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Hurley, C. E., and n/a. "A study of aspects of educational leadership in a religious teaching order." University of Canberra. Education, 1985. http://erl.canberra.edu.au./public/adt-AUC20060731.162220.
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The quality and nature of leadership among the superiors of
religious teaching orders has not been the subject of much research.
This field study examines the criteria by which the Provincial Superior of the Marist Brothers in the Sydney Province of Australia decides
on the appointment of his principals. In order to establish an evaluation
of these criteria, the concept of leadership in general and educational
leadership are first examined as described in literature. From the
literature a model is chosen against which the leadership of the founder
is examined since the spirit of the founder, in this case, Marcellin Champagnat, still pervades the present day members of the order he
established. The beginnings of the work of the Brothers in Australia
were also important as the pioneers brought with them the spirit of
the founder and were responsible for a quality of leadership in difficult
circumstances, a quality which has become a feature of the work of
the Brothers. It is evident that the present provincial superior
is imbued with the spirit of the founder and that he has succeeded
in interpreting the criteria laid down in foundation in terms which
are relevant to education today. Certain constraints and factors, special
to a religious teaching order bring about features of leadership which
are not found in lay schools.
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Cheung, Ming-yan William. "Market microstructure of an order driven market." Click to view the E-thesis via HKUTO, 2005. http://sunzi.lib.hku.hk/hkuto/record/B3203782X.
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Cheung, Ming-yan William, and 張明恩. "Market microstructure of an order driven market." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 2005. http://hub.hku.hk/bib/B3203782X.
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Chan, Wing-mee Mimi. "Policing public order events." Click to view the E-thesis via HKUTO, 2003. http://sunzi.lib.hku.hk/hkuto/record/B31967139.
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Chan, Wing-mee Mimi, and 陳詠美. "Policing public order events." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 2003. http://hub.hku.hk/bib/B31967139.
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Creswell, Philip N. "Market microstructure : the automated order book." Thesis, University of Edinburgh, 2004. http://hdl.handle.net/1842/24500.
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This thesis examines the efficiency and implications of the market microstructure provided by the London Stock Exchange (LSE), extending the framework of O’Hara (1995), Parlour (1998) and Madhavan (2000) to accommodate the idiosyncrasies of the Stock Exchange Trading System (SETS) and the Stock Exchange Automated Quotation System (SEAQ). First, we offer a comparison of the two trading platforms using the methodology of Haung and Stoll (1996) and Venkataraman (2001) to show that the SETS order book is a more efficient platform, although it has a limited ability to cope with large orders. We compare the results with those from other exchanges described in Biais et al (1995) and De Jong et al (1995). We then give a detailed analysis of the SETS order book, the aggregate behaviour of traders, and a look at an investor’s order choice between aggressive market orders and passive limit orders. Building on theories described in Glosten (1992), Keim and Madhavan (1995), Harris and Hasbrouk (1996), Griffiths et al (2000) and Grinblatt and Keloharju (2001) we ask such questions as, when and in what way does the spread and depth vary? How do market conditions affect the choice of orders and vice versa? And how do the official order book market and the unofficial dealer market coexist? We analyse the aggressiveness of orders sent to SETS, as Beber and Caglio (2003) and Ellul et al (2003) do for the NYSE, and explain how spread, depth and asymmetry of depth affect the choice between limit orders and market orders. We find that, as the market moves from a bull phase to a bear phase, overall order activity ‘increases, the proportion of trading going through the order book increases, the quoted spread seems unaffected but the asymmetry of depth increases. We also find that daytime returns are higher during the bear market, due to the speculative nature of the continuous market (compared to the actions of the off market traders and the price set during the opening call auction). We differentiate between the behaviour of sellers and buyers; buyers are more heterogenous, and their decisions are more reliant on the time of day and market conditions. Finally we differentiate investors by trading volume and show that while medium sized traders conform to modern theory, larger traders use aggressive orders to manipulate the market and hide information, and small traders pay little attention to the method of execution.
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Bridoux, Vincent. "Droit de la commande publique et droit de la concurrence de l'Union européenne : étude sur une dynamique commune." Thesis, Paris 1, 2019. http://www.theses.fr/2019PA01D073.
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Le droit de la commande publique et le droit de la concurrence de l’Union européenne constituent aujourd’hui deux des principaux piliers du droit économique. Le droit de la concurrence assure, sur le marché intérieur, une concurrence libre et non faussée en préservant celle-ci des entraves des personnes privées comme publiques. Le droit de la commande publique a, quant à lui, vocation à réguler un marché qui représente 14 % du produit intérieur brut européen. Si ces deux matières sont autonomes et semblent s’ignorer, une analyse attentive permet néanmoins d’observer l’existence de réelles convergences entre elles. Le bon fonctionnement du marché, dont la finalité demeure de protéger la concurrence par les mérites, les libertés et finalement le bien-être dans l’Union européenne, constitue une dynamique commune à ces deux matières. Ce faisant, celles-ci contribuent au maintien d’un ordre public concurrentiel. Leurs nombreuses complémentarités, telles que la défense d’une structure concurrentielle des marchés, l’efficience économique ou encore la prévention des pratiques anticoncurrentielles, le démontrent. Les objectifs propres au droit de la concurrence trouvent en effet écho au sein du droit de la commande publique, tandis que le droit de la concurrence protège les objectifs du droit de la commande publique. De la même façon, en dépit de plusieurs zones de confrontations potentielles liées notamment au contrôle des aides d’État, à l’application du droit des pratiques anticoncurrentielles à l’encontre des acheteurs publics ou autorités concédantes, le droit de la commande publique et le droit de la concurrence semblent systématiquement s’accorder autour de la préservation et du développement de la concurrence effective. La jurisprudence Altmark, ou encore la rigueur des critères de la coopération public-public, témoignent de la proximité quotidienne entre ces deux matières et de leur faculté à s’enrichir mutuellementPublic procurement law and European Union competition law are now two of the main pillars of economic law. Competition law ensures free and undistorted competition in the internal market by protecting it from obstacles from both private and public entities. Public procurement law is intended to regulate a market representing 14% of Europe's gross domestic product.These two subjects are autonomous and seem to ignore each other. However, a careful analysis reveals the existence of actual convergences between them. The proper functioning of the market which purpose is to protect competition by merits, liberties and finaly the well-being of the European Union, is a common dynamic in these two areas. By doing so, both materials contribute to conservation of competitive public order. Their many complementarities, such as the defence of a competitive market structure, economic efficiency and the prevention of anticompetitive behaviour, demonstrate this. The specific objectives of competition law are reflected in public procurement law, while competition law protects the objectives of public procurement law. Similarly, despite several potential areas of confrontation related in particular to the control of State aid, the application of the law of anticompetitive practices against public purchasers or concession authorities, public procurement law and competition law seem systematically to agree on the preservation and development of effective competition. The Altmark case law, or the rigour of the criteria for public-public cooperation, testify to the daily proximity between these two subjects and their ability to enrich each other
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Blazejewski, Adam. "Computational Models for Stock Market Order Submissions." Engineering, 2006. http://hdl.handle.net/2123/923.
