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
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.
