Money: A Market Microstructure Approach

The current discussion about the future of the financial system draws heavily on a set of theories known as the ‘New Monetary Economics’. The New Monetary Economics predicts that deregulation and financial innovation will lead to a moneyless world. This paper uses a market microstructure approach to show that a common medium of exchange that serves as unit of account will remain a necessary instrument to reduce transaction costs. This finding is supported by empirical evidence from foreign exchange markets

Did Adhering to the Gold Standard Reduce the Cost of Capital?

A commonly cited benefit of the pre-World War One gold standard is that it reduced the cost of international borrowing by signaling a country's commitment to financial probity. Using a newly constructed data set that consists of more than 55,000 monthly sovereign bond returns, we test if gold-standard adherence was negatively correlated with the cost of capital. Conditional on UK risk factors, we find no evidence that the bonds issued by countries off gold earned systematically higher excess returns than the bonds issued by countries on gold. Our results are robust to allowing betas to differ across bonds issued by countries off-and on-gold; to including proxies that capture the effect of fiscal, monetary, and trade shocks on the commitment to gold; and to controlling for the effect of membership in the British Empire

Returns to Investors in Stocks in New Industries

We examine the returns to investors in publicly traded stock in new industries. We examine data from the United States on sellers of own-brand personal computers, airlines and airplane manufacturers, automobile manufacturers, railroads, and telegraphs. We find that a relatively small number of companies generate outstanding returns and many firms fail. Firms in new industries typically have high volatility of individual stocks' returns. Compared with indexes for the same period, expected returns of firms are higher for two industries, lower for one industry and roughly the same for two industries. Portfolios of firms in new industries generally have lower Sharpe ratios than the overall market

PENGARUH METODE ECOLA (EXTENDING CONCEPTH TRHOUGH LANGUAGE ACTIVITIES) DALAM PEMBELAJARAN MEMBACA KRITIS TAJUK RENCANA

Penelitian ini bertujuan untuk memperoleh gambaran secara objektif tentang ada tidaknya perbedaan yang signifikan antara kemampuan siswa dalam membaca kritis tajuk rencana atau teks editorial kelas eksperimen dengan menggunakan metode ECOLAdan kelas kontrol dengan metode ceramah. Populasi dalam penelitian ini adalah seluruh siswa kelas VIII SMP Negeri 16 Bandung ajaran tahun 2015/2016. Sampel dalam penelitian ini adalah dua kelas yang dipilih secara purposive sampling, yakni pertimbangan dalam mengambil sampel tersebut, disebabkan kelas VIII G dan VIII H memiliki rata-rata nilai yang hampir sama dalam pembelajaran bahasa Indonesia dilihat dari Ujian Tengah Semester. Kelas yang digunakan adalah kelas VIII H sebagai kelas eksperimen dan kelas VIII G sebagai kelas kontrol. Penelitian ini menggunakan metode eksperimen kuasi dengan desain penelitian Nonequivalent Control Group Design. Pada desain ini dilakukan tes awal dan tes akhir di kelas eksperimen dan kelas kontrol. Pengolahan data dilakukan uji realibilitas antar penimbang, uji normalitas, homogenitas, dan hipotesis. Berdasarkan hasil penelitian, didapatkan bahwa nilai rata-rata kelas eksperimen lebih tinggi daripada nilai rata-rata kelas kontrol. Rata-rata nilai tes awal kelas eksperimen yaitu 63 dan nilai rata-rata tes akhir 82. Sedangkan rata-rata nilai tes awal kontrol yaitu 54 dan rata-rata nilai tes akhir 66. Berdasarkan perolehan nilai tersebut didapatkan perbedaan nilai rata-rata kelas eksperimen 19 dan perbedaan nilai rata-rata kelas kontrol yaitu 13. Berdasarkan hasil pengujian hipotesis diperoleh nilaithitung= 5,01>ttabel = 1,99866, maka Ho ditolak dan Ha diterima. Hal ini menunjukkan bahwa metode ECOLA berpengaruh dan dapat digunakan dalam pembelajaran membaca kritis tajuk rencana. ;--- This research aims toget the objective informationwhether there is a significance differences or not between students’ abilityin editorial critical reading text in an experimental class using ECOLA methodwith a control class using lecture method. The population of the research are all students of VIII grade class of16 Junior High School of Bandung in 2015/2016 school year.The sample are two classes of students which are selected through purposive sampling, consideringG and H class have a same average scoresin Indonesia Language subject,taken from Mid-Semester Test score. The H class was the experimental classand the G class control. The research utilizes a quasi-experimental methodwithNonequivalent Control Group Designwith a pre and a post-test. Reliability test was employed between counselor, normalcy test, homogenates, andhypothesis. The result shows that the average score of experimental classis higher than the control class. The experimental class’ average pre-test score was 63 the post-test was 82 whilethe control class’ average pre-test score was 54 andpost-test score was 66. The difference between pre and post-test of experimental class was 19 and control class was 13. Hypothesis test result shows thatthitung = 5,01>ttabel= 1,99866, then Hois rejectedand Hais accepted. It concludes thatECOLAis influential and implementable in editorial critical reading