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Relevant bibliographies by topics / Market efficiency theory

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Academic literature on the topic 'Market efficiency theory'

Author: Grafiati

Published: 4 June 2021

Last updated: 6 February 2022

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Journal articles on the topic "Market efficiency theory"

1

Hodnett, Kathleen, and Heng-Hsing Hsieh. "Capital Market Theories: Market Efficiency Versus Investor Prospects." International Business & Economics Research Journal (IBER) 11, no. 8 (August 1, 2012): 849. http://dx.doi.org/10.19030/iber.v11i8.7163.

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This paper reviews the development of capital market theories based on the assumption of capital market efficiency, which includes the efficient market hypothesis (EMH), modern portfolio theory (MPT), the capital asset pricing model (CAPM), the implications of MPT in asset allocation decisions, criticisms regarding the market portfolio and the development of the arbitrage pricing theory (APT). An alternative school of thought proposes that investors are irrational and that their trading behaviors are driven by psychological biases such as greed and fear. Prospect theory and the role of behavioral finance that describe investment decisions in imperfect capital markets are presented to contrast the Utopian assumption of perfect market efficiency. The paper concludes with the argument of Hirshleifer (2001) that heuristics are shared by investors and asset prices may not reflect their long-term intrinsic values as indicated by efficient capital market theories.

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LeRoy, Stephen F. "Market Efficiency: Stock Market Behaviour in Theory and Practice." Review of Financial Studies 11, no. 3 (July 1998): 675–78. http://dx.doi.org/10.1093/rfs/11.3.675.

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Fabris, Nikola. "Efficiency-wage model." Sociologija 55, no. 3 (2013): 461–74. http://dx.doi.org/10.2298/soc1303461f.

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In classical theory, the labour market operates as any other market, that is, the supply and demand determines the equilibrium between wages and the number of employees. The Keynesians went a step further by pointing out that the labour market does not follow the same principle as other markets and that wages do not change due to numerous rigidities, i.e. that the equilibrium is not achieved with full employment. The neoclassical macroeconomics reverts to the classical theory, noting that the labour market equilibrium is achieved immediately. The weakness of these theories is that they do not sufficiently consider specific features of the labour market and/or human labour. However, the new Keynesians went a step further in this direction by developing the efficiency wage model incorporating both economic and sociological explanations in the labour market interpretation. Nevertheless, it seems that there is still enough room for further improvements of this model and the paper communicates certain suggestions to that end.

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Boutabba, Islem Ahmed. "Testing financial market efficiency." JOURNAL OF SOCIAL SCIENCE RESEARCH 3, no. 3 (April 30, 2014): 351–72. http://dx.doi.org/10.24297/jssr.v3i3.3264.

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Since the birth of the financial literature until the 1970s, the efficient market hypothesis has been regarded as a central hypothesis. In the mid-1970s, there were theoretical and empirical evidence stating that the EMH seems untouchable. However, recently there has been an emergence of arguments doubting the EMH. The EMH implicitly indicates that stock prices can follow a random walk. Currently, financial theory has shown that stock prices do not follow a random walk.In this regard, our empirical study rejected the hypothesis of a random walk for 27 indices out of 28 studied. We confirm that the studied indices time series do not follow a random walk, and therefore we reject the financial markets efficiency hypothesis in its weak form. This result corroborates those of Fama and French (1992.993), DeBondt and Thaler (1985), Lo and MacKinlay (1991), Jagadeesh and Titman (1993) and Shleifer and Vishny (1997). Therefore, financial markets efficiency hypothesis in its weak form is also rejected. This result is logical given the limited capacity of the classical theory in explaining abnormal returns such as bubbles, crashes and excess volatility

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Boutabba, Islem. "Testing financial market efficiency." JOURNAL OF SOCIAL SCIENCE RESEARCH 4, no. 2 (June 4, 2014): 548–63. http://dx.doi.org/10.24297/jssr.v4i2.3151.

