In this study, we build a double auction market model, which contains two types of agent traders, i.e., the noise traders and fundamentalists, to investigate the effect of the trader composition on the stock market. I...In this study, we build a double auction market model, which contains two types of agent traders, i.e., the noise traders and fundamentalists, to investigate the effect of the trader composition on the stock market. It is found that, the non-trivial Hurst exponent and the fat-tailed distribution of transaction prices can be observed at any ratio of the noise traders. Analyses on the price variation properties, including the Hurst exponent and the price variation region, show that these properties are stable when the ratio is moderate. However, the non-price variation properties, including the trading volume and the profitability of the two kinds of agents, do not keep stable untrivially in any interval of the ratio of noise traders.展开更多
Cross border traders make a major contribution to the growth of economies in Southern Africa. Cross border trade is a source of livelihood for many poor people, especially women. However, few studies examined challeng...Cross border traders make a major contribution to the growth of economies in Southern Africa. Cross border trade is a source of livelihood for many poor people, especially women. However, few studies examined challenges facing cross border traders and future business prospects.The aim of this paper is to examine the challenges that face Zimbabwean cross border traders in South Africa. The paper goes further to review existing literature as well as empirical studies in order to identify the major challenges that face Zimbabwean cross border traders. Among the challenges noted are crime, harassment due to xenophobia, traders are often stigmatized as ＂prostitutes＂ or ＂smugglers＂, accommodation problems, extortion and bribery by the South African Police and municipal police officials, delays at the border post during peak periods and banks that close early and also do not operate on Sundays. The Zimbabwean Cross Border Traders Association should build office in Musina and Johannesburg so that members can easily consult with the association in times of problems and also help with marketing information like distribution of brochures showcasing Zimbabwean products sold by cross border traders and also organize fairs where Zimbabwean traders can display their products. Furthermore cases of harassment by police officials should be investigated and dealt with. Banks that do have branches at the border posts are also urged to provide 24 hour service to cross border traders.展开更多
Admittedly, the stratospheric rise of Informal African Immigrant Traders （IAIT） in the Johannesburg inner city within a climate of discrimination, harassment, hostility, and xenophobia has engendered survival strate...Admittedly, the stratospheric rise of Informal African Immigrant Traders （IAIT） in the Johannesburg inner city within a climate of discrimination, harassment, hostility, and xenophobia has engendered survival strategies which border on the illegal and underground. Based on an in-depth interview study of 40 IAIT, operating in the Johannesburg inner city and specialising in clothes, cellphone and accessories, household goods, fruits and vegetables, and a courier company, this paper posits that the registered and unregistered IAIT operate side by side with the latter operating from undesignated sites, either bribing or deceitful evading the Johannesburg Metropolitan Police （JMP）. Is this the characteristic of IAIT in the Johannesburg inner city？ Ostensibly, the success of challenging the institutional regulatory regime points to the possibility of African immigrant traders existing on the edge of impropriety or lawlessness. To this end, there is a need for comprehensive policy initiatives starting from the national and cascading to the provincial and municipality levels that will effectively address and manage urban informality, including the activities of the IAIT, failing which these will fuel operations outside the regulatory regimes and the mushrooming of the underground economic activities.展开更多
The outbreak of COVID-19 caused human activities to be affected in one way or another.As a result,measures were put in place by various national governments to reduce the spread of the virus.This paper examines adhere...The outbreak of COVID-19 caused human activities to be affected in one way or another.As a result,measures were put in place by various national governments to reduce the spread of the virus.This paper examines adherence to COVID-19 guidelines in Nigeria among itinerant traders,using a total of 40 eligible participants from selected local governments in Enugu state,Nigeria.The study adapted purposive sampling techniques to identify eligible participants;while in-depth interview was the method used for data collection.Among other findings,result shows that the control measures rolled out by government were seriously undermined.Nomadic traders,driven by economic gains,played covert role in the spread of the virus.This signalled a weak link in the efforts to curb the spread of the virus in Nigeria.The study contributes to a more exact diagnosis of the weak link in the efforts to contain the spread of the virus and how the quest for economic gains drove the abuse of COVID-19 mitigation protocols with its attendant health implications.It therefore recommends that government should strengthen the institutional capacity for detection and control,and provide the critical infrastructural facilities that will make for intensified surveillance in future epidemic or pandemic outbreak.Economic incentives and the effective monitoring of protocol enforcers saddled with the responsibility of enforcing government directives are also encouraged in order to curb compromise.展开更多
