feng Lu, and Yu Quan Du. "Some Simulation Results on Bullwhip Effect in Supply Chain with Several Dealers." Advanced Materials Research 774-776 (September 2013): 1979–86. http://dx.doi.org/10.4028/www.scientific.net/amr.774-776.1979.
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In order to discuss the bullwhip effect in the supply chain with several dealers, a four-level supply chain model is developed based on system dynamics. Through the use of dynamic simulation, the bullwhip effect was evaluated based on several factors such as return proportion, direct utilization proportion of recycling products and sales plan of each dealer. Experimental results show that a higher return proportion and a more direct utilization of recycled products can mitigate the bullwhip effect. Moreover, different sales plan of each dealer has various degrees of influence on the bullwhip effect.
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Yamada, Kenta, Hideki Takayasu, and Misako Takayasu. "Dependence of the number of dealers in a stochastic dealer model." Journal of Physics: Conference Series 221 (April 1, 2010): 012015. http://dx.doi.org/10.1088/1742-6596/221/1/012015.
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Dundler, Lauren. "“Still covered in sand.looked very old.”—Legal Obligations in the Internet Market for Antiquities." Heritage 2, no. 3 (August 6, 2019): 2311–26. http://dx.doi.org/10.3390/heritage2030142.
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The global internet antiquities market exists in a complex cultural heritage framework, comprised of international law and domestic legislation. In this paper, the questions I seek to answer are the following: how do internet antiquities dealers engage with their legal obligations, and how is this engagement translated to the ethics of their businesses? This paper presents a comparative examination of 45 antiquities dealers split across three categories—internet dealers, eBay dealers and social media dealers—revealing three key insights about the internet antiquities market: firstly, that the level of legal literacy in the market is depicted as being quite poor; secondly, that the performance of legal awareness does not always correspond with ethical dealer practices; and finally, some dealers utilise a suite of justifications for their behaviours, practices and values (known as neutralisation techniques) to undermine their legal obligations. Such results confirm existing claims of the failure of self-regulation in the internet antiquities market and reveal a demand for educational campaigns targeted at raising consumer awareness by challenging misleading market narratives and highlighting the ethical and legal issues involved with the trade of cultural heritage.
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Kumar, Nirmalya, Lisa K. Scheer, and Jan-Benedict E. M. Steenkamp. "Interdependence, Punitive Capability, and the Reciprocation of Punitive Actions in Channel Relationships." Journal of Marketing Research 35, no. 2 (May 1998): 225–35. http://dx.doi.org/10.1177/002224379803500208.
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Using data from automobile dealers in the Netherlands, the authors find that dealers’ punitive actions toward their key suppliers are affected by their perceptions of their own and their supplier's interdependence and punitive capabilities, as well as by the supplier's punitive actions. Punitive actions are affected by interdependence, but a more complete picture is achieved by also examining punitive capability. The authors test hypotheses based on bilateral deterrence, conflict spiral, and relative power theories, but none of these comprehensively explains the effects of both total power and power asymmetry. Dealer punitive actions are inhibited as total interdependence increases, but are promoted as total punitive capability increases. Using spline regression, the authors find that interdependence asymmetry has no direct effect on punitive actions, whereas punitive capability asymmetry does. As dealers’ punitive capability advantage as compared with their suppliers’ increases, dealers make greater use of punitive actions, whereas they use fewer punitive actions as their punitive capability deficit increases. The authors also find that dealers with a relative advantage in dependence or punitive capability are more likely to reciprocate their supplier's punitive actions.
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Infante, Sebastian, Charles Press, and Zack Saravay. "Understanding Collateral Re-use in the US Financial System." AEA Papers and Proceedings 110 (May 1, 2020): 482–86. http://dx.doi.org/10.1257/pandp.20201099.