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Doctor of PhilosophyThe motivation for the research presented in this thesis stems from the recent availability of high frequency limit order book data, relative scarcity of studies employing such data, economic significance of transaction costs management, and a perceived potential of data mining for uncovering patterns and relationships not identified by the traditional top-down modelling approach. We analyse and build computational models for order submissions on the Australian Stock Exchange, an order-driven market with a public electronic limit order book. The focus of the thesis is on the trade implementation problem faced by a trader who wants to transact a buy or sell order of a certain size. We use two approaches to build our models, top-down and bottom-up. The traditional, top-down approach is applied to develop an optimal order submission plan for an order which is too large to be traded immediately without a prohibitive price impact. We present an optimisation framework and some solutions for non-stationary and non-linear price impact and price impact risk. We find that our proposed transaction costs model produces fairly good forecasts of the variance of the execution shortfall. The second, bottom-up, or data mining, approach is employed for trade sign inference, where trade sign is defined as the side which initiates both a trade and the market order that triggered the trade. We are interested in an endogenous component of the order flow, as evidenced by the predictable relationship between trade sign and the variables used to infer it. We want to discover the rules which govern the trade sign, and establish a connection between them and two empirically observed regularities in market order submissions, competition for order execution and transaction cost minimisation. To achieve the above aims we first use exploratory analysis of trade and limit order book data. In particular, we conduct unsupervised clustering with the self-organising map technique. The visualisation of the transformed data reveals that buyer-initiated and seller-initiated trades form two distinct clusters. We then propose a local non-parametric trade sign inference model based on the k-nearest-neighbour classifier. The best k-nearest-neighbour classifier constructed by us requires only three predictor variables and achieves an average out-of-sample accuracy of 71.40% (SD=4.01%)1, across all of the tested stocks. The best set of predictor variables found for the non-parametric model is subsequently used to develop a piecewise linear trade sign model. That model proves superior to the k-nearest-neighbour classifier, and achieves an average out-of-sample classification accuracy of 74.38% (SD=4.25%). The result is statistically significant, after adjusting for multiple comparisons. The overall classification performance of the piecewise linear model indicates a strong dependence between trade sign and the three predictor variables, and provides evidence for the endogenous component in the order flow. Moreover, the rules for trade sign classification derived from the structure of the piecewise linear model reflect the two regularities observed in market order submissions, competition for order execution and transaction cost minimisation, and offer new insights into the relationship between them. The obtained results confirm the applicability and relevance of data mining for the analysis and modelling of stock market order submissions.
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Malik, M. A. A. "Limit order book dynamics and market impact estimation." Thesis, University of Essex, 2011. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.571506.
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This thesis focuses on two closely related areas of liquidity and market impact. The historic limit order book of Stock Exchange Trading Sys- tem (SETS) operated by the London Stock Exchange (LSE) is rebuilt using this framework for empirical analysis of information contained in the limit order book. The concept of Notional Volume Weighted Average Price (NVWAP) is introduced to construct liquidity supply and demand curves based on real time bid and ask schedules of the full length of the limit or- der book. This unique approach is used to determine how the order book behaves and I find consistent wave-like patterns between up- ward and downward price trends. Regression coefficients of the slope of the curves for each market event are estimated using an exponen- tial model. Four statistics are defined to identify bullish and bearish trends without prior knowledge of the market price. Detailed analy- sis shows that these statistics correctly identify market conditions for 88% to 97% of the observations. The intraday patterns of regression coefficients are revealed using a nonparametric kernel regression model. These intraday patterns are not found to be consistent between stocks over time. A resampled and deseasonalised set of estimated regression coefficients is analysed for temporal dependence using a multivariate vector autoregression (VAR) model. Inferences drawn from marginal probabilities regarding Cranger-causality do not show significant impact of slope coefficients on the opposite side of the limit order book implying that each side of the market is simultaneously rather than sequentially influenced by prevailing market conditions. The VWAP concept is extended to estimate the average shape of the limit order book and average market impact. The average market impact estimates are found to be superior than the order imbalance based approach. A time-of-day market impact for a given aggregate volume is estimated using a multivariate kernel regression model with monotonicity constraint. The estimated market impact shows stock- specific and wave-like impact that is asymmetric for buyers and sellers.
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Osterrieder, Jörg Robert. "Arbitrage, the limit order book and market microstructure aspects in financial market models." kostenfrei, 2007. http://e-collection.ethbib.ethz.ch/view/eth:29478.
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Li, Honghong. "The dynamic model of double auction market." Thesis, University of Bath, 2009. https://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.518124.
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Most financial markets operate as double auction markets in which buyers and sellers submit limit and market orders. In this case the traders have to decide firstly whether they want to submit a buy or sell order and then secondly what the limit price of this order is. In this thesis I develop further a theoretical model based on Chatterjee and Samuelson (1983) in which two traders trade with each other in a double auction market. Assuming that both traders assign a private value to the asset they are trading, which is known only to them but not their trading partner, I determine whether the traders should submit a buy or sell order and what the optimal limit price should be. I develop a single-period model in which traders only trade once and thus cannot learn each other’s private values from trading as well as a multi-period model that allows to infer to some degree the other trader’s private value from their order submission behavior. Using this theoretical model as a benchmark, I then conducted experiments with students to evaluate whether the actual behavior of students fits the theory developed. Although we find that in general the behavior of traders is consistent with the proposed theory, there are some significant differences. Most notably traders seem to underreact to differences in their own private value, i.e. do not adjust their limit price to the extend suggested by theory. I evaluate these outcomes in light of results established results in behavioral finance.
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Wu, Juan. "Essays on equity prices and market structures." Thesis, [College Station, Tex. : Texas A&M University, 2007. http://hdl.handle.net/1969.1/ETD-TAMU-1509.
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Wen, Quan. "Limit-order completion time in the London stock market." Thesis, Heriot-Watt University, 2009. http://hdl.handle.net/10399/2239.
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This study develops an econometric model of limit-order completion time using survival analysis. Time-to-completion for both buy and sell limit orders is estimated using tick-by-tick UK order data. The study investigates the explanatory power of variables that measure order characteristics and market conditions, such as the limitorder price, limit-order size, best bid-offer spread, and market volatility. The generic results show that limit-order completion time depends on some variables more than on others. This study also provides an investigation of how the dynamics of the market are incorporated into models of limit-order completion. The empirical results show that time-varying variables capture the state of an order book in a better way than static ones. Moreover, this study provides an examination of the prediction accuracy of the proposed models. In addition, this study provides an investigation of the intra-day pattern of order submission and time-of-day effects on limit-order completion time in the UK market. It provides evidence showing that limit orders placed in the afternoon period are expected to have the shortest completion times while orders placed in the mid-day period are expected to have the longest completion times, and the sensitivities of limit-order completion time to the explanatory variables vary over the trading day.
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Hall, Peter Timothy. "Policing order : conflicts and resolutions." Thesis, Keele University, 1996. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.294200.
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Ng, Che-keung Tony. "Relationship between the mass media and public order." Thesis, Hong Kong : School of Professional and Continuing Education, University of Hong Kong, 1994. http://sunzi.lib.hku.hk/HKUTO/record/B36195182.
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Callaway, Patrick Michael. "Religion and public order in the 1790's." Thesis, Montana State University, 2008. http://etd.lib.montana.edu/etd/2008/callaway/CallawayP1208.pdf.
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The connection between the founders and relationship between church and state has become increasingly important in the late twentieth and early twenty-first century. Entire books are regularly published on the private religious thoughts and practices of many of the founding fathers; often times these works exist in order to support a closer relationship between Christian practice and piety and the government. Just as often, published works also draw on the ideas of the same founders in order to support a more concrete separation between religious thought and practice and governance. These "culture wars" are an emotive part of the present day political discourse; however, this thesis argues that attempts to fight the culture wars though the thought of the founders is factually erroneous and misguided because the context of the founders and their debates have been overly simplified or just plain lost. The link between religion and the political culture of the 1790s was a practical matter of governance and support for a larger ideal of consensus, not an expression of cultural preference as is common in present-day political discourse. The connection between the governing structure under the Constitution, a blessing upon that government from God, and the inculcation of Christian ideals into the public that support both religion and the government became increasingly important as the range of political and social opinions expanded in the 1790s. Contemporary political thought that places the intent of the founders at the center of political debate ignore the significant divisions among the founders' political, philosophical, and religious ideals. There is little unity in thought among the founders; they virulently disagreed about religion, politics, and the connection between them. Arguing the present day culture wars through the lens of the founders is emotive and politically effective, but without a full appreciation for the larger historical and intellectual contexts of the early republic and the concerns particular to that time an appeal to the wisdom of the founders on religion and its connection to American politics, this claim to political legitimacy is of dubious intellectual validity.
