CINXE.COM

<!DOCTYPE html> <html lang="en" xmlns:fb="http://www.facebook.com/2008/fbml" class="wf-loading"> <head prefix="og: https://ogp.me/ns# fb: https://ogp.me/ns/fb# academia: https://ogp.me/ns/fb/academia#"> <meta charset="utf-8"> <meta name=viewport content="width=device-width, initial-scale=1"> <meta rel="search" type="application/opensearchdescription+xml" href="/open_search.xml" title="Academia.edu"> <title>Foreign Exchange Market Research Papers - Academia.edu</title>  <link href="//a.academia-assets.com/images/favicons/favicon-production.ico" rel="shortcut icon" type="image/vnd.microsoft.icon"> <link rel="apple-touch-icon" sizes="57x57" href="//a.academia-assets.com/images/favicons/apple-touch-icon-57x57.png"> <link rel="apple-touch-icon" sizes="60x60" href="//a.academia-assets.com/images/favicons/apple-touch-icon-60x60.png"> <link rel="apple-touch-icon" sizes="72x72" href="//a.academia-assets.com/images/favicons/apple-touch-icon-72x72.png"> <link rel="apple-touch-icon" sizes="76x76" href="//a.academia-assets.com/images/favicons/apple-touch-icon-76x76.png"> <link rel="apple-touch-icon" sizes="114x114" href="//a.academia-assets.com/images/favicons/apple-touch-icon-114x114.png"> <link rel="apple-touch-icon" sizes="120x120" href="//a.academia-assets.com/images/favicons/apple-touch-icon-120x120.png"> <link rel="apple-touch-icon" sizes="144x144" href="//a.academia-assets.com/images/favicons/apple-touch-icon-144x144.png"> <link rel="apple-touch-icon" sizes="152x152" href="//a.academia-assets.com/images/favicons/apple-touch-icon-152x152.png"> <link rel="apple-touch-icon" sizes="180x180" href="//a.academia-assets.com/images/favicons/apple-touch-icon-180x180.png"> <link rel="icon" type="image/png" href="//a.academia-assets.com/images/favicons/favicon-32x32.png" sizes="32x32"> <link rel="icon" type="image/png" href="//a.academia-assets.com/images/favicons/favicon-194x194.png" sizes="194x194"> <link rel="icon" type="image/png" href="//a.academia-assets.com/images/favicons/favicon-96x96.png" sizes="96x96"> <link rel="icon" type="image/png" href="//a.academia-assets.com/images/favicons/android-chrome-192x192.png" sizes="192x192"> <link rel="icon" type="image/png" href="//a.academia-assets.com/images/favicons/favicon-16x16.png" sizes="16x16"> <link rel="manifest" href="//a.academia-assets.com/images/favicons/manifest.json"> <meta name="msapplication-TileColor" content="#2b5797"> <meta name="msapplication-TileImage" content="//a.academia-assets.com/images/favicons/mstile-144x144.png"> <meta name="theme-color" content="#ffffff"> <script> window.performance && window.performance.measure && window.performance.measure("Time To First Byte", "requestStart", "responseStart"); </script> <script> (function() { if (!window.URLSearchParams || !window.history || !window.history.replaceState) { return; } var searchParams = new URLSearchParams(window.location.search); var paramsToDelete = [ 'fs', 'sm', 'swp', 'iid', 'nbs', 'rcc', // related content category 'rcpos', // related content carousel position 'rcpg', // related carousel page 'rchid', // related content hit id 'f_ri', // research interest id, for SEO tracking 'f_fri', // featured research interest, for SEO tracking (param key without value) 'f_rid', // from research interest directory for SEO tracking 'f_loswp', // from research interest pills on LOSWP sidebar for SEO tracking 'rhid', // referrring hit id ]; if (paramsToDelete.every((key) => searchParams.get(key) === null)) { return; } paramsToDelete.forEach((key) => { searchParams.delete(key); }); var cleanUrl = new URL(window.location.href); cleanUrl.search = searchParams.toString(); history.replaceState({}, document.title, cleanUrl); })(); </script> <script async src="https://www.googletagmanager.com/gtag/js?id=G-5VKX33P2DS"></script> <script> window.dataLayer = window.dataLayer || []; function gtag(){dataLayer.push(arguments);} gtag('js', new Date()); gtag('config', 'G-5VKX33P2DS', { cookie_domain: 'academia.edu', send_page_view: false, }); gtag('event', 'page_view', { 'controller': "by_tag", 'action': "show_one", 'controller_action': 'by_tag#show_one', 'logged_in': 'false', 'edge': 'unknown', // Send nil if there is no A/B test bucket, in case some records get logged // with missing data - that way we can distinguish between the two cases. // ab_test_bucket should be of the form <ab_test_name>:<bucket> 'ab_test_bucket': null, }) </script> <script type="text/javascript"> window.sendUserTiming = function(timingName) { if (!(window.performance && window.performance.measure)) return; var entries = window.performance.getEntriesByName(timingName, "measure"); if (entries.length !== 1) return; var timingValue = Math.round(entries[0].duration); gtag('event', 'timing_complete', { name: timingName, value: timingValue, event_category: 'User-centric', }); }; window.sendUserTiming("Time To First Byte"); </script> <meta name="csrf-param" content="authenticity_token" /> <meta name="csrf-token" content="ZRjwTU52aJRh5XFbH2CgU-efa5NUT4x-ET3zamiKOBDkDZy_m_G18BFuN9wIsJYKgv5XQsmB54APgJ6ivs9vGw" /> <link href="/Documents/in/Foreign_Exchange_Market?after=50%2C23386128" rel="next" /><link crossorigin="" href="https://fonts.gstatic.com/" rel="preconnect" /><link href="https://fonts.googleapis.com/css2?family=DM+Sans:ital,opsz,wght@0,9..40,100..1000;1,9..40,100..1000&family=Gupter:wght@400;500;700&family=IBM+Plex+Mono:wght@300;400&family=Material+Symbols+Outlined:opsz,wght,FILL,GRAD@20,400,0,0&display=swap" rel="stylesheet" /><link rel="stylesheet" media="all" href="//a.academia-assets.com/assets/design_system/common-2b6f90dbd75f5941bc38f4ad716615f3ac449e7398313bb3bc225fba451cd9fa.css" /> <meta name="description" content="View Foreign Exchange Market Research Papers on Academia.edu for free." /> <meta name="google-site-verification" content="bKJMBZA7E43xhDOopFZkssMMkBRjvYERV-NaN4R6mrs" /> <script> var $controller_name = 'by_tag'; var $action_name = "show_one"; var $rails_env = 'production'; var $app_rev = '65688b5f01769e4981f5a2be5e5aa7813b2e8d05'; var $domain = 'academia.edu'; var $app_host = "academia.edu"; var $asset_host = "academia-assets.com"; var $start_time = new Date().getTime(); var $recaptcha_key = "6LdxlRMTAAAAADnu_zyLhLg0YF9uACwz78shpjJB"; var $recaptcha_invisible_key = "6Lf3KHUUAAAAACggoMpmGJdQDtiyrjVlvGJ6BbAj"; var $disableClientRecordHit = false; </script> <script> window.Aedu = { hit_data: null }; window.Aedu.SiteStats = {"premium_universities_count":14008,"monthly_visitors":"108 million","monthly_visitor_count":108476212,"monthly_visitor_count_in_millions":108,"user_count":283800134,"paper_count":55203019,"paper_count_in_millions":55,"page_count":432000000,"page_count_in_millions":432,"pdf_count":16500000,"pdf_count_in_millions":16}; window.Aedu.serverRenderTime = new Date(1740600184000); window.Aedu.timeDifference = new Date().getTime() - 1740600184000; window.Aedu.isUsingCssV1 = false; window.Aedu.enableLocalization = true; window.Aedu.activateFullstory = false; window.Aedu.serviceAvailability = { status: {"attention_db":"on","bibliography_db":"on","contacts_db":"on","email_db":"on","indexability_db":"on","mentions_db":"on","news_db":"on","notifications_db":"on","offsite_mentions_db":"on","redshift":"on","redshift_exports_db":"on","related_works_db":"on","ring_db":"on","user_tests_db":"on"}, serviceEnabled: function(service) { return this.status[service] === "on"; }, readEnabled: function(service) { return this.serviceEnabled(service) || this.status[service] === "read_only"; }, }; window.Aedu.viewApmTrace = function() { // Check if x-apm-trace-id meta tag is set, and open the trace in APM // in a new window if it is. var apmTraceId = document.head.querySelector('meta[name="x-apm-trace-id"]'); if (apmTraceId) { var traceId = apmTraceId.content; // Use trace ID to construct URL, an example URL looks like: // https://app.datadoghq.com/apm/traces?query=trace_id%31298410148923562634 var apmUrl = 'https://app.datadoghq.com/apm/traces?query=trace_id%3A' + traceId; window.open(apmUrl, '_blank'); } }; </script>  <link href="https://fonts.googleapis.com/css?family=Roboto:100,100i,300,300i,400,400i,500,500i,700,700i,900,900i" rel="stylesheet"> <link rel="preload" href="//maxcdn.bootstrapcdn.com/font-awesome/4.3.0/css/font-awesome.min.css" as="style" onload="this.rel='stylesheet'"> <link rel="stylesheet" media="all" href="//a.academia-assets.com/assets/libraries-a9675dcb01ec4ef6aa807ba772c7a5a00c1820d3ff661c1038a20f80d06bb4e4.css" /> <link rel="stylesheet" media="all" href="//a.academia-assets.com/assets/academia-1eb081e01ca8bc0c1b1d866df79d9eb4dd2c484e4beecf76e79a7806c72fee08.css" /> <link rel="stylesheet" media="all" href="//a.academia-assets.com/assets/design_system_legacy-056a9113b9a0f5343d013b29ee1929d5a18be35fdcdceb616600b4db8bd20054.css" /> <script src="//a.academia-assets.com/assets/webpack_bundles/runtime-bundle-005434038af4252ca37c527588411a3d6a0eabb5f727fac83f8bbe7fd88d93bb.js"></script> <script src="//a.academia-assets.com/assets/webpack_bundles/webpack_libraries_and_infrequently_changed.wjs-bundle-3d6a0fc1a24347dfb16a9ce3dfdd96bbf39cc6e1d390f2e12e20fc6249a397ed.js"></script> <script src="//a.academia-assets.com/assets/webpack_bundles/core_webpack.wjs-bundle-e3dc02fc8ca7230d51ed9d586e67606aa86cc41d5d96aec8224b0cfff74915da.js"></script> <script src="//a.academia-assets.com/assets/webpack_bundles/sentry.wjs-bundle-5fe03fddca915c8ba0f7edbe64c194308e8ce5abaed7bffe1255ff37549c4808.js"></script> <script> jade = window.jade || {}; jade.helpers = window.$h; jade._ = window._; </script>  <script id="tag-manager-head-root">(function(w,d,s,l,i){w[l]=w[l]||[];w[l].push({'gtm.start': new Date().getTime(),event:'gtm.js'});var f=d.getElementsByTagName(s)[0], j=d.createElement(s),dl=l!='dataLayer'?'&l='+l:'';j.async=true;j.src= 'https://www.googletagmanager.com/gtm.js?id='+i+dl;f.parentNode.insertBefore(j,f); })(window,document,'script','dataLayer_old','GTM-5G9JF7Z');</script>  <script> window.gptadslots = []; window.googletag = window.googletag || {}; window.googletag.cmd = window.googletag.cmd || []; </script> <script type="text/javascript"> // TODO(jacob): This should be defined, may be rare load order problem. // Checking if null is just a quick fix, will default to en if unset. // Better fix is to run this immedietely after I18n is set. if (window.I18n != null) { I18n.defaultLocale = "en"; I18n.locale = "en"; I18n.fallbacks = true; } </script> <link rel="canonical" href="https://www.academia.edu/Documents/in/Foreign_Exchange_Market" /> </head>   <body class='c-by_tag a-show_one logged_out u-bgColorWhite'>  <div id="fb-root"></div><script>window.fbAsyncInit = function() { FB.init({ appId: "2369844204", version: "v8.0", status: true, cookie: true, xfbml: true }); // Additional initialization code. if (window.InitFacebook) { // facebook.ts already loaded, set it up. window.InitFacebook(); } else { // Set a flag for facebook.ts to find when it loads. window.academiaAuthReadyFacebook = true; } };</script><script>window.fbAsyncLoad = function() { // Protection against double calling of this function if (window.FB) { return; } (function(d, s, id){ var js, fjs = d.getElementsByTagName(s)[0]; if (d.getElementById(id)) {return;} js = d.createElement(s); js.id = id; js.src = "//connect.facebook.net/en_US/sdk.js"; fjs.parentNode.insertBefore(js, fjs); }(document, 'script', 'facebook-jssdk')); } if (!window.defer_facebook) { // Autoload if not deferred window.fbAsyncLoad(); } else { // Defer loading by 5 seconds setTimeout(function() { window.fbAsyncLoad(); }, 5000); }</script> <div id="google-root"></div><script>window.loadGoogle = function() { if (window.InitGoogle) { // google.ts already loaded, set it up. window.InitGoogle("331998490334-rsn3chp12mbkiqhl6e7lu2q0mlbu0f1b"); } else { // Set a flag for google.ts to use when it loads. window.GoogleClientID = "331998490334-rsn3chp12mbkiqhl6e7lu2q0mlbu0f1b"; } };</script><script>window.googleAsyncLoad = function() { // Protection against double calling of this function (function(d) { var js; var id = 'google-jssdk'; var ref = d.getElementsByTagName('script')[0]; if (d.getElementById(id)) { return; } js = d.createElement('script'); js.id = id; js.async = true; js.onload = loadGoogle; js.src = "https://accounts.google.com/gsi/client" ref.parentNode.insertBefore(js, ref); }(document)); } if (!window.defer_google) { // Autoload if not deferred