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We document how primary dealers use and re-use collateral in the United States. Using confidential supervisory data, we map how collateral flows through individual dealers, identifying whether the collateral is encumbered or rehypothecated. From these data we estimate the degree of collateral re-use at the dealer level. We find a high degree of US Treasury re-use, for which we posit three possible drivers: (1) intermediation of cash, (2) intermediation of collateral, and (3) “stripping” and distribution of their safe asset benefits. This work contributes to research aimed at understanding how collateral circulation improves market functioning but may lead to fragility.
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Hugonnier, Julien, Benjamin Lester, and Pierre-Olivier Weill. "Frictional Intermediation in Over-the-Counter Markets." Review of Economic Studies 87, no. 3 (July 18, 2019): 1432–69. http://dx.doi.org/10.1093/restud/rdz037.
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Abstract We extend Duffie et al.’s (2005) search-theoretic model of over-the-counter (OTC) asset markets, allowing for a decentralized inter-dealer market with arbitrary heterogeneity in dealers’ valuations (or, equivalently, inventory costs). We develop a solution technique that makes the model fully tractable and allows us to derive, in closed form, theoretical formulas for key statistics analysed in empirical studies of the intermediation process in OTC markets. A calibration to the market for municipal bonds allows us to quantify important unobservable characteristics of this market, including the severity of search and bargaining frictions and the nature of heterogeneity across dealers. We use our calibrated model to study the effect of these market characteristics on total welfare and the distribution of gains from trade across customers and dealers.
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Cao, Jun, Yu Xiong, and Yuan Yuan Chen. "Rebuild Technology Transfer in the Presence of Remanufacturing Dealer." Key Engineering Materials 572 (September 2013): 695–98. http://dx.doi.org/10.4028/www.scientific.net/kem.572.695.
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Product rebuilding requires OEM (Original Equipment Manufacturer) and his dealers to collaborate closely. In this paper, a model is proposed to study the rebuilding technology transfer decisions within an OEM and his authorized dealer who has to invest in technology for remanufacturing key components and rebuild used machines with the rebuilding technologies transferred from OEM. The optimal rebuilding technologies transfer and remanufacturing investment strategies are analyzed. The results highlight the significant effects of discount factor on the optimal strategies of OEM and the dealer. Some tactics for OEM to balance the new and rebuilding market are analysed.
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Busse, Meghan, Jorge Silva-Risso, and Florian Zettelmeyer. "$1,000 Cash Back: The Pass-Through of Auto Manufacturer Promotions." American Economic Review 96, no. 4 (August 1, 2006): 1253–70. http://dx.doi.org/10.1257/aer.96.4.1253.
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Automobile manufacturers frequently use promotions involving cash incentives. While payments are nominally directed to either customers or dealers, the ultimate beneficiary of the promotion depends on the outcome of price negotiation. We use program evaluation methods to compare the incidence of these two types of promotions. Customers obtain 70 to 90 percent of a customer rebate, but only 30 to 40 percent of a dealer discount promotion, a $500 difference for a typical promotion. Our leading hypothesis is that pass-through rates differ because of information asymmetries: customer rebates are well-publicized to customers, while dealer discount promotions are not.
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Wang, Shizhao, and Yong Luo. "Horizontal Coalition Stability Analysis of Supply Chain Entities Based on Sequential Game." Discrete Dynamics in Nature and Society 2014 (2014): 1–10. http://dx.doi.org/10.1155/2014/972401.
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Aiming to find the effect of the same status entities’ horizontal coordination on supply chain, this paper studied the coalition stability of dealers in a two-stage supply chain with one supplier and multiple dealers. First, a vertical sequential game model is built, where the supplier is leader and the multiple dealers are followers. In the second stage of the game, multiple dealers face two selections: playing Nash game with each other or developing a coalition. Then, according to the results acquired by comparing the dealers’ profits which depend on their coalition situations, the criterion of coalition stability is developed. Finally, numerical simulation is used to verify the validity of the model, and some insights are obtained. For example, if the sensitivity coefficientTof the market price is fixed, dealers’ coalition tends to be stable with the increasing of the substitution ratekin a reasonable range; the supplier’s optimal wholesale price is constant with and without dealer’s coalition, but dealers’ coalition causes demand to decrease, which leads to the decrease of the supplier’s profit too. The result of this paper provides an important reference for the formation of dealers’ coalition in IT or automobile supply chain.
