sing a dataset record account-level trades and orders from Taiwan Futures Exchange, we examine whether the variations of risk taking follows the overconfidence bias for four types of traders, including individuals, foreign institutions, domestic institutions, and foreign institutional traders. Our findings show that when investors are individuals and domestic institutions, the variations of trading activities for overconfident investors are greater than others. However, the results are not significant for foreign institutions and foreign institutional traders. Therefore, we demonstrate that investors take more risk following overconfidence. / Using a dataset record account-level trades and orders from Taiwan Futures Exchange, we examine whether the variations of risk taking follows the overconfidence bias for four types of traders, including individuals, foreign institutions, domestic institutions, and foreign institutional traders. Our findings show that when investors are individuals and domestic institutions, the variations of trading activities for overconfident investors are greater than others. However, the results are not significant for foreign institutions and foreign institutional traders. Therefore, we demonstrate that investors take more risk following overconfidence.

Submitted by Igor De Oliveira Gomes (igor.gomes@apolotubulars.com.br) on 2018-09-28T15:07:20Z No. of bitstreams: 1 Dissertação_Operações_Day_Trade_Igor_Gomes_Final_0.pdf: 1822890 bytes, checksum: f9f5fb86145ee28f8930cb763a8619b7 (MD5) / Approved for entry into archive by Joana Martorini (joana.martorini@fgv.br) on 2018-09-28T18:46:27Z (GMT) No. of bitstreams: 1 Dissertação_Operações_Day_Trade_Igor_Gomes_Final_0.pdf: 1822890 bytes, checksum: f9f5fb86145ee28f8930cb763a8619b7 (MD5) / Approved for entry into archive by Suzane Guimarães (suzane.guimaraes@fgv.br) on 2018-10-01T12:36:20Z (GMT) No. of bitstreams: 1 Dissertação_Operações_Day_Trade_Igor_Gomes_Final_0.pdf: 1822890 bytes, checksum: f9f5fb86145ee28f8930cb763a8619b7 (MD5) / Made available in DSpace on 2018-10-01T12:36:21Z (GMT). No. of bitstreams: 1 Dissertação_Operações_Day_Trade_Igor_Gomes_Final_0.pdf: 1822890 bytes, checksum: f9f5fb86145ee28f8930cb763a8619b7 (MD5) Previous issue date: 2018-08-29 / Este trabalho se propõe a avaliar algumas estratégias que são utilizadas por pessoas físicas, comumente conhecidas como traders, em operações de day trade na bolsa de valores de São Paulo, atual B3, e avaliar a eficácia destas estratégias. As estratégias utilizadas foram baseadas em modelos operacionais de traders profissionais e iniciantes que atuam no mercado brasileiro diretamente em operações de day trade e utilizam-se destas estratégias para aumento do capital investido ou também como rendimentos mensais. Após as análises das estratégias, foram realizadas comparações com operações de buy and hold para avaliar as condições operacionais com maior lucro. Os resultados destas estratégias mostram diferentes taxas de acerto e payoff, que podem variar de acordo com o estilo operacional de cada trader. Apesar das estratégias apresentarem uma taxa de retorno positiva, todas mostraram-se negativas quando incluímos os custos operacionais envolvidos e também inferiores quando comparadas ao modelo buy and hold. / This paper proposes to evaluate some strategies that are used by individuals, commonly known as traders, in day trades operations on the São Paulo stock exchange, current B3, and to evaluate the effectiveness of these strategies. The strategies used were based on operational models of professional traders and beginners who operate in the Brazilian market directly in day trade operations and use these strategies to increase the capital invested or also as monthly income. After the analysis of the strategies, comparisons were made with buy and hold operations to evaluate the most profitable operating conditions. The results of these strategies show different hit and payoff rates, which may vary according to the operational style of each trader. Although the strategies presented a positive rate of return, all were negative when we included the operational costs involved and also lower when compared to the buy and hold model.

