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Fractional trading (FT)—the ability to trade less than a whole share—removes barriers to high-priced stocks and facilitates entry by capital-constrained retail investors. We observe a surge of tiny trades, measured using off-exchange one-share trades, among high-priced stocks compared to low-priced stocks after FT is introduced to the U.S. equity markets. These tiny trades, when coordinated during attention-grabbing events, are forceful enough to exert large price pressure on high-priced stocks. Further evidence suggests that FT can even fuel meme-stock-like trading frenzies and bubbles in high-priced stocks, for which the feedback effect likely plays a role. (JEL G10, G12, G14, G18, G32, G41) [ABSTRACT FROM AUTHOR]

The infusion of algorithms into organizational fields—accelerated by advances in artificial intelligence—can have disruptive effects that trigger defensive responses. One important response involves establishing a boundary around an algorithm to delimit its interactions with its environment—in engineering terms, constructing an "envelope." Yet, we know little about the process through which such envelopes are constructed. We address this issue by exploring how institutional custodians construct envelopes around disruptive algorithms. We empirically examine custodians' responses to the high-frequency trading algorithms that disrupted the field of U.S. securities trading, focusing on the years 2009–2016. Our inductive analysis shows that custodians created an envelope with interconnected normative, governance, and practice "layers" that jointly constrained high-frequency trading. Each layer emerged as custodians "coupled" one element of the field (e.g., its values) to one aspect of the disruptive algorithms (e.g., their impacts). Our study contributes to research on the social dynamics of algorithms by generating novel theory of how envelopes around algorithms are constructed, and to research on institutional custodianship by highlighting the constructing of envelopes as a custodial response to a wide range of threats—including, but not restricted to, disruptive algorithms. [ABSTRACT FROM AUTHOR]

We argue that institutional brokerage networks facilitate liquidity provision and mitigate the price impact of large non-information-motivated trades. Using commissions, we map trading networks of mutual funds (institutions) and their brokers. Central funds (institutions) tend to outperform their peripheral counterparts in terms of return gap (execution shortfall). This outperformance is more pronounced when funds experience large outflows and for large trades in less liquid stocks. Central brokers can deliver superior trade execution compared to peripheral brokers, but mainly for central institutions. We use the collapse of Lehman Brothers as a quasi-natural experiment to establish the likely causality of our findings. [ABSTRACT FROM AUTHOR]

Combining experimental data sets from seven individual studies, including 255 asset markets with 2,031 participants, and 36,326 short-term price forecasts, we analyze the role of heterogeneity of beliefs in the organization of trading behavior by reproducing and reconsidering earlier experimental findings. Our results confirm prior evidence that price expectations affect trading behavior. However, heterogeneity in beliefs does not seem to drive overpricing and asset market bubbles, as suggested by earlier studies, and we find no indication of short-term beliefs being better determinants of trading behavior than longer-term beliefs. [ABSTRACT FROM AUTHOR]

We identify Industry-Neutral Self-Financed Informed Trading (INSFIT) as stock trades financed by offsetting, equivalent dollar-denominated stock trades in the same industry. Approximately 37% of short-term mutual fund trading profits can be attributed to these trade pairs. Consistent with informed trading, INSFIT precedes unusually high media coverage for the underlying stocks. The trades underlying INSFIT are also larger as the release of stock-level news becomes more imminent. Both relative valuation and the hedging of industry exposure motivate INSFIT's industry neutrality. While INSFIT positively impacts fund performance, active fund managers who execute INSFIT more aggressively obtain smaller trading profits per execution. [ABSTRACT FROM AUTHOR]

Momentum profits depend mainly on the short leg and therefore on barriers to short sales. Our research indicates that the decline in momentum profitability in the past 2 decades is driven partly by a contemporaneous growth in stock options trading. Stock options offer an alternative to short selling, augmenting the stock lending market, and thereby contributing to improved pricing efficiency. The resulting reduction in barriers to short sales contributes to lower returns to momentum trading from the short leg. Our results persist after matching stocks with and without options based on different firm-level characteristics. [ABSTRACT FROM AUTHOR]

