High-frequency traders (HFTs) accounted for roughly forty percent of trading volume on the NASDAQ Stock Market in 2009, but there is little evidence on the type of information these investors trade on. This study tests the hypothesis that HFTs anticipate and trade ahead of other investors' order flow. I find that HFTs' aggressive purchases predict future aggressive buying by non-HFTs, and their aggressive sales predict future aggressive selling by non-HFTs. The positive correlation between trading by HFTs and future trading by other investors is robust to the exclusion of trading around news releases, indicating the effect is not driven by HFTs reacting to news announcements faster than other investors. The effects are stronger in the morning and on high volume days. There are also persistent differences among HFTs in the tendency of their trades to predict future order flow. These findings have implications for the speed at which prices adjust to new information, incentives to acquire information, and the price impact of traditional asset managers' trades. / text

The Local Multiplier: Theory and Evidence. I show that 1) the policy-relevant "global multiplier" can be written as the sum of a spending component and a taxation component, all scaled up by spillover effects, 2) the "local multiplier" is exactly the spending com- ponent, and 3) if trade is anonymous, the local effects of a shock to federal government purchases in a county will be identical to the effects of a shock to consumer demand for the exports of that locality. I estimate a bound for the local multiplier and consider spillover effects to contiguous counties. I find that a shock of $48,000 creates at least one job-year locally. Analysis at a monthly frequency suggests that these jobs are more persistent than previously estimated. Evidence of higher multipliers in recessions is mixed. / Economics

The competition for external capital amongst small and developing financial markets has resulted in a growing awareness of the importance of investor protection laws if markets are to be competitive. One particularly important aspect of such laws is the need to control the behaviour of insiders. Insider trading, widely perceived as trading by investors who have an unfair advantage by virtue of access to confidential information, represents a significant threat to market confidence and investors' willingness to invest in the market. For small markets therefore, not controlling such behaviour represents a significant cost in terms of the development of the market and the economy as a whole. However, while insider trading can do significant harm to the market, it also has the potential to be beneficial to the market as a signal of incorrectly priced information. The question becomes therefore how best to balance the advantages and disadvantages of insider trading. Most markets have relied on regulations to control insiders, however, little research has been done to establish if this is effective.This thesis seeks to provide additional evidence with respect to the role of regulation in controlling insider trading. The issue is explored within the context of the New Zealand market where recent legislation, the Securities Market Amendment Act 2002, offers a prime opportunity to seek further understanding on the issue. In particular, four studies focussed on the role of regulation with respect to insider trading are undertaken within this thesis. In the first the impact of the law change on the profitability and informational base of insiders is examined. A significant decline in profitability is observed in addition to evidence of a change in the informational basis of insiders' trades from knowledge of upcoming announcements to short-term market mispricing. The impact of the new law on four aspects of the market is then examined. A significant increase in liquidity is found following the introduction of the new law, as well as significant reductions in the cost of equity, bid-ask spread and return volatility. The law therefore appears to have improved these aspects of the market. The bid-ask spreads were then examined in more depth by observing the impact of the laws on the cost of informed trading. Strong evidence of a decline in the cost of informed trading was observed, along with significant decreases in the proportion of the spread composed of information asymmetry costs. The declines were largest for those firms most prone to insider trading.Lastly, the elements of an effective insider trading regime were investigated by examining the impact of various legal variables on the cost of informed trading and the total spread. The results indicated that stronger laws have resulted in lower spreads and less informed trading costs, and that effective regimes should prevent insiders passing on their information, should rely on financial penalties over criminal sanctions, and should be both enforceable and policed by a strong public regulator. Overall this thesis finds strong evidence that insider trading laws can be effective in controlling the behaviour of insiders, and that well drafted statutory regulations can be of significant benefit to the market.

Thesis (M.A.I.S.)--Oregon State University, 2008. / Printout. Includes bibliographical references (leaves 134-140). Also available on the World Wide Web.