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Bandyopadhyay, Soumava, Robert A. Robicheaux, and John S. Hill. "Cross-Cultural Differences in Intrachannel Communications: The United States and India." Journal of International Marketing 2, no. 3 (September 1994): 83–100. http://dx.doi.org/10.1177/1069031x9400200305.
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Findings of a comparative study of intrachannel communication in marketing channels in the United States and India are presented. Two factors—the cultural environment and the degree of relational-ism in channel relationships—were posited to affect the nature of supplier-dealer communications. A survey of lighting equipment dealers in the two countries indicated that compared to the U.S. environment, the Indian environment was characterized by greater unidirectional communication from supplier to dealer, lower communication frequency, greater use of formal communication modes, and greater supplier use of direct influence strategies. A relational channel structure neutralized the differences in communication patterns due to cultural differences, however.
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Højlund Bræmer, Marie, and Thomas Friis Søgaard. "»En mexicansk blondine der sparker røv«." Nordisk Tidsskrift for Kriminalvidenskab 108, no. 2 (September 11, 2021): 380–97. http://dx.doi.org/10.7146/ntfk.v108i2.128533.
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AbstractIn recent decades, the selling and purchasing of illicit drugs has been increasingly mediated by use of communication technologies such as mobile phones and social media apps. While the risk of police intervention has traditionally restricted dealers’ use of advertisements to attract customers, the increasing technologization of retail-level drug markets has opened up new avenues for dealers’ use of proactive marketing. This article contributes to the understanding of current transformations of the retail-level drug market by providing insight into how drug dealers compete for and try to attract customers by use of strategic and targeted advertising. Based on an in-depth analysis of the textual and visual content of 99 illicit »drug commercials« circulated through SMS-based (Short Message Service) drug lines, we demonstrate how drug dealers draw on a number of psychological and cognitive techniques such as repetition, association, humour, hooks, slogans and storytelling, all of which are also found in legal marketing. We conclude by arguing that there is a need for more studies on how »drug commercials« affect drug users’ purchasing practices, including their choice of dealer.
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Astuti, Amelia Yuli, and Bram Denafri. "Slang Words in Transaction of Selling-Buying Drugs in Padang City Area." Jurnal Ilmiah Langue and Parole 3, no. 2 (August 31, 2020): 9–16. http://dx.doi.org/10.36057/jilp.v3i2.403.
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This research is able to develop linguistic aspects that are used by a group of drug dealers and users to be directly identified by people who are likely close to them. So that the public can be aware of the existence of drug sales transactions and submit it to the authorities to follow up.
This research seeks to understand and explain the phenomena of slang used by drug dealers in buying and selling transactions Padang City. This research produces descriptive data in the form of sentences, words, or slang language phrases Padang City. This research method is Simak Libat Cakap (SLC) where researchers are directly involved in obtaining data. Sources of data in this research were obtained from oral sources. The oral data source was obtained from an interview with one dealer who was willing to be interviewed who did the distribution and had connections with other dealers.
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Li, Jun (Justin), and Jong-Hyeong Kim. "A cross-level analysis of management commitment and work ability among senior casino dealers in Macau." International Journal of Contemporary Hospitality Management 31, no. 5 (May 13, 2019): 2095–113. http://dx.doi.org/10.1108/ijchm-03-2018-0212.
