Price crashes, information aggregation, and market-making

Article Abstract:

An analysis of the activities of stockmarket traders reveals that information is always used by traders to earn profits by utilizing an appropriate pricing strategy. Stock price crashes are a large change in price which may start from a small change in the underlying market variables. It is a result of the discontinuity in the equilibrium price as a function of the order flow. The study reveals that traders are either noise makers or speculators and the activities of either one, when intensified, could result in stock price crashes.

Securities and Commodity Exchanges, Security and commodity exchanges, Securities Exchanges, Security brokers and dealers, Securities Brokerage, Securities Trading, Analysis, Stock-exchange, Stock exchanges, Exchanges, Practice, Securities industry, Market makers (Securities trading)

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Optimal consumption and portfolio choice with borrowing constraints

Article Abstract:

Stochastic dynamic control methods were used to analyze an optimal consumption-investment problem with borrowing constraints. By taking into consideration the overall assumptions regarding the utility function of an agent, such methods revealed the presence of optimal policies that can be conveyed as feedback functions of existing wealth. Furthermore, the continuous-time consumption-investments problems can be effectively assessed by using viscosity techniques.

Research, Economic aspects, Portfolio management, Investments, Consumption (Economics)

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Optimal environmental management in the presence of irreversibilities

Article Abstract:

Irreversible environmental changes are analysed in terms of economic theory.

Administration of Air and Water Resource and Solid Waste Management Programs, Environmental Programs, Management, Environmental aspects, Environmental policy, Environmental economics

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