Magister Philosophiae (Land and Agrarian Studies) - MPhil(LAS) / In the Western Cape, snoek (Thyrsites atun) is a target for small scale fisheries. This fishery is comprised of recreational, subsistence and traditional line fisheries in the province. Snoek contributes 40% to 50% of the line fish which is landed. This thesis sought to identify the roles which are performed by informal snoek traders in certain Cape Town coloured1 townships in the snoek value chain. There are various aspects of this fish which heightens its importance in the Western Cape. Snoek is significant in the provision of food security for many poor and working class individuals and households within the coloured townships of Cape Town. Snoek is an omega 3-rich fish and is one of the Cape’s most well-known gastronomic traditions. It provides affordable and easily absorbable proteins, vitamins and minerals for township people. Poor people mostly rely on starches and fail to afford the most expensive protein sources like red meat. The snoek trade also helps in the creation of jobs and enables people to earn cash income. The study revealed that there is specialisation and division of labour between snoek traders and fishers. Snoek is sold via the auction system at the various landing zones scattered all over the Western Cape. It was observed that the snoek value chain is dominated by men and there are few women in the value chain who sell or clean snoek. Informal snoek traders ply their business next to shops or on the sides of busy roads using ‘bakkies’2 from where the fish is flayed and sold to the waiting customer to emphasise its freshness. Snoek traders create convenience by bringing fresh fish to customers in the townships. They also assume risks which come with venturing in business. Some snoek traders engage in multiple livelihood strategies by diversifying income generating activities rather than relying on one income source. Among the several challenges which snoek traders confront, one pressing challenge they need to address is their lack of organisation which prohibits them from speaking with one voice. The snoek value chain should be more efficient so that it keeps supplying the much needed nutrients in the townships. Both primary and secondary data collection techniques were used. Snoek traders face a myriad of challenges which require the authorities to address. They have no access to infrastructure with sanitary facilities. The other problem they face is that they are disorganised amongst themselves which weaken their cause. Traders and fishers would like to see the real transformation taking place within this snoek fishery. Traders are convinced that there is corruption within the fisheries department and many have lost faith in the system.

Magister Artium (Social Work) - MA(SW) / During the year 2000 Zimbabwe faced a multiplex of challenges linked to political and economic dynamics generated from its Fast Track Land Reform Programme (Raftopoulos, 2009). The country plunged into land grabs (dubbed Third Chimurenga) led by the war veterans, motivated by economic freedom and emancipation for the black majority. Thus began the economic decline and the exodus of citizens leaving the country in search for employment opportunities and better living conditions abroad. As expressed by Raftopoulos (2009), the problem of economic hardship and perpetual uncertainty worsened in 2008 due to the violent elections that were held in the country which resulted in rampant killings and a hyperinflation that saw the Zimbabwe dollar plunge into trillions. Many families were displaced as people were forced to flee to neighbouring countries including South Africa in search for a better life as well as opportunities. Zimbabweans entered the South African job market which had already begun struggling due to the economic recession experienced in 2008 (Matshaka, 2009). This left many Zimbabweans unemployed and with many survival challenges. In order to survive, many of these refugees started learning creative arts and crafts with the hope of using their skills and capabilities for self-employment. It is within this context that this research investigates the coping mechanisms used by Zimbabwean refugees in combating the challenges of unemployment and poverty by trading through craft markets in Hout Bay as a means of survival and livelihood. The Sustainable Livelihoods Framework (SLF) was used as a theoretical lens through which to examine the livelihood strategies of Zimbabwean refugees as a means of survival. With regard to the selection of research design the mixed methods approach was used to broaden the width and depth of assessment. This included both qualitative and quantitative methods in order to collect data relevant to the research question.