A short squeeze occurs if borrowed shares are recalled and the short seller is unable to find another source of shares. This forces the short seller to terminate a position early. For most stocks, the probability of a short squeeze is very low. Short squeezes, however, are not unusual for the hardest to borrow stocks. For these stocks, trading costs from squeezes are high and have a significant impact on the returns to short selling. For hard-to-borrow stocks, short sellers also miss out on significant abnormal returns because squeezes force them to close positions. [ABSTRACT FROM AUTHOR]

Since 2015, the European Commission has sought to highlight the EU's promise of protection by introducing the idea of a "Security Union". This article examines how officials and bureaucrats within the European Commission make sense of this project. So far, the few explicit studies on the Security Union focus on its historical genesis and formal policy outputs and tend to view it as a symbolic and diffuse initiative that lacks coherent implementation and potentially undermines fundamental rights. The article goes beyond that by analysing how officials and bureaucrats in the EU's "engine room" perceive and deal with the Security Union. Drawing on research on the everyday dimensions of European integration and administrative bureaucracy, the article explores officials' views and self-understandings as well as their routines and interactions in their daily work. For this purpose, it uses novel empirical data from personal interviews with administrative officials in Brussels. On this basis, the study highlights the importance of skilled individuals and personal interactions that can have lasting impact even when formal institutional structures erode. Moreover, it shows how everyday exchanges and experiences within the Security Union context can change officials' self-understandings as security actors based on a broad security narrative. [ABSTRACT FROM AUTHOR]

The liberal model of globalization 1.0 has taken a hit in recent years beset by claims of deglobalization and slowbalization. This paper argues that deglobalization claims may be a premature verdict and globalization 1.0 is being replaced by a geoeconomic model of globalization 2.0. Globalization 1.0 assumes that the United States-led neoliberal project would develop seamless connections between trading nations. I suggest that globalization 2.0 eschews the building of this modality of connection as discourses about risks shift to discourses of transnational threats. [ABSTRACT FROM AUTHOR]

The shift of European countries to more environmentally friendly sources of energy is leading to an increase in the share of natural gas in the energy mix. At the same time, the flexibility and cost-effectiveness of maritime transport are making liquefied natural gas (LNG) more competitive compared to traditional forms of natural gas, despite recent geopolitical, health and economic events threatening its supply chain. The aim of this study is to analyze the European LNG import network using network theory indicators to identify trading communities in the network and to investigate the security of supply through network failure simulation. The network model was developed using a programming code in MATLAB R2022B software. The results of the analysis can be summarized as follows: (a) a shift in the center of gravity of LNG trade from the Mediterranean to the Atlantic shores was identified; (b) a gradual consolidation of Europe's import network was noted; (c) an increasing dependence of Europe on a limited number of countries was observed; and (d) the most critical nodes for network resilience were identified through modeling. Based on these findings, recommendations are proposed to strengthen Europe's energy security and independence. [ABSTRACT FROM AUTHOR]

The burgeoning demand for zirconium, driven by the rapid development of smart devices, low-carbon energy technologies, and other emerging industries, underscores the importance of understanding the dynamics of its global trade network. However, the evolutionary patterns of the international zircon ore trade network and its resilience to disruptions remain unclear. This study constructs the international zircon ore trade network from 2013 to 2022, analyzes its structural evolution at both the network and node levels, and evaluates its robustness in 2022 using five attack strategies: random node removal, random edge removal, edge degradation, targeted removal based on node degree, and targeted removal based on node betweenness centrality. Our findings reveal that: (1) the international zircon ore trade network exhibits a shift in the import market towards Asia, with the export market dominated by Spain, the United States, and Brazil. China plays a crucial role as a bridge connecting various countries, while Japan exerts significant influence within the network; (2) the network is particularly vulnerable to targeted attacks based on node degree and betweenness centrality, highlighting the potential for significant disruption following the removal of key nodes. This study provides valuable insights for ensuring the stable and sustainable supply and consumption of zirconium resources, informing the development of targeted policies for countries and relevant industries. [ABSTRACT FROM AUTHOR]

