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What Happens when Separate and Unequal School Districts Merge? 当隔离和不平等的学区合并时会发生什么?
Queen’s Management School Research Paper Series Pub Date : 2020-06-22 DOI: 10.2139/ssrn.3636103
Robert Aue, Thilo Klein, J. Ortega
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引用次数: 12
Night Trading with Futures in China: The Case of Aluminum and Copper 中国期货的夜间交易:以铝和铜为例
Queen’s Management School Research Paper Series Pub Date : 2019-06-13 DOI: 10.2139/ssrn.3249598
Tony Klein, N. Todorova
{"title":"Night Trading with Futures in China: The Case of Aluminum and Copper","authors":"Tony Klein, N. Todorova","doi":"10.2139/ssrn.3249598","DOIUrl":"https://doi.org/10.2139/ssrn.3249598","url":null,"abstract":"We use high-frequency data to examine the effects of introducing an additional night trading session of four hours at the Shanghai Futures Exchange for Copper and Aluminum futures in December 2013. This additional trading session is shown to cause a structural break in the intraday behavior of prices. For Copper, the realized volatility of the regular session is endogenously determined while the night session is strongly driven by the immediately preceding realized volatility of the LME. In contrast, there is only little evidence for a directional spillover from the LME to SHFE for Aluminum futures. We find no indications that the SHFE is pulling volume from LME with the additional trading at night. Last, the now existing break between the day-time session and the night trading session is found to have significant informational content for Copper and Aluminum volatility and needs to be treated separately when extracting jump components from realized volatility.","PeriodicalId":233706,"journal":{"name":"Queen’s Management School Research Paper Series","volume":"9 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-06-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124835114","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 13
Floating Rate Notes and Stakeholder Activities During Zero and Negative Interest Rate Regimes 零利率和负利率制度下的浮动利率票据和利益相关者活动
Queen’s Management School Research Paper Series Pub Date : 2019-05-30 DOI: 10.2139/ssrn.3334896
Juergen Klaus, Ēriks K. Selga, Tony Klein
{"title":"Floating Rate Notes and Stakeholder Activities During Zero and Negative Interest Rate Regimes","authors":"Juergen Klaus, Ēriks K. Selga, Tony Klein","doi":"10.2139/ssrn.3334896","DOIUrl":"https://doi.org/10.2139/ssrn.3334896","url":null,"abstract":"We analyse the impact of stakeholder interactions with the market as a consequence of the negative interest rate regime on the pricing of selected Floating-rate notes (FRNs). The range of reactivity of financial markets and issuers to uncertainty caused by an untested boilerplate term in bond contracts are thoroughly outlined. The subject clause stipulates ‘not applicable’ as the minimum rate of interest, which raises confusion regarding payment obligations between issuers and investors. This is discussed from a legal perspective. Empirically, we find that markets do---to varying degrees---price stakeholder activities like court decisions, industry association statements, and public positions of sovereigns. In turn, issuers are willing to react to legal risks quickly, if costs of inertia are low. This is reflected also in the significant changes in the FRN issuance structure in the past few years. The announcement of further lower for longer rates in the Euro Area provides evidence that the FRN market appreciates the current protection of negative coupons even under a lower Euribor.","PeriodicalId":233706,"journal":{"name":"Queen’s Management School Research Paper Series","volume":"21 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-05-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132099570","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
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