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Purpose This paper aims to investigate the corporate-level determinants (i.e. management commitment) of work ability. It also examined whether mid-level contextual variables intensify the relationship between management commitment and the work ability of senior casino dealers. Design/methodology/approach A three-level hierarchical analysis of data from 432 casino dealers from 16 casinos was performed to determine the proportion of variance in the dependent variable when the explanatory variables were at varying hierarchical levels. Findings The findings suggest that management commitment has a positive and significant impact on frontline dealers’ work ability. Furthermore, supervisor support and group trust have moderating effects on the relationship between management commitment and dealers’ work ability. Research limitations/implications The current study provides important information on how to increase the ability of aging dealer to remain active and learn new skills. Originality/value Work ability has received substantial attention from recent studies of human resources because of its close relationship to employee job skills and competencies. However, to the best of the authors’ knowledge, no conceptual model explains the role of work ability role in promoting and updating human resources management practices and policies.
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Boshoff, C., and P. J. Du Plessis. "The owners of new passenger vehicles: Some empirical findings on post-purchase patronage regarding servicing and repairs." South African Journal of Business Management 20, no. 3 (September 30, 1989): 129–33. http://dx.doi.org/10.4102/sajbm.v20i3.952.
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Despite concern among motor vehicle manufacturers about the relationship between their franchised dealers and new vehicle owners regarding servicing/repairs, very little empirical research has been done to investigate the post-purchase perceptions of new vehicle owners. Research studies conducted in America found that the expiry of the warranty on a new motor vehicle resulted in a major shift away from franchised dealers for servicing/repairs once the warranty had expired and that the older the vehicle became, the higher the probability that it would not be serviced by a franchised dealer. Information gathered from a random sample of new vehicle owners suggests that these conclusions also hold true for the South African situation, despite a high degree of satisfaction expressed with under-warranty servicing.
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Harkrader, James Collin, and Michael Puglia. "Price Discovery in the U.S. Treasury Cash Market: On Principal Trading Firms and Dealers." Finance and Economics Discussion Series 2020, no. 095 (November 16, 2020): 1–36. http://dx.doi.org/10.17016/feds.2020.096.
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We explore the following question: does the trading activity of registered dealers on Treasury interdealer broker (IDB) platforms differ from that of principal trading firms (PTF), and if so, how and to what effect on market liquidity? To do so, we use a novel dataset that combines Treasury cash transaction reports from FINRA’s Trade Reporting and Compliance Engine (TRACE) and publicly available limit order book data from BrokerTec. We find that trades conducted in a limit order book setting have high permanent price impact when a PTF is the passive party, playing the role of liquidity provider. Conversely, we find that dealer trades have higher price impact when the dealer is the aggressive party, playing the role of liquidity taker. Trades in which multiple firms (whether dealers or PTFs) participate on one or both sides, however, have relatively low price impact. We interpret these results in light of theoretical models suggesting that traders with only a “small” informational advantage prefer to use (passive) limit orders, while traders with a comparatively large informational advantage prefer to use (aggressive) market orders. We also analyze the events that occurred in Treasury markets in March 2020, during the onset of the COVID-19 pandemic.
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Fedotov, A. V., and M. A. Menshikova. "The formation of innovation Wednesday dealer infrastructure of industrial companies." Voprosy regionalnoj ekonomiki 30, no. 1 (March 20, 2017): 41–46. http://dx.doi.org/10.21499/2078-4023-2017-30-1-41-46.
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Article rassmotrivajutsja the main directions of the innovation Wednesday dealership infrastructure of industrial companies. Examines particularly the supply of spare parts dealers and other logistical resources. Explores the possible functioning of territorial network of service technicians. As an example of innovation, provides service support system of agricultural machinery of OJSC «Rostselmash». Provides recommendations for creating a new warehouse system providing consumers logistical resources through a network of Central, regional and dealer supply bases.
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Kasenda, Defren Ch, R. E. M. F. Osak, T. F. D. Lumy, and F. N. S. Oroh. "ANALISIS KEUNTUNGAN PEDAGANG DAGING KELELAWAR DI PASAR TRADISIONAL KECAMATAN AMURANG DAN KECAMATAN MODOINDING KABUPATEN MINAHASA SELATAN." ZOOTEC 40, no. 1 (December 20, 2019): 94. http://dx.doi.org/10.35792/zot.40.1.2020.26818.
