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We analyze how ETFs compete. Drawing on a new model and empirical analysis, we show that ETF secondary market liquidity plays a key role in determining fees. More liquid ETFs for a given index charge higher fees and attract short-horizon investors who are more sensitive to liquidity than to fees. Higher turnover from these investors sustains the ETF's high liquidity, allowing the ETF to extract a rent through its fee, and creating a first-mover advantage. Liquidity segmentation through clientele effects generates welfare losses. Our findings resolve the apparent paradox that higher-fee ETFs not only survive but also flourish in equilibrium. [ABSTRACT FROM AUTHOR]

We confirm prior evidence that bonds on average are offered at prices below their immediate post-offer secondary market prices. However, in cases where banks lead–manage their own bond offerings the underpricing is significantly less as compared with other non-self-marketed offerings. These findings are robust across various matched samples and selection models. Our results suggest that the bond offering process is characterized by substantive agency conflicts between shareholders of corporations (issuers) and underwriters. [ABSTRACT FROM AUTHOR]

Using novel shadow bank funding data, I find that shadow banks are funded by the very banks they compete with when originating mortgages. Evidence suggests that banks have market power in the upstream market for shadow banks' funding, which in turn softens mortgage market competition through their strategic behaviors in both markets. I build and calibrate a quantitative model of vertical integration and competition to show that those consumers who would most benefit from shadow bank services are the ones to bear the costs. Secondary market innovation could increase downstream competition by reducing shadow banks' reliance on their competitors. Authors have furnished an Internet Appendix , which is available on the Oxford University Press Web site next to the link to the final published paper online. [ABSTRACT FROM AUTHOR]

This article documents a robust pattern from diverse sequential bargaining settings: agents favor offers that split the difference between the previous two offers. Our empirical settings include used cars, insurance claims, home sale, trade tariffs, a TV game show, eBay, and auto‐rickshaws. These even‐split offers are more likely to be accepted, less likely to spur exit by the opponent, and more likely to be followed by subsequent split‐the‐difference offers if bargaining continues. We propose several theoretical frameworks to explain this behavior, including an inference argument under which split‐the‐difference offers can be viewed as an equal split of the potential surplus. [ABSTRACT FROM AUTHOR]

This paper analyses housing securitization in Brazil during 2007–2020 and provides three contributions to debates on the relations between the state and financialization in emerging markets. First, we highlight that the Brazilian state has gone far beyond the common role of market enabling, characterized by regulatory rollout and fiscal incentives. Instead, by acting as a market maker on the demand and supply side, it has provided the required liquidity and depth for the emerging segment of residential securitization. Unlike the financial disintermediation through private market makers such as brokerage houses and individual traders that provide risk-reduction, Brazilian securitization has unfolded through the issuance and acquisition of securities by the state's housing bank and its associated social housing fund. Second, unlike the speculative Minsky type of booms and busts that characterize privately-driven markets, state market making generates a trajectory that is associated with the capacity of governments to roll-out markets for residential securitization. While the social-developmental stance of the Lula and Dilma administrations have boosted securitization, the market-oriented austerity politics of the Temer and Bolsonaro administrations have quickly dried up secondary markets. Finally, while securitization was initially a means to the end of social housing, it seems increasingly the other way around. More specifically, considering that thick and consolidated secondary markets ultimately depend on the quality and stability of the underlying loans and income streams that originate operations, stricter risk reduction and guarantees clauses have gradually penetrated the social housing segment and threaten to undermine the right to secure tenure. [ABSTRACT FROM AUTHOR]

Secondary dwellings, from 'backyard' and basement units to converted garages or 'granny flats' are increasingly viewed as a potential source of lower cost rental accommodation. However, in many cities of the so-called global north, secondary dwellings are restricted under local planning rules designed to maintain lower density residential neighbourhoods. This article examines the outcome of planning reform to legalise secondary dwellings as a housing solution, in the state of New South Wales, Australia. Traditionally, secondary dwelling production has been seen as a form of unregulated/informal dwelling type. In response to a chronic shortage of affordable renting supply, this paper considers how the state has undertaken a process of deregulation of planning controls to permit secondary dwelling production. We call this an example of 'calculated informality'. We examine the case with reference to data on the geography and scale of secondary dwelling production, as well as interviews with secondary dwelling industry groups and local council officers responsible for enforcing planning regulation. Our analysis shows that deregulatory reform enabled an informal rental market in secondary dwellings to grow at scale; however, affordability and secure private rental outcomes remain unclear. [ABSTRACT FROM AUTHOR]