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Pike, Francis. "The public order policing of community-based events." Thesis, University of Surrey, 2005. http://epubs.surrey.ac.uk/2794/.
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This thesis offers an exploratory investigation of public order policing in the context of events that are staged for members of different types of communities. The research utilises a qualitative case study methodology that combines observational fieldwork conducted during the planning and staging of four events with the interviewing of 27 participants involved in this process. Relative to other public order contexts (e.g. political protest, industrial disputes, community disorder), academic research on the type of • community-based' events that formed the basis of the field research is lacking. The presented empirical findings reveal that a number of micro, meso and macro factors impacted on the prospects for safety and order at the observed events. An evaluation of existing public order related analytic accounts highlight both opportunities and limitations in explaining these factors. In response, an analytic framework is developed which employs Pierre Bourdieu's concepts of the habitus and the field. This reveals that the prospects for safety and order are enhanced when the police and organisers are engaged in close working practices which increase trust, cohesive decisionmaking, communication and consistency. The resulting policy implications are intended as 'good practice' guidance for both the police and organisers in relation to planning and staging community-based events, and identifying potential 'beyond the event' benefits. Although this thesis is exploratory and care is required in making generalisations, future research could determine whether the presented analytic framework and the policy implications are applicable to other public order contexts.
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George, Lindsay E. "The Reno public marketplace : market potential /." abstract and full text PDF (free order & download UNR users only), 2006. http://0-gateway.proquest.com.innopac.library.unr.edu/openurl?url_ver=Z39.88-2004&rft_val_fmt=info:ofi/fmt:kev:mtx:dissertation&res_dat=xri:pqdiss&rft_dat=xri:pqdiss:1440925.
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Thesis (M.A.)--University of Nevada, Reno, 2006."December 2006." Includes bibliographical references (leaves 63-64). Online version available on the World Wide Web. Library also has microfilm. Ann Arbor, Mich. : ProQuest Information and Learning Company, [2006]. 1 microfilm reel ; 35 mm.
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Ahmadi, Zahra. "Market orientation and public housing companies in the Swedish declining market." Licentiate thesis, KTH, Bygg- och fastighetsekonomi, 2016. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-182043.
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The licentiate thesis consists of three papers with the particular topic in public housing. They discuss how the public housing companies manage the transition to higher economic demands meeting increased customer and market requirements. These studies focus specifically on how the public housing company deal with market challenges associated with the decision to demolish, maintain and/or new construction. Market-oriented perspective can be a tool for the public housing companies to achieve better customer value and enhance economic development. Although the market orientation concept has contributed to valuable improvements in research, the thesis assumes that it is necessary to distinguish between that the public housing companies operate market-oriented to meet customer requirements and their focus on innovation. Paper I develops market/innovation types and then investigates how public housing companies adapt to these types. It was found that economic conditions in the municipality have a major impact on the housing companies, causing them to act innovatively and create superior customer value by innovations. The study confirms that the implementation of market and innovation orientation contributes to competitive advantages in growing markets, while weak economic conditions impair implementation in declining markets. Paper II addresses how public housing companies in declining markets act based on the concept of market intelligence. This study suggested and tested whether there is a positive link between collecting customer information, disseminating it in the organization, and responding to customer needs, and whether this link has an impact on strategic performance. The result shows that weak links exist in the process; the efficiency of intelligence distribution in public housing companies is affected mainly by their responsiveness to customer needs. Paper III also addresses the public housing companies’ market strategies in declining markets. This study, based on a market-strategic perspective, compares how public housing companies act in relation to customer wants compared to the private housing market. The result shows that public housing companies are more engaged in carrying out new construction, renovation, and reconstruction, as well as taking more social responsibility compared to the private sector. In particular, their concern for the customers’ social needs is evident.QC 20160215
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Devlin, J. D. "The army, politics and public order in directorial Provence." Thesis, University of Oxford, 1987. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.381836.
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Ku, Siu-fai, and 古兆輝. "A study of ethical policing of public order events." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 2012. http://hub.hku.hk/bib/B50255253.
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McCrea, Ronan. "Religion and the public order of the European Union." Thesis, London School of Economics and Political Science (University of London), 2009. http://etheses.lse.ac.uk/3009/.
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This thesis analyses religion's place within the public order of the European Union. It argues that the Union's approach to religion is characterised by the pursuit of balance between Europe's mainly Christian religious tradition and its strong humanist traditions which place limitations on religious influence over law and politics. Balance between these traditions is sought by treating religion as a form of individual and collective identity. Such an approach protects individual religious identity rights while enabling Member States, on grounds of cultural autonomy, to pursue their own relationships to religion, including the maintenance of institutional and cultural links to individual faiths and the promotion religious morality as part of the legal protection of a broader public morality. However, such facilitation of religious identities is limited by the Union's identification of the autonomy of the public sphere from religious domination and the protection of individual autonomy from the promotion of collective morality as key elements of its public order and prerequisites of EU membership. Religions seen as unable to reconcile themselves to such limitations are regarded as contrary to the Union's public order. Linking religious influence over law to religion's cultural role enables religions which are culturally entrenched at national level to exercise greater influence than outsider religions whose attempts to influence law can be seen as political rather than cultural and therefore as threatening to the principle of balance. The thesis therefore shows that the EU's public order is influenced by a Christian-humanist tradition which facilitates religion's cultural role but restricts its political influence. This distinction between religion's cultural and political roles, though complex and problematic in terms of equal treatment of insider and outsider faiths, represents an attempt to ensure respect for the Union's cultural and legal pluralism while constructing a distinctive public order with identifiable fundamental norms.
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Trönnberg, Filip. "Empirical evaluation of a Markovian model in a limit order market." Thesis, Uppsala universitet, Matematiska institutionen, 2012. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-176726.
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A stochastic model for the dynamics of a limit order book is evaluated and tested on empirical data. Arrival of limit, market and cancellation orders are described in terms of a Markovian queuing system with exponentially distributed occurrences. In this model, several key quantities can be analytically calculated, such as the distribution of times between price moves, price volatility and the probability of an upward price move, all conditional on the state of the order book. We show that the exponential distribution poorly fits the occurrences of order book events and further show that little resemblance exists between the analytical formulas in this model and the empirical data. The log-normal and Weibull distribution are suggested as replacements as they appear to fit the empirical data better.
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Deji-Olowe, Adeola. "Essays on investor trading activity in a limit order book market." Thesis, University of Manchester, 2014. https://www.research.manchester.ac.uk/portal/en/theses/essays-on-investor-trading-activity-in-a-limit-order-book-market(0a43bc1f-345f-4d65-9164-bb034ce4595d).html.
