237 research outputs found
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Federal Register
Daily publication of the U.S. Office of the Federal Register contains rules and regulations, proposed legislation and rule changes, and other notices, including "Presidential proclamations and Executive Orders, Federal agency documents having general applicability and legal effect, documents required to be published by act of Congress, and other Federal agency documents of public interest" (p. ii). Table of Contents starts on page iii
Essays in High Frequency Trading and Market Structure
High Frequency Trading (HFT) is the use of algorithmic trading technology to gain a speed advantage when operating in financial markets. The increasing gap between the fastest and the slowest players in financial markets raises questions around the efficiency of markets, the strategies players must use to trade effectively and the overall fairness of markets which regulators must maintain. This research explores markets affected by HFT activity from three perspectives. Firstly an updated microstructure model is proposed to allow for empirical exploration of current levels of noise in financial markets, this illustrates current noise levels are not disruptive to dominant trading strategies. Second, a ARCH type model is used to de-compose market data into a series of traders working price levels to demonstrate that in cases of suspected market abuse, regulators can assess the impact individual traders make on price even in fast markets. Finally, a review of various HFT control measures are examined in terms of effectiveness and in light of an ordoliberal benchmark of fairness. The work illustrates the extents to which HFT activity is not yet disruptive, but also shows where HFT can be a conduit for market abuse and provides a series of recommendations around use of circuit breakers, algorithmic governance standards and additional considerations where assets are dual listed in different countries
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Federal Register
Daily publication of the U.S. Office of the Federal Register contains rules and regulations, proposed legislation and rule changes, and other notices, including "Presidential proclamations and Executive Orders, Federal agency documents having general applicability and legal effect, documents required to be published by act of Congress, and other Federal agency documents of public interest" (p. ii). Table of Contents starts on page iii
From Chinese Local State-Owned Enterprise to Global MNE: a Mixed Methods Investigation into pre- and post- Strategic Asset Seeking OFDI in sub-national CMNEs
Over the last several decades, Chinese local state owned enterprises (LSOEs) have become significant forces in Chinese outward foreign direct investment (OFDI). I first show, using a quantitative regression model, how LSOEs have a comparatively stronger strategic asset seeking (SAS) orientation. Operating within a diversified external political economy, and possessing unique status and features following decentralization, LSOEs face particular challenges, to which SAS oriented OFDI has arguably been one response. I then investigate the case of Chinaâs Northern Heavy Industries (NHI) Group from Liaoning Province. The group operates in the Tunnel Boring Machinery (TBM) industry and has become one of the worldâs most successful TBM players. It has done so through several large foreign strategic asset related acquisitions (one in France and one in the US). I draw from interviews and hand-collected primary information from the parent firm in China, and the acquired subsidiaries in France, the United States and Germany. I explore in particular pre and post SAS related FDI decision making and integration strategies and behaviours. I identify: (1) Local state ownership as an important factor determining pre-OFDI strategic decision making and post-OFDI integration; (2) The Chinese institutional environment as a potential comparative advantage for LSOEs in negotiating with foreign investment targets or partners; (3) the challenges and responses to post FDI SAS integration for local state-owned Chinese businesses. To date we know relatively little in detail about the ways in which local Chinese MNEs have managed to catch-up with developed market counterparts. This research therefore contributes to our understanding of theories like Mathewsâ (2006) âLLLâ model, the âspringboardâ perspective of Luo and Tung (2007), and Chinese OFDI determination theory by Buckley et al. (2007). It also sheds important new light on the institutional perspective, particularly the role of local government in spurring Chinese MNEs (CMNE) OFDI related catch-up
Characterisation framework of key policy, regulatory and governance dynamics and impacts upon European food value chains: Fairer trading practices, food integrity, and sustainability collaborations. : VALUMICS project âUnderstanding Food Value Chains and Network Dynamicsâ funded by EU Horizon 2020 G.A. No 727243. Deliverable D3.3
The report provides a framework that categorises the different European Union (EU) policies, laws and governance actions identified as impacting upon food value chains in the defined areas of: fairer trading practices, food integrity (food safety and authenticity), and sustainability collaborations along food value chains.