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Since the birth of the financial literature until the 1970s, the efficient market hypothesis has been regarded as a central hypothesis. In the mid-1970s, there were theoretical and empirical evidence stating that the EMH seems untouchable. However, recently there has been an emergence of arguments doubting the EMH. The EMH implicitly indicates that stock prices can follow a random walk. Currently, financial theory has shown that stock prices do not follow a random walk. In this regard, our empirical study rejected the hypothesis of a random walk for 27 indices out of 28 studied. We confirm that the studied indices time series do not follow a random walk, and therefore we reject the financial markets efficiency hypothesis in its weak form. This result corroborates those of Fama and French (1992.993), DeBondt and Thaler (1985), Lo and MacKinlay (1991), Jagadeesh and Titman (1993) and Shleifer and Vishny (1997). Therefore, financial markets efficiency hypothesis in its weak form is also rejected. This result is logical given the limited capacity of the classical theory in explaining abnormal returns such as bubbles, crashes and excess volatility.

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Milchakova, N. "Stock Market Efficiency: An Institutional Approach." Voprosy Ekonomiki, no. 5 (May 20, 2004): 97–110. http://dx.doi.org/10.32609/0042-8736-2004-5-97-110.

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In this study the institutional approach is used to analyze the issues of stock market efficiency. Until now corporate finance theory, primarily based on the neoclassical methodology, has viewed the issue of the stock market efficiency only as a problem of information function of stock market prices. In this study we present another view that the efficiency of stock market is the efficiency of market institutions functioning and especially of its regulative institutions. Such an approach seems to be up-to-date in the context of analysis of the emerging markets experience including the Russian case where the market and regulative institutions are still in the process of forming.

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Kanwar Abbas, Syed, and Asad Zaman. "Efficiency Wage Hypothesis—The Case of Pakistan." Pakistan Development Review 44, no. 4II (December 1, 2005): 1051–66. http://dx.doi.org/10.30541/v44i4iipp.1051-1066.

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The goal of this section is to point out the observed difficulties with the classical/neoclassical theory of labour markets. According to classical and neoclassical economics, the labour market is a market like any other market. The equilibrium wage is determined by the intersection of the supply and demand for labour.

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GULKO, LES. "THE ENTROPIC MARKET HYPOTHESIS." International Journal of Theoretical and Applied Finance 02, no. 03 (July 1999): 293–329. http://dx.doi.org/10.1142/s0219024999000170.

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Information theory teaches that entropy is the fundamental limit for data compression, and electrical engineers routinely use entropy as a criterion for efficient storage and transmission of information. Since modern financial theory teaches that competitive market prices store and transmit information with some efficiency, should financial economists be concerned with entropy? This paper presents a market model in which entropy emerges endogenously as a condition for the operational efficiency of price discovery while entropy maximization emerges as a condition for the informational efficiency of market prices. The maximum-entropy formalism makes the efficient market hypothesis operational and testable. This formalism is used to establish that entropic markets admit no arbitrage and support both the Ross arbitrage pricing theory and the Black–Scholes stock option pricing model.

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Cong, Yu, Jia Hao, and Lin Zou. "The Impact of XBRL Reporting on Market Efficiency." Journal of Information Systems 28, no. 2 (April 1, 2014): 181–207. http://dx.doi.org/10.2308/isys-50794.

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ABSTRACT This paper examines the impact of XBRL reporting required by the U.S. Securities and Exchange Commission (SEC) on market efficiency. Based on the disclosure theories about imperfect markets, we hypothesize that XBRL reporting facilitates the generation and infusion of idiosyncratic information into the market and thus improves market efficiency. Our findings show a synchronous increase of information asymmetry and trading volume as posited in the disclosure theory and our hypotheses.

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Errunza, Vihang, Lemma W. Senbet, and Ked Hogan. "The Pricing of Country Funds from Emerging Markets: Theory and Evidence." International Journal of Theoretical and Applied Finance 01, no. 01 (January 1998): 111–43. http://dx.doi.org/10.1142/s0219024998000060.