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This thesis consists of three essays examining the impact and consequences of the trading behaviour of a finely disaggregated category of investors in an electronic limit order book equity market, the Malta Stock Exchange (MSE). The three essays in market microstructure are closely related and examine how investor heterogeneity impacts the informational content of the limit order book, the informational content of individual trades, the price impact of investor trades, the aggressiveness of order submission strategies and the price discovery process within such a market. The first essay investigates the role of the financial intermediary in the price discovery process in a limit order market. We address this issue by analysing the trades of brokers within the Malta Stock Exchange by comparing the profitability of their individual trades and the impact of these trades on the price discovery process. The results of a Weighted Price Contribution methodology indicate that more active brokers that dominate the market in terms of volume and amount traded account for a significant portion of the price discovery process. We also find that the level of profitability of these brokers is directly proportional to the amount of volume traded and their relative share in the price discovery process. This appears to rule out the possibility of manipulative trades by these brokers in order to influence profitabilityThe second essay examines the price impact of the order flow emanating from finely disaggregated classes of investor with the aim of determining whether detectable differences exist in the extent to which orders emanating from particular groups of investors impact on the evolution of stock prices. On the aggregate stock level, results indicate price impact is inversely related to liquidity and as such the price impact of trades is of a higher magnitude and significance in stocks that are less liquid. Significantly, we find that stocks with higher liquidity and trading volume adjust quickly to price changes and the cumulative impact is realised earlier for these stocks. Similarly, for investor classes, our results show that the magnitude and significance of individual price impact increases as liquidity of the stocks declines, showing that as liquidity increases in the order book, the impact of information asymmetry begins to diminish. Institutional investors consistently have the highest significant impact on the evolution of prices across all the stocks. The final essay examines how investors structure their order submission choice in response to changes in the limit order book and market conditions (such as order depth, volatility, returns, and height of the limit order book). We identify 7 distinct investor classes who differ in their trading requirement and the information set available to them, and as such we expect that these investors will adopt different strategies to maximise their trades. The results show variability in the submission strategies adopted by investors as trade sides changes from buy to sell trades. It also indicate that investors have to balance between execution risk, the timely use of private information and the risk of being picked-off by other informed investors. In analysing the varied responses of these investors, we find that the order submission strategies adopted is most responsive to the risk of non-execution.
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Vassiliou, Erma, and erma vassiliou@anu edu au. "The word order of Medieval Cypriot." La Trobe University. Communication, Arts and Critical Enquiry, 2002. http://www.lib.latrobe.edu.au./thesis/public/adt-LTU20080214.124104.
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This is the first typological study devoted to Medieval Cypriot (MC). The objective of the study is to provide both syntactic and pragmatic factors which are determining for the word order of the language and to open new ways to recording mechanisms of word order change.
Cypriot syntax deserves this attention, as it is a language highly interesting for the typologist as for the researcher of other linguistic areas; Modern Cypriot is VOS, and exhibits a series of exceptions to the general rules of V-initial languages. Medieval Cypriot conforms to most of Greenberg�s Universals (1963) which are pertinent to type VSO in that it has V in initial position in all unmarked clauses, in that it is prepositional, that adjectives mostly follow the noun they qualify, and so on.
However, the comparison of MC to Greenberg�s Universals is not the aim of this work. Apart form the order of the main constituents, this research mainly focuses on revealing mechanisms of syntactic change not generally known, and on unveiling particular traits of the Cypriot VSO order that are not common to other VSO languages.
The analysis can be defined as diachronic for it deals with the language written over a span of many years, as assumed from studying the texts. Some words and structures, used in the beginning of the narrative, seem to decrease in frequency in the end, or vice versa. It is diachronic considering it also allows for comparison with later (colloquial) and earlier (written) constructions of the language. However, it is mostly a synchronic analysis; the patterns observed are from within the same language spoken by the same people living in the same period, more importantly from within the same work. Makhairas is thus the only broad evidence of his period, offered both as a diachronic and a synchronic linguistic testimony of his time.
As no language exists in vacuo, my description of MC starts with a historical approach to the language under study; it is almost impossible to realise the problems of colloquial, literary and foreign features without being aware of the earlier history of Greek in general and of Cypriot in particular, in some of its earlier documents. I refrained as far as possible from entering the field of comparative criticism with Medieval Greek. In this way I decided to focus on discussions based exclusively on the Cypriot forms and patterns, as presented and justified by the evidence in Makhairas, and as witnessed by history which, for many centuries, has singled out Cypriot from the rest of the dialects and the Greek language itself. So, alternative views, criticism and discussion of same mechanisms of change recorded within the broader Greek language have been more or less avoided.
The exposition of the MC word order patterns is based on my hypotheses that word order, as I understand it, is founded on purposes of communication and that languages with extreme flexibility of order, such as Medieval Cypriot, may adopt patterns that display rigidity of order in a number of their elements. It is within these areas of rigidity that new mechanisms of change may be detected. I also hypothesised that the same syntactic changes within languages of the same branch may be merely coincidental, and that Greek or forms of Greek may well adopt foreign elements, only (but not exclusively) if these acquire the Greek endings, or if they appear as independent affixes, as is the case with the post-medieval referential Cypriot marker �mish� which is from Turkish. Acquiring particular elements from other languages does not mean acquiring their order. However, acquiring patterns that are similar to Greek from a borrowing language which has the same patterns does not exclude syntactic borrowing.
Since Modern Cypriot is V-initial, I presumed that this might have also been its order in the Middle Ages. I judge that major mechanisms of syntactic change of the same period may have been triggered by factors internal to Cypriot rather than by the more general, universal mechanisms of change. Moreover, I speculated that MC was a far more marginalised language in the Middle Ages than what history and literature have taught us. Its creative dynamism and potentiality to �juggle� between words and patterns has been its greater forte.
Cypriot has not been studied as a dialect, in this work. I avoided having only a partial or a shadowed understanding of its word order patterns. Exhaustive descriptions that show its particularities in the process of completion appear with both rigidity (in some elements) and flexibility of order, and most importantly, they exhibit a long-life endurance.
I have also been concerned with forms and /or patterns of Greek such as the future and other periphrastic tenses, although they are already known and have been analysed at length in Greek linguistic studies. I concentrate here on some of these from a Cypriot perspective.
Cypriot has never been classified as Balkan Greek or mainland Greek. Following this study, it will be clarified further that any attempt to fit MC into a framework defined along these categorisations will be successful only in some areas of the general Greek syntax. In fact, Cypriot opens the way for a further understanding of Greek syntax with its (almost) boundless flexibility; it is through MC and the unique data of Makhairas that the study of the Greek syntax is being enriched. Areas of fine-grained classificatory criteria result in connecting some MC syntactic traits to those of Greek and accrediting to the language its own word order singularities in what can be righteously called here the Cypriot syntax.
Additionally, the study aims to open new areas of investigation on diachronic syntactic issues and to initiate new and revealing answers concerning configurational syntax.
To determine the syntactic traits of MC a meticulous work of counting was needed. The counting of the order of the main constituents from both the more general narrative patterns of the Chronicle as well as of those passages thought to be more immediate to the author�s living experience(s) was done manually. The primarily and more difficult task of considering, following and explaining pragmatic word order patterns in the Chronicle has been the stepping stone of this research. Earlier (and forgotten) stages of Greek, and patterns exclusive to Cypriot, assembled in a unique lexicon and with special Cypriot phrasal verbs, have provided answers to explaining the Cypriot structure. In addition to statistics, areas of language contact have also been explored, both in the morphology and in the syntax.
More importantly, the extreme word order freedom of MC that illustrates word order processes based entirely on internal structural changes, aims to contribute to discussions regarding morphology and syntax versus morphosyntax.
Chapter 1 provides all the background information of the history and language in Cyprus, prior to the Middle Ages.
Chapter 2 deals with the description of the data and the methodology used to assess them.