A four-stage framework is presented and illustrated with examples. The evidence shows that European Union policy activity impacting upon food value chain dynamics is increasing, both in terms of the impacts of policies upon the chains, and, in terms of addressing some of the more contentious outcomes of these dynamics. A number of policy priorities are at play in addressing the outcomes of food value chain dynamics. unevenness of the distribution of profit within food value chains, notably to farmers.
Regulation of food safety and aspects of authenticity has been a key focus for two decades to ensure a functioning single market while ensuring consumer health and wellbeing. A food chain length perspective has been attempted, notably through regulations such as the General Food Law, and the rationalisation of the Official Controls on food and feed safety. However, there are still gaps in the effective monitoring and transparency of food safety and of food integrity along value chains, as exemplified by misleading claims and criminal fraud. This has led to renewed policy actions over food fraud, in particular. EU regulations, policies and related governance initiatives provide an important framework for national-level actions for EU member states and for EEA members. The more tightly EU-regulated areas, such as food safety, see fewer extra initiatives, but where there is a more general strategic policy and governance push, such as food waste reduction or food fraud, there is greater independent state-level activity. Likewise, there is much more variation in the application of both national and European (Competition) law to govern unfair trading practices impacting upon food value chains.
This report presents the findings of a survey of members from the VALUMICS stakeholder platform, that were policy facing food value chain stakeholders across selected European countries, including both EU and EEA Member States. The survey was conducted to check the significance of the main policies identified in the mapping exercise at EU and national levels and so to incorporate the views of stakeholders in the research. The responses suggest the policy concerns identified in EU and national-level research resonate with food value chain stakeholders in participating nations.
The report concludes by exploring in more detail how the themes of fairness and of transparency are being handled in the policy activities presented. Highlighted are the ways that both fairness and transparency can be extended within the existing frameworks of EU policy activity. The findings in this report provide an important context for further and detailed research analysis of the workings and dynamics of European food value chains under the VALUMICS project
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Federal Register
Daily publication of the U.S. Office of the Federal Register contains rules and regulations, proposed legislation and rule changes, and other notices, including "Presidential proclamations and Executive Orders, Federal agency documents having general applicability and legal effect, documents required to be published by act of Congress, and other Federal agency documents of public interest" (p. ii). Table of Contents starts on page iii
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Federal Register
Daily publication of the U.S. Office of the Federal Register contains rules and regulations, proposed legislation and rule changes, and other notices, including "Presidential proclamations and Executive Orders, Federal agency documents having general applicability and legal effect, documents required to be published by act of Congress, and other Federal agency documents of public interest" (p. ii). Table of Contents starts on page iii
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Federal Register
Daily publication of the U.S. Office of the Federal Register contains rules and regulations, proposed legislation and rule changes, and other notices, including "Presidential proclamations and Executive Orders, Federal agency documents having general applicability and legal effect, documents required to be published by act of Congress, and other Federal agency documents of public interest" (p. ii). Table of Contents starts on page iii
Recommended from our members
Federal Register
Daily publication of the U.S. Office of the Federal Register contains rules and regulations, proposed legislation and rule changes, and other notices, including "Presidential proclamations and Executive Orders, Federal agency documents having general applicability and legal effect, documents required to be published by act of Congress, and other Federal agency documents of public interest" (p. ii). Table of Contents starts on page iii
Recommended from our members
Federal Register
Daily publication of the U.S. Office of the Federal Register contains rules and regulations, proposed legislation and rule changes, and other notices, including "Presidential proclamations and Executive Orders, Federal agency documents having general applicability and legal effect, documents required to be published by act of Congress, and other Federal agency documents of public interest" (p. ii). Table of Contents starts on page iii
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