Order Flow and the Formation of Dealer Bids: An Analysis of Information and Strategic Behavior in the Government of Canada Securities Auctions

Using data on Government of Canada securities auctions, this paper shows that in countries where direct access to primary issuance is restricted to government securities dealers, Order-flow" information is a key source of private information for these security dealers. Order-flow information is revealed to a security dealer through his interactions with customers, who can place bids in the auctions only through the security dealer. Since each dealer interacts with a different set of customers, they, in effect, see different portions of the market demand and supply curves, leading to differing private inferences of where the equilibrium price might.Treasury auctions, Behavioural finance

Bond Yields, Sovereign Risk and Maturity Structure

[EN] The aim of this paper is to analyze the relation between maturity structure, sovereign bond yields and sovereign risk in the Economic and Monetary Union for the period of 1990–2013. The results confirm the existence of an inverse relationship between sovereign bond yields, sovereign risk and the maturity structure of sovereign debt, regardless of the proxy that is used to measure sovereign risk and the time variance of the variables employed. The results indicate that risk shortens the maturity structure of sovereign debt because it reduces the stock of long-term debt. The relationship between maturity structure and sovereign bond yields differs depending on the risk of the countries analyzed (non-monotonic relationship) and the differences between peripheral and core countries are greater for higher levels of the yields. If we control for the indebtedness level of these countries, the results show that the relationship between the sovereign bond yields and maturity strengthens as the debt level increases.S

Methodologies of Exchange: MoMA's "Twentieth-Century Italian Art" (1949)

The third issue of \u201cItalian Modern Art\u201d journal by CIMA (Center for Italian Modern Art) is dedicated to MoMA 1949 exhibition Twentieth-Century Italian Art. The publication is based on the conference, \u201cMethodologies of Exchange: The Exhibition Twentieth-Century Italian Art (MoMA, 1949)\u201d organized by Raffaele Bedarida, Silvia Bignami and Davide Colombo at CIMA in New York in February 2019, in connection with the Annual Conference of the College Art Association and the 70th anniversary of the original exhibition. The conference was made possible by a Terra Foundation for American Art grant. The exhibition Twentieth-Century Italian Art at the Museum of Modern Art in New York, which constructed dominant interpretive keys that today continue to affect the study and perception of Italian modernism. In effect Twentieth-Century Italian Art was the first opportunity after World War II for American audiences to see the work of a substantial group of contemporary Italian artists. Curated by James Thrall Soby and Alfred H. Barr, Jr., the exhibition was followed by a vast campaign of acquisitions: MoMA added key Italian artists, from Umberto Boccioni to Lucio Fontana, to its permanent collection and thereby situated them within the museum\u2019s influential narrative of modernism. Further, the Italian show aided MoMA curators in revising their institutional perspective in the Cold War context, moving it beyond a Paris-centered canon. By studying this exhibition from multiple angles, this issue intends to explore and combine various methodological approaches. The initiative involved a group of international scholars who have focused on topics connected with Twentieth-Century Italian Art and the Italy-U.S. relationship from different fields of study, including exhibition histories, cultural transfer, cultural diplomacy, art and politics, the history of collecting, the history of the art market, and more

PRICES, PRODUCT DIFFERENTIATION AND QUALITY MEASUREMENT: A COMPARISON BETWEEN HEDONIC AND MATCHED MODEL METHODS

The paper provides an analysis of the problems of construction of quality-adjusted price indexes within the framework of the theory of product differentiation. In the general case of price-making behaviour on the part of firms, hedonic regressions are defined on the basis of reduced forms of the equation relating equilibrium prices to product characteristics. The paper considers the reduced form given by the marginal cost function and shows that the Laspeyres hedonic price index provides a lower bound to the quality-adjusted rate of price change while the Paasche hedonic price index provides an upper bound to the quality-adjusted rate of price change. The properties of hedonic price indexes are compared with those of matched model indexes. The theory is applied to the study of personal computer prices in Italy during the 1995-2000 period.discrete choice, price indexes, product quality, personal computer

The Osgoode Brief (Fall 2011)

https://digitalcommons.osgoode.yorku.ca/osgoode_brief/1001/thumbnail.jp