The premise of industrial symbiosis (IS) is that advancing a circular economy that reuses byproducts as inputs in production is valuable for the environment. We challenge this premise in a simple model. Ceteris paribus, IS is an environmentally friendly approach; however, implementing IS may introduce increased pollution into the market equilibrium. The reason for this is that producers' incentives for recycling can be triggered by the income gained from selling recycled waste in the secondary market and thereby may not align with environmental protection. That is, producers may boost production (and subsequent pollution) to sell byproducts without internalizing the pollution emitted in the primary industry or the recycling process. We compare the market solution to the social optimum and identify a key technology parameter (the share of reused byproducts) that may have mutual benefits for firms, consumers, and the environment. [ABSTRACT FROM AUTHOR]

Effective logistics management is crucial for the distribution of perishable agricultural products to ensure they reach customers in high-quality condition. This research examines an integrated, multi-echelon supply chain for perishable agricultural goods. The supply chain consists of four stages: supply, processing, storage, and customers. This study investigates the quality-related costs associated with product perishability to maximize supply chain profitability. Key factors considered include the network design, location of processing and distribution centers, the ability to process raw products to minimize post-harvest quality degradation, the option to sell the excess produce to a secondary market due to unpredictable yields, and the decision not to fulfill demand from distant customers where significant quality loss and price drops would be involved, instead diverting those products to the aforementioned secondary market. Quantitative methods and linear mathematical programming are employed to model and validate the proposed supply chain using actual data from a real-world case study on vegetable supply chains. The main contribution of this research is the incorporation of quality costs into the objective function, which allows the supply chain to prioritize meeting nearby customers' demands with minimal quality loss over serving distant customers where high quality loss is unavoidable. Additionally, deploying a faster transportation fleet can significantly improve the overall profitability of the perishable product supply chain. [ABSTRACT FROM AUTHOR]

There are studies on moonlighting, but literature is scarce on moonlighting wages and its determinants. To know the factors that influence the secondary job payments for higher education, this study selected a sample from all the public sector universities in Khyber Pakhtunkhwa, Pakistan in multi-stages with a total of 656 teachers. The independent variables consisted of the wage rate in the primary job, the income from all other sources, education level, job grade, supply of labour to the secondary market, experience, and the motives behind moonlighting. Outcomes of regression show that an hour increase in the supply of labour to the second job decreases the wage rate by nearly 15 rupees. The only motive for enjoying a second job is receiving a significantly high per-hour wage and this motive weakens the decreasing effect of increased supply to moonlighting jobs when estimated as the interaction between the two variables. Although a professor gets an 88-rupee higher wage than a non-professor, an increase in his supply of labour has a payment of 56 rupees in interaction effect. However, he gets a great amount if he increases his supply of labour because he enjoys the second job. In the case of education, positing only a master's degree results in a lesser wage than a higher degree. The results give useful insights into the higher education secondary market and wage determination. [ABSTRACT FROM AUTHOR]

Copyright of China Mining Magazine is the property of China Mining Magazine Co., Ltd. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Journal of Planning Education & Research is the property of Sage Publications Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Customers frequently gravitate toward unique products, and firms increasingly utilize mass customization strategies allowing customers to self-customize products according to their unique preferences. While existing research shows that customers are willing to pay extra for this uniqueness, the present investigation points to a potential cost of self-customization that has been largely overlooked thus far. Specifically, the authors argue that what creates value for the individual consumer-designer (i.e., the original customer of the self-customized product) might conversely be detrimental to potential customers on the secondhand market, particularly in the context of aesthetic (vs. functional) customization. Results of three distinct data sets (including an analysis of more than 500,000 preowned car sales listings) support this uniqueness-hurts-resale hypothesis and provide a series of more nuanced findings. Consistent with the theorizing and empirical studies, three follow-up experiments show that although consumer-designers' valuations are positively affected by uniqueness, uniqueness indeed negatively affects secondhand-market customers' willingness to pay. This is because the more unique a given configuration is to a given consumer-designer, the lower the likelihood that said design will meet secondhand-market customers' taste preferences. The findings point to a tension between maximizing utility at first purchase and minimizing the related cost of aesthetic customization at resale. [ABSTRACT FROM AUTHOR]