window.googleAsyncLoad(); } else { // Defer loading by 5 seconds setTimeout(function() { window.googleAsyncLoad(); }, 5000); }</script> <div id="tag-manager-body-root">  <noscript><iframe src="https://www.googletagmanager.com/ns.html?id=GTM-5G9JF7Z" height="0" width="0" style="display:none;visibility:hidden"></iframe></noscript>   <script> window.addEventListener('load', function() { if (document.querySelector('input[name="commit"]')) { document.querySelector('input[name="commit"]').addEventListener('click', function() { gtag('event', 'click', { event_category: 'button', event_label: 'Log In' }) }) } }); </script> </div> <script>var _comscore = _comscore || []; _comscore.push({ c1: "2", c2: "26766707" }); (function() { var s = document.createElement("script"), el = document.getElementsByTagName("script")[0]; s.async = true; s.src = (document.location.protocol == "https:" ? "https://sb" : "http://b") + ".scorecardresearch.com/beacon.js"; el.parentNode.insertBefore(s, el); })();</script><img src="https://sb.scorecardresearch.com/p?c1=2&c2=26766707&cv=2.0&cj=1" style="position: absolute; visibility: hidden" /> <div id='react-modal'></div> <div class='DesignSystem'> <a class='u-showOnFocus' href='#site'> Skip to main content </a> </div> <div id="upgrade_ie_banner" style="display: none;"><p>Academia.edu no longer supports Internet Explorer.</p><p>To browse Academia.edu and the wider internet faster and more securely, please take a few seconds to <a href="https://www.academia.edu/upgrade-browser">upgrade your browser</a>.</p></div><script>// Show this banner for all versions of IE if (!!window.MSInputMethodContext || /(MSIE)/.test(navigator.userAgent)) { document.getElementById('upgrade_ie_banner').style.display = 'block'; }</script> <div class="DesignSystem bootstrap ShrinkableNav no-sm no-md"><div class="navbar navbar-default main-header"><div class="container-wrapper" id="main-header-container"><div class="container"><div class="navbar-header"><div class="nav-left-wrapper u-mt0x"><div class="nav-logo"><a data-main-header-link-target="logo_home" href="https://www.academia.edu/"><img class="visible-xs-inline-block" style="height: 24px;" alt="Academia.edu" src="//a.academia-assets.com/images/academia-logo-redesign-2015-A.svg" width="24" height="24" /><img width="145.2" height="18" class="hidden-xs" style="height: 24px;" alt="Academia.edu" src="//a.academia-assets.com/images/academia-logo-redesign-2015.svg" /></a></div><div class="nav-search"><div class="SiteSearch-wrapper select2-no-default-pills"><form class="js-SiteSearch-form DesignSystem" action="https://www.academia.edu/search" accept-charset="UTF-8" method="get"><i class="SiteSearch-icon fa fa-search u-fw700 u-positionAbsolute u-tcGrayDark"></i><input class="js-SiteSearch-form-input SiteSearch-form-input form-control" data-main-header-click-target="search_input" name="q" placeholder="Search" type="text" value="" /></form></div></div></div><div class="nav-right-wrapper pull-right"><ul class="NavLinks js-main-nav list-unstyled"><li class="NavLinks-link"><a class="js-header-login-url Button Button--inverseGray Button--sm u-mb4x" id="nav_log_in" rel="nofollow" href="https://www.academia.edu/login">Log In</a></li><li class="NavLinks-link u-p0x"><a class="Button Button--inverseGray Button--sm u-mb4x" rel="nofollow" href="https://www.academia.edu/signup">Sign Up</a></li></ul><button class="hidden-lg hidden-md hidden-sm u-ml4x navbar-toggle collapsed" data-target=".js-mobile-header-links" data-toggle="collapse" type="button"><span class="icon-bar"></span><span class="icon-bar"></span><span class="icon-bar"></span></button></div></div><div class="collapse navbar-collapse js-mobile-header-links"><ul class="nav navbar-nav"><li class="u-borderColorGrayLight u-borderBottom1"><a rel="nofollow" href="https://www.academia.edu/login">Log In</a></li><li class="u-borderColorGrayLight u-borderBottom1"><a rel="nofollow" href="https://www.academia.edu/signup">Sign Up</a></li><li class="u-borderColorGrayLight u-borderBottom1 js-mobile-nav-expand-trigger"><a href="#">more&nbsp<span class="caret"></span></a></li><li><ul class="js-mobile-nav-expand-section nav navbar-nav u-m0x collapse"><li class="u-borderColorGrayLight u-borderBottom1"><a rel="false" href="https://www.academia.edu/about">About</a></li><li class="u-borderColorGrayLight u-borderBottom1"><a rel="nofollow" href="https://www.academia.edu/press">Press</a></li><li class="u-borderColorGrayLight u-borderBottom1"><a rel="false" href="https://www.academia.edu/documents">Papers</a></li><li class="u-borderColorGrayLight u-borderBottom1"><a rel="nofollow" href="https://www.academia.edu/terms">Terms</a></li><li class="u-borderColorGrayLight u-borderBottom1"><a rel="nofollow" href="https://www.academia.edu/privacy">Privacy</a></li><li class="u-borderColorGrayLight u-borderBottom1"><a rel="nofollow" href="https://www.academia.edu/copyright">Copyright</a></li><li class="u-borderColorGrayLight u-borderBottom1"><a rel="nofollow" href="https://www.academia.edu/hiring"><i class="fa fa-briefcase"></i> We're Hiring!</a></li><li class="u-borderColorGrayLight u-borderBottom1"><a rel="nofollow" href="https://support.academia.edu/hc/en-us"><i class="fa fa-question-circle"></i> Help Center</a></li><li class="js-mobile-nav-collapse-trigger u-borderColorGrayLight u-borderBottom1 dropup" style="display:none"><a href="#">less&nbsp<span class="caret"></span></a></li></ul></li></ul></div></div></div><script>(function(){ var $moreLink = $(".js-mobile-nav-expand-trigger"); var $lessLink = $(".js-mobile-nav-collapse-trigger"); var $section = $('.js-mobile-nav-expand-section'); $moreLink.click(function(ev){ ev.preventDefault(); $moreLink.hide(); $lessLink.show(); $section.collapse('show'); }); $lessLink.click(function(ev){ ev.preventDefault(); $moreLink.show(); $lessLink.hide(); $section.collapse('hide'); }); })() if ($a.is_logged_in() || false) { new Aedu.NavigationController({ el: '.js-main-nav', showHighlightedNotification: false }); } else { $(".js-header-login-url").attr("href", $a.loginUrlWithRedirect()); } Aedu.autocompleteSearch = new AutocompleteSearch({el: '.js-SiteSearch-form'});</script></div></div> <div