The increasing use of Automatic Dependent Surveillance-Broadcast (ADS-B) technology in flight control systems has created many serious concerns.These weaknesses threaten the security and safety of our aviation industry. Therefore, to enhance aviation control security and better deal with these problems, this research focuses on developing a strong ADS-B injection detection system. It combines XGBoost and Random Forest with Logistic Regression in an Ensemble Learning Meta-Learning Model to identify ADS-B injection risks and categorise them. Ensemble methods, which combine several models can increase the detection accuracy and robustness of the model used to identify the threat. In addition, Explainable AI (XAI) methods are employed to enhance the process of explaining how the model reaches its decisions and building trust in aviation security systems. The system's training, testing, and evaluation are conducted with ADS-B data. This result indicates that the Stacked Random Forest and XGBoost with Logistic Regression Meta-Learner with 99.60% accuracy, along with good recall rates (99.49%) and precision (99.41%). Also, aviation control authorities are reassured by the model's transparent and applicable decision logic through the application of XAI techniques. This research contributes to enhanced aviation security by proposing a new, highly accurate ADS-B injection detection system with explainable outcomes. A strategy like this can help flight control systems maintain integrity amidst an ever-digitising aviation reality. [ABSTRACT FROM AUTHOR]

The impacts of climate change materialize in different ways and are of varying magnitudes at different locations around the world. Adaptation is a global policy challenge because some of those impacts propagate across borders. The presence of borders influences the policy responses that may aim at preventing, alleviating, or exploiting the impacts. Yet the dynamics of responses to cross-border impacts have not been explored in research on policy coherence. We extend the analysis of climate policy coherence and integration to cover adaptation policies that are enacted at different but interacting geographical locations, proposing a conceptual approach how to do this. We illustrate our approach with examples of European Union (EU) policies related to the cross-border ramifications of climate change impacts originating in the Arctic. Our example highlights interconnections between climate change adaptation policy with foreign, security and trade policies. Since climate change impacts are transmitted through systems that cross borders, policymakers in the EU and elsewhere should recognize the links between policy domains with potential significance in responding to these propagating impacts. The policy responses of a recipient region at risk of such impacts are limited by jurisdictional borders. By explicitly recognizing elements of integration and coherence, more effective policy actions can be developed. Seeking coherence between climate and other policies between different regions, intertwined together via global networks of trade and other relations, should be a fundamental policy goal for the EU. Key policy insights New policies are needed to address the climate change impacts that are transmitted across jurisdictional borders. Coherence across policy domains that deal with cross-border issues helps in planning effective policy actions to address the challenges posed by cross-border climate change impacts. Integration of climate policy into other policy domains facilitates policy coherence by building a common base across policies and borders. Coherence of adaptation with other policies may be lacking, for example, when responding to opportunities and risks that climate change creates for resource exploitation. [ABSTRACT FROM AUTHOR]

This study investigates the interplay between illicit arms trade, transnational criminal networks and regional security in West Africa, with a particular focus on Nigeria. It examines the sources, drivers and actors involved, highlighting Nigeria's pivotal role as a source and transit point for illicit arms in the West African subregion. The research employs a mixed-methods approach, integrating qualitative and quantitative data for a comprehensive analysis. Thematic analysis of the data reveals the evolving tactics of transnational criminal networks, including their adaptation to countermeasures and their impact on local conflicts. Statistical methods further uncover previously underreported trends in arms trafficking routes. Notably, the study identifies a significant link between the influx of illicit arms and the intensification of sociopolitical instability in rural areas of Nigeria. The findings highlight the necessity for a multidimensional strategy that incorporates regional and international cooperation to dismantle these criminal networks and address the root causes of the illicit arms trade. [ABSTRACT FROM AUTHOR]