Many governments worldwide offer various types of consumer‐specific subsidy programs, such as a trade‐in subsidy (TS) program that targets existing consumers only, a consumption subsidy (CS) program that covers both new and existing consumers with undifferentiated subsidy levels, or a mixed subsidy (MS) program that targets the two consumer segments with differentiated subsidy levels. However, which program is more beneficial to social welfare and other stakeholders is largely unknown. In this paper, we establish a game‐theoretic model to explore the impacts of these subsidy programs on different stakeholders (i.e., the firm, consumers, the environment, and social welfare). Interestingly, we uncover that the TS and MS programs have equal effectiveness in stimulating demand (collecting old products) from existing consumers, whereas the CS and MS programs have relative advantages in expanding the total demand from both new and existing consumers. We further find that (i) when product durability is low, the flexible MS scheme can lead to a quadruple‐win for all stakeholders, (ii) when product durability is moderate, the MS scheme is better for social welfare and the environment, whereas the CS scheme benefits the firm and consumers more, and (iii) when product durability is high, the MS scheme can achieve a triple‐win for the firm, consumers, and social welfare, whereas the CS scheme is better for the environment. Moreover, we identify the differential impacts of each program on different stakeholders when considering that the earmarked subsidy is limited and a secondary market exists. Our findings not only shed light on why the TS, CS, and MS programs are all likely to be adopted in practice but also provide helpful guidelines for governments aiming to offer a more effective subsidy program. [ABSTRACT FROM AUTHOR]

Lenders writing loans in the peer-to-peer market carry risk with the anticipation of an expected return. In the current implementation, many lenders do not have an exit strategy beyond holding the loan for the full repayment term. Many would-be lenders are deterred by the risk of being stuck with an illiquid investment without a method for adjusting to overall economic conditions. This risk is a limiting factor for the overall number of loan transactions. This risk prevents funding for many applicants in need, while simultaneously steering capital towards other more liquid and mature markets. The underdeveloped valuation methods used presently in the peer-to-peer lending space present an opportunity for establishing a model for assigning value to loans. We provide a novel application of an established model for pricing peer-to-peer loans based on multiple factors common in all loans. The method can be used to give a value to a peer-to-peer loan which enables transactions. These transactions can potentially encourage participation and overall maturity in the secondary peer-to-peer loan trading market. We apply established valuation algorithms to peer-to-peer loans to provide a method for lenders to employ, enabling note trading in the secondary market. [ABSTRACT FROM AUTHOR]

Purpose: The aim of this article is to investigate perceptions of the income earned by couriers and drivers operating through digital labor platforms (DLPs), as well as to assess the future prospects for the development of this segment of the labor market. Design/methodology/approach: A critical review of literature and a diagnostic survey method. Findings: The digital platform segment exhibits features of a secondary labor market while Polish society largely remains unaware of this fact and uninterested in paying higher fees for courier and driver services. Growth of this segment is anticipated. Research limitations/implications: The typical imperfections of direct research. Moreover, conducting the internet-based survey narrows the sample of respondents to digitally included people only. Future research could investigate perspectives on the circumstances of online platform workers. This approach, however, is contingent on the development of platform work and the recognition of this phenomenon. Social implications: Providing an insight into the general working practices of couriers and drivers providing services via the app. Originality/value: The topic is relatively new, especially in the Polish public's awareness. The article as the first publication brings a presentation of Poles’ opinions on platform work with focus on couriers and drivers incomes. [ABSTRACT FROM AUTHOR]

The functioning of labour market in pre-industrial era is still a puzzling phenomenon. Using the payrolls of the Royal Palace of Palermo, this paper adopts a micro-data approach to disentangle how the labour market operated, focusing on the length of the working year and progression of careers. This paper provides three main insights. First, the estimates confirm the length of the working year, which is commonly assumed to be approximately 250 working days. Second, the primary labour market was segmented, and members of the guilds that belonged to a family network had faster career. Third, in the secondary market, unskilled workers who could not access the primary one were rewarded more time on the building site instead of a wage increase. [ABSTRACT FROM AUTHOR]