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This paper provides a theoretical and empirical analysis of country funds focusing on emerging economies whose capital markets are not readily accessible to outside investors. We study country fund pricing and the associated policy implications under alternative variations of international market structure segmentation. We show that country funds traded in the developed capital markets can be beneficial in promoting the efficiency of pricing in the emerging capital markets and in enhancing capital mobilization by local firms. These efficiency gains vary depending upon the degree to which the emerging market securities are spanned by the core or advanced market securities, and cross-border arbitrage restrictions. A country fund premium or discount arises in our framework owing to access and substitution effects characterizing the relationship between the host and emerging markets. We present some empirical evidence supporting our principal predictions. In particular, we investigate the issues of country fund pricing, relative influences of the home market, the international market, the global closed-end fund factor, and the behavior of fund premia/discounts.

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Dissertations / Theses on the topic "Market efficiency theory"

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Zhang, Jian. "Market efficiency test in the VIX futures market." Laramie, Wyo. : University of Wyoming, 2008. http://proquest.umi.com/pqdweb?did=1798967041&sid=1&Fmt=2&clientId=18949&RQT=309&VName=PQD.

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Hon, Tow Siew Mark. "Aspects of market efficiency : an investigation of the UK equity market." Thesis, University of Bristol, 2001. http://hdl.handle.net/1983/d9cf9a7f-7b17-4968-96a2-09effffdc6ed.

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Dissanaike, Gishan Romesh. "The overreaction hypothesis and stock market efficiency." Thesis, University of Cambridge, 1993. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.282856.

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Timmermann, Allan. "Rational expectations, learning and stock market efficiency." Thesis, University of Cambridge, 1991. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.357750.

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Anderson, D. Scott. "Unlimited liability and market efficiency, theory and evidence from the Canadian securities markets." Thesis, National Library of Canada = Bibliothèque nationale du Canada, 1999. http://www.collectionscanada.ca/obj/s4/f2/dsk1/tape7/PQDD_0014/NQ39253.pdf.

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Zhang, Hua, and 張華. "Investigating stock market efficiency in China." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 2003. http://hub.hku.hk/bib/B29946542.

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Koh, Sung Soo. "The Korean stock market structure, behavior, and test of market efficiency /." Online version, 1989. http://ethos.bl.uk/OrderDetails.do?did=1&uin=uk.bl.ethos.352906.

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Larsen, Jens Ditlev J. "Macroeconomic implications of labour market frictions and efficiency wages." Thesis, University of Southampton, 1999. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.286998.

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Cha, Gun-Ho. "Reappraisal of market efficiency tests arising from nonlinear dependence, fractals, and dynamical systems theory." Doctoral thesis, Stockholm : Economic Research Institute, Stockholm School of Economics [Ekonomiska forskningsinstitutet vid Handelshögsk.] (EFI), 1993. http://www.hhs.se/efi/summary/365.htm.

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Roig, Reed Alan. "RELATIVE EFFICIENCY OF THE INTERNAL CAPITAL MARKET IN A MULTI-DIVISION FIRM." Case Western Reserve University School of Graduate Studies / OhioLINK, 2008. http://rave.ohiolink.edu/etdc/view?acc_num=case1201278136.

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Books on the topic "Market efficiency theory"

1

Amanulla, S. Indian stock market: Price integration and market efficiency. Bangalore: Institute for Social and Economic Change, 2000.

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T, Geetha, ed. Indian capital market: Informational signalling and efficiency. New Delhi: A.P.H. Pub. Corp., 1996.

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3

Stock market efficiency, insider dealing, and market abuse. Aldershot, Hants, England: Ashgate, 2008.

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Hakim, Miguel. The efficiency of the Mexican stock market. New York: Garland Pub., 1992.

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5

Daniel, Kent. Market efficiency in an irrational world. Cambridge, MA: National Bureau of Economic Research, 2000.

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Information efficiency in financial and betting markets. New York: Cambridge University Press, 2005.

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Gan, Li. Efficiency of thin and thick markets. Cambridge, MA: National Bureau of Economic Research, 2004.

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8

Titman, Sheridan. The Modigliani and Miller theorem and market efficiency. Cambridge, MA: National Bureau of Economic Research, 2001.

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9

Nagayasu, Jun. The efficiency of the Japanese equity market. Washington, D.C: International Monetary Fund, Statistics Department, 2003.

