Frontier Forts of Iowa: Indians, Traders, and Soldiers, 1632–1862

Informed Traders

An asymmetric information model is introduced for the situation in which there is a small agent who is more susceptible to the flow of information in the market than the general market participant, and who tries to implement strategies based on the additional information. In this model market participants have access to a stream of noisy information concerning the future return of an asset, whe...

Remote Roman Fortifications: The Forts of the Kharga Oasis

Geographical networks of British hill forts using intervisibility graphs

We present a range of exploratory methods at the intersection of geographical analysis and graph/network theory to investigate placement of Bronze age and Iron age hill forts in a landscape, utilising varying degrees of domain knowledge (expert/archaeologist). Techniques that we employ include: intervisibility/line-of-sight; visible area of hillforts; landcover and geomorphometrics; and network...

Do retail traders suffer from high frequency traders?

Using a change in regulatory fees in Canada in April 2012 that affected algorithmic quoting activities, we analyze the impact of high frequency quoting and trading on market quality, trader behavior, and trading costs and profits. Following the change, algorithmic message traffic, i.e. the number of orders, trades, and order cancellations, dropped by 30% and the bid-ask spread rose by 9%. Using...

Myopic Traders, Efficiency and Taxation

This paper explores the welfare implications of a securities transaction tax when informed traders act under short-term objectives. The model presented features speculators who can trade on information of differing time horizons, trade by fully rational uninformed agents, endogenous asset prices and profit maximising firms that can use information contained in stock prices to improve their inve...