Relative efficiency and price discovery in the two-tier Brussels stock exchange.

Until the mid-90s, the more active among the Brussels-listed stocks were traded in parallel segments: "spot" (that is, with t + 3 settlement) and "forward" (with periodic settlement at the end of a two- or three-week period). The forward market was cheaper, deeper, unhampered by price limits, convenient also for shortsales, and played by the pros; so it looks likely to be the more efficient tier. Yet a simple variance comparison, after correcting for settlement effects,finds no such effect; in fact, the forward market may actually have been the more noisy one. Going on to the issue of price discovery, which is a more formal way of testing whether the forward market is less noisy, we extend the Margrabe-Silber price-discovery model to take into account the asynchronism in the opening forward and spot prices. Although the presence of the latent true morning return in our extended model precludes us from estimating explicitly the price adjustment coefficients, we can still identify the sign of the estimated difference of these coefficients and the lower and upper bounds of its t-statistic. This information enables us to conclude on the significance of the test. Also, our results reject the potential price discoverer status of the forward market: spot prices seem more informative than forward prices. This result raises the issue of how far the financial markets perform their central function of price discovery and how far the conventional wisdom can be trusted (e.g. the more trading volume the less noise the observed price contains).

The dynamics of price discovery in the two-tier Brussels stock exchange.

In this paper, we investigate the dynamics of price discovery in the Brussels Stock Exchange for the spot and forward stock markets. Specifically, we quantitatively analyze each market's process in impounding new fundamental information about a stock's value into its market price. Similar to the permanent-transitory decomposition procedure put forward by Gonzalo and Ng (2001), we use a vecm (Vector Error Correction Model) and decompose the vecm residuals into the permanent and transitory innovations. However, we adjust their procedure to accommodate for the asynchronism problem in the Brussels forward and spot stock exchange. From the impulse response functions of the derived structural cointegration model after the decomposition, we apply the price discovery measure proposed by Yan and Zivot (2007), which is the absolute magnitude of cumulative price errors in the process of reflecting a one-unit change in the permanent innovation. In particular, we investigate which market makes less errors while incorporating the full one-unit increase in the permanent innovation into its price. Our finding is that the spot market outperforms the forwards one in the price discovery process. This result contradicts the price discovery role conventionally ascribed to the forward market.price discovery; brussels stock exchange;

A note on time value in spot and forward prices on the Brussels stock exchange.

Until the mid-90s, the more active among the Brussels-listed stocks were traded in parallel segments: "spot" (that is, with t + 3 settlement) and "forward" (periodic settlement at the end of a two- or three-week period). The forward market was cheaper, deeper, unhampered by price limits, convenient also for shortsales, and played by the pros; so it looks likely to be the more efficient tier. In the forward markets, where the signal is stronger, we do find that time value affects prices. In spot markets there is very little evidence in favor or against a settlement effect, perhaps because the time value item has a very small variability. As expected, the time value signals are somewhat stronger in forward prices and noticeably so in forward premiums,but the estimates remain below our theoretical priors. We also find that price discrepancies are autocorrelated, probably indicating market inefficiency. A closer look reveals that positive forward premiums are persistent whereas negative ones vanish overnight. This is consistent with a market-imperfection explanation, where problems with raising cash (shorting money)are more important than problems with shorting stocks, thus creating preferred habitats for purchases (forward) and for sales (spot).dual markets; price discovery; settlement effect; microstructure;

Research on microstructure and mechanical properties of Al-Zn-Mg-Cu alloy when modified by La, Ce and thermo-mechanical treatment

Influence of rare-earth (La, Ce) and thermo-mechanical treatment on microstructure and mechanical properties of Al-Zn-Mg-Cu alloy are presented in this article. After casting, the alloy which was modified by La, Ce, the grain size of samples obtained around 40–50 µm compared to that of without about 65 µm; and after homogeneous, the grain sizes is about 30 µm. After the cold deformation process, the distance between plates is 10 µm. By EDS after casting, the samples have tended to more La, Ce elements at the grain boundary, after homogeneous, the uniformation distribution of rare-earths was presented by mapping of EDS’s results. In addition, after rolling and heat treatment, the elements were found on the grain boundary and matrix. After recrystallization annealing, the grain size is around 10 µm with the modification sample. The grain size was reduced by two processes of modification as well as thermal-mechanical treatment is a condition for increasing the ductility of the studied alloy. Further, as a result of ability deformation from the tensile test, these results demonstrate that the tensile test obtained 140 % when adding La, Ce contents into the alloy combine with thermal-mechanical treatment. The combined used of La, Ce and thermal-mechanical treatment have increased the ductility of Al-Zn-Mg-Cu allo