Chapter 3 exhibits the MC verbal forms, both finite and non-finite; it examines non-finites more closely, inasmuch as they play an important role in the change of the order of major constituents and uncover and explain the role of V-initial structures.
Chapter 4 is the core chapter of this work. It displays Cypriot particularities of word order, reveals data concerned with the word order of the major constituents within the clause and unfolds explanatory accounts of them; lastly, it classifies MC as a V-initial language.
Chapter 5 summarises conclusions, adds a further note on the Cypriot morphosyntactic traits while placing the results into the contemporary scholarship on VSO languages, also suggesting additional research areas into the MC patterns.
The examples from Makhairas have been written in the monotonic system, where only one accent has been used; other special symbols have been eliminated or modified in the interest of making the text readable in the absence of the right font. However, Ancient Greek words appear with their appropriate accents.
Abbreviation C indicates structures or words that remained unchanged in Cypriot over a long period of time, and G means a form or word accepted in both their written and spoken forms over a long period of time in Greek.
A morphemic analysis of each form of the glosses has not always been given. I limited myself to glossing some elements only, for the better understanding of some examples.
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Rowell, John. "Commodification, the market and the public service." Thesis, National Library of Canada = Bibliothèque nationale du Canada, 1997. http://www.collectionscanada.ca/obj/s4/f2/dsk2/ftp04/mq24616.pdf.
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Gonzalez, Nelky. "A wide view of a public market /." Online version of thesis, 1990. http://hdl.handle.net/1850/11540.
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Godoy-Etcheverry, Sergio. "Chile's market orientated model of public television." Thesis, University of Westminster, 1998. https://westminsterresearch.westminster.ac.uk/item/946z0/chile-s-market-orientated-model-of-public-television.
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The main objective of this dissertation is to provide a comprehensive picture of the evolution and current performance of the market-oriented model of public service television in Chile. The focus is largely on the commercially-funded stateowned television network, Television Nacional de Chile (TVN). This thesis argues that Public Service Broadcasting (PSB) is still valid and necessary, yet the means to achieve this ideal have evolved and require some fresh thinking; such as the way forward provided by this case study. This work attempts to describe TVN's main political, economical, and managerial characteristics when delivering PSB according to television law, considering the evolution of the media in Chile and Latin America. For this purpose, the analysis integrates the political economy of the media from a managerial and regulatory perspective. The work is divided into two main parts. The first explains the current situation of PSB in the industrialised world, and also deals with the peculiar development of Chilean broadcasting within Latin America. The second part is the most important because it assesses the Chilean model at its present state. Nowadays TVN is an influential counterweight to authoritarian entrenchments as well as a booster of innovation and growth of the audio-visual sector. Its promarket orientation prevents traditional forms of government manipulation, it is coherent with overall macroeconomic policy, and introduces awareness for the audience's preferences. But this case also has important contradictions that need to be dealt with in order to enhance its contribution to social welfare and democracy. The thesis assumes that PSB -a Western European concept- has been possible in Chile because of a relatively extended republican tradition, and because of the effectiveness and probity of its public institutions. Nevertheless, as a developing country Chile has also suffered poverty, economic instability, and a prolonged military dictatorship (1973-1990) among other problems. These factors explain the differences between Chilean public television and its counterparts in the industrialised world, yet at the same time they reveal a special need for such a service despite all the technological changes that are taking place.
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Petrucionis, Liutauras. "Public news in the exchange rate market." Thesis, University of Essex, 2015. http://repository.essex.ac.uk/16068/.
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In this thesis, we tackle the question of how newly available public information is absorbed in the FX market. The existing literature uses a standardized news transformation on macroeconomic data before using it in time-series models, due to a link between the transformation and the rational expectations hypothesis. Our results challenge a de facto approach by highlighting that the choice of the news transformation has a significant effect on the results. In addition, we propose several methodological improvements to the popular time-series approach. However, combining low frequency macroeconomic indicators and high-frequency FX processes in time-series models creates an ill-structured problem. To shed new light on the popular existing methodology, we propose an innovative way of restructuring the problem so that less restrictive methods - such as scaling laws, dominance testing and probability metrics - can be applied. Our results show weak evidence for a widely reported observation that new information causes elevated levels of volatility in FX markets, and in fact the reverse is observed in some cases. Further investigation reveals that the only significant factor driving FX news shocks is an anticipation effect of the news release. Once we account for the anticipation effect, we observe that most releases have positive influence irrespective of the sign of the data indicator released.
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Kwong, Kwan-ying. "Social indicator for public order and safety in Hong Kong." Click to view the E-thesis via HKUTO, 1989. http://sunzi.lib.hku.hk/hkuto/record/B31975896.
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Kwong, Kwan-ying, and 鄺群英. "Social indicator for public order and safety in Hong Kong." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 1989. http://hub.hku.hk/bib/B31975896.
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Kamm, R. "The Home Office, public order and civil liberty 1880-1914." Thesis, University of Cambridge, 1986. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.377821.
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Hagenloh, Paul. "Police, crime, and public order in Stalin's Russia, 1930-1941 /." Digital version accessible at:, 1999. http://wwwlib.umi.com/cr/utexas/main.
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Guo, Zhilong. "Criminalisation in respect of public order : interests, setbacks and wrongs." Thesis, University of Glasgow, 2018. http://theses.gla.ac.uk/30750/.
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This thesis sets out an argument as to the principles which should determine the scope of public order crimes. The Preface demonstrates that the definition and scope of public order and corresponding public order crimes are arbitrary. In order to arrive at a clear definition of public order interests which can be applied in limiting the scope of offences against public order, in the first chapter the substantive elements of public order are constructed as categories of life convenience, comfort and peace, while the formal publicness is demarcated as multiple subjects of an interest as opposed to one specified subject of the interest. Taking Feinberg’s moral limits of criminalisation as its starting point, the second chapter restates the concepts of ‘harm to others’ and ‘offence to others’ as criminalisation frameworks applicable to public order crimes. In order to justify criminalisation, harm should be an objective, recognisable, imputable and wrongful setback to a physical interest, while offence should be a communicative, imputable and wrongful setback to inner peace based on normative sensibilities. Accordingly, harm/offence to the interests of others in smooth civil life is the moral basis for forming and shaping rules of criminalising disruptions of public order. The third chapter categorises problems of imputing public disorder and public offence and approaches these problems by proposing a formal test of substantial risk and, if necessary, a substantive test of counterbalancing justification. In order to address the problems of public order law in practice, the final two chapters apply the principles developed in the thesis to a number of typical public order problems. These chapters demonstrate that the valid scope of criminalising typical public order related conduct such as disorderly begging, loitering, indecencies and insults can be sensibly determined by the argued steps of limiting criminalisation. These two chapters identify some categories of truly intrusive and wrongful conduct that correspond to legal interests in convenience and comfort and inner peace.
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Johnson, Ike Jay. "Essays on the microstructure of the market pre-opening period." Thesis, University of Manchester, 2010. https://www.research.manchester.ac.uk/portal/en/theses/essays-on-the-microstructure-of-the-market-preopening-period(4cd12b17-fd99-49d8-b395-2fbd11192228).html.