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10

Brown, Conor. Bond rating changes: Their informational value and impact on bond market efficiency. Dublin: University College Dublin, 1994.

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Book chapters on the topic "Market efficiency theory"

1

Jarrow, Robert A. "Market Informational Efficiency." In Continuous-Time Asset Pricing Theory, 319–30. Cham: Springer International Publishing, 2018. http://dx.doi.org/10.1007/978-3-319-77821-1_16.

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Jarrow, Robert A. "Market Informational Efficiency." In Continuous-Time Asset Pricing Theory, 329–43. Cham: Springer International Publishing, 2021. http://dx.doi.org/10.1007/978-3-030-74410-6_16.

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Frantz, Roger S. "Empirical Evidence: Market Structure." In X-Efficiency: Theory, Evidence and Applications, 161–81. Boston, MA: Springer US, 1988. http://dx.doi.org/10.1007/978-1-4613-3799-7_8.

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Vishwanath, S. R. "Market Efficiency: Theory, Tests and Applications." In Investment Management, 497–515. Berlin, Heidelberg: Springer Berlin Heidelberg, 2009. http://dx.doi.org/10.1007/978-3-540-88802-4_22.

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Luo, Guo Ying. "Natural Selection, Random Shocks, and Market Efficiency in a Futures Market." In Studies in Economic Theory, 89–112. New York, NY: Springer New York, 2011. http://dx.doi.org/10.1007/978-1-4614-0712-6_5.

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Frantz, Roger S. "Empirical Evidence: Market Structure and Firm Organization." In X-Efficiency: Theory, Evidence and Applications, 83–106. Boston, MA: Springer US, 1997. http://dx.doi.org/10.1007/978-1-4615-6265-8_7.

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Luo, Guo Ying. "Evolution, Noise Traders, and Market Efficiency in a One-Sided Auction Market." In Studies in Economic Theory, 113–55. New York, NY: Springer New York, 2011. http://dx.doi.org/10.1007/978-1-4614-0712-6_6.

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Pisauro, Giuseppe. "Social Security Contributions and Efficiency Wage Theory: Incidence and Effects on Employment." In Fiscal Problems in the Single-Market Europe, 127–51. London: Palgrave Macmillan UK, 1994. http://dx.doi.org/10.1007/978-1-349-23197-3_4.

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Arshadi, Nasser, and Thomas H. Eyssell. "Securities Regulations, Market Efficiency, and the Role of the SEC." In The Law and Finance of Corporate Insider Trading: Theory and Evidence, 17–41. Boston, MA: Springer US, 1993. http://dx.doi.org/10.1007/978-1-4615-3244-6_3.

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Charnes, Abraham, William W. Cooper, Boaz Golany, D. B. Learner, Fred Y. Phillips, and John J. Rousseau. "A Multiperiod Analysis of Market Segments and Brand Efficiency in the Competitive Carbonated Beverage Industry." In Data Envelopment Analysis: Theory, Methodology, and Applications, 145–65. Dordrecht: Springer Netherlands, 1994. http://dx.doi.org/10.1007/978-94-011-0637-5_8.

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Conference papers on the topic "Market efficiency theory"

1

Bimbiloski, Igor, Valentin Rakovic, Anis Sefidanoski, and Aleksandar Risteski. "Competitive Game Theory Efficiency ICT Model in MultiPlayer Market." In IEEE EUROCON 2019 -18th International Conference on Smart Technologies. IEEE, 2019. http://dx.doi.org/10.1109/eurocon.2019.8861997.

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He, Huang, Xiao-feng Hui, and Wang Lei. "A Test of the Efficiency of Housing Market Based on Fractal Theory." In 2006 International Conference on Management Science and Engineering. IEEE, 2006. http://dx.doi.org/10.1109/icmse.2006.314142.

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Zhang, Pinyi, and Chunjie Li. "A Study on Operational Efficiency of the Electricity Market Base on Synergetic Theory." In 2010 International Conference on Electrical and Control Engineering (ICECE). IEEE, 2010. http://dx.doi.org/10.1109/icece.2010.75.