The Effect of Awareness on the Behavior of Advertisement on Social Network Basis for Cosmetic Products Line

The study examines the factors affecting the perception and interaction behavior with advertising cosmetic products. The authors used SPSS and Smart PLS software to conduct statistics and analyze survey results. The results of data analysis show that there are 5 factors that directly affect the perception of avoidance: Health concerns; Doubts about advertising intermediaries; Privacy concerns; Information value; Obstructing cognitive goals. The factor that directly affects Avoidant Behavior is Perception of avoidance, there are 5 factors that indirectly affect Avoidant Behavior: Health concerns; Doubts about advertising intermediaries; Privacy concerns; Information value; Obstructing cognitive goals. At the same time, the research also shows that negative experiences do not affect the impact process from Avoidant Perception to Avoidant Behavior. This study has important practical elements for businesses, managers and even social network users in reducing users' awareness and avoidance of advertising

Online Tests in the Trend of Education 4.0: An Empirical Study in Mathematics at High Schools of Can Tho City

In the trend of Education 4.0, the assessment of learning results through online tests is increasingly widespread and important because of its usability and mobility. In addition, it is also adaptable in the volatile situations of today's society such as natural disasters, epidemics, war, etc. The paper presents the results of an empirical study in Mathematics at high schools in Can Tho city on the comparison of outcomes between online tests and paper tests. The initial statistical analysis results show that the evaluation of learning results by online tests has high consensus among the experimental group. Furthermore, the advantages and suggestions for improvement are also pointed out and discussed in this work

The experience of using e-commerce platforms affects the online purchase intention of customers in the FMCG (Fast moving consumer goods) sector in Hanoi city

In recent times, the Vietnamese e-commerce market is in a period of strong development, in addition, to the sharp increase in people’s demands to join e-commerce platforms after the epidemic. The research group started with an overview study, then research hypotheses and models were proposed. After conducting preliminary qualitative and quantitative research to adjust the appropriate scales, the research group created a questionnaire and collected data in online forms with a sample size of 350. Next, the data was entered into the software for SEM analysis. The results of the study indicate that the quality of the e-commerce platform has an indirect impact on the purchase intention through the positive impact on the trust and the negative impact on the perceived risk. Attitudes towards information, trust, perceived risk, and perceived usefulness have direct influences on purchase intention. Attitude towards information, trust, and perceived usefulness have positive effects on purchase intention, while perceived risk harms purchase intention. In addition, purchase intention is relatively strongly influenced by trust and perceived usefulness. Perceived risk and attitude towards information have little influence on purchase intention. Finally, the research team proposes some solutions for businesses to increase the purchase intention of consumers through e-commerce platforms. &nbsp

Anatomical Characteristics and Variants of Prostatic Artery in Patients of Benign Hyperplasia Prostate by Digital Subtraction Angiography

AIM: This work is aimed to describe anatomical features and variants of the prostatic artery (PA) using digital subtraction angiography (DSA). METHODS: This is a descriptive statistic study. We reviewed the DSA of 348 patients, who had a PA embolisation to reduce the benign prostatic hyperplasia (BPH) symptoms at Radiology Department of Bach Mai Hospital from Oct – 2014 to Oct – 2018. RESULTS: PA was found at 660 pelvic halves, of which 30 pelvic halves (4.5%) had two PAs, 630 pelvic halves had one PA. In terms of the origin of PA, in total 690 PAs, the percentage of type 1, 2, 3, 4 and 5 was successively 33.9%, 13.9%, 18.3%, 23.9% and 10.4%, respectively. Atherosclerosis of PA observed in 20.9%. The ‘corkscrew’ pattern was found in 30.4%. The average diameter of PA was 1.5 ± 0.34mm. The anastomosis of PA with surrounding arteries was common. PA may supply rectum (6.1%), seminal vesical (9.6%), bladder (5.2%), contralateral prostatic parenchyma (13.0%), surrounding soft-tissues (3.5%). CONCLUSION: The common trunk with SVA superior vesical artery was the most common origin of PA. Anastomoses of PA with surrounding tissues were complex