There are many games that have been a challenge to Research in Artificial Intelligence. One such game is Settlers of Catan (SoC). The purpose of this thesis is to develop a Multi-agent player for SoC. Although it is difficult to focus on all the dimensions of the game during implementation, therefore a good enough solution is proposed. An emphasis is placed on building a good trader for the player. Once a working solution had been built, the player was tested against other players which included human players as well as bots.

traders are perceived to extract monopoly rents from farmers by offering very low prices. However, little attempt has been made to understand the behaviour of private traders and the factors that influence their behaviour. This study, therefore, examines the behaviour of private traders and determines the factors influencing their behaviour by means of the Chi-squared test. It further identifies the characteristics of smallholder farmers and private traders transacting with each other and examines the pricing, grading and weighting systems used by private traders, as well as the relationship that exists between farmers and private traders. Understanding private trader behaviour, factors influencing this behaviour, and the relationship between farmers and these private traders are important questions and have great implications for policy. Primary data was used in this study which involved interviews and direct observations with both private traders and smallholder farmers. The sample sizes for private traders and smallholder farmers were 50 and 200, respectively. The data was collected in the Kalomo District of Zambia between June and August, 2015. Only those farmers that transact with private traders or use assembly traders as the marketing channel were included in this study. The data collected was analysed using gross marketing margin, the Chi-squared test and descriptive statistics. The measure of the extent of opportunistic behaviour was also used to achieve the study objectives. The findings show that the mean price paid by private traders was ZMW 0.989 (USD 0.13) per kg and private traders were the ones who determine the prices and grades of maize. The private traders also weigh the maize and the smallholder farmers have little control on the final weight of the maize, as they do not participate in the weighing. This indicates that the private traders have power in the determination of the weight of maize. The majority of the private traders were found to behave opportunistically, accounting for 58 % of the surveyed traders. Experience and education level of the private traders were found to influence their behaviour. Given the importance of the above factors in influencing private trader behaviour, particularly experience and education, the results suggest that monitoring of the maize trading could potentially significantly reduce opportunistic behaviour among these less-experienced and less-educated traders. Lastly, the study reveals that 68.5 % of the smallholder farmers did not trust the private traders, whereas 46 % of the private traders did trust the farmers. The findings of this study indicate great potential for public sector investments in organisations that ensure standard weights (such as the Zambia Weights and Measures Agency 'ZWMA') and grades for maize. The ZWMA is the Zambian organisation responsible for enforcing weight institutions. An agency enforcing grading institutions for the smallholder maize farmers, however, does not exist in Zambia. Investment in such organisations would increase the levels of trust between farmers and traders, as neither would be suspicious of the weight or grade obtained, and possible opportunistic behaviour would be reduced. The suggestions and recommendations given by this study should help reduce the possibilities for opportunistic behaviour and exploitation of smallholder farmers. Because this study is in line with Zambia's poverty reduction plan to reduce poverty levels through increased agricultural production and improved maize trading among smallholder farmers, the recommendations given will help improve maize trading and the livelihoods of smallholder farmers. This is because they will be able to sell their maize at higher prices owing to reduced opportunistic behaviour of private traders, thus realising profits. The development of a grading system will lead to a better trading environment for both smallholder farmers and private traders, as both parties will be certain of the maize quality. In conclusion, a trading environment where organisations and institutions are in place, monitored and enforced to ensure reliable grading and weighing systems will help improve maize trading by smallholder farmers and private traders in Zambia. The improved maize trading will be the result of reduced opportunistic behaviour. This will ultimately increase the welfare of smallholder farmers and improve their livelihoods, which will contribute towards the reduction of the poverty levels in Zambia. / Dissertation (MSc (Agric))--University of Pretoria, 2016. / Agricultural Economics, Extension and Rural Development / MSc (Agric) / Unrestricted