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Qing-miao, Han, and Zhan Song-lin. "Analysis of building energy efficiency service market entrance uncertainty based on option gambling theory." In 2011 International Conference on Management Science and Engineering (ICMSE). IEEE, 2011. http://dx.doi.org/10.1109/icmse.2011.6070105.

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Uslu, Kamil, and Mustafa Batuhan Tufaner. "Effects of the Theory of Regulation on Financial Crisis." In International Conference on Eurasian Economies. Eurasian Economists Association, 2015. http://dx.doi.org/10.36880/c06.01369.

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The role of the financial sector in the financial crisis occurring in the world economy and market failures throughout history, has brought the debate over financial regulation. Systemic risk cases, which plays a major role in the occurrence of the financial crisis, to ensure efficiency and stability of financial markets has revealed the need for regulations. The aim of this study is to evaluate how the impact of the financial crisis on the regulation theory. Financial crisis, leading to market failures, moral hazard problems and rent-seeking activities, economic and social structure has created negative. In this context, the pre-crisis and post-crisis regulatory measures can be taken, it is possible to say that the country would have a positive effect on macroeconomic fundamentals.

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Rotmann, Sea, and Beth Karlin. "Training commercial energy users in behavior change: A case study." In ACEEE Summer Study for Energy Efficiency in Buildings. ACEEE, 2020. http://dx.doi.org/10.47568/3cp104.

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Within the commercial sector, energy managers and building operators have a large impact over their organizations’ energy use. However, they mostly focus on technology solutions and retrofits, rather than human or corporate behaviors, and how to change them. This gap in targeted commercial sector research and behavioral interventions provides a great opportunity which is currently not being addressed. This paper presents a field research pilot where an empirical behavior change research process was applied and taught to commercial energy users in Ontario, Canada. This course served to fill an identified market gap and to improve commercial energy managers’ literacy in behavioral science theory and techniques. A needs assessment identified a clear gap in behavioral training for energy managers, and high interest in the course further proved out the market opportunity for professional training on how to design, implement and evaluate behavior change interventions. Evaluation results identified positive feedback in terms of course reaction, self-reported learning and behavioral outcomes, and tangible results when course participants returned to work to apply their learnings. Evaluation results suggest that such training fills a vital gap in the current Strategic Energy Management (SEM) landscape, and could unlock significant savings in the commercial energy sector.

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Chen, Yan, Ya Cai, and Cheng-Li Zheng. "A Comparative Study of the Efficiency of Chinese and American Housing Markets——Based on the Hurst Index from Fractal Market Theory." In Proceedings of the 5th Annual International Conference on Management, Economics and Social Development (ICMESD 2019). Paris, France: Atlantis Press, 2019. http://dx.doi.org/10.2991/icmesd-19.2019.32.

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Zeng, Ming, Fengkui Luan, Jing Zhang, Baohua Liu, and Zhixiang Zhang. "Improved Ant Colony Algorithm(ACA) and Game Theory for Economic Efficiency Evaluation of Electrical Power Market." In 2006 International Conference on Computational Intelligence and Security. IEEE, 2006. http://dx.doi.org/10.1109/iccias.2006.294257.

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Shi, Wei-dong, Wei-gang Lu, Hong-liang Wang, and Qi-feng Li. "Research on the Theory and Design Methods of the New Type Submersible Pump for Deep Well." In ASME 2009 Fluids Engineering Division Summer Meeting. ASMEDC, 2009. http://dx.doi.org/10.1115/fedsm2009-78099.