We study the effects of disclosure in a dynamic market with imperfect competition. The supply of an asset is determined by a large shareholder with price impact, who trades slowly to diversify away from concentrated ownership. Small investors provide capital and thus risk-bearing capacity to the market. Although it is well known that disclosure impedes risk sharing by shifting risk before future trading opportunities, we show that disclosure, at the same time, can enhance risk sharing by promoting more trades. Resolving this tradeoff, an interior level of disclosure quality maximizes the small investors' surplus as well as the total surplus, but minimizes the large shareholder's surplus. Further, efficient disclosure policies feature increasing quality over time. JEL Classifications: D80; E21; G12; L13; M41. [ABSTRACT FROM AUTHOR]

Copyright of Journal of Babylon Center for Humanities Studies is the property of Republic of Iraq Ministry of Higher Education & Scientific Research (MOHESR) and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Trade is increasingly securitized. Policymakers are rethinking old tools and creating new ones to address a range of concerns in the hopes of strengthening economic security. However, the concept of economic security has become so broad in usage that it blurs the line between economic challenges with a security dimension and essential security concerns that present existential threats. The prevalence of the security lens in trade discussions has narrowed that discourse and replaced a clear conceptual framework for international economic relations based on rules to one that is ad hoc, improvisational, sometimes contradictory, and largely incoherent in its actions. The fact that the United States and its major trading partners have varying conceptions of economic security has brought this issue front and center in modern trade debates. Through an examination of US trade policy developments, this paper argues that the securitization of trade in the US remains an unfinished project, and that views are mixed but evolving. Ultimately, the central point of tension between the US and its trading partners is resolving how economic security concerns can be integrated into the trading system without destroying it in the process. [ABSTRACT FROM AUTHOR]

U.S. equity exchanges have experienced a dramatic increase in competition from new entrants, resulting in the fragmentation of trading across venues. While market quality has generally improved over this period, we show most of the improvements have accrued to the largest stocks. We then show this bifurcation in market quality is related to the fragmentation of trading. Theoretically, more exchange competition should reduce trading costs, yet it may also increase adverse selection for liquidity providers, leading to higher spreads. We document evidence of both effects (fragmentation improves market quality for large stocks while small stocks experience relatively worse quality). [ABSTRACT FROM AUTHOR]

We document that a significant number of insiders violate the Securities and Exchange Commission (SEC) reporting requirements by filing open market transactions after the legally required deadline. Prior to the Sarbanes–Oxley Act (SOX), 29% of transactions fell outside the required reporting window. Following SOX, 8% are delinquent. Violations cluster in periods of high information asymmetry, incentivizing insiders to keep trades private and earn abnormal returns. Collectively, these findings suggest that a subgroup of insiders personally benefit from violating SEC disclosure requirements. Evidence also suggests that blockholders provide governance for violations. Guilty insiders experience a reduction in board seats and an increased likelihood of turnover. [ABSTRACT FROM AUTHOR]

Police militarization is prevalent worldwide. Despite growing interest in the consequences of militarization, few studies focus on its causes. Through the case of Brazilian municipal police forces, we explore the connection between partisan ideology and police militarization. Some research shows that leftist administrations in democracies are more likely to emphasize human rights and less likely to militarize the police. However, leftist administrations might militarize police forces more than centrist and right-wing parties to compensate for perceptions of lower competence to deal with security issues, especially when they face high levels of violent crime. Using inverse probability of treatment weights, we show an association between leftist mayors and higher militarization of municipal police forces. Furthermore, in contexts of high homicide rates, mayors of Brazil's leading leftist party, the Workers' Party, tend to militarize local police more than others. [ABSTRACT FROM AUTHOR]

Copyright of Journal of Finance & Financial Law / Finanse i Prawo Finansowe is the property of Wydawnictwo Uniwersytetu Lodzkiego and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