Until 29 December 2023 new miles on non-performing loans * PLs) and distressed debt trades had to be introduced into the local laws of all Member States of the EU. Such new rules establish new procedures for the servicing and collection of NPLs and distressed debt acquired after 29 December 2023 as well as new obligations for sellers and purchasers of NPLs and distressed debt, irrespective of whether the purchasers are resident in the EU. the UK, the US or elsewhere in the world. Purchasers of NPLs and distressed debt now need to appoint a licensed credit servicing institution for the acquired portfolios. Such new EU rules have been implemented in Germany through the German Secondary Credit Markets Act *reditzweitmarktgesetz) which came intoforce on 30 December 2023. [ABSTRACT FROM AUTHOR]

In this article, the authors analyze the role of ESG characteristics in equity performance at both the firm and sector levels. They also construct a comprehensive data set to analyze and link the ESG role in the private, primary, and secondary markets. They find that non-green equity outperforms green equity in both private and secondary markets. In the primary market, the non-green IPOs are issued at a discount, relative to green IPOs. Their analysis shows that green equity is relatively overvalued, relative to non-green equity at the time of the IPOs. Sector-level ESG information dominates firm-level ESG information in explaining the outperformance of non-green firms in both private and secondary markets. The valuation/change in cash multiple at IPO verifies the higher valuation of green equity relative to that of non-green equity. ESG characteristics of PE firms, when being evaluated at the IPO, are conditional on the healthy financial fundamentals of PE firms. [ABSTRACT FROM AUTHOR]

Simple Summary: Simple Summary: During the ethanol creation process, ethanol and ethanol co-products are created. Ethanol plants take these co-products and market them in a secondary market. While originally just additional revenue streams, coproducts have evolved into valuable commodities themselves. Analyzing existing research, the study finds that most of the current economic understanding is for distillers' grains, a common coproduct used in animal feed. Newer coproducts like pelletized or high-protein grains are less studied. Moreover, alternative uses for coproducts such as plastics and CO2 have remained largely unexplored. The research underscores the need for further investigation to optimize coproduct utilization and inform future decision-making. We suggest focusing on the economic pricing, marketing, and regulatory structure of newer ethanol co-products to add additional value to the ethanol industry. During the mid-2000s to the early 2010s, the domestic ethanol industry witnessed substantial growth, with ethanol coproducts emerging as vital elements for plant profitability and livestock feeding. Initially serving as supplementary revenue streams, coproducts from ethanol production have evolved into diverse value-added offerings, bolstering revenue streams, and sustaining profit margins. This study reviews existing economic research on ethanol coproducts, detailing methodologies, product focus, and research locations. Initially gathering 972 articles from 9 databases, 110 articles were synthesized. We find that most studies primarily examined the growth and future of the ethanol industry with a limited focus on specific coproducts. Feed-use distillers' grains, especially dried distillers' grains, were the most widely published while newer coproducts like pelletized, de-oiled, and high-protein distillers' grains were relatively understudied. Non-feed-use products were notably overlooked, highlighting the need for exploration beyond conventional applications. The evolving market landscape for ethanol co-products has surpassed published academic understanding of the economic tradeoffs necessitating further research into product dynamics, pricing, marketing, market structures, and regulatory frameworks. This highlights and underscores the importance of investigating value-added grains across diverse commodities and geographic contexts to inform strategic decision-making and policy formulation. [ABSTRACT FROM AUTHOR]

We investigate how internal distribution motives can affect the implementation of an important macroeconomic policy: capital controls. To do this, we study one of history's largest debt repatriations, which took place under strict capital controls in 1930s Germany, providing a wealth of quantitative and historical evidence. We show that the authorities kept private repatriations under strict control, thus avoiding detrimental macroeconomic effects, while allowing discretionary repatriations in order to reap internal political benefits. We formalize this mechanism in a model in which elite capture can affect optimal debt repatriations and the management of official reserves under capital controls. [ABSTRACT FROM AUTHOR]

