Optimal Clearing Arrangements for Financial Trades

Clearinghouses support financial trades by keeping records of transactions and by providing liquidity through short-term credit that is periodically cleared by participants. We study efficient clearing arrangements for formal exchanges, where traders must clear with a clearinghouse, and for over-the-counter (OTC) markets, where trades can be cleared bilaterally. When clearing is costly, we show that it can be efficient to subsidize the clearing process for OTC transactions by charging a higher price for the clearing of transactions in exchanges. This necessitates a clearinghouse that operates across both markets. As a clearinghouse offers credit, intertemporal incentives are needed in order to ensure settlement. An increase in the costs of liquidity provision worsens the incentives to settle. Hence, when liquidity costs increase, concerns about default must lead to a tightening of liquidity provision.Clearing, OTC vs Exchanges, Private Information, Liquidity Costs, Default

Discovering salient objects from videos using spatiotemporal salient region detection

Detecting salient objects from images and videos has many useful applications in computer vision. In this paper, a novel spatiotemporal salient region detection approach is proposed. The proposed approach computes spatiotemporal saliency by estimating spatial and temporal saliencies separately. The spatial saliency of an image is computed by estimating the color contrast cue and color distribution cue. The estimations of these cues exploit the patch level and region level image abstractions in a unified way. The aforementioned cues are fused to compute an initial spatial saliency map, which is further refined to emphasize saliencies of objects uniformly, and to suppress saliencies of background noises. The final spatial saliency map is computed by integrating the refined saliency map with center prior map. The temporal saliency is computed based on local and global temporal saliencies estimations using patch level optical flow abstractions. Both local and global temporal saliencies are fused to compute the temporal saliency. Finally, spatial and temporal saliencies are integrated to generate a spatiotemporal saliency map. The proposed temporal and spatiotemporal salient region detection approaches are extensively experimented on challenging salient object detection video datasets. The experimental results show that the proposed approaches achieve an improved performance than several state-of-the-art saliency detection approaches. In order to compensate different needs in respect of the speed/accuracy tradeoff, faster variants of the spatial, temporal and spatiotemporal salient region detection approaches are also presented in this paper

Poultry in Motion: A Study of International Trade Finance Practices

This paper analyzes the financing terms that support international trade and sheds light on how and why these arrangements affect trade. Using detailed transaction level data from a U.S. based exporter of frozen and refrigerated food products, primarily poultry, it begins by describing broad patterns about the use of alternative financing terms. These patterns help discipline a model in which the trade finance mode is shaped by the risk that an importer defaults on an exporter and by the possibility that an exporter does not deliver goods as specified in the contract. The empirical results indicate that transactions are more likely to occur on cash in advance or letter of credit terms when the importer is located in a country with weak contractual enforcement and in a country that is further from the exporter. Letters of credit, however, are rarely used by the exporter. As an importer develops a relationship with the exporter, transactions are less likely to occur on terms that require prepayment. During the recent crisis, the exporter was more likely to demand cash in advance terms when transacting with new customers, and customers that traded on cash in advance terms prior to the crisis disproportionately reduced their purchases. These results can be rationalized by the model whenever (i) misbehavior on the part of the exporter is of little concern to importers, and (ii) local banks in importing countries are typically more effective than the exporter in pursuing financial claims against importers.

HCI for Blockchain: Studying, Designing, Critiquing and Envisioning Distributed Ledger Technologies

This workshop aims to develop an agenda within the CHI community to address the emergence of blockchain, or distributed ledger technologies (DLTs). As blockchains emerge as a general purpose technology, with applications well beyond cryptocurrencies, DLTs present exciting challenges and opportunities for developing new ways for people and things to transact, collaborate, organize and identify themselves. Requiring interdisciplinary skills and thinking, the field of HCI is well placed to contribute to the research and development of this technology. This workshop will build a community for human-centred researchers and practitioners to present studies, critiques, design-led work, and visions of blockchain applications

A Cross-Disciplinary Review of Blockchain Research Trends and Methodologies: Topic Modeling Approach