We offer several suggestions for researchers using corporate bond return data. First, despite clear instructions from older papers (e.g., Bessembinder et al., The Review of Financial Studies 22:4219–4258, 2009) about ways to compute credit excess returns, a lot of recent research simply subtracts a Treasury Bill return. We show that this imprecision is likely to contaminate inferences, as the rate component of returns is negatively correlated to the spread component. This is a problem for all research looking at corporate bond returns, especially time series analysis and safer corporate bonds (e.g., investment grade). We provide a simple approach using Wharton Research Data Services (WRDS) data to remove the interest rate component of corporate bond returns. Second, we note significant differences in the coverage of corporate bonds across the Trade Reporting and Compliance Engine (TRACE) platform and typical corporate bond indices. We provide some simple rules for researchers who are using TRACE to select a subset of bonds closest to those contained inside corporate bond indices used by institutional investors. Third, we note differential quality in the prices and hence returns between TRACE and typical corporate bond indices. Corporate bond returns provided by corporate bond indices (i) correctly estimate credit excess returns, (ii) are synchronous for the entire set of bonds, allowing for consistent cross-sectional comparability, and (iii) suffer less from stale pricing issues. Due to these coverage and data quality issues, researchers should try, where possible, to source return data from multiple sources to ensure the robustness of their results. [ABSTRACT FROM AUTHOR]

The Indo-Pacific region has become essential for global trade and security, with its significance increasing due to the emergence of China and India. ASEAN, as a regional organization consisting of ten Southeast Asian countries, plays a vital role in shaping the region's outlook by fostering regional cooperation, economic integration, and security. This paper explores the challenges and opportunities ASEAN faces in shaping the Indo-Pacific outlook and seeks strategies for ASEAN to effectively navigate diplomatic waters. Through a normative legal method, it is found that ASEAN encounters challenges such as conflicts involving major powers, potential disputes over member sovereignty, and the necessity to respond assertively to external pressures. ASEAN's inclusive and consensus-based approach is appreciated by many regional actors. The ASEAN Outlook on the Indo-Pacific (AOIP) emphasizes inclusivity and cooperation, aligning with the interests of both major powers and smaller states. To navigate diplomatic challenges and shape the Indo-Pacific outlook, ASEAN can actively participate in regional and international forums, promote dialogue and cooperation, and utilize its existing mechanisms and networks. [ABSTRACT FROM AUTHOR]

AbstractHow do perceived security threats shape individual preferences for international economic cooperation? Existing literature on individual trade and investment preferences reaches inconsistent conclusions, with evidence that individuals are alternately motivated by concerns about security externalities and hopes that economic cooperation will thwart future conflict. Using complementary survey experiments conducted in China (N = 1,140), India (N = 1,435), and the United States (N = 1,397), and focusing on security tensions in the US–China and China–India bilateral relationships, the article analyzes public support for bilateral trade and investment in the context of salient security fears. Results suggest that security fears motivate individual preferences for economic cooperation in complex ways: priming security fears increases individual support for broad measures of cooperation and trade, but also leads respondents to become more supportive of narrow measures of economic protectionism, including inward and outward investment restrictions and targeted export controls. These findings have several important implications. First, they add depth to existing theories of individual economic cooperation preferences, identifying the varied ways in which security fears affect economic preferences. Additionally, the results shed light on potential public opinion mechanisms behind the commercial peace phenomenon and suggest that this mechanism has declined in relevance as economic cooperation has become increasingly securitized. [ABSTRACT FROM AUTHOR]

Programmatic advertising has come to dominate the landscape of digital media planning. To prepare ad majors for their future careers in the industry, it is essential to teach students programmatic buying and provide them with hands-on experience. In this article, the authors present their approach of integrating teaching programmatic buying into a media planning course. A key feature of their educational package is a custom digital media buying tool developed by the authors. They hope this article will benefit other college educators in this field and spark further discussions on best teaching practices of programmatic buying and digital media planning. [ABSTRACT FROM AUTHOR]