Social trading platforms are an increasingly popular venue for sharing investment ideas. We investigate if followers on these platforms herd, i.e., copy leader traders’ trades, to the extent that it affects stock markets. To do so, we use an event study to detect abnormal returns and trading volume after a trade is conducted by a leader trader. Furthermore, we investigate if the leader trader’s sentiment on the stock and the leader trader’s perceived trustworthiness have explanatory power over the herding behavior. We find signs of herding in terms of abnormal returns within thirty-minutes after the leader trader’s trade. However, we do not find signs of herding for longer event windows, nor do we find that the sentiment of the leader trader can explain herding. Finally, we find some signs that affect-based signals of trustworthiness can explain herding. However, most signals of trustworthiness are non-significant.

Magister Artium (Development Studies) - MA(DVS) / Street trading is a highly contested activity in South Africa because of the different interests held by the government, other stakeholders and street traders. The contradictory nature of the relationship between government and street traders has led to exclusionary policies and practices put in place by the government to regulate street trading. These exclusionary practices have negative effects on the livelihoods of street traders. Female traders are more vulnerable and at greater risk than their male counterparts. Organised labour movements have largely focused on formal sector workers, leaving the rights of informal workers largely unregulated. In recent years there has been an emergence of informal sector organisations seeking to protect the interests of street traders and influence informal trading policy. Although seldom researched, a number of informal sector organisations have emerged in South African cities. / 2023

No description available.

Situé en plein cœur de Paris, le Sentier reconnu depuis la seconde moitié du XXe siècle comme le centre le plus actif du commerce international des tissus, s’est construit dans la continuité d’un ‘’Sentier ancien ‘’ qui trouve ses origines dans la première moitié du XIXe siècle. En nous appuyant sur les Almanachs du Commerce de Paris pour reconstruire l’infrastructure économique de cet espace, nous avons pu mettre en évidence les caractéristiques de cet ensemble originaire et plus particulièrement la croissante centralité du quartier Montmartre dans le commerce des tissus. Placé à la lisière des grands boulevards et des lieux de la « nouvelle modernité » parisienne, ce quartier était le véritable noyau central du commerce des tissus en gros, animé par un négoce important et solidement implanté dans les rues du Sentier, Saint-Fiacre et des Jeûneurs. Il s’agit prioritairement, au début du siècle, du commerce des articles de toiles de coton et des châles, rejoints à partir des années 1830, par la vente de dentelles, de tissus mérinos et de tissus de nouveautés.Dans notre recherche pour saisir l’ensemble des éléments à l’œuvre dans la construction identitaire de cet espace original, l’exploitation de diverses sources, telles que les sources cadastrales, la composition des listes électorales ou les archives notariales, nous ont permis de restituer une image précise de ces dynamiques, de dégager l’importance de cette sphère professionnelle et ses multiples conséquences sur l’espace physique et social de ce quartier. / Located in the very heart of Paris, the SENTIER which prevails in the second half of the 19th century as the most active center of the business of international trade of fabrics, built itself in the continuity of a " former SENTIER " which has its origins in the first half of the 19th century. Relying on the Almanachs of the Trade of Paris to reconstruct the economic infrastructure of this space, we were able to highlight the characteristics of this first socio-economic group and the increasing centrality of the Montmartre neighborhood in the trade of fabrics. Located at the edge of the places of the "new Parisian modernity ", this district became the central point of the wholesale fabrics trade, led by an important trade firmly established in the streets of the Sentier, Saint Fiacre and Jeuneurs. It mainly concerns, at the beginning of the century, the trade of articles of cotton cloths and shawls, joined from 1830s, by the sale of laces, merino fabrics and fashionable fabrics. In our search to seize all the elements in action in the identity construction of this original space, the exploitation of diverse sources, such as the cadastral sources, the composition of electoral rolls or the notarial archives, allowed us to restore a precise image of these dynamics to express the importance of this professional sphere and its multiple consequences on the physical and social space of this district.