This paper uses ideas from biological evolution to analyze the evolution of the securities market in which rational and irrational traders coexist.A market evolutionary model is developed to describe the dynamic traje...This paper uses ideas from biological evolution to analyze the evolution of the securities market in which rational and irrational traders coexist.A market evolutionary model is developed to describe the dynamic trajectories of rational and irrational traders'wealth.The main question is,are irrational traders eliminated as the securities market evolves.The paper considers the impact of new entrants on the security market long-term equilibrium.In addition,it discusses the existence and uniqueness of the long-term equilibrium The paper finds that,under some market conditions,irrational traders could survive in the long run.展开更多
In this paper,we consider the strategic interaction between the normal and sharp traders in a dynamic limit-order security market and its impact on the Chinese security market at different market volatility levels.We ...In this paper,we consider the strategic interaction between the normal and sharp traders in a dynamic limit-order security market and its impact on the Chinese security market at different market volatility levels.We find that when the proportion of sharp traders is less than a threshold in an orderdriven market,the sharp traders who submit limit orders will get more returns than the normal traders.The participation of sharp traders in the market can increase the total social welfare of all the traders.In addition,we show that:(1)when the market volatility level is generally low,the short-term sharp traders benefit from larger volatility;(2)when the market volatility level is generally high,the insider/cheating sharp traders with high-frequent trading rather than the short-term sharp traders benefit from extreme high volatility;(3)when the market volatility level is moderate,the sharp traders can increase market liquidity.展开更多
This paper explores the determinants of the abnormal and volatile fluctuations of China＇s agricultural product prices in recent years by examining the trading behavior of traders, especially that of irrational noise ...This paper explores the determinants of the abnormal and volatile fluctuations of China＇s agricultural product prices in recent years by examining the trading behavior of traders, especially that of irrational noise traders. We present an overlapping generations model of the garlic market in which noise traders with erroneous beliefs influence prices. Noise traders＇ beliefs create a risk in the price of agricultural products that deters rational arbitrageurs from aggressively betting against them through changing supplies in a way that enables prices to diverge significantly from fundamental values even in the absence of fundamental risk. We also show that asymmetry of supply information, low price elasticity of demand, speculative capital inflows, restricted distribution channels, distorted wholesale markets from the perspective of market mechanisms and low risk aversion, biased self-attribution, and projection bias from the perspective of investor psychology, all influence expectations of investors and increase the volatility of agricultural product prices.展开更多
The new financial industry represented by peer-to-peer lending has gradually become a new source of volatility due to the increasing complexity of the Chinese financial market.This volatility leads to greater risk to ...The new financial industry represented by peer-to-peer lending has gradually become a new source of volatility due to the increasing complexity of the Chinese financial market.This volatility leads to greater risk to P2P investors and has become the focus of the regulatory authorities in China.Based on the background data of the P2P platform,Honglingchuangtou,we use the factor analysis method to construct a platform volatility(PV)index and we construct an HAR model to study the heterogeneous traders and leverage effect in the Chinese P2P market.The empirical results show that there are both short-term and long-term heterogeneous traders in the Chinese P2P market and that long-term traders have the greatest impact on market volatility.Similar to traditional financial markets,the volatility of the P2P market also shows a leverage effect,which means that the negative volatility of trader actions should have a negative impact on market fluctuations.With regard to the leverage effect,the LHAR-PV model is superior because of a higher goodness of fit and a lower prediction error.展开更多
This paper studies the connection between the irrational behavior of traders and the herding equilibrium of informed traders in security market. At first, we set up the trading system on the condition of market maker,...This paper studies the connection between the irrational behavior of traders and the herding equilibrium of informed traders in security market. At first, we set up the trading system on the condition of market maker, establish a trading model of perfectly rational traders, and then define herding equilibrium. Second, we extend the model using two parameters, and find the critical points of irrational traders when they reach the herding equilibrium. The result indicates that herding never occurs in market if all the traders are perfectly rational. If consider their irrational factor, it maybe arouse herding. Besides, along with the number of traders who make the same trading strategies increasing, the two critical points show some rules.展开更多
基金Supported by National Natural Science Foundation of China under Grant Nos.60973152 and 60573172Doctoral Program Foundation of Institution of Higher Education of China under Crant No.20070141014Natural Science Foundation of Liaoning Province of China under Grant No.20082165
文摘In this study, we build a double auction market model, which contains two types of agent traders, i.e., the noise traders and fundamentalists, to investigate the effect of the trader composition on the stock market. It is found that, the non-trivial Hurst exponent and the fat-tailed distribution of transaction prices can be observed at any ratio of the noise traders. Analyses on the price variation properties, including the Hurst exponent and the price variation region, show that these properties are stable when the ratio is moderate. However, the non-price variation properties, including the trading volume and the profitability of the two kinds of agents, do not keep stable untrivially in any interval of the ratio of noise traders.