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Submersible pump for deep well, widely used in the countryside, mines, geothermal utilization and so on, are the main equipment for pumping underground water. Due to the working conditions, the pump diameter is limited by the well diameter, and the single-stage head designed by traditional methods is low. In order to increase the single-stage head, the maximum diameter design method of impeller was created for the first time. The impeller front shroud diameter is almost equal to the inner casing diameter, and the back shroud diameter is almost the average of the impeller front shroud diameter and the guide vane shroud diameter. The blade extends to the impeller inlet to lengthen the back shroud streamline, which could prevent the back flow at the impeller outlet, and the front shroud is designed in a cone shape to make the outlet streamline upward, by which the pump efficiency increases. A new return guide vane with twisted inlet and 3D curved surface was designed to reduce the cost, and the hydraulic loss. The self-balancing design method of impeller axial thrust was accomplished by using the end-face seal at the impeller inlet and adopting the sliding fit between the pump shaft and impeller; the impeller axial thrust is self-balanced because the areas of the impeller front shroud and back shroud are almost equal. The interior flow was simulated based on Fluent RANS CFD, both numerical simulation and test results showed that the performance of the new type well pump was better than the traditional products. A series of submersible pumps for deep well were designed, manufactured and tested, compared to the similar products at market home and abroad, the single-stage head increases 20% to 50%, the efficiency increases 3% to 9%, and the whole axial length and weight decreases around 1/3.

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Yılmaz, Yavuz, Rainer Kurz, Ayşe Özmen, and Gerhard-Wilhelm Weber. "A New Algorithm for Scheduling Condition-Based Maintenance of Gas Turbines." In ASME Turbo Expo 2015: Turbine Technical Conference and Exposition. American Society of Mechanical Engineers, 2015. http://dx.doi.org/10.1115/gt2015-43545.

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In developed electricity markets, the deregulation boosted competition among companies participating in the electricity market. Therefore, the enhanced reliability and availability of gas turbine systems is an industry obligation. Not only providing the available power with minimum operation and maintenance costs, but also guaranteeing high efficiency are additional requisites and efficiency loss of the power plants leads to a loss of money for the electricity generation companies. Multivariate Adaptive Regression Spline (MARS) is a modern methodology of statistical learning, data mining and estimation theory that is significant in both regression and classification is a form of flexible non-parametric regression analysis capable of modeling complex data. In this study, single shaft, 6MW class industrial gas turbines located at various sites have been monitored. The performance monitoring of a gas turbine consisted of hourly measurements of various input variables over an extended period of time. Using such measurements, predictive models for gas turbine heat rate and the gas turbine axial compressor discharge pressure values have been generated. The measured values have been compared with the values obtained as a result of the MARS models. The MARS-based models are obtained with the combination of gas turbine performance input and target variables and the complementary meteorological data. The results are presented, discussed, and conclusions are drawn for modern energy and cost efficient gas turbine and power plant maintenance management as the outcomes of this study.

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Reports on the topic "Market efficiency theory"

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Dow, James, and Gary Gorton. Stock Market Efficiency and Economic Efficiency: Is There a Connection? Cambridge, MA: National Bureau of Economic Research, August 1995. http://dx.doi.org/10.3386/w5233.

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Titman, Sheridan. The Modigliani and Miller Theorem and Market Efficiency. Cambridge, MA: National Bureau of Economic Research, December 2001. http://dx.doi.org/10.3386/w8641.

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Guido, Porto. Winners and loser of trade liberalization: frictions, rigidities and reforms. Swiss National Science Foundation (SNSF), March 2020. http://dx.doi.org/10.46446/publication_r4d.2020.1.en.

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Trade liberalization brings economic gains to the economy due to efficiency improvements and lower prices. The gains, however, may not be for everybody: export sectors win and import sectors lose. This creates a distributional conflict. The gains and losses from trade, and the attendant conflict, evolve as the economy adjusts. This depends on capital and labor market rigidities. There is room for policies to help realize and enhance the gains from trade and to mitigate the losses.

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Rincón-Torres, Andrey Duván, Kimberly Rojas-Silva, and Juan Manuel Julio-Román. The Interdependence of FX and Treasury Bonds Markets: The Case of Colombia. Banco de la República, September 2021. http://dx.doi.org/10.32468/be.1171.