id='site' class='fixed'> <div id="content" class="clearfix"> <script>document.addEventListener('DOMContentLoaded', function(){ var $dismissible = $(".dismissible_banner"); $dismissible.click(function(ev) { $dismissible.hide(); }); });</script> <div class="DesignSystem" style="margin-top:-40px"><div class="PageHeader"><div class="container"><div class="row"><style type="text/css">.sor-abstract { display: -webkit-box; overflow: hidden; text-overflow: ellipsis; -webkit-line-clamp: 3; -webkit-box-orient: vertical; }</style><div class="col-xs-12 clearfix"><div class="u-floatLeft"><h1 class="PageHeader-title u-m0x u-fs30">Foreign Exchange Market</h1><div class="u-tcGrayDark">10,107 Followers</div><div class="u-tcGrayDark u-mt2x">Recent papers in <b>Foreign Exchange Market</b></div></div></div></div></div></div><div class="TabbedNavigation"><div class="container"><div class="row"><div class="col-xs-12 clearfix"><ul class="nav u-m0x u-p0x list-inline u-displayFlex"><li class="active"><a href="https://www.academia.edu/Documents/in/Foreign_Exchange_Market">Top Papers</a></li><li><a href="https://www.academia.edu/Documents/in/Foreign_Exchange_Market/MostCited">Most Cited Papers</a></li><li><a href="https://www.academia.edu/Documents/in/Foreign_Exchange_Market/MostDownloaded">Most Downloaded Papers</a></li><li><a href="https://www.academia.edu/Documents/in/Foreign_Exchange_Market/MostRecent">Newest Papers</a></li><li><a class="" href="https://www.academia.edu/People/Foreign_Exchange_Market">People</a></li></ul></div><style type="text/css">ul.nav{flex-direction:row}@media(max-width: 567px){ul.nav{flex-direction:column}.TabbedNavigation li{max-width:100%}.TabbedNavigation li.active{background-color:var(--background-grey, #dddde2)}.TabbedNavigation li.active:before,.TabbedNavigation li.active:after{display:none}}</style></div></div></div><div class="container"><div class="row"><div class="col-xs-12"><div class="u-displayFlex"><div class="u-flexGrow1"><div class="works"><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_67660586" data-work_id="67660586" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" rel="nofollow" href="https://www.academia.edu/67660586/Modelling_the_trading_behaviour_in_high_frequency_markets">Modelling the trading behaviour in high-frequency markets</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">We use an agent-based approach to model trading behaviour in high-frequency markets. This study focuses on the Foreign Exchange (FX) market. The initial part of this study is to observe the micro-behaviour of traders to define the... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_67660586" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">We use an agent-based approach to model trading behaviour in high-frequency markets. This study focuses on the Foreign Exchange (FX) market. The initial part of this study is to observe the micro-behaviour of traders to define the stylized facts of their trading activities. This is performed using a high- frequency dataset of anonymised individual traders&amp;#39; historical transactions on an account</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/67660586" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="34683921" href="https://king-saud.academia.edu/MoniraAloud">Monira Aloud</a><script data-card-contents-for-user="34683921" type="text/json">{"id":34683921,"first_name":"Monira","last_name":"Aloud","domain_name":"king-saud","page_name":"MoniraAloud","display_name":"Monira Aloud","profile_url":"https://king-saud.academia.edu/MoniraAloud?f_ri=6961","photo":"/images/s65_no_pic.png"}</script></span></span></li><li class="js-paper-rank-work_67660586 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="67660586"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 67660586, container: ".js-paper-rank-work_67660586", }); });</script></li><li class="js-percentile-work_67660586 InlineList-item InlineList-item--bordered hidden u-tcGrayDark"><span class="percentile-widget hidden"><span class="u-mr2x percentile-widget" style="display: none">•</span><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 67660586; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-percentile-work_67660586"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></li><li class="js-view-count-work_67660586 InlineList-item InlineList-item--bordered hidden"><div><span><span class="js-view-count view-count u-mr2x" data-work-id="67660586"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 67660586; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=67660586]").text(description); $(".js-view-count-work_67660586").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_67660586").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="67660586"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">16</a>  </div><span class="InlineList-item-text u-textTruncate u-pl10x"><a class="InlineList-item-text" data-has-card-for-ri="26" rel="nofollow" href="https://www.academia.edu/Documents/in/Business">Business</a>, <script data-card-contents-for-ri="26" type="text/json">{"id":26,"name":"Business","url":"https://www.academia.edu/Documents/in/Business?f_ri=6961","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="2950" rel="nofollow" href="https://www.academia.edu/Documents/in/Computational_Modeling">Computational Modeling</a>, <script data-card-contents-for-ri="2950" type="text/json">{"id":2950,"name":"Computational Modeling","url":"https://www.academia.edu/Documents/in/Computational_Modeling?f_ri=6961","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="6961" rel="nofollow" href="https://www.academia.edu/Documents/in/Foreign_Exchange_Market">Foreign Exchange Market</a>, <script data-card-contents-for-ri="6961" type="text/json">{"id":6961,"name":"Foreign Exchange Market","url":"https://www.academia.edu/Documents/in/Foreign_Exchange_Market?f_ri=6961","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="7406" rel="nofollow" href="https://www.academia.edu/Documents/in/Agent_Based">Agent Based</a><script data-card-contents-for-ri="7406" type="text/json">{"id":7406,"name":"Agent Based","url":"https://www.academia.edu/Documents/in/Agent_Based?f_ri=6961","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=67660586]'), work: {"id":67660586,"title":"Modelling the trading behaviour in high-frequency markets","created_at":"2022-01-08T23:34:57.685-08:00","url":"https://www.academia.edu/67660586/Modelling_the_trading_behaviour_in_high_frequency_markets?f_ri=6961","dom_id":"work_67660586","summary":"We use an agent-based approach to model trading behaviour in high-frequency markets. This study focuses on the Foreign Exchange (FX) market. The initial part of this study is to observe the micro-behaviour of traders to define the stylized facts of their trading activities. This is performed using a high- frequency dataset of anonymised individual traders\u0026amp;#39; historical transactions on an account","downloadable_attachments":[],"ordered_authors":[{"id":34683921,"first_name":"Monira","last_name":"Aloud","domain_name":"king-saud","page_name":"MoniraAloud","display_name":"Monira Aloud","profile_url":"https://king-saud.academia.edu/MoniraAloud?f_ri=6961","photo":"/images/s65_no_pic.png"}],"research_interests":[{"id":26,"name":"Business","url":"https://www.academia.edu/Documents/in/Business?f_ri=6961","nofollow":true},{"id":2950,"name":"Computational Modeling","url":"https://www.academia.edu/Documents/in/Computational_Modeling?f_ri=6961","nofollow":true},{"id":6961,"name":"Foreign Exchange Market","url":"https://www.academia.edu/Documents/in/Foreign_Exchange_Market?f_ri=6961","nofollow":true},{"id":7406,"name":"Agent Based","url":"https://www.academia.edu/Documents/in/Agent_Based?f_ri=6961","nofollow":true},{"id":30485,"name":"Time series analysis","url":"https://www.academia.edu/Documents/in/Time_series_analysis?f_ri=6961"},{"id":48458,"name":"High Frequency","url":"https://www.academia.edu/Documents/in/High_Frequency?f_ri=6961"},{"id":56761,"name":"Agent Based Modelling","url":"https://www.academia.edu/Documents/in/Agent_Based_Modelling?f_ri=6961"},{"id":57433,"name":"Seasonality","url":"https://www.academia.edu/Documents/in/Seasonality?f_ri=6961"},{"id":85430,"name":"Multi Agent Systems","url":"https://www.academia.edu/Documents/in/Multi_Agent_Systems?f_ri=6961"},{"id":111071,"name":"Foreign Exchange","url":"https://www.academia.edu/Documents/in/Foreign_Exchange?f_ri=6961"},{"id":291387,"name":"Mathematical Model","url":"https://www.academia.edu/Documents/in/Mathematical_Model?f_ri=6961"},{"id":741144,"name":"Agent Based Model","url":"https://www.academia.edu/Documents/in/Agent_Based_Model?f_ri=6961"},{"id":1122591,"name":"Consumer Behaviour","url":"https://www.academia.edu/Documents/in/Consumer_Behaviour?f_ri=6961"},{"id":1375732,"name":"High Frequency Data","url":"https://www.academia.edu/Documents/in/High_Frequency_Data?f_ri=6961"},{"id":2036700,"name":"Trading Strategy","url":"https://www.academia.edu/Documents/in/Trading_Strategy?f_ri=6961"},{"id":2530405,"name":"stylized facts","url":"https://www.academia.edu/Documents/in/stylized_facts?f_ri=6961"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_38811436" data-work_id="38811436" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/38811436/Market_microstructure_effects_of_government_intervention_in_the_foreign_exchange_market">Market microstructure effects of government intervention in the foreign exchange market</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">INSEAD An asymmetric information model of the bid-ask spread is developed for foreign exchange market subject to occasional government interventions. Traditional tests of the unbiasedness of the forward rate as a predictor of the future... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_38811436" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">INSEAD An asymmetric information model of the bid-ask spread is developed for foreign exchange market subject to occasional government interventions. Traditional tests of the unbiasedness of the forward rate as a predictor of the future spot rate are shown to be inconsistent when the rates are measured as the average of their respective bid and ask quotes. Larger bid-ask spreads on Fridays are documented. Reliable evidence of asymmetric bid-ask spreads for all days of the week, albeit more pronounced on Fridays, are presented. The null hypotesis that the forward rate is an unbiased predictor of the future spot rate continues to be rejected. The regression slope coefficients increase toward unity, however, indicating a less variable risk premium.</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/38811436" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="b4b97253caffc98ba6a22aa71ca118b6" rel="nofollow" data-download="{"attachment_id":58904013,"asset_id":38811436,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/58904013/download_file?st=MTc0MDYwMDE4Myw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="109159191" href="https://independent.academia.edu/PeterBossaerts">Peter Bossaerts</a><script data-card-contents-for-user="109159191" type="text/json">{"id":109159191,"first_name":"Peter","last_name":"Bossaerts","domain_name":"independent","page_name":"PeterBossaerts","display_name":"Peter Bossaerts","profile_url":"https://independent.academia.edu/PeterBossaerts?f_ri=6961","photo":"/images/s65_no_pic.png"}</script></span></span></li><li class="js-paper-rank-work_38811436 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="38811436"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 38811436, container: ".js-paper-rank-work_38811436", }); });</script></li><li class="js-percentile-work_38811436 InlineList-item InlineList-item--bordered hidden u-tcGrayDark"><span class="percentile-widget hidden"><span class="u-mr2x percentile-widget" style="display: none">•</span><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 38811436; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-percentile-work_38811436"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></li><li class="js-view-count-work_38811436 InlineList-item InlineList-item--bordered hidden"><div><span><span class="js-view-count view-count u-mr2x" data-work-id="38811436"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 38811436; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=38811436]").text(description); $(".js-view-count-work_38811436").