文摘Cross border traders make a major contribution to the growth of economies in Southern Africa. Cross border trade is a source of livelihood for many poor people, especially women. However, few studies examined challenges facing cross border traders and future business prospects.The aim of this paper is to examine the challenges that face Zimbabwean cross border traders in South Africa. The paper goes further to review existing literature as well as empirical studies in order to identify the major challenges that face Zimbabwean cross border traders. Among the challenges noted are crime, harassment due to xenophobia, traders are often stigmatized as ＂prostitutes＂ or ＂smugglers＂, accommodation problems, extortion and bribery by the South African Police and municipal police officials, delays at the border post during peak periods and banks that close early and also do not operate on Sundays. The Zimbabwean Cross Border Traders Association should build office in Musina and Johannesburg so that members can easily consult with the association in times of problems and also help with marketing information like distribution of brochures showcasing Zimbabwean products sold by cross border traders and also organize fairs where Zimbabwean traders can display their products. Furthermore cases of harassment by police officials should be investigated and dealt with. Banks that do have branches at the border posts are also urged to provide 24 hour service to cross border traders.
文摘Admittedly, the stratospheric rise of Informal African Immigrant Traders （IAIT） in the Johannesburg inner city within a climate of discrimination, harassment, hostility, and xenophobia has engendered survival strategies which border on the illegal and underground. Based on an in-depth interview study of 40 IAIT, operating in the Johannesburg inner city and specialising in clothes, cellphone and accessories, household goods, fruits and vegetables, and a courier company, this paper posits that the registered and unregistered IAIT operate side by side with the latter operating from undesignated sites, either bribing or deceitful evading the Johannesburg Metropolitan Police （JMP）. Is this the characteristic of IAIT in the Johannesburg inner city？ Ostensibly, the success of challenging the institutional regulatory regime points to the possibility of African immigrant traders existing on the edge of impropriety or lawlessness. To this end, there is a need for comprehensive policy initiatives starting from the national and cascading to the provincial and municipality levels that will effectively address and manage urban informality, including the activities of the IAIT, failing which these will fuel operations outside the regulatory regimes and the mushrooming of the underground economic activities.
文摘The outbreak of COVID-19 caused human activities to be affected in one way or another.As a result,measures were put in place by various national governments to reduce the spread of the virus.This paper examines adherence to COVID-19 guidelines in Nigeria among itinerant traders,using a total of 40 eligible participants from selected local governments in Enugu state,Nigeria.The study adapted purposive sampling techniques to identify eligible participants;while in-depth interview was the method used for data collection.Among other findings,result shows that the control measures rolled out by government were seriously undermined.Nomadic traders,driven by economic gains,played covert role in the spread of the virus.This signalled a weak link in the efforts to curb the spread of the virus in Nigeria.The study contributes to a more exact diagnosis of the weak link in the efforts to contain the spread of the virus and how the quest for economic gains drove the abuse of COVID-19 mitigation protocols with its attendant health implications.It therefore recommends that government should strengthen the institutional capacity for detection and control,and provide the critical infrastructural facilities that will make for intensified surveillance in future epidemic or pandemic outbreak.Economic incentives and the effective monitoring of protocol enforcers saddled with the responsibility of enforcing government directives are also encouraged in order to curb compromise.
基金We gratefully acknowledge editors of Journal of Systems Scienence and Systems Engineering,and two anonymous referees for their valuable comments and suggestions.This paper is supported by the National Natural Science Foundation of China under Grant No.71790594 and Program for interdisciplinary direction team in Zhongyuan University of Technology,China.