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This thesis consists of three related essays that examine investors' order submission strategies during the pre-opening period on the Malta Stock Exchange. The pre-opening is a period of liquidity formation and price discovery characterised by the absence of trade execution. The three essays collectively examine the information content of the order book in relation to: the intensity of order submissions, the aggressiveness of investors' order placement strategy and the determination of returns generated over the pre-opening period.The first essay empirically investigates if public information concerning the current state of the order book impacts the duration between order arrivals. Utilizing an augmented ACD model, the research reveals that the information which can be inferred from the characteristics of incoming orders has a more significant impact on the intensity of buy order submissions as compared to sell order submissions during the pre-opening period. Furthermore, prospective buyers appear to be more responsive to liquidity provided by the sell side than the reverse. Locked or crossed order submissions tend to increases (decreases) the intensity of order flow on the own (opposite) side of the order book, corroborating Cao et al. (2000) that such order-types contain informative signals about the fundamental value of the asset.The second essay analyses the impact of limit order book information on the aggressiveness observed in the submission, revision and cancellation of limit orders during the market pre-opening period. The empirical results indicate that the aggressiveness of order submissions and forward price revisions react both to the existing and subsequent changes in the execution probability at market opening, driven in part by the depth on either side of the order book. The aggressiveness of order cancellations increases on both sides of the order book when the depth at the top of the ask order book increases. In addition, the results suggest that the order book height and size of the inside spread impacts the aggressiveness of order submissions, revisions and cancellations.The third essay studies the contribution of the pre-opening period to the daily price discovery process and the factors that impact the return generated over this period. The results indicate that approximately one third of daily price discovery occurs in the pre-opening period. In addition, the impact of relative depth and height of the overnight and opening order book are concentrated at the top of the order book. Furthermore, cumulative changes to relative depth attributable to order submissions most significantly impact the opening returns of less actively traded stocks. The results show a strong relationship between opening returns and cumulative changes in the relative height along the order book attributable to order submissions, cancellations and forward and backward price revisions over the pre-opening period.
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Klimes, Micong. "Liquidity in the German stock market an analysis using order book data." Marburg Tectum-Verl, 2004. http://deposit.d-nb.de/cgi-bin/dokserv?id=2987370&prov=M&dok_var=1&dok_ext=htm.
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Li, Xiang. "Order flow analysis, technical analysis and macroeconomic news in the FX market." Thesis, University of York, 2007. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.495890.
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Klimes, Micong. "Liquidity in the German stock market : an analysis using order book data /." Marburg : Tectum, 2007. http://deposit.d-nb.de/cgi-bin/dokserv?id=2987370&prov=M&dok_var=1&dok_ext=htm.
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Lekkou, Efthymia. "La transparence et la commande publique." Thesis, Lyon 3, 2012. http://www.theses.fr/2012LYO30101.
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La transparence, à travers ses multiples applications par le juge européen, est érigée en principe général du droit de l’Union européenne. Ses fondements juridiques retentissent sur sa portée, impérative et supplétive, son champ d’application matériel et personnel ainsi que sur son extension progressive et sa limitation aux seuls rapports verticaux développés entre les autorités adjudicatrices et les opérateurs économiques. La transparence est rattachée directement aux libertés fondamentales des soumissionnaires potentiels dont elles assurent la protection juridique et indirectement au principe de libre concurrence par la suppression des obstacles privés à la libre circulation des activités économiques. Ainsi, au service d’une finalité immédiate, la transparence garantit l’accès à la commande publique et, au service d’une finalité médiate, elle protège les structures du marché de la commande publique. Le principe général de transparence donne alors naissance aux contrats relevant de la commande publique qui prennent le relais des contrats publics. Instrument d’intégration et élément structurel du marché intérieur, cette nouvelle génération des contrats matérialise l’accès à la commande publique qui constitue un secteur d’activité économique faisant partie du marché intérieurTransparency, through its multiple applications by the european judge, has become a general principle of european law. Its legal basis resound its purview, imperative and suppletive, its personnal et material scope, as well as its progressive extension and its restriction to the vertical relationships developed between contracting authorities and economic operators. Transparency is attached directly to potential bidders fundamental freedoms whose its provides legal protection. It is attached indirectly to the principle of free competition by the elimination of private barriers to the free movement of economic activities. Thus, in the service of an immediate finality, transparency guarantees access to public procurements and, in the service of a mediate finality, it protects the market structures of public procurement. The general principle of transparency gives then rise to contracts of public order (contrats relevant de la commande publique) which take over public contracts. Instrument of integration and structural element of the internal market, this new generation of contracts materialize access to public order (commande publique), that constitutes a sector of economic activity as part of the internal market
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Bargman, Daniil. "How Irrational Behavour Creates Order and How This Order Can Be Determined : The Theory and Practice of Fractal Market Analysis." Thesis, Internationella Handelshögskolan, Högskolan i Jönköping, IHH, Nationalekonomi, 2011. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-15533.
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This paper analyzes two main frameworks that challenge the “mainstream” finance theory and the random walk hypothesis. The first framework is based on investor irrationality and is called Behavioural Finance. The second framework views the financial market as a chaotic system and is called Fractal Theory of a financial market. Behavioural Finance attacks the assumption of investor rationality, thus challenging the conventional finance theories on the micro level. Fractal Theory challenges the EMH and the “macroeconomics” of finance. This paper presents a step towards unifying the frameworks of Behavioural Finance and Fractal Theory. After a review of the relevant literature, a model of the financial market is suggested that rests on the predictions of both Behavioural Finance and Fractal Theory. As a next step, a mathematical algorithm is described that allows to test the financial market for consistency with the presented model. The mathematical algorithm is applied to 10 years of daily S&P500 price quotes, and consistent statistical evidence shows that the predicted fractal pattern reveals itself in the S&P500 prices. The new model outperforms the random walk in out-of-sample forecasting.
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Milthorpe, Naomi Elizabeth, and naomi milthorpe@anu edu au. "Systems of order: The satirical novels of Evelyn Waugh." The Australian National University. School of Humanities, 2009. http://thesis.anu.edu.au./public/adt-ANU20090630.150502.
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Systems of Order: The satirical novels of Evelyn Waugh is a study of Evelyn Waughs satire. It offers a contextual reading of eleven works by Waugh, presenting revisionist readings of familiar novels and according attention to previously neglected works. It aims to sketch out the main features of Waughs satire, including Waughs lexis and the use of certain key images and motifs. Comparative analysis of Waughs satirical novels with works by contemporary writers such as Clough Williams-Ellis, Wyndham Lewis, Stella Gibbons and T.S. Eliot brings into sharp relief the techniques and targets of Waughs satire.
¶
This thesis argues that despite Waughs tongue-in-cheek denial of satires efficacy in a complacent modern world, he did indeed write satire of a peculiarly twentieth century kind. Waughs apparently anarchic novels reflect, behind the detached insouciance of their narrators, the moral standards which the novels ostensibly claim are absent in the modern world.
¶
In Waughs writing, satire is effected through the creation of systems of literary order. The structure and patterning of his novels, and his masterful use of the rhetorical techniques of satire, mete out punishment on a formal level. Waughs satirical novels dramatize the tension between truth, order and civilization, and their oppositions, disorder and barbarism. Systems of Order suggests that from the very first, Waughs satiric project aimed toward the repudiation of modern disorder.
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Tepe, Mete. "Market Reaction To Rights Offering Announcements In The Turkish Stock Market." Master's thesis, METU, 2012. http://etd.lib.metu.edu.tr/upload/12614044/index.pdf.
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This study examines the market reaction to rights offering announcements in Turkey. Even though the topic is extensively studied in the finance literature, there is still research going on for emerging markets. The first part of this study measures market reaction to rights offering announcements for six different information arrival dates. The results are significantly negative except for the case of the announcement of the rights offering period. Additionally, the sample is divided into two sub-periods as before and after the 2001 crisis. The results show that there is a significant difference in market reaction and this difference is attributed to the change in economic policy after the 2001 crisis. The second part of the study examines the determinants of this market reaction and the findings suggest that bonus issues are positively related and there is also evidence that firms time their equity issues. The third part analyzes the long term performance of equity issuing firms in two subgroups as financial and non-financial firms. The results provide evidence of a negative performance and this finding is consistent with the results of previous studies.
