Impediments to Financial Trade: Theory and Applications

Impediments to Financial Trade : Theory and Applications ∗

We propose a tractable model of an informationally inefficient market featuring non-revealing prices, no noise traders, and general assumptions on preferences and payoff distributions. We show the equivalence between our model and a substantially simpler model whereby investors face distortionary investment taxes depending both on their identity and the asset class. This equivalence allows us t...

Impediments to Financial Trade: Theory and Measurement

We propose a tractable model of an informationally inefficient market. We show the equivalence between our model and a substantially simpler model whereby investors face distortive investment taxes depending both on their identity and the asset class. We use this equivalence to assess existing approaches to inferring whether individual investors have informational advantages (“skill”). We also ...

Measuring Trade Impediments to Services within APEC

The measurement of impediments to trade in services within the APEC region is addressed in this paper. This work builds upon major methodological and practical issues encountered in measuring such impediments in the 1995 PECC Survey of Impediments to Trade and Investment in the APEC Region. Conceptual and measurement issues in deriving partial equilibrium estimates of the effects of service tra...

Applications of subordination theory to starlike functions

Let $p$ be an analytic function defined on the open unit disc $mathbb{D}$ with $p(0)=1.$ The conditions on $alpha$ and $beta$ are derived for $p(z)$ to be subordinate to $1+4z/3+2z^{2}/3=:varphi_{C}(z)$ when $(1-alpha)p(z)+alpha p^{2}(z)+beta zp'(z)/p(z)$ is subordinate to $e^{z}$. Similar problems were investigated for $p(z)$ to lie in a region bounded by lemniscate of Bernoulli $|w^{2}-1|=1$ ...

Optical Elastography: From Theory to Clinical Applications