Diese Dissertation beschreibt Marktverzerrungen auf mehreren Ebenen, die entweder aufgrund von Fehlfunktionen oder durch Interventionen politischer Art entstehen. Die Fehlfunktionen schließen einerseits Märkte mit imperfektem Wettbewerb, und andererseits Versagen auf anderweitig vollkommenen Märkten ein. Die Erstgenannten können durch eine starke Konzentration (beispielsweise aufgrund der geringen Größe des Marktes) verursacht werden, durch Ein- oder Austrittsbarrieren, heterogene Güter und Informationsasymmetrien. Zu den Gründen für Marktversagen gehören die Existenz von Externalitäten, Störungen auf anderen, verlinkten Märkten (z.B. die von Kleinbauern erfahrenen Kreditbeschränkungen), hohe Transaktionskosten, öffentliche Güter und Staatsversagen. Abhängig von den Definitionen unterschiedlicher Autoren kann die ungleiche Verteilung von Einkommen oder Vermögen auch als Versagen des Marktmechanismus verstanden werden. In dem Abschnitt dieser Arbeit der sich Marktstörungen widmet wurde der Fokus auf die Nachfrageseite gesetzt, wo die Marktkonzentration mit der Existenz von Monopsonen, Oligopsonen oder Monopsonistischem Wettbewerb assoziiert wird. Die zweite Klasse von Verzerrungen auf den hier betrachteten Märkten wird durch politische Interventionen verursacht. Diese können verschiedene Beweggründe haben, wie die Korrektur der oben beschriebenen Marktstörungen oder Umverteilung zwischen Bevölkerungsgruppen. Das Instrument, das jeweils eingesetzt wird, um Marktversagen zu korrigieren, hängt von der beobachteten Störung ab. Wenn externe Effekte vorhanden sind, kann beispielsweise eine Steuer (Subvention) angewendet werden, um die externen Kosten (Nutzen) zu internalisieren. Umverteilung kann ebenfalls auf verschiedene Arten erreicht werden, beispielsweise durch die Direktzahlungen auf der Ebene der einzelnen Betriebe welche die europäischen Landwirte unterstützen. Um die Ergebnisse von Mikro- und Makroperspektive systematisch zu kombinieren wird die Dimension der Skalen in den theoretischen Rahmen eingeführt. Dies ist notwendig, da sowohl die Auswirkungen von Mikroprozessen auf größere Zusammenhänge, als auch der Einfluss von Makroprozessen auf das Mikroniveau nicht immer offensichtlich sind. Dieser Rahmen wurde auf a) den lokalen Kautschukmarkt in Jambi, Indonesien, der durch starke Nachfragemarktmacht auf allen Ebenen gekennzeichnet ist und b) den europäischen Markt für Zucker angewandt, der stark reguliert ist. Kapitel zwei und drei liefern eine Analyse der Fehlfunktionen innerhalb des indonesischen Kautschukmarkts, von denen sich Kapitel zwei mit einer Mikro- und Kapitel drei mit der Mesoebene befasst. Die Analyse auf Mikroniveau zeigt, dass Kleinhändler von Gummi in Jambi Marktmacht ausüben. Der Preis, den sie ihren Lieferantinnen und Lieferanten bezahlen liegt deutlich unter den Wertgrenzprodukten dieses Inputs. Diese Marktmacht ist größer in abgelegenen Regionen und schwächer mit zunehmender Marktgröße. Auch auf dem größeren Maßstab der verarbeitenden Industrie existiert Marktmacht in beträchtlichem Umfang. Die Fabriken betreiben asymmetrische Preistransmission, was bedeutet, dass Preisänderungen auf dem Weltmarkt schneller auf die Inputpreise übertragen werden wenn der Weltmarktpreis sinkt als in Zeiten von Preissteigerungen. Die asymmetrische Übertragung der Preise allein führt zu einer jährlichen Umverteilung von rund drei Millionen US-Dollar in Jambi. Es lässt sich davon ausgehen, dass die gesamte Umverteilung aufgrund von Marktmacht deutlich größer ist, was aber mit den verfügbaren Daten nicht beurteilt werden kann. Das vierte Kapitel untersucht die Auswirkungen von politischen Interventionen auf der Mesoebene. Der Schwerpunkt der Analyse liegt auf den Ergebnissen einer Marktintervention auf Drittländer, nämlich die Senkung des Interventionspreises auf dem europäischen Zuckermarkt. Diese Preissenkung war von den Auswirkungen der bisherigen Politik, sowie Veränderungen des institutionellen Rahmens, in dem die gemeinsame Marktorganisation für Zucker eingebettet ist, motiviert. Dies sind die Einführung des ‚Everything But Arms‘ Abkommens, sowie Verpflichtungen die sich aus den multilateralen Verhandlungen im Rahmen der Welthandelsorganisation ergaben. Die Ergebnisse zeigen, dass die Afrikanischen, Karibischen und Pazifischen Staaten in der Tat negativ beeinflusst worden sind, das heißt dass die Erosion von Präferenzen stattgefunden hat. Die Ergebnisse dieser Arbeit sind für künftige Entscheidungen darüber, ob und wie auf den Agrarmärkten interveniert werden soll, relevant. Die entscheidenden Fragen bestehen darin, wann zu intervenieren ist, und durch welche Maßnahme.