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PROFIT ANALYSIS OF THE BAT BUSHMEAT TRADER IN THE TRADITIONAL MARKET IN AMURANG AND MODOINDING DISTRICKS OF SOUTH MINAHASA REGENCY. This study aims to analyze how much profit bat traders make in traditional markets in South Minahasa Regency. This research was conducted using a survey method and analyzes the level of business profit and its ability to generate profit (profitability) in bat meat dealers in traditional markets in the South Minahasa Regency. The results of this study show that the total cost of bat dealers reached an average of IDR 3.800.068. with an average acceptance of bat traders of IDR 4.898.438 per week. The total profit per bat dealer per week was IDR 849,557. with a gross margin of the traditional Amurang market of 0.13 and the traditional Modoinding market of 0.29.
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Thompson, John R. J., Longlong Feng, R. Mark Reesor, and Chuck Grace. "Know Your Clients’ Behaviours: A Cluster Analysis of Financial Transactions." Journal of Risk and Financial Management 14, no. 2 (January 25, 2021): 50. http://dx.doi.org/10.3390/jrfm14020050.
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In Canada, financial advisors and dealers are required by provincial securities commissions and self-regulatory organizations—charged with direct regulation over investment dealers and mutual fund dealers—to respectively collect and maintain know your client (KYC) information, such as their age or risk tolerance, for investor accounts. With this information, investors, under their advisor’s guidance, make decisions on their investments that are presumed to be beneficial to their investment goals. Our unique dataset is provided by a financial investment dealer with over 50,000 accounts for over 23,000 clients covering the period from January 1st to August 12th 2019. We use a modified behavioral finance recency, frequency, monetary model for engineering features that quantify investor behaviours, and unsupervised machine learning clustering algorithms to find groups of investors that behave similarly. We show that the KYC information—such as gender, residence region, and marital status—does not explain client behaviours, whereas eight variables for trade and transaction frequency and volume are most informative. Hence, our results should encourage financial regulators and advisors to use more advanced metrics to better understand and predict investor behaviours.
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Makovicky, Nicolette. "The Poetry of Antiques: Trade and/in Knowledge among British Antiques Dealers." Ethnologia Actualis 17, no. 2 (December 1, 2017): 24–45. http://dx.doi.org/10.2478/eas-2018-0002.
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Abstract This article considers the role of information, communication, and knowledge in processes of exchange and value creation in the British antiques market. As such, it positions itself between the long-standing anthropological interest in the cultural construction of value (see APPADURAI 1986; GRAEBER 2001), and the equally long-standing interest in how asymmetries of information affect consumer behaviour (see AKERLOF 1970). Drawing on ethnographic material gathered over three months of fieldwork amongst antique dealers in the Notting Hill and Kensington Area of London, I aim to through light on what it is that dealers ‘know’ and how this knowledge is translated into profit within the trade. I argue that dealers’ knowledge of objects is encyclopaedic, discursive, and tactile at once and it is gained mainly through many years of handling of objects. Dealers must also keep abreast with the market movement of objects and their prices using this information to gage the potential profit they may accrue from a deal. Both forms of knowledge, I argue, are mobilized at once when a dealer is investing in stock and when he or she seeks to sell an item, in a ritual of show-and-tell that serves to both to verify the quality, condition and authenticity of a piece and to simultaneously negotiate its price.
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Petropoulos, Jonathan. "Art Dealer Networks in the Third Reich and in the Postwar Period." Journal of Contemporary History 52, no. 3 (July 27, 2016): 546–65. http://dx.doi.org/10.1177/0022009416637417.