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Dragicevic, Arnaud. "Market Mechanisms and Valuation of Environmental Public Goods." Phd thesis, Palaiseau, Ecole polytechnique, 2009. http://pastel.archives-ouvertes.fr/pastel-00005650/en/.
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Zade, Joshua Charles. "Public market development strategy : making the improbable possible." Thesis, Massachusetts Institute of Technology, 2009. http://hdl.handle.net/1721.1/58663.
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Thesis (M.C.P.)--Massachusetts Institute of Technology, Dept. of Urban Studies and Planning, and (S.M. in Real Estate Development)--Massachusetts Institute of Technology, Dept. of Urban Studies and Planning, Center for Real Estate, 2009.This electronic version was submitted by the student author. The certified thesis is available in the Institute Archives and Special Collections.
Cataloged from student submitted PDF version of thesis.
Includes bibliographical references (p. 145-150).
Public markets were once central components of the urban food system in American cities, but declined in number and importance by the middle of the 20th century. Despite a diminished role in feeding the city, public markets have persisted, and interest abounds in both existing markets and the development of new ones. In addition to creating an alternative to the mainstream commercial food system, public markets can generate a range of community benefits including small business opportunities, preservation and promotion of local foods and foodways, and a forum for public interaction. Despite these benefits, developing new, permanent, indoor markets is a unique challenge. This paper investigates development strategies for organizations seeking to create new public market halls in U.S cities. Literature specific to public market development is reviewed and contextualized within broader real estate planning frameworks. A detailed case study of the Boston Public Market Association and its efforts to develop a new public market hall in Boston illuminates the difficulties of successfully advancing a public market project. In particular, current opportunities facing that organization illustrate potentially successful strategies to develop a new public market. While developing a public market is not simply a real estate problem, the real estate world's twin criterion of "most fitting and probable use" suggests an appropriate planning structure for public market proponents.
(cont.) By planning for a market that is "most fitting" in response to a range of local contexts, market advocates can make the improbable possible by adopting an opportunistic real estate strategy and attracting support and resources from both the public and private sectors. Given the long timeline market projects may face, sustained commitment and diligent activity are essential to successful market development.
by Joshua Charles Zade.
S.M.in Real Estate Development
M.C.P.
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Bentley, Kate J. "Modern Public Market to Revitalize a Small Community." Thesis, The George Washington University, 2016. http://pqdtopen.proquest.com/#viewpdf?dispub=10125621.
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For thesis, I will explore the resurgence of public markets in a variety of settings by analyzing branding strategies and design features that mold tradition to contemporary tastes. Our contemporary culture has a love affair with food. Not only are chefs celebrities but our society is more conscientious of food preparation and origins. This emerging interest started a revolution in public markets. Public markets are not a “new” idea. They have been in existence for centuries. Beyond providing food for the local community, they are responsible for providing improved economic factors and more social opportunities than supermarket shopping. The new markets are considered food entertainment establishments. Many of them have bars, restaurants, and cooking classes added for a sophisticated shopping experience. Thankfully, our society has a had a shift in the way we spend our money and time. Food offers a way for people to connect with themselves as well as each other. Being a more sophisticated audience, design has become a crucial element in establishing a successful business. Sleek construction and nods to historic origins give an authentic vibe to markets while integrating modern conveniences like refrigeration. Branding and Packing also play a role. Consumers have so many options that marketing and image attract customers and illustrate the artisanal properties of markets today. By analyzing the history of public markets both foreign and domestic, I will illustrate how they have come full circle in their usefulness, contributing to local economies and societal changes.
For my proposed project, I would like to illustrate how to bring the modern public market into a suburban setting. Using all the attributes such as farm-to-table sourcing, con- struction, branding, and design I would like to represent the public market in an area with less population and analyze how it would affect the surrounding environment. For guidance on the process, I will analyze the following design and architecture firms, Edens, Jensen Architects, and AvroKO.
My research up until this point has included but is not limited to the following: Books, social media, online references, and site visits. Thankfully, I have at least one historical public market in close proximity, Eastern Market on Capitol Hill. The new trendy version of a public market is Union Market, located in NoMa neighborhood.
Originally, public markets were conceived out of necessity. Farmers needed a centralized means of selling and distribution of products and materials. Consumers did not have cars and modern supermarkets had yet to be invented. Thus, public markets came into existence and did much more for the community than provide a means to purchase food. They became a means to support the community by providing economic and social enrichment. Patrons and vendors created a sense of community. Good design fosters functionality and success of a market.
In conclusion, public markets have a positive effect on local economy, providing healthy food alternatives, employment opportunities and a sense of community pride.
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Zheng, Hua. "Microstructure Analysis of Dynamic Markets: Limit Order Books and Dynamic Matching Markets." Thesis, 2016. https://doi.org/10.7916/D82V2FXH.
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This thesis is concerned with addressing operational issues in two types of dynamic markets where queueing plays an important role: limit order books (financial industry), and dynamic matching markets (residential real estate).
We first study the smart order routing decisions of investors in fragmented limit order book markets and the implications on the market dynamics. In modern equity markets, participants have a choice of many exchanges at which to trade. Exchanges typically operate as electronic limit order books operating under a “price-time” priority rule and, in turn, can be modeled as multi-class FIFO queueing systems. A market with multiple exchanges can be thought as a decentralized, parallel queueing system. Heterogeneous traders that submit limit orders select the exchange to place their orders by trading off delays until their order may fill against financial considerations. Simultaneously, traders that submit market orders select the exchange to direct their orders. These market orders trigger instantaneous service completions of queued limit orders. Taking into account the effect of investors’ order routing decisions, we find that the equilibrium of this decentralized market exhibits a state space collapse property. The predicted dimension reduction is the result of high-frequency order routing decisions that essentially couple the dynamics across exchanges. Analyzing a TAQ dataset for a sample of stocks over a one month period, we find empirical support for the predicted state space collapse.
In the second part of this thesis, we model an electronic limit order book as a multi-class queueing system under fluid dynamics, and formulate and solve a problem of limit and market order placement to optimally buy a block of shares over a short, predetermined time horizon. Using the structure of the optimal execution policy, we identify microstructure variables that affect trading costs over short time horizons and propose a resulting microstructure-based model of market impact costs. We use a proprietary data set to estimate this cost model, and highlight its insightful structure and increased accuracy over conventional (macroscopic) market impact models that estimate the cost of a trade based on its normalized size but disregarding measurements of limit order book variables.
In the third part of this thesis, we study the residential real estate markets as dynamic matching systems with an emphasis on their microstructure. We propose a stylized microstructure model and analyze the market dynamics and its equilibrium under the simplifying approximation where buyers and sellers use linear bidding strategies. We motivate and characterize this near closed-form approximation of the market equilibrium, and show that it is asymptotically accurate. We also provide numerical evidence in support of this approximation. Then with the gained tractability, we characterize steady-state properties such as market depth, price dispersion, and anticipated delays in selling or buying a unit. We characterize congestion and matching patterns for sellers and buyers, taking into account market dynamics, heterogeneity, and supply and demand imbalance manifested in the competition among buyers and sellers. Furthermore, we show the effects of market primitives with comparative statics results.
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Desharnais, Gaétane. "La professionnalisation : entre la protection du public et l'intérêt des professionnels." Thèse, 2006. http://hdl.handle.net/1866/2350.