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We study the interdependence of FX and Treasury Bonds (TES) markets in Colombia. To do this, we estimate a heteroskedasticity identified VAR model on the returns of the COP/USD exchange rate (TRM) and bond prices, as well as event-analysis models for return volatilities, number of quotes, quote volume, and bid/ask spreads. The data under analysis consists of 5-minute intraday bid/ask US dollar prices and bond quotes, for an assortment of bond species. For these species we also have the number of bid/ask quotes as well as their volume. We found, also, that the exchange rate conveys information to the TES market, but the opposite does not completely hold: A one percent COP depreciation leads to a persistent reduction of TES prices between 0.05% and 0.22%. However, a 1% TES price increase has a very small effect and not entirely significant on the exchange rate, i.e. a COP appreciation between 0.001% and 0.009%. Furthermore, TRM return volatility increases do not affect bond return volatility but its liquidity, i.e. the bid/ask quote number and volume. These results are coherent with the fact that the FX market more efficiently reflects the effect of shocks than the TES market, which may be due to its low liquidity and concentration on a specific habitat. These results have implications for the design of financial stability policies as well as for private portfolio design, rebalancing and hedging.

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Jiang, Yuxiang. Unsettled Technology Areas in Electric Propulsion Systems. SAE International, May 2021. http://dx.doi.org/10.4271/epr2021012.

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Electric vehicle (EV) transmission technology—crucial for battery electric vehicles (BEVs) and hybrid electric vehicles (HEVs)—is developing quickly and customers want good performance at a low cost. Single-speed gearboxes are popular in electric drive systems due to their simple and cost-effective configuration. However, multispeed gearboxes are being taken to market due to their higher low-speed torque, dynamic performance, and energy efficiency. Unsettled Technology Areas in Electric Propulsion Systems reviews the economic drivers, existing techniques, and current challenges of EV transmission technology—including torque interruption during shifting; thermal and sealing issues; and noise, vibration, and harshness (NVH). This report discusses the pros and cons for both single-speed and multispeed gearboxes with numerical analysis.

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Führ, Martin, Julian Schenten, and Silke Kleihauer. Integrating "Green Chemistry" into the Regulatory Framework of European Chemicals Policy. Sonderforschungsgruppe Institutionenanalyse, July 2019. http://dx.doi.org/10.46850/sofia.9783941627727.

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Abstract:

20 years ago a concept of “Green Chemistry” was formulated by Paul Anastas and John Warner, aiming at an ambitious agenda to “green” chemical products and processes. Today the concept, laid down in a set of 12 principles, has found support in various arenas. This diffusion was supported by enhancements of the legislative framework; not only in the European Union. Nevertheless industry actors – whilst generally supporting the idea – still see “cost and perception remain barriers to green chemistry uptake”. Thus, the questions arise how additional incentives as well as measures to address the barriers and impediments can be provided. An analysis addressing these questions has to take into account the institutional context for the relevant actors involved in the issue. And it has to reflect the problem perception of the different stakeholders. The supply chain into which the chemicals are distributed are of pivotal importance since they create the demand pull for chemicals designed in accordance with the “Green Chemistry Principles”. Consequently, the scope of this study includes all stages in a chemical’s life-cycle, including the process of designing and producing the final products to which chemical substances contribute. For each stage the most relevant legislative acts, together establishing the regulatory framework of the “chemicals policy” in the EU are analysed. In a nutshell the main elements of the study can be summarized as follows: Green Chemistry (GC) is the utilisation of a set of principles that reduces or eliminates the use or generation of hazardous substances in the design, manufacture and application of chemical products. Besides, reaction efficiency, including energy efficiency, and the use of renewable resources are other motives of Green Chemistry. Putting the GC concept in a broader market context, however, it can only prevail if in the perception of the relevant actors it is linked to tangible business cases. Therefore, the study analyses the product context in which chemistry is to be applied, as well as the substance’s entire life-cycle – in other words, the six stages in product innovation processes): 1. Substance design, 2. Production process, 3. Interaction in the supply chain, 4. Product design, 5. Use phase and 6. After use phase of the product (towards a “circular economy”). The report presents an overview to what extent the existing framework, i.e. legislation and the wider institutional context along the six stages, is setting incentives for actors to adequately address problematic substances and their potential impacts, including the learning processes intended to invoke creativity of various actors to solve challenges posed by these substances. In this respect, measured against the GC and Learning Process assessment criteria, the study identified shortcomings (“delta”) at each stage of product innovation. Some criteria are covered by the regulatory framework and to a relevant extent implemented by the actors. With respect to those criteria, there is thus no priority need for further action. Other criteria are only to a certain degree covered by the regulatory framework, due to various and often interlinked reasons. For those criteria, entry points for options to strengthen or further nuance coverage of the respective principle already exist. Most relevant are the deltas with regard to those instruments that influence the design phase; both for the chemical substance as such and for the end-product containing the substance. Due to the multi-tier supply chains, provisions fostering information, communication and cooperation of the various actors are crucial to underpin the learning processes towards the GCP. The policy options aim to tackle these shortcomings in the context of the respective stage in order to support those actors who are willing to change their attitude and their business decisions towards GC. The findings are in general coherence with the strategies to foster GC identified by the Green Chemistry & Commerce Council.

