Market study: Tactile paging system

A market survey was conducted regarding the commercialization potential and key market factors relevant to a tactile paging system for deaf-blind people. The purpose of the tactile paging system is to communicate to the deaf-blind people in an institutional environment. The system consists of a main console and individual satellite wrist units. The console emits three signals by telemetry to the wrist com (receiving unit) which will measure approximately 2 x 4 x 3/4 inches and will be fastened to the wrist by a strap. The three vibration signals are fire alarm, time period indication, and a third signal which will alert the wearer of the wrist com to the fact that the pin on the top of the wrist is emitting a morse coded message. The Morse code message can be felt and recognized with the finger

The Syracuse Neighborhood Initiative Housing Market Study

The Syracuse Neighborhood Initiative is a collaborative effort between the City of Syracuse, local and national non-profit organizations, and private sector leaders. This partnership was created in response to an urgent challenge issued by Congressman James Walsh (R-Syracuse) in the summer of 1999 -- a challenge to revitalize distressed neighborhoods in Syracuse and reclaim those of the city's 1,031 vacant buildings that are having the greatest blighting impact on these neighborhoods. The Initiative is a city-wide effort, but is focused on revitalizing seven central-city neighborhoods that have suffered a wave of disinvestment and bear much of the burden of the city's abandoned housing stock.Viable strategies to address the problem of neighborhood decline in Syracuse must reflect an understanding of local housing market dynamics. The Neighborhood Reinvestment Corporation undertook this market study to help identify the challenges and opportunities that distressed neighborhoods face in today's housing market, and to suggest a course of action that makes sense given current housing market conditions. To accomplish these goals, the study utilized an extensive mix of secondary data sources, as well as primary data generated through a series of interviews with local informants and a survey of over 6,000 households in seven central city neighborhoods that the City of Syracuse has designated as "revitalization areas" for the Neighborhood Initiative

Microstructure And Market Maker Price Strategies: Study Of A Tunisian Market Maker Activity

This paper provides evidence on market making behaviour of FX dealer in the Tunisian FX. It uses a complete data set that includes intra-day trades for the euro and US dollar. The sample period is 1 January 2007 to 31 December 2007. The results are consistent with the findings of the literature that used trades and inventories data. I find evidence that customer order flow has information effect on USD/TND. However, I do not find evidence that customer order flow has information effect on EUR/TND. Moreover, inter-dealer order flow has a positive effect on the market maker price strategy. I also find that the central bank intervention has positive and significant effect on dealer’s behaviour and price formation process. My study also suggests that dealer is risk aversion and his quotes flows the references quotes tendency.exchange rate, order flow, microstructure, trading

Adaptive market hypothesis

Purpose: To investigate the implications of the Addaptive Market Hypothesis (AMH) on Turkish stock exchange market (Borsa Istanbul) indices as an emerging economy. BIST-100, BIST-30 and BIST-All indices are subjected to the analyses for the period between January 2002 and April 2017. Design/Methodology/Approach: Two-year rolling windows and daily test values were calculated by using linear methods (Variance Ratio Test) and nonlinear methods (BDS test) to investigate the market efficiency. Findings: According to the Variance Ratio Test results, index returns are unpredictable, that is, the market is efficient, while the results of nonlinear analysis show the existence of adaptive market hypothesis. In particular, all three indices display efficiency in the 2013-2016 period implying that returns were not predictable in this period. The results of the non-linear analysis show that the market is efficient from time to time and sometimes deviates from efficiency, indicating the validity of the adaptive market hypothesis in Borsa Istanbul. Practical Implications: The changes in the market efficiency from time to time should be considered while taking important investment decisions. Moreover, according to AMH, since trends, panics, bubbles and crashes exist in the market, arbitrage opportunities arise time to time, and market timing is an important issue to catch the profit opportunities. Therefore, as a further study, matching the important events with the efficiency of the market could provide more insights about timing the market. Originality/Value: To the best of authors’ knowledge, this is the first comprehensive study that examines the index based AMH in Borsa Istanbul. This study is believed to contribute to the literature by giving insights about the evolution of market efficiency in Turkey.peer-reviewe

Self-Organized Criticality and Stock Market Dynamics: an Empirical Study

The Stock Market is a complex self-interacting system, characterized by an intermittent behaviour. Periods of high activity alternate with periods of relative calm. In the present work we investigate empirically about the possibility that the market is in a self-organized critical state (SOC). A wavelet transform method is used in order to separate high activity periods, related to the avalanches of sandpile models, from quiescent. A statistical analysis of the filtered data show a power law behaviour in the avalanche size, duration and laminar times. The memory process, implied by the power law distribution, of the laminar times is not consistent with classical conservative models for self-organized criticality. We argue that a ``near-SOC'' state or a time dependence in the driver, which may be chaotic, can explain this behaviour.Comment: 16 pages, 13 figures. In press: Physica

Price Competition and Market Concentration: An experimental Study

The classical price competition model (named after Bertrand), prescribes that in equilibrium prices are equal to marginal costs. Moreover, prices do not depend on the number of competitors. Since this outcome is not in line with real-life observations, it is known as the Bertrand Paradox". Many theoretical problems with the original model have been considered as an explanation of the paradox in the literature. In this paper we experimentally investigate a model which is immune to the theoretical critique of the original model. We find, nevertheless, that the outcome does depend on the number of competitors: the Bertrand solution does not predict well when the number of competitors is two, but after some opportunities for learning are provided it tends to predict well when the number of competitors is three or four. A bounded rationality explanation of this is suggested.Bertrand Model; Price Competition; Boundered Rationality; noise-bidding

Determinants of capital market reactions to seasoned equity offers by German corporations

Our study provides evidence on the share price reactions to the announcement of equity issues in Germany, where capital market is characterized by institutional features distinct from the U.S. market. German seasoned equity issues yield a positive market reaction which contrasts to the significant negative abnormal returns reported for the U.S. We provide evidence that these results are due to differences in both issuing characteristics and floatation methods, and in the corporate governance and ownership structures of the two countries. Our study explains much of the empirical puzzle of different market reactions to seemingly similar events across financial markets