We explore two recent phenomena in equity crowdfunding platforms: the development of dedicated secondary markets and the crucial role of institutional investors (lead investors in terms of pledge). First, we propose a theoretical model in which crowd and lead investors choose to finance campaigns posted by entrepreneurial firms that are heterogeneous with respect to their target and long-term return. We suppose that lead investors make huge pledges in the highest return campaigns but bear the cost of illiquidity whereas the crowd invests in all campaigns. The platform sets up a secondary market to enhance asset liquidity, but all entrepreneurial firms with successful campaign are not automatically listed. If they are listed, second-hand transactions send signals on the chance of success of the funded campaigns. Theoretical results show that increasing the number of lead investors or their pledge improves fundraising but always reduces access to the secondary market for some entrepreneurial firms. If the lead investors' cost of illiquidity is particularly low, it may even decrease the share of entrepreneurial firms that have access to the secondary market. We then test these predictions using data scraped from one of the most important ECF platforms that covers the period November 2018–October 2020. We empirically show that the number of lead investors and their pledge are positively correlated with the success of the fundraising campaign and negatively correlated with the access the entrepreneurial firms have to the secondary market. These results suggest that the illiquidity of shares is not of first importance for lead investors, who tend to make long-term commitments to crowdfunding campaigns. The implementation of secondary market is thus a useful tool to attract crowd investors but should be finely monitored by the platform to retain lead investors. Plain English Summary: The development of secondary markets and the increasing role of institutional investors (lead investors in terms of pledge) are recent phenomena in the world of equity crowdfunding platforms. We question why all funded entrepreneurial firms are not automatically listed when secondary markets open. Second-hand transactions offer a valuable exit option for investors but may send perturbing signals through too much price share volatility and possible loss of confidence from entrepreneurs and investors. The role of the platform is then to select funded campaigns authorized to be listed on its secondary market. We show both theoretically and empirically that increasing the number of lead investors or their pledge improves fundraising but surprisingly reduces access to the secondary market for some entrepreneurial firms. This suggests that the illiquidity of shares does not really matter for lead investors, who tend to make long-term commitments. In conclusion, our study provides practical implications for equity crowdfunding platforms that seek to organize the opening of secondary markets. [ABSTRACT FROM AUTHOR]

Online business-to-business auctions for used IT products have emerged as a viable market for finding a second life for these products, rather than having them end up in landfills as e-waste. As part of the growing "secondary market" landscape, these online B2B auctions are significantly affected by adverse selection since uncertainty about product quality from their first life remains in place. We study how these adverse selection costs may be identified and reduced in online B2B auctions for mobile phones using a proprietary data set for pallets of iPhone devices. We focus on the differences between carrier-locked and unlocked iPhones, and the degree to which the jailbreaking of devices may lead to adverse selection costs. We first show that uncertainty with respect to the possibility of jailbreaking-to-unlock induces significant adverse selection costs in this market. We identify a clear method that these adverse selection costs may be reduced through policies implemented in the primary market. We find that adverse selection costs exist with respect to jailbreaking-to-unlock, by comparing prices obtained for locked and unlocked devices, as well as pallets where this information is not disclosed. However, when some of the uncertainty surrounding jailbreaking-to-unlock is removed by virtue of an exogenous policy change implemented by Verizon in the primary market, i.e., to sell all iPhones as factory unlocked, adverse selection costs are significantly reduced. Our work has significant implications for enhancing the efficiency of secondary markets for IT products, by virtue of highlighting the connections between primary and secondary markets. Managerial and theoretical implications that emerge from this work are discussed in the paper. [ABSTRACT FROM AUTHOR]

Copyright of Ekonomista is the property of Polskie Towarzystwo Ekonomiczne & Institute of Economic Sciences of the Polish Academy of Sciences and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

This article explores the question of the compatibility of the paymentfunction of crypto-assets with their admission to trading. For the reasons explained below, this article argues that, by failing to exclude hybrid crypto-assets from admission to trading, the newly-enacted Markets in Crypto-Assets Regulation (MiCAR) exposes secondary markets to possible disruptions and market participants to sui generis counterparty and settlement risks. The article also proposes ways to fill regulatory gaps in terms of redeemability, tradability and investor protection, with regard to algorithmic crypto, reserve portfolio management and price stabilisation/arbitrage mechanisms. [ABSTRACT FROM AUTHOR]