This article interrogates the late colonial and postcolonial evolution of Sudan's security sector, trade unions, and professional associations. Specifically, this article is concerned with how Sudan's police and army responded to trade professional associations during the Joda Strike of 1956 and the October Revolution of 1964. Through these historical junctures, this article analyses the evolution and actions of the security forces through the lens of Anibal Qujano's study on the coloniality of power. In doing so, it interrogates the "modernist" development of power structures that emerged during the Anglo-Egyptian Condominium and in the post-independence period. In addition, this article draws on Sylvia Wynter and Walter Mignolo's discussions on epistemic decolonial practices. As such, this article argues that trade and professional organisations naturally responded to the coloniality of Sudan's security forces through epistemic decolonial practices. In doing so, they challenged the structures of domination embodied by the security forces, while simultaneously articulating their own narrative for Sudan's political, social, and economic future. Using archival sources and an extensive literature review, this article makes a significant contribution to African studies, decolonial studies, and postcolonial history by theoretically conceptualising the development of Sudan's coloniality of security and the epistemic responses of unions and associations. In doing so, it advances decolonial thought and advocates for a history from below approach in the fields of postcolonial literature, cultural studies, history, and political analysis. [ABSTRACT FROM AUTHOR]

This article examines the impact of ideational elements on state efforts to achieve regional integration, with a specific focus on Morocco's pursuit of membership in the Economic Community of West African States (ECOWAS). This study investigates how shared cultural heritage, historical narratives, and common views on principles such as free trade and security partnerships foster a sense of collective identity among states, thereby promoting deeper cooperation and integration within regions. However, conflicting ideologies can create obstacles to meaningful integration by breeding distrust and friction among participating states. This study argues that constructivism provides valuable insights into regional integration processes by emphasizing the importance of shared norms, identities, and social interactions among states. The analysis reveals thatMorocco's aspiration to align with the interests of other African states in ECOWAS and promote economic integration serves as the ideological basis for its pursuit of ECOWAS membership, viewing it as a symbol of African resurgence and a means to strengthen its regional position. Although Morocco's history, laws, society, and politics align with ECOWAS norms, the absence of provisions for new members in the ECOWAS Treaty presents a hurdle for Moroccan accession. Nevertheless, this article suggests that the ECOWAS Authority of the Heads of State and Government could potentially address this issue by establishing a supplementary protocol to admit Morocco, underscoring the significance of ideological factors in shaping regional integration processes and institutions. [ABSTRACT FROM AUTHOR]

The United Kingdom's main motivation for its engagement in the Indo-Pacific is commercial, alongside its contributions to regional security. In July 2024, a Labour government replaced the Conservative government. While the United Kingdom's commitment to the Indo-Pacific is expected to remain steadfast, managing the ongoing war in Europe and the expected impact of the incoming Trump presidency on transatlantic relations will challenge Labour for years to come. The United Kingdom's long-term interests in the Indo-Pacific must now be managed alongside these more pressing concerns. [ABSTRACT FROM AUTHOR]

Copyright of Middle East Journal of Legal & Jurisprudence Studies / Mağallaẗ al-Šarq al-Awsaṭ li-l-ʿulūm al-Qānūniyyaẗ wa-al-Fiqhiyyaẗ is the property of Manar Elsharq for Studies & Research and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Practitioners allocate substantial resources to technical analysis whereas academic theories of market efficiency rule out technical trading profitability. We study this long-standing puzzle by applying a diverse set of machine learning algorithms. The results show that an investor can find profitable technical trading rules using past prices, and that this out-of-sample profitability decreases through time, showing that markets have become more efficient over time. In addition, we find that the evolutionary genetic algorithm's attitude in not shying away from erroneous predictions gives it an edge in building profitable strategies compared to the strict loss-minimization-focused machine learning algorithms. [ABSTRACT FROM AUTHOR]