I analyze company news from Reuters with the ‘General Inquirer’ and relate measures of positive sentiment, negative sentiment and disagreement to abnormal stock returns, stock and option trading volume, the volatility spread and the CDS spread. I test hypotheses derived from market microstructure models. Consistent with these models, sentiment and disagreement are strongly related to trading vo...

The concealment of unauthorised trading by authorised users can deplete shareholders assets, devastate a company irrevocably and leave executives legally exposed if they have not taken relevant measures to ensure the security and integrity of corporate information resources. Thus, this paper exemplifies the workflow of an e-banking activity, the e-trading, and shows that integrity drifts are a ...

In the pre-World-War I period, lacking regulatory restrictions allowed ‘hidden’ mergers; however, some companies disclosed information voluntarily. I analyze insider gains by investigating the share price behavior prior to merger announcements. When companies hid information, stocks exhibited positive abnormal returns prior to newspaper reports that uncovered hidden transactions. My paper was p...

Informal" know-how trading is the extensive exchange of proprietary know-how by informal networks of process engineers in rival (and non-rival) firms. I have observed such know-how trading networks to be very active in the US steel minimill industry and elsewhere, and they appear to represent a novel form of cooperative R&D. When one examines informal know-how trading in the framework of a "Pri...

A seismic shift is taking place in the United States securities markets. The fault lines have been present for quite some time; however, it is only now, in the last few years that the ramifications of these displacements have been felt. The traditional approach to investing has gone from a focus on investing – namely examining companies to determine whether they will be a good long-term investm...

Concurrent with growth of long-distance trade in Britain in the seventeenth century was the use of the chartered company as the mechanism by which such trade with Africa, Asia, Russia, and North America was conducted. Indeed, these trading companies were analogs of modern multinationals with factories and agents located overseas. Because of their hierarchical structures, these companies faced p...

Recent times have seen the rate of adoption of EDI systems decrease significantly. In an attempt to develop widely accessible EDI systems companies are looking to the Internet and emerging standards for data transportation. An XML-based electronic trading system is an example of a system that facilitates Internet-based EDI transactions. The purpose of this research is to investigate the issues ...

Real market institutions, stock and commodity exchanges for example, do not occur in isolation. Company stock is frequently listed on several stock exchanges, and futures exchanges make it possible for dealers in a particular commodity to offset their risks by trading options in that commodity. While there has been extensive research into agent-based trading in individual markets, there is litt...