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Le contexte socio-économique marqué par la division du travail favorise les fermetures de
marché. La professionnalisation représente un type de fermetures par lequel un groupe
occupationnel cherche à obtenir et à maintenir le contrôle de l'environnement interne et
externe de son activité économique afin d'éviter que ce contrôle s'exerce exclusivement de
l'extérieur. En maintenant le contrôle sur un champ de compétence ou sur une fermeture
de marché, un groupe assure la maîtrise de sa survie professionnelle et socio-économique.
La recherche de fermeture de marché est une explication possible des considérations sousjacentes
à l'intérêt d'un groupe occupationnel pour la professionnalisation. Cette
considération ne compromet pas nécessairement la mission de protection du public qui doit
guider les ordres professionnels dans l'exercice de leurs pouvoirs de contrôle. En effet, le
processus de légitimation favorise au contraire le respect de cette mission. Par ce
processus, un groupe occupationnel maintient non seulement la reconnaissance sociale de
sa compétence et de son utilité mais également l'exercice des pouvoirs de contrôle qui lui
sont octroyés. La légitimité ainsi acquise permet de maintenir le degré de crédibilité
nécessaire à la survie du groupe. Cette explication de l'intérêt pour la professionnalisation
a été élaborée à partir des critères de trois approches sociologiques qui sont le
fonctionnalisme, l'interactionnisme et le conflictualisme. Ces approches ont servi à
examiner en premier lieu le Code des professions et en second lieu les stratégies et les
arguments de deux acteurs sociaux qui ont un point de vue opposé sur ce phénomène social
de l'intérêt pour la professionnalisation.The social economical context characterized by the division of labour favoured the development of c1osed labour markets. The formation of professions is part of this social phenomenon. By controlling internaI and external factors of its economic activity, an occupational group avoids or at least influences in its favour the control exercised by others. It also protects its field of competence from other groups and can even extend it into other spheres. Exercising control over its activity secures professional, social and economical status. This may explain why the formation of professions is so popular. However, such considerations do not necessarily compromise public protection. On the contrary, the legitimatization of an occupational group ensures public protection. A group needs to acquire and maintain not only social recognition of its competence and usefulness but also to legitimise its control. Such legitimacy is required to maintain professional, social and economical status. This explanation to the social phenomenon of formation of professions is based on three sociological views, namely functionalism, interactionism and conflictualism. From these perspectives, the Profèssional Code is first considered. It is followed by the study of the strategies and the arguments of two social groups who hold different views on the formation of professions.
"Mémoire présenté à la Faculté des études supérieures en vue de l'obtention du grade de Maîtrise en droit (L.L.M.)". Ce mémoire a été accepté à l'unanimité et classé parmi les 10% des mémoires de la discipline. Commentaires du jury : "Contribution aux connaissances. Recherche fouillée. Approche intéressante".
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Hsin, Pei-Han, and 辛沛翰. "Optimal Order Submission Strategies in an Order-driven Market." Thesis, 2010. http://ndltd.ncl.edu.tw/handle/80009220677840507387.
Full textAbstract:
博士國立中山大學
企業管理學系研究所
99
According to the empirical findings from evolution of liquidity, this dissertation constructs an optimal order submission strategy model within which a mixture of market and limit orders can be submitted by both informed and uninformed traders. In the Stacklberg Game Model, informed traders with short-lived private information are regarded as leaders, and uniformed traders with learning behaviors are referred as followers. Our theoretical findings conclude as follows: Firstly, the order strategies of all traders can be characterized as coming under one of seven regimes, pure market buy orders, a combination of market and limit buy orders, pure limit buy orders, a combination of limit buy and limit sell orders, pure limit sell orders, a combination of market and limit sell orders, and pure market sell orders. Traders will select their optimal trading strategy according to the regime within which their liquidation value falls. Parlour (1998) is a special case of this study. Secondly, an increase (reduction) in liquidation value will result in a non-linear increase in the optimal proportion of market order submissions by buyers (sellers). Thirdly, the probability of submitting limit orders for uniformed traders increases when information traders get large profit from the private information. The extreme case is uniformed traders only submit limit orders. This result is consistent with Foucault (1999). Fourthly, the price interval will be much wider when limit orders are submitted by uniformed traders than by informed traders. The reasons are that uniformed traders have no private information and that they are high risk aversion. Finally, numerical illustrations confirm the reliability of this model.
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Wang, Ming-Chang, and 王明昌. "Order Strategy, Price Formation and Order Book Information in an Order-Driven Market." Thesis, 2007. http://ndltd.ncl.edu.tw/handle/75xx8r.
Full textAbstract:
博士國立中山大學
財務管理學系研究所
96
This paper provides microstructure models of order-driven market to analyze the dynamic dependencies of order strategy, price formation and order book information. This study gradually derives three models to shed light on those dynamic dependencies: risk-neutral order-submission model, risk-averse order-submission model and revision order-submission model based on order book information. Those inferences support that the order-driven market dynamically adjusts the bid/ask at any moment to generate enough price improvement return in order to cover the fluctuations of the adverse selection risk and the non-execution risk faced by limit order submitters of both side. In risk-neutral order-submission model, the model anatomizes adverse selection cost and bid-ask spread under risk-neutral preference of order submitters. This study finds that adverse selection cost comprises three components: arrival probability of informed traders, execution probability of setting price of limit order, cost-to-benefit ratio of investment. In risk-averse order-submission model, the model analyzes the optimal order-submission behavior of risk-averse uninformed traders. This study finds that the asset volatility is the key determinant of the adverse selection risk and the non-execution risk, and thereby the bid-ask spread is associated with the asset volatility. The novelty approach of this model could connect both previous risk-neutral models of Handa, Schwartz and Tiwari (2003) and Foucault (1999), which are the special cases of the reduced form of this model. In revision order-submission model, the model analyzes adverse selection costs and price formation of bid-ask spread, dynamically adjusted by previous state of limit order book in an electronic limit order market. Using order book data from the Taiwan Stock Exchange, the empirical analysis corroborates the following findings: (1) the state of the limit order book significantly affects subsequent order aggressiveness; (2) adverse selection cost and spread are negatively associated with the precision of order book information; (3) information effects of limit order book on the bid-ask spread provide strong support for the model.
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Wu, Juping, and 吳如萍. "Two Essays on the Order Submission and Market Behaviors in the Pure Order-Driven Futures Market." Thesis, 2008. http://ndltd.ncl.edu.tw/handle/81298933370369054486.
Full textAbstract:
博士國立高雄第一科技大學
管理研究所
97
This dissertation provides two essays on the relationship between return volatility, market depth, and trading volume on pure order-driven futures market. In the first essay, we investigate the market behaviors (such as volatility, depth, and volume) and order flow decomposition in pure limit order futures market TAIFEX (Taiwan Futures Exchange). Results are different from those in equity markets due to relatively high adverse selection costs in futures markets. It’s shown that a volatility (depth) increase is followed by a depth (volatility) decrease; a market-order increase (decrease) subsequently induces higher (lower) volatility; and a limit-order increase (decrease) results in more (less) market orders and limit orders. When the upside (downside) volatility rises, buyers decrease (increase) subsequent limit bid orders, and sellers increase (decrease) limit ask orders. In the second essay, we investigate the dynamic interactions among return volatility, trading volume, and market depth. This study explores the nature of those dynamic relations. Furthermore, we study the relationships that affect the decision made by market participants when determining whether to place limit or market orders in different market conditions based on the intraday data of Taiwan index futures contracts. Using vector autoregressive analysis (VAR), several results emerge. Firstly, we find that both market depth and return volatility are negatively influenced by each other. Secondly, return volatility and number of transactions are positive relations and are bilateral causality. Thirdly, unidirectional causality from market depth to number of transactions exists.