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_38811436").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="38811436"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">8</a>  </div><span class="InlineList-item-text u-textTruncate u-pl9x"><a class="InlineList-item-text" data-has-card-for-ri="6208" rel="nofollow" href="https://www.academia.edu/Documents/in/Economic_Theory">Economic Theory</a>, <script data-card-contents-for-ri="6208" type="text/json">{"id":6208,"name":"Economic Theory","url":"https://www.academia.edu/Documents/in/Economic_Theory?f_ri=6961","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="6961" rel="nofollow" href="https://www.academia.edu/Documents/in/Foreign_Exchange_Market">Foreign Exchange Market</a>, <script data-card-contents-for-ri="6961" type="text/json">{"id":6961,"name":"Foreign Exchange Market","url":"https://www.academia.edu/Documents/in/Foreign_Exchange_Market?f_ri=6961","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="7293" rel="nofollow" href="https://www.academia.edu/Documents/in/Market_Microstructure">Market Microstructure</a>, <script data-card-contents-for-ri="7293" type="text/json">{"id":7293,"name":"Market Microstructure","url":"https://www.academia.edu/Documents/in/Market_Microstructure?f_ri=6961","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="27659" rel="nofollow" href="https://www.academia.edu/Documents/in/Applied_Economics">Applied Economics</a><script data-card-contents-for-ri="27659" type="text/json">{"id":27659,"name":"Applied Economics","url":"https://www.academia.edu/Documents/in/Applied_Economics?f_ri=6961","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=38811436]'), work: {"id":38811436,"title":"Market microstructure effects of government intervention in the foreign exchange market","created_at":"2019-04-15T00:13:26.058-07:00","url":"https://www.academia.edu/38811436/Market_microstructure_effects_of_government_intervention_in_the_foreign_exchange_market?f_ri=6961","dom_id":"work_38811436","summary":"INSEAD An asymmetric information model of the bid-ask spread is developed for foreign exchange market subject to occasional government interventions. Traditional tests of the unbiasedness of the forward rate as a predictor of the future spot rate are shown to be inconsistent when the rates are measured as the average of their respective bid and ask quotes. Larger bid-ask spreads on Fridays are documented. Reliable evidence of asymmetric bid-ask spreads for all days of the week, albeit more pronounced on Fridays, are presented. The null hypotesis that the forward rate is an unbiased predictor of the future spot rate continues to be rejected. The regression slope coefficients increase toward unity, however, indicating a less variable risk premium.","downloadable_attachments":[{"id":58904013,"asset_id":38811436,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":109159191,"first_name":"Peter","last_name":"Bossaerts","domain_name":"independent","page_name":"PeterBossaerts","display_name":"Peter Bossaerts","profile_url":"https://independent.academia.edu/PeterBossaerts?f_ri=6961","photo":"/images/s65_no_pic.png"}],"research_interests":[{"id":6208,"name":"Economic Theory","url":"https://www.academia.edu/Documents/in/Economic_Theory?f_ri=6961","nofollow":true},{"id":6961,"name":"Foreign Exchange Market","url":"https://www.academia.edu/Documents/in/Foreign_Exchange_Market?f_ri=6961","nofollow":true},{"id":7293,"name":"Market Microstructure","url":"https://www.academia.edu/Documents/in/Market_Microstructure?f_ri=6961","nofollow":true},{"id":27659,"name":"Applied Economics","url":"https://www.academia.edu/Documents/in/Applied_Economics?f_ri=6961","nofollow":true},{"id":103368,"name":"Financial Studies","url":"https://www.academia.edu/Documents/in/Financial_Studies?f_ri=6961"},{"id":160127,"name":"Asymmetric Information","url":"https://www.academia.edu/Documents/in/Asymmetric_Information?f_ri=6961"},{"id":852445,"name":"Government Intervention","url":"https://www.academia.edu/Documents/in/Government_Intervention?f_ri=6961"},{"id":1296794,"name":"Equity Risk Premium","url":"https://www.academia.edu/Documents/in/Equity_Risk_Premium?f_ri=6961"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_1639924" data-work_id="1639924" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/1639924/Causal_relationship_between_stock_prices_and_exchange_rates">Causal relationship between stock prices and exchange rates</a></div></div><div class="u-pb4x u-mt3x"></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/1639924" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="e8ca05b9e1219287374afe058503c6ec" rel="nofollow" data-download="{"attachment_id":50889285,"asset_id":1639924,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/50889285/download_file?st=MTc0MDYwMDE4Myw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="1918809" href="https://rhodes-za.academia.edu/PaulAlagidede">Paul Alagidede</a><script data-card-contents-for-user="1918809" type="text/json">{"id":1918809,"first_name":"Paul","last_name":"Alagidede","domain_name":"rhodes-za","page_name":"PaulAlagidede","display_name":"Paul Alagidede","profile_url":"https://rhodes-za.academia.edu/PaulAlagidede?f_ri=6961","photo":"/images/s65_no_pic.png"}</script></span></span></li><li class="js-paper-rank-work_1639924 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="1639924"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 1639924, container: ".js-paper-rank-work_1639924", }); });</script></li><li class="js-percentile-work_1639924 InlineList-item InlineList-item--bordered hidden u-tcGrayDark"><span class="percentile-widget hidden"><span class="u-mr2x percentile-widget" style="display: none">•</span><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 1639924; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-percentile-work_1639924"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></li><li class="js-view-count-work_1639924 InlineList-item InlineList-item--bordered hidden"><div><span><span class="js-view-count view-count u-mr2x" data-work-id="1639924"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 1639924; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=1639924]").text(description); $(".js-view-count-work_1639924").