Given the increasing interest in blockchain technology, we present a large-scale cross-disciplinary literature analysis of research on the blockchain using topic modelling with the goal of identifying the major research trends, research methodologies, and fruitful areas for further research. In particular, the analysis focuses on abstracting out research trends from relevant terms and topics related to the research disciplines of Business, Computer Science, Economics, Social Sciences, Engineering, Healthcare, and Law. A total of 2,125 articles published between 2008 to up until early 2019 in academic journals and conferences were analyzed. Results of our analysis reveal that research is bipartite between practical and research domains, with academic research on blockchain not clearly aligning with organizational and social benefits. Also, we found – 1) few inter-disciplinary publications, and 2) a small number of studies that use surveys, experiments, and case studies as their research method. Our findings also reveal that research on Blockchain in the social sciences and law is still in the embryonic stage, thus making it essential to develop more direct research efforts for Blockchain to thrive in all research disciplines

How Does an Online Platform Impact on Human Behavior and Human Perception: Evidence from the P2P Lending Market and the E-Book Market

The development of information systems and the Internet has facilitated the creation of an online platform where two or more groups are involved and interact online with each other. We explore the impact of an online platform on human behavior and human perception. There are various online markets. We focus on two markets: the online P2P market, and the e-book market. This paper includes three essays: ‘Herding behavior in online P2P lending: An empirical investigation’, ‘Does borrowers’ information renewal change lenders’ decision in P2P lending? An empirical investigation’, and ‘Dynamics of price elasticity over time: Evidence from the e-book industry’. Since the first essay was published in the journal and the third one was submitted to the conference, we simply present the abstracts of these essays in this paper. Also, we mainly focus on explaining the current stage and plans for completion of the second paper. Although this paper is not yet completed, we empirically confirm some characteristics of the online markets. We expect that it would be useful to understand online business and get insights into the online markets

Exploitation as a Path to Development: Sweatshop Labour, Micro-Unfairness, and the Non-Worseness Claim

Sweatshop labour is sometimes defended from critics by arguments that stress the voluntariness of the worker’s choice, and the fact that sweatshops provide a source of income where no other similar source exists. The idea is if it’s exploitation—as their opponents charge—it’s mutually beneficial and consensual exploitation. This defence appeals to the non-worseness claim (NWC), which says that if exploitation is better for the exploited party than neglect, it cannot be seriously wrong. The NWC renders otherwise exploitative—and therefore morally wrong—transactions permissible, making the exploitation of the global poor a justifiable path to development. In this paper, I argue that the use of NWC for the case of sweatshops is misleading. After reviewing and strengthening the exploitation claims made concerning sweatshops, most importantly by refuting certain allegations that a micro-unfairness account of exploitation cannot evaluate sweatshop labour as exploitative, I then argue that even if this practice may be seen as permissible due to benefits otherwise unavailable to the global poor, there remains a duty to address the background conditions that make this form of wrong-doing possible. I argue that the NWC denies this by unreasonably limiting its scope and is therefore incomplete, and ultimately unconvincing

Exploitation as a Path to Development: Sweatshop Labour, Micro-Unfairness, and the Non-Worseness Claim

Sweatshop labour is sometimes defended from critics by arguments that stress the voluntariness of the worker’s choice, and the fact that sweatshops provide a source of income where no other similar source exists. The idea is if it is exploitation—as their opponents charge—it is mutually beneficial and consensual exploitation. This defence appeals to the non-worseness claim (NWC), which says that if exploitation is better for the exploited party than neglect, it cannot be seriously wrong. The NWC renders otherwise exploitative—and therefore morally wrong—transactions permissible, making the exploitation of the global poor a justifiable path to development. In this paper, I argue that the use of NWC for the case of sweatshops is misleading. After reviewing and strengthening the exploitation claims made concerning sweatshops, most importantly by refuting certain allegations that a micro-unfairness account of exploitation cannot evaluate sweatshop labour as exploitative, I then argue that even if this practice may seem permissible due to benefits otherwise unavailable to the global poor, there remains a duty to address the background conditions that make this form of wrong-doing possible, which the NWC cannot accommodate. I argue that the NWC denies this by unreasonably limiting its scope and is therefore incomplete, and ultimately unconvincing