文摘This paper uses ideas from biological evolution to analyze the evolution of the securities market in which rational and irrational traders coexist.A market evolutionary model is developed to describe the dynamic trajectories of rational and irrational traders'wealth.The main question is,are irrational traders eliminated as the securities market evolves.The paper considers the impact of new entrants on the security market long-term equilibrium.In addition,it discusses the existence and uniqueness of the long-term equilibrium The paper finds that,under some market conditions,irrational traders could survive in the long run.
基金supported in part by the National Natural Science Foundation of China(NSFC)under grant numbers 71901027the China Postdoctoral Science Foundation 2019M660509+2 种基金the Science and Technology Innovation Program of Beijing Forestry Unlversity(BLX201829)the National Natural Science Foundation of China(NSFC)under Grant Nos.71661167009 and 71711530714NSFC/Research Grants Council under Grant No.3-RAA7.
文摘In this paper,we consider the strategic interaction between the normal and sharp traders in a dynamic limit-order security market and its impact on the Chinese security market at different market volatility levels.We find that when the proportion of sharp traders is less than a threshold in an orderdriven market,the sharp traders who submit limit orders will get more returns than the normal traders.The participation of sharp traders in the market can increase the total social welfare of all the traders.In addition,we show that:(1)when the market volatility level is generally low,the short-term sharp traders benefit from larger volatility;(2)when the market volatility level is generally high,the insider/cheating sharp traders with high-frequent trading rather than the short-term sharp traders benefit from extreme high volatility;(3)when the market volatility level is moderate,the sharp traders can increase market liquidity.
基金The research is supported by Beijing Higher Education Young Elite Teacher Project （No. YETP0221） and National Natural Science Foundation of China （No. 71373010）.
文摘This paper explores the determinants of the abnormal and volatile fluctuations of China＇s agricultural product prices in recent years by examining the trading behavior of traders, especially that of irrational noise traders. We present an overlapping generations model of the garlic market in which noise traders with erroneous beliefs influence prices. Noise traders＇ beliefs create a risk in the price of agricultural products that deters rational arbitrageurs from aggressively betting against them through changing supplies in a way that enables prices to diverge significantly from fundamental values even in the absence of fundamental risk. We also show that asymmetry of supply information, low price elasticity of demand, speculative capital inflows, restricted distribution channels, distorted wholesale markets from the perspective of market mechanisms and low risk aversion, biased self-attribution, and projection bias from the perspective of investor psychology, all influence expectations of investors and increase the volatility of agricultural product prices.
基金This work is partially supported by the grants from the Key Programs of the National Natural Science Foundation of China(NSFC No.71631005)the National Natural Science Foundation of China(NSFC No.71471161)the Key Programs of the National Social Science Foundation of China(No.17ZDA074).
文摘The new financial industry represented by peer-to-peer lending has gradually become a new source of volatility due to the increasing complexity of the Chinese financial market.This volatility leads to greater risk to P2P investors and has become the focus of the regulatory authorities in China.Based on the background data of the P2P platform,Honglingchuangtou,we use the factor analysis method to construct a platform volatility(PV)index and we construct an HAR model to study the heterogeneous traders and leverage effect in the Chinese P2P market.The empirical results show that there are both short-term and long-term heterogeneous traders in the Chinese P2P market and that long-term traders have the greatest impact on market volatility.Similar to traditional financial markets,the volatility of the P2P market also shows a leverage effect,which means that the negative volatility of trader actions should have a negative impact on market fluctuations.With regard to the leverage effect,the LHAR-PV model is superior because of a higher goodness of fit and a lower prediction error.
基金This project is supported by National Natural Science Foundation of China（70371063）
文摘This paper studies the connection between the irrational behavior of traders and the herding equilibrium of informed traders in security market. At first, we set up the trading system on the condition of market maker, establish a trading model of perfectly rational traders, and then define herding equilibrium. Second, we extend the model using two parameters, and find the critical points of irrational traders when they reach the herding equilibrium. The result indicates that herding never occurs in market if all the traders are perfectly rational. If consider their irrational factor, it maybe arouse herding. Besides, along with the number of traders who make the same trading strategies increasing, the two critical points show some rules.