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_1639924").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="1639924"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">9</a>  </div><span class="InlineList-item-text u-textTruncate u-pl9x"><a class="InlineList-item-text" data-has-card-for-ri="6961" rel="nofollow" href="https://www.academia.edu/Documents/in/Foreign_Exchange_Market">Foreign Exchange Market</a>, <script data-card-contents-for-ri="6961" type="text/json">{"id":6961,"name":"Foreign Exchange Market","url":"https://www.academia.edu/Documents/in/Foreign_Exchange_Market?f_ri=6961","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="27659" rel="nofollow" href="https://www.academia.edu/Documents/in/Applied_Economics">Applied Economics</a>, <script data-card-contents-for-ri="27659" type="text/json">{"id":27659,"name":"Applied Economics","url":"https://www.academia.edu/Documents/in/Applied_Economics?f_ri=6961","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="29156" rel="nofollow" href="https://www.academia.edu/Documents/in/Stock_Market">Stock Market</a>, <script data-card-contents-for-ri="29156" type="text/json">{"id":29156,"name":"Stock Market","url":"https://www.academia.edu/Documents/in/Stock_Market?f_ri=6961","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="40867" rel="nofollow" href="https://www.academia.edu/Documents/in/United_Kingdom">United Kingdom</a><script data-card-contents-for-ri="40867" type="text/json">{"id":40867,"name":"United Kingdom","url":"https://www.academia.edu/Documents/in/United_Kingdom?f_ri=6961","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=1639924]'), work: {"id":1639924,"title":"Causal relationship between stock prices and exchange rates","created_at":"2012-06-10T04:17:57.574-07:00","url":"https://www.academia.edu/1639924/Causal_relationship_between_stock_prices_and_exchange_rates?f_ri=6961","dom_id":"work_1639924","summary":null,"downloadable_attachments":[{"id":50889285,"asset_id":1639924,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":1918809,"first_name":"Paul","last_name":"Alagidede","domain_name":"rhodes-za","page_name":"PaulAlagidede","display_name":"Paul Alagidede","profile_url":"https://rhodes-za.academia.edu/PaulAlagidede?f_ri=6961","photo":"/images/s65_no_pic.png"}],"research_interests":[{"id":6961,"name":"Foreign Exchange Market","url":"https://www.academia.edu/Documents/in/Foreign_Exchange_Market?f_ri=6961","nofollow":true},{"id":27659,"name":"Applied Economics","url":"https://www.academia.edu/Documents/in/Applied_Economics?f_ri=6961","nofollow":true},{"id":29156,"name":"Stock Market","url":"https://www.academia.edu/Documents/in/Stock_Market?f_ri=6961","nofollow":true},{"id":40867,"name":"United Kingdom","url":"https://www.academia.edu/Documents/in/United_Kingdom?f_ri=6961","nofollow":true},{"id":128830,"name":"Granger causality","url":"https://www.academia.edu/Documents/in/Granger_causality?f_ri=6961"},{"id":161176,"name":"The","url":"https://www.academia.edu/Documents/in/The?f_ri=6961"},{"id":228986,"name":"Exchange rate","url":"https://www.academia.edu/Documents/in/Exchange_rate?f_ri=6961"},{"id":489225,"name":"Stock Price","url":"https://www.academia.edu/Documents/in/Stock_Price?f_ri=6961"},{"id":1119231,"name":"Granger Causality Test","url":"https://www.academia.edu/Documents/in/Granger_Causality_Test?f_ri=6961"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_23386098" data-work_id="23386098" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/23386098/Forecasting_financial_market_volatility_Sample_frequency_vis_%C3%A0_vis_forecast_horizon">Forecasting financial market volatility: Sample frequency vis-à-vis forecast horizon</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">This paper explores the return volatility predictability inherent in high-frequency speculative returns. Our analysis focuses on a refinement of the more traditional volatility measures, the integrated Õolatility, which links the notion... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_23386098" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">This paper explores the return volatility predictability inherent in high-frequency speculative returns. Our analysis focuses on a refinement of the more traditional volatility measures, the integrated Õolatility, which links the notion of volatility more directly to the return variance over the relevant horizon. In our empirical analysis of the foreign exchange market the integrated volatility is conveniently approximated by a cumulative sum of the squared intraday returns. Forecast horizons ranging from short intraday to 1-month intervals are investigated. We document that standard volatility models generally provide good forecasts of this economically relevant volatility measure. Moreover, the use of highfrequency returns significantly improves the longer run interdaily volatility forecasts, both in theory and practice. The results are thus directly relevant for general research methodology as well as industry applications. q 1999 Elsevier Science B.V. All rights reserved. JEL classification: C15; C22; G15</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/23386098" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="16f13e19ba2317fd3b75b473ea680fa7" rel="nofollow" data-download="{"attachment_id":43834917,"asset_id":23386098,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/43834917/download_file?st=MTc0MDYwMDE4Myw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="45332971" href="https://independent.academia.edu/TimBollerslev">Tim Bollerslev</a><script data-card-contents-for-user="45332971" type="text/json">{"id":45332971,"first_name":"Tim","last_name":"Bollerslev","domain_name":"independent","page_name":"TimBollerslev","display_name":"Tim Bollerslev","profile_url":"https://independent.academia.edu/TimBollerslev?f_ri=6961","photo":"/images/s65_no_pic.png"}</script></span></span></li><li class="js-paper-rank-work_23386098 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="23386098"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 23386098, container: ".js-paper-rank-work_23386098", }); });</script></li><li class="js-percentile-work_23386098 InlineList-item InlineList-item--bordered hidden u-tcGrayDark"><span class="percentile-widget hidden"><span class="u-mr2x percentile-widget" style="display: none">•</span><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 23386098; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-percentile-work_23386098"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></li><li class="js-view-count-work_23386098 InlineList-item InlineList-item--bordered hidden"><div><span><span class="js-view-count view-count u-mr2x" data-work-id="23386098"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 23386098; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=23386098]").text(description); $(".js-view-count-work_23386098").