This paper considers a two-echelon supply chain consisting of a manufacturer and a retailer in which the manufacturer faces a random production disruption risk. The manufacturer replenishes the unproduced items to fulfil the retailer's order from the secondary market at a higher price. To attract more customers, this paper considers a customer's demand dependent on product selling price, stock level, and freshness level of the fresh items. Furthermore, this paper considers preservation technology investment (PTI) to mitigate the deterioration rate of the items and carbon tax regulation to curb down carbon emissions revealed from the supply chain activities. The Stackelberg game approach with a leader–follower relationship is used considering the manufacturer as a leader and the retailer as a follower. Several theorems are developed to illustrate the concavity of the profit function and to find out the optimal solutions in which the objective is to maximize the manufacturer's total profit subject to the minimum total cost that the retailer is willing to incur. Several numerical examples are presented to illustrate the proposed models and the obtained results are compared for with and without carbon tax policy. Finally, sensitivity analysis with some key managerial insights is given to demonstrate the model. The results show that a product's freshness level influences consumers' decision to buy more, and that's why the freshness level is an important competitive tool to increase sales as well as the supply chain's total profit. [ABSTRACT FROM AUTHOR]

Purpose: The study examines the IPO resilience grounded on the firm's intrinsic factors. Design/methodology/approach: We examine the association of IPO performance and post-listing firm's performance with issuers' pre-listing financial and qualitative traits using panel data regression. Findings: IPOs floated in the Indian market from July 2009 to March 31, 2022, evince the notable influence of issuers' pre-IPO fundamentals and legitimacy traits on IPO returns and post-listing earning power. Where the pandemic's favorable impact is discerned on the post-listing year earning power of the issuer firms, the loss-making issuers appear to be adversely affected by the Covid disruption. Perhaps, the successful listing equipped the issuers with the financial flexibility to combat market challenges vis-à-vis failed issuers deprived of desired IPO proceeds. Research limitations/implications: High initial returns followed by a declining pattern substantiate the retail investors to be less informed vis-à-vis initial investors, valuers and underwriters, who exit post-listing after profit booking. Investing in the shares of the newly listed ventures post-listing in the secondary market can shield retail investors from the uncertainty losses of being uninformed. The IPO market needs stringent regulations ensuring the verification of the listing valuation, the firm's credentials and the intent of utilizing IPO proceeds. Healthy development of the IPO market merits reconsidering the listing of ventures with weak fundamentals suspected to withstand the market challenges. Originality/value: Given the tremendous rise in the new firm venturing into the primary market and the spike in IPOs countering the losses immediately post-opening, the study examines the loss-making and young firms IPOs separately, adding novelty to the study. [ABSTRACT FROM AUTHOR]

This paper investigates whether uncertainty and irreversibility affect new investments for high‐value real assets. We examine ocean‐going vessels and show that heightened uncertainty reduces both the likelihood of investment triggering and the magnitude of investment spending, conditional on triggering. These effects are more pronounced under an illiquid secondary ship market and a high price discount when reselling the vessel. We also show that uncertainty regarding the global economy and vessel‐specific earnings affect the investment decision, but the amplifying effect of investment reversibility operates only through global economic uncertainty. Our work is novel as it models periods of investment inactivity and examines investors' behaviour across vessel segments. [ABSTRACT FROM AUTHOR]

The aim of this research was to analyze the effects of revitalization activities performed in a selected historical urban layout using the mixed method in which statistical analysis was supported by Geographic Information System (GIS) tools on the price level of residential premises on the secondary market. The subject of the analyses is "Old" Nowa Huta (Krakow, Poland), which was designed as an ideal independent city in the mid-20th century. The analysis covered the period from January 1, 2007 to December 31, 2020. The conducted analyses have demonstrated that the transaction prices (and hence the value) of residential premises located in "Old" Nowa Huta increased during the performed revitalization activities. However, based on the results obtained, it could not be confirmed that this was the direct result of the revitalization itself, because the price level within the research site increased in proportion to the rising prices in the entire city. It seems, however, that although the changes in the quality of space in the analyzed area are not spectacular, they serve to improve the quality of life of the local community and are one of the ways to protect this historic urban layout. [ABSTRACT FROM AUTHOR]