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This article discusses art dealers who trafficked in looted art during the Third Reich and how they re-established networks and continued their trade in the postwar period. I argue that these dealers worked within a series of overlapping networks. A primary network was centered in Munich, with dealers such as Dr. Bruno Lohse (Göring’s art agent in Paris during the war); Maria Almas Dietrich, Karl Haberstock, Walter Andreas Hofer, and Adolf Wüster. These individuals worked closely with colleagues in Austria, Switzerland, and Liechtenstein (states contiguous with Bavaria) in the postwar years. Many of the individuals in outer appendages of the networks had not been complicit in the Nazis’ plundering program, yet they trafficked in looted works and formed dealer networks that extended to Paris, London, and New York. Both the recently discovered Gurlitt cache – over 1400 pictures located in Munich, Salzburg, and Kornwestheim – and the annotated Weinmüller auction catalogues help illuminate aspects of these networks. Art dealers played a key role in the looting operations during the Third Reich and in the transfer of non-restituted objects in the postwar period. The current generation of the profession may be the key to advancing our understanding of a still incomplete history.
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Dinu, Vitória Caetano Dreyer, and Marília Montenegro Pessoa de Mello. "Afinal, é usuário ou traficante? Um estudo de caso sobre discricionariedade e ideologia da diferenciação/After all, user or drug dealer? A case study about discretionary power and differentiation ideology." Revista Brasileira de Direito 13, no. 2 (August 18, 2017): 194. http://dx.doi.org/10.18256/2238-0604/revistadedireito.v13n2p194-214.
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Como se dá, na prática, a diferenciação entre o usuário e o traficante? Tendo por ponto de partida esta pergunta, o presente trabalho analisa como se deu a construção desses estereótipos a partir da ideologia da diferenciação; busca compreender a legislação brasileira atinente à problemática; e efetua um estudo de caso de sentença elucidativa, vez que evidencia as dificuldades de interpretação envolvendo a dicotomia usuário/traficante. Para tanto, ter-se-á por fundamento teórico a Criminologia Crítica, a qual analisa o funcionamento do sistema de justiça na seleção daqueles que serão tidos por criminosos, baseando-se no paradigma da reação social. Eis que a aplicação do art. 28, 2º, da Lei nº 11.343/06, sem o devido cumprimento do ônus argumentativo, abre margem para verdadeiros autoritarismos na definição de quem é traficante, o que reforça a seletividade inerente às práticas penais brasileiras. O que se pretende evidenciar é que a construção dogmática sobre usuários e traficantes, pode, sim, promover situações de injustiça, diante da discricionariedade/arbitrariedade permitida pelas normas. Desta feita, a sorte do sujeito submetido à persecução criminal é lançada no sistema, ficando a resolução do caso à mercê do enquadramento ou não do réu no estereótipo de traficante do senso comum jurídico.AbstractHow is, in practice, the distinction between user and drug dealer? Taking as a starting point this question, this paper analyzes how was the construction of these stereotypes from the differentiation ideology; it seeks to understand the Brazilian legislation regarding that issue; and it performs a case study of an elucidatory sentence, since it shows the difficulties of interpretation involving the user/drug dealer dichotomy. In order to achieve this, Critical Criminology is adopted as theoretical foundation, which analyzes how the juridical system selects those taken as criminals, based on the paradigm of social reaction. The application of art. 28, p. 2nd, of Law 11.343/2006, without due argumentative onus, makes room for true authoritarianism in defining who is a drug dealer and reinforces the inherent selectivity to Brazilian criminal practices. The objective is to highlight that dogmatic construction about users and drug dealers, can, in fact, promote injustice, given the discretionary power/arbitrariness allowed by law. Therefore, the individual’s fate submitted to criminal prosecution is handed over to the legal system, and the case’s resolution is done according to the inclusion (or not inclusion) of the defendant in the drug dealer’s stereotype of juridical common sense.KeywordsNarcotics Law. User. Drug dealer. Ideology of differentiation. Case study.