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_23386098").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="23386098"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">13</a>  </div><span class="InlineList-item-text u-textTruncate u-pl10x"><a class="InlineList-item-text" data-has-card-for-ri="747" rel="nofollow" href="https://www.academia.edu/Documents/in/Econometrics">Econometrics</a>, <script data-card-contents-for-ri="747" type="text/json">{"id":747,"name":"Econometrics","url":"https://www.academia.edu/Documents/in/Econometrics?f_ri=6961","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="1664" rel="nofollow" href="https://www.academia.edu/Documents/in/Empirical_Finance">Empirical Finance</a>, <script data-card-contents-for-ri="1664" type="text/json">{"id":1664,"name":"Empirical Finance","url":"https://www.academia.edu/Documents/in/Empirical_Finance?f_ri=6961","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="2065" rel="nofollow" href="https://www.academia.edu/Documents/in/Research_Methodology">Research Methodology</a>, <script data-card-contents-for-ri="2065" type="text/json">{"id":2065,"name":"Research Methodology","url":"https://www.academia.edu/Documents/in/Research_Methodology?f_ri=6961","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="6961" rel="nofollow" href="https://www.academia.edu/Documents/in/Foreign_Exchange_Market">Foreign Exchange Market</a><script data-card-contents-for-ri="6961" type="text/json">{"id":6961,"name":"Foreign Exchange Market","url":"https://www.academia.edu/Documents/in/Foreign_Exchange_Market?f_ri=6961","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=23386098]'), work: {"id":23386098,"title":"Forecasting financial market volatility: Sample frequency vis-à-vis forecast horizon","created_at":"2016-03-17T15:06:19.051-07:00","url":"https://www.academia.edu/23386098/Forecasting_financial_market_volatility_Sample_frequency_vis_%C3%A0_vis_forecast_horizon?f_ri=6961","dom_id":"work_23386098","summary":"This paper explores the return volatility predictability inherent in high-frequency speculative returns. Our analysis focuses on a refinement of the more traditional volatility measures, the integrated Õolatility, which links the notion of volatility more directly to the return variance over the relevant horizon. In our empirical analysis of the foreign exchange market the integrated volatility is conveniently approximated by a cumulative sum of the squared intraday returns. Forecast horizons ranging from short intraday to 1-month intervals are investigated. We document that standard volatility models generally provide good forecasts of this economically relevant volatility measure. Moreover, the use of highfrequency returns significantly improves the longer run interdaily volatility forecasts, both in theory and practice. The results are thus directly relevant for general research methodology as well as industry applications. q 1999 Elsevier Science B.V. All rights reserved. JEL classification: C15; C22; G15","downloadable_attachments":[{"id":43834917,"asset_id":23386098,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":45332971,"first_name":"Tim","last_name":"Bollerslev","domain_name":"independent","page_name":"TimBollerslev","display_name":"Tim Bollerslev","profile_url":"https://independent.academia.edu/TimBollerslev?f_ri=6961","photo":"/images/s65_no_pic.png"}],"research_interests":[{"id":747,"name":"Econometrics","url":"https://www.academia.edu/Documents/in/Econometrics?f_ri=6961","nofollow":true},{"id":1664,"name":"Empirical Finance","url":"https://www.academia.edu/Documents/in/Empirical_Finance?f_ri=6961","nofollow":true},{"id":2065,"name":"Research Methodology","url":"https://www.academia.edu/Documents/in/Research_Methodology?f_ri=6961","nofollow":true},{"id":6961,"name":"Foreign Exchange Market","url":"https://www.academia.edu/Documents/in/Foreign_Exchange_Market?f_ri=6961","nofollow":true},{"id":48458,"name":"High Frequency","url":"https://www.academia.edu/Documents/in/High_Frequency?f_ri=6961"},{"id":79964,"name":"Volatility Forecasting","url":"https://www.academia.edu/Documents/in/Volatility_Forecasting?f_ri=6961"},{"id":208947,"name":"Theory and Practice","url":"https://www.academia.edu/Documents/in/Theory_and_Practice?f_ri=6961"},{"id":245964,"name":"Industrial Application","url":"https://www.academia.edu/Documents/in/Industrial_Application?f_ri=6961"},{"id":270673,"name":"Financial Market","url":"https://www.academia.edu/Documents/in/Financial_Market?f_ri=6961"},{"id":525606,"name":"Model Generation","url":"https://www.academia.edu/Documents/in/Model_Generation?f_ri=6961"},{"id":993329,"name":"Empirical Analysis","url":"https://www.academia.edu/Documents/in/Empirical_Analysis?f_ri=6961"},{"id":1993786,"name":"Cumulant","url":"https://www.academia.edu/Documents/in/Cumulant?f_ri=6961"},{"id":2187849,"name":"Sampling Frequency","url":"https://www.academia.edu/Documents/in/Sampling_Frequency?f_ri=6961"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_79102803" data-work_id="79102803" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/79102803/An_Ensembling_Architecture_Incorporating_Machine_Learning_Models_and_Genetic_Algorithm_Optimization_for_Forex_Trading">An Ensembling Architecture Incorporating Machine Learning Models and