Copyright of FinanzRundschau is the property of De Gruyter and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Computer und Recht is the property of De Gruyter and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Purpose: This paper aims to measure the trade price impact of a recent regulatory disclosure intervention in municipal securities secondary markets, which required broker-dealers to disclose securities trading information on a near-real-time and continuing basis. Design/methodology/approach: The author analyzes trade price outcomes in the preintervention and postintervention regimes using a suite of time series estimations that give heteroskedasticity-robust standard errors (Prais–Winsten and Cochrain–Orcutt), accommodate higher-order lag structure in the error term (autoregressive integrated moving average) and account for volatility clustering in the time series (generalized autoregressive conditional heteroskedasticity). Findings: Results show that regulatory disclosure intervention significantly improved trade price efficiency in municipal securities secondary markets as daily trade price differential and volatility both declined market-wide after the disclosure intervention. Research limitations/implications: The sample consists of trades in State of California general obligation bonds; therefore, empirical findings may not be generalizable to other states, local governments and different types of bonds. Practical implications: The findings highlight voluntary information disclosure as a practical and effective mechanism in disclosure regulation of municipal securities secondary markets. Originality/value: Only a small body of work exists that examines information disclosure regulation in municipal securities secondary markets; therefore, this paper expands knowledge on the topic and should provide renewed impetus for regulatory efforts aimed at improving the efficiency of municipal capital markets. [ABSTRACT FROM AUTHOR]

This paper aims to describe the role of financial market infrastructures (FMIs), specifically central securities depositories (CSD) and international CSDs (iCSDs), in supporting a sustainable financial transition. It starts by laying out the central role of these FMIs in the centre of the financial value chain, where it plays a critical role in ensuring the smooth and efficient functioning, as well as stability of financial markets. FMIs operate multilateral technology systems and funnel vast amounts of data across multiple markets, including emerging markets and developing economies (EMDEs). The paper then highlights acute challenges in funding sustainability projects in those emerging markets and the need for solutions that help attract private capital and international investors. To help address some of these challenges, a case study is presented of Euroclearability and the establishment of efficient FMIs and secondary markets, drawing lessons from its current impact as a potential solution to bridge EMDE financing gap. A study of the impact of Euroclearability shows an average reduction in sovereign borrowing costs by 28bps, and 14bps for corporate borrowing costs. Additionally, Euroclearability is associated with greater liquidity in domestic sovereign bond markets, leading to higher trading volumes and lower bond yields in secondary markets. Finally, the paper delves briefly into the ways FMIs are well positioned to capture regulatory data flow and sustainability data. With strong track records in managing and quality-assuring data, FMIs can improve the processing of ESG metrics, such as regulatory disclosures, and facilitate the use of these new metrics between market participants. [ABSTRACT FROM AUTHOR]

By allowing different agency mortgage-backed securities (MBS) to be traded based on limited characteristics, the to-be-announced (TBA) market generates liquidity and benefits the MBS market broadly. We quantify effects of the TBA structure on mortgage borrowers. Exploiting discontinuities in TBA eligibility, we estimate that TBA eligibility reduces mortgage rates by 7 to 28 basis points. The TBA eligibility benefit is larger for mortgages with higher expected prepayments. We also find that TBA eligibility affects refinancing, which has implications for monetary policy transmission. Our finding is relevant for housing policies, such as housing finance reforms and uniform MBS. Authors have furnished an Internet Appendix , which is available on the Oxford University Press Web site next to the link to the final published paper online. [ABSTRACT FROM AUTHOR]

The core argument of this paper is that thinking of modern economies, like that of the United States, the UK, Germany, and Japan, as "market" economies—a view presented in most of the standard economic texts that provide populations with their economic education—greatly oversimplifies the complex and varied ways that these economies actually use to organize and govern provision of the great variety of goods and services that serve their multiple needs and wants. These economies certainly do make extensive use of for-profit firms selling their wares on markets. However, even in sectors where market mechanisms are central, there almost always are important non-market mechanisms involved as well. And for many of the most important goods and services these economies provide and use, non-market institutions are central and market mechanisms secondary. It is important to recognize the oversimplification. It makes dealing with the problems in sectors whose performance is widely judged to be unsatisfactory much more difficult to resolve adequately. [ABSTRACT FROM AUTHOR]