Entre 1702 et 1793, onze hommes occupèrent la fonction d’agent général de la Marine et du Commerce de France à Madrid. Agissant sans statut officiel, ces envoyés du secrétaire d’État de la Marine étaient la pièce maîtresse d’un réseau d’information français en Espagne. Créés après l’avènement du Bourbon Philippe V au trône d’Espagne, ces experts, clé de voûte du réseau consulaire français dans la Péninsule, mirent leur compétence économique au service d’un rapprochement commercial entre les deux monarchies. Par leur action, leur surface sociale, leur connaissance de l’Espagne et leurs discours, ces intermédiaires s’appropriaient une fonction aux contours obscurs. Hommes de l’ombre sous les ordres de l’ambassadeur français, ils acquirent une dimension qui en fit les véritables artisans d’une diplomatie commerciale franco-espagnole au XVIIIe siècle. Ces instances de dialogue interrogent les interactions croissantes entre commerce et diplomatie. L’étude tend à montrer en quoi ces figures hybrides se situaient à l’interface entre plusieurs mondes : la France et l’Espagne d’une part, le négoce et la sphère politique d’autre part. Informateurs, négociateurs et médiateurs, ces agents interrogent le cheminement qui conduisait de l’information à la négociation. Il s’agit de montrer en quoi ces hommes, acteurs de l’interconnexion des deux monarchies, dessinaient les contours d’un espace de dialogue spécifique qui visait à combler les interstices entre les réalités du terrain et la discussion entre gouvernements. / Between 1702 and 1793, eleven men held the position of general agent of the Navy and Trade of France in Madrid. Acting without any official status, these envoys of the Secretary of State of the Navy were the centerpiece of a French informative network in Spain. Created after the advent of the Bourbon Philip V to the Spanish throne, these experts, keystone of the French consular network in the Peninsula, put their economic competence at the service of a commercial alliance between both monarchies. Their action, social surface, knowledge of Spain and discourse, helped these intermediaries seize a function with blurry outlines. Men of the shadow under the orders of the French ambassador, they acquired such a dimension that they became the true artisans of a Franco-Spanish commercial diplomacy in the eighteenth century. These go-between rise the matter of the growing interactions between trade and diplomacy. The study tends to show how these hybrid figures were perfectly in between several worlds : France and Spain on the one hand, trading and the political sphere on the other. Informants, negotiators and mediators, these agents encourage us to question the path that led from information to negotiation. Thus, what is at stake in this study is to show how these men, actors of the interconnection of the two monarchies, drew the frame for a specific dialogue which aimed to fill the interstices between the realities of the field and the more political debate between governments.