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Lazonick, William, Philip Moss, and Joshua Weitz. The Unmaking of the Black Blue-Collar Middle Class. Institute for New Economic Thinking Working Paper Series, May 2021. http://dx.doi.org/10.36687/inetwp159.

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In the decade after the Civil Rights Act of 1964, African Americans made historic gains in accessing employment opportunities in racially integrated workplaces in U.S. business firms and government agencies. In the previous working papers in this series, we have shown that in the 1960s and 1970s, Blacks without college degrees were gaining access to the American middle class by moving into well-paid unionized jobs in capital-intensive mass production industries. At that time, major U.S. companies paid these blue-collar workers middle-class wages, offered stable employment, and provided employees with health and retirement benefits. Of particular importance to Blacks was the opening up to them of unionized semiskilled operative and skilled craft jobs, for which in a number of industries, and particularly those in the automobile and electronic manufacturing sectors, there was strong demand. In addition, by the end of the 1970s, buoyed by affirmative action and the growth of public-service employment, Blacks were experiencing upward mobility through employment in government agencies at local, state, and federal levels as well as in civil-society organizations, largely funded by government, to operate social and community development programs aimed at urban areas where Blacks lived. By the end of the 1970s, there was an emergent blue-collar Black middle class in the United States. Most of these workers had no more than high-school educations but had sufficient earnings and benefits to provide their families with economic security, including realistic expectations that their children would have the opportunity to move up the economic ladder to join the ranks of the college-educated white-collar middle class. That is what had happened for whites in the post-World War II decades, and given the momentum provided by the dominant position of the United States in global manufacturing and the nation’s equal employment opportunity legislation, there was every reason to believe that Blacks would experience intergenerational upward mobility along a similar education-and-employment career path. That did not happen. Overall, the 1980s and 1990s were decades of economic growth in the United States. For the emerging blue-collar Black middle class, however, the experience was of job loss, economic insecurity, and downward mobility. As the twentieth century ended and the twenty-first century began, moreover, it became apparent that this downward spiral was not confined to Blacks. Whites with only high-school educations also saw their blue-collar employment opportunities disappear, accompanied by lower wages, fewer benefits, and less security for those who continued to find employment in these jobs. The distress experienced by white Americans with the decline of the blue-collar middle class follows the downward trajectory that has adversely affected the socioeconomic positions of the much more vulnerable blue-collar Black middle class from the early 1980s. In this paper, we document when, how, and why the unmaking of the blue-collar Black middle class occurred and intergenerational upward mobility of Blacks to the college-educated middle class was stifled. We focus on blue-collar layoffs and manufacturing-plant closings in an important sector for Black employment, the automobile industry from the early 1980s. We then document the adverse impact on Blacks that has occurred in government-sector employment in a financialized economy in which the dominant ideology is that concentration of income among the richest households promotes productive investment, with government spending only impeding that objective. Reduction of taxes primarily on the wealthy and the corporate sector, the ascendancy of political and economic beliefs that celebrate the efficiency and dynamism of “free market” business enterprise, and the denigration of the idea that government can solve social problems all combined to shrink government budgets, diminish regulatory enforcement, and scuttle initiatives that previously provided greater opportunity for African Americans in the government and civil-society sectors.

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