In view of the phenomenon of price difference in the primary and secondary markets of the streetwear co-branded products, the price premium mechanism of the co-branded products in the primary and secondary markets is analyzed respectively through theoretical framework and data empirical evidence. It collected 356 co-branded products and transaction information of 8 main brands and 102 partner brands for empirical analysis. The results of correlation analysis and regression analysis show that there are differences in the price premium mechanism between the primary market and the secondary market. The primary market price is set by the brand considering the product cost, consumer demand and market competition, and the price premium is influenced by the partner brand luxury, the main brand awareness, the difference in brand type and the price of non-co-branded similar products. The secondary market price is a reflection of consumers' perception of the product value, and the price premium is influenced by the main brand awareness and the price of non-cobranded similar products, while the effects of partner brand luxury and brand type differences are not significant. This means that the "big money" co-branded strategy does not significantly improve the value of streetwear products, although it can improve product pricing. [ABSTRACT FROM AUTHOR]

We present a theory of monopoly protection by means of entry in adjacent markets that have a common customer base (i.e. envelopment). A firm dominant in its market enters a data-rich secondary market and engages in predatory pricing and privacy-policy tying. We define the latter as conditioning service provision to the subscription of a privacy policy that allows bundling of user data across all sources. Acquiring data from the secondary market confers an advantage in the data-intensive primary market that shields the dominant firm from entry, thus harming consumers. We discuss potential remedies, including data unbundling and portability. [ABSTRACT FROM AUTHOR]

This article shows how public offices in the early modern period became investment assets in Castile (Spain). Moreover, it demonstrates that offices fulfilled all the conditions for being viewed as safe assets. In particular, through the combination of qualitative sources with a novel hand‐collected database, it shows that offices did not suffer from adverse selection, were traded in liquid secondary markets, and increased their value during periods of economic distress. This research is a pioneer in revealing the existence in early modern times of a haven asset, other than coins and public debt, and showing at the same time the private financial uses of offices. [ABSTRACT FROM AUTHOR]

Over the past five years a significant number of technologies to conversion processes to yield new products high-value added petrochemical products have appeared: plastic waste can be returned for processing into value-added petrochemical products, including aromatic hydrocarbons, hydrogen, syngas, and bio feedstock using a variety of technologies including thermochemical, catalytic conversion, and chemolysis. The article discusses the market prospects for the processing of polymer waste and the production of secondary polymers and the regulation and incentive issues and presents the experience of LINK (the production and service center of the LUKOIL Company) on the treatment of polymer waste and assessment of the carbon footprint. [ABSTRACT FROM AUTHOR]

Promoting outflow from the welfare system has been one of the main objectives of activation‐focused welfare reforms implemented across Europe over the past decades, with the underlying assumption that labour market attachment is the route to self‐sufficiency. This article assesses this assumption by investigating the extent to which the propensities and determinants of welfare persistence and cycling are differential for native and second‐generation young adults located in the opposite ends of labour market structure. Using panel administrative data from the Statistics Netherlands (CBS), it follows the welfare‐to‐work transitions of Dutch native and second‐generation young adults in the Netherlands during a 6‐year observation period (2010–2015). Simultaneous effects of labour market segmentation and ethnic penalty are modelled using a first‐order Markov transition model that accounts for endogeneities from initial conditions and unobserved heterogeneity. The results suggest that welfare exit is not a good predictor of self‐sufficiency in the Dutch context, and there are differential prospects for achieving and sustaining self‐sufficiency among Dutch native and second‐generation young adults. A considerable degree of welfare persistence in the medium term and welfare cycling in the long term are found among individuals who had fallen out of self‐sufficiency. Such patterns of precarious welfare‐to‐work transitions are particularly common among non‐Dutch workers employed in the secondary labour market. [ABSTRACT FROM AUTHOR]