In 003 the US Environmental Protection Agency (USEPA) created a Water Quality Trading Policy consistent with the Clean Water Act of 97 . Building on the successes of the National Pollutant Discharge Elimination System (NPDES) permit program to address point-source discharges and the Total Maximum Daily Load (TMDL) program, which established watershed pollution loads, water-quality trading was c...

If short sellers can destroy firm value by manipulating prices down in a “bear raid,” an informed blockholder has a powerful natural incentive to protect the value of his stake by trading against them. However, he also has an incentive to use his information to generate trading profits. We show that these conflicting objectives create a multiplier effect, whereby the buying quantity needed to d...

Nonpoint-source pollution remains a troubling source of water quality problems despite decades of economics research on the matter. Among the chief difficulties for addressing the issue are the property rights assignments implicit in the current policy environment that favor agricultural nonpoint-source pollution, the unobservability of field-level emissions, and complex fate and transport rela...

We study the effect(s) of volatility on share trading in dark pools by exploiting exogenous shock Covid-19 pandemic financial markets and regulatory restrictions trading. find that high levels lit exchanges is linked to an economically significant loss market exchanges. In line with theory, appears be driven informed traders’ migration from during periods. The quality implications dynamics are ...

In a durable good market where sellers have private information about quality, I identify certain problems in dynamic trading and sorting that arise in the presence of heterogeneity among buyers. Higher valuation buyers may have have lower incentive to wait to buy better quality at a later time period. As a result, even though higher quality sellers may wait to sell later at higher prices and d...

This paper evaluates the use of an artificial neural network within a stockmarket trading strategy. The neural network was previously developed by the same authors, and has been trained using fundamental, company specific data. This study sites the neural network within a trading context, and demonstrates it is capable of producing economically significant results after accounting for costs.

A major concern with tradable emission permits is that stochastic permit prices may reduce a firm’s incentive to invest in abatement capital or technologies relative to other policies such as a fixed emissions charge. However, under efficient permit trading, the permit price uncertainty is caused by abatement cost uncertainties which affect investment under both permit and charge policies. We d...