Magister Artium (Development Studies) - MA(DVS) / The Quarterly Labour Force survey by Statistics South Africa (2019) portrays a very bleak future for the South African economy and labour force. The unemployment rate is 27.6% and youth unemployment stands at 55.2%. The National Development Plan (NDP) recognises the relevance of the informal sector and the value that it will contribute to the economy and to solving the challenges of unemployment in South Africa. The NDP projects that the informal sector, which includes domestic work, will create between 1,2 and 2 million new jobs by 2030. Few studies have been conducted on informal trading projects. This study explores the case of a ‗transitional‘ informal enterprise support project aimed at micro-enterprise development wherein 10 informal traders in Cape Town took occupancy of provincial government-sponsored kiosks on 9 May 2016. The Long Street kiosks (LSK) offer 10 traders per year a unique trading opportunity in the CBD free of rent and service charges for a period of one year, with access to a unique and potentially large market. The purpose of this study is to critically examine the role played in the informal enterprise development project by the Western Cape provincial government through its project manager, the Department of Economic Development and Tourism (DEDAT). This research attempts to investigate aspects of project design such as the selection criteria of the informal traders for the project, and selected results such as whether the project provided the traders with enough market exposure to the formal economy and whether their businesses were improved by participation in the project. The qualitative research approach was used for this study of the LSK project, which was a single case study, as both a unit of analysis and as a research method. The study involved a combination of two approaches, namely desktop research followed by interviews and focus group sessions. The study found that a number of limitations and shortcomings in the conduct of the project impacted on the mixed results and success achieved, pertaining to selection criteria, lack of financial and other resources, training, market-related problems, skill set limitations as well as environmental factors such as transport. The study nevertheless cast useful light on potential changes and recommendations that could enhance the project going forward and provides new insights on the complex relationship between the informal and formal ii economies and their relative potential for addressing the challenges of employment and economic growth.

Magister Economicae - MEcon / The informal economy in South Africa has been associated with a lack of growth, and it is believed that people would pursue businesses in this sector to overcome the cicumstances of poverty. Street trading, which is the most visible sector of the informal economy, has been blamed for urban decay and the negative impact it has on the urbanisation of different cities across South Africa. Such views have contributed to the challenges of street traders and have affected how they make a living. Street trading is a growing phenomenon in the Central Businesses Districts (CBDs) where many are people dependent on the practice of street trading for livelihoods. This study sought to understand the contribution made by the street trading enterprises in sustaining migrant street trader livelihoods and well-being in Durban. The Sustainable Livelihoods Framework (SLF) was applied as a conceptual framework to investigate the degree to which migrant street traders can improve their well-being and cope with the vulnerability context. The core elements of the SLF connect for migrant street traders to achieve desired livelihood outcomes. Using a case study research approach, the study sampled 12 migrant street traders for semi-structured interviews and 30 migrant street traders for the questionnaire. The study involved migrant street traders who sell clothing apparel at the Workshop flea market in the Durban CBD. The study applied a sequential mixed-method approach for data collection and data analysis. Empirical findings on quantitative data provided an insight into the different types of migrant street traders enterprises and the factors that propel migrant street traders to start street trading enterprises. Qualitative data provided insight that may not have been obtained by quantitative methods. Qualitative empirical finding’s inception point is the migration aspirations and opportunities of migrant street traders. The data highlights the role of networks in facilitating the migration process and providing support. Whilst the vulnerability context continuously poses major challenges for migrant street traders, the capital stocks from which migrant street traders draw from are crucial to deal with the shocks, seasonality, trends, and other challenges. Findings indicated the capitals enable migrant street traders to achieve a better life that they have reason to value, extend their capabilities, enhance well-being, and most of all achieve desired livelihood outcomes. The study revealed that social capital and human capital are crucial for sustaining livelihoods. Evidence from the study further revealed that street trading and the livelihoods of migrant street traders were highly dependent on the city they had chosen as their destination point when leaving the country of origin. Therefore, traders migrated toDurban not only for economic reasons but also for its geographic location and liveability. Although street trading operates in the vulnerability context, evidence from the study points to ways in which aspects of street trading in Durban may contribute to sustainable livelihoods and the enhanced well-being of migrants.

No description available.

[pt] Há diferentes tipos de investidores que compõem o mercado financeiro e produzem oportunidades de mercado em diferentes escalas de tempo. Isto evidencia uma estrutura heterogênea de mercado. Nesta tese conjecturamos que podem haver oportunidades mais preditivas do que outras, o que motiva a investigação e a construção de estratégias multirresolução. Para estratégias multirresolução há abordagens que utilizam a decomposição de séries temporais para a operação em resoluções distintas ou propostas para a construção de conjuntos de dados de acordo com decisões de negociação multirresolução. As demais estratégias, em sua maioria, são de resolução única. Nesta tese, abordamos dois problemas, maximização de retorno acumulado e maximização de retorno acumulado com o risco controlado, e propomos uma abordagem computacionalmente eficiente para a construção de estratégias multirresolução, a partir da resolução do problema de Agendamento de Intervalos Ponderados. Nossa metodologia consiste em dividir o dia de mercado em intervalos, especializar traders por intervalo e associar um prêmio a cada trader. Para o problema de maximização de retorno acumulado, o prêmio de cada trader corresponde ao retorno acumulado entre dias para o intervalo de operação associado. Para o problema de maximização de retorno acumulado com controle do risco, o prêmio de cada trader corresponde ao retorno acumulado dividido pelo risco para o intervalo de operação associado. Diferentemente do problema anterior, empregamos um conjunto de traders por intervalo e utilizamos o método de Média-Variância, de Markowitz, para encontrar pesos ótimos para conjunto de traders de forma a controlar o risco. Conjecturamos aqui que o controle do risco por intervalo acarreta no controle do risco global da estratégia para o dia. Para a sinalização das ordens de compra e venda, nossos traders utilizam detectores de oportunidades. Estes detectores utilizam algoritmos de Aprendizado de Máquina que processam informações de indicadores de análise técnica e dados de preço e volume. Realizamos experimentos para dez ativos de maior liquidez da BMF&Bovespa para um período de um ano. Nossa estratégia de Composição de um Time de Traders (CTT) apresenta 0, 24 por cento de lucro médio diário e 77, 24 por cento de lucro anual, superando em 300 por cento e 380 por cento, respectivamente, uma estratégia de resolução única. Para os custos adotados, a estratégia CTT é viável a partir de 50.000,00 dólares. Para o problema de maximização do retorno acumulado com risco controlado, a estratégia de Composição de Carteiras por Intervalos (CCI) apresenta em média 0, 179 por cento de lucro diário e 55, 85 por cento de lucro anual, superando o método de Média-Variância de Markowitz. Para os custos adotados, a estratégia CCI é viável a partir de 2.000.000,00 dólares. As principais contribuições desta tese são: abordagem por Agendamentos de Intervalos Ponderados para a construção de estratégias e o emprego do modelo de Média-Variância para compor uma carteira de traders ao invés da tradicional abordagem por ativos. / [en] There are different types of investors who make up the financial market and produce market opportunities at different time scales. This indicates a heterogeneous market structure. In this thesis, we conjecture that may have more predictive opportunities than others, what motivates research and construction of we denominate multirresolution optimal strategies. For multirresolution strategies there are time series decomposition approaches for operating at different resolutions or proposals for dataset construction according to multirresolution trading optimal decisions. The other approaches, are single resolution. Thus, we address two problems, maximizing cumulative returns and maximizing cumulative returns with risk control. Here, we propose solving the Weighted Interval Scheduling problem to build multirresolution strategies. Our methodology consists of dividing the market day into time intervals, specialize traders by interval and associate a prize to each trader. For the cumulative return maximization problem, the prize corresponds to cumulative returns between days for the associated trader operation interval. For the cumulative return maximization problem with risk control each trader prize corresponds to cumulative return divided by risk with associated operation interval. In order to control the risk, we employ a set of traders by interval and apply the Markowitz Mean-Variance method to find optimal weight for set of traders. Here, we conjecture that controlling each interval risk leads to the overall risk control of the day. For signaling buy and sell orders, our traders use opportunity detectors. These detectors correspond to Machine Learning algorithms that process technical analysis indicators, price and volume data. We conducted experiments for ten of the most liquid BMF&Bovespa stocks to a one year span. Our Trading Team Composition strategy results indicates an average of 0.24 per cent daily profit and a 77.24 per cent anual profit, exceeding by 300 per cent and 380 per cent, respectively, a single resolution strategy. Regarding operational costs, CTT strategy is viable from 50,000 dollars. For the cumulative return maximization problem under risk control, our Portfolio Composition by Intervals strategy results indicates an average of 0.179 per cent daily profit and a 55.85 per cent anual profit, exceeding a Markowitz Mean- Variance method. Regarding operational costs, CCI strategy is viable from 2,000,000 dollars. Our main contributions are: the Weighted Interval Scheduling approach for building multirresolution strategies and a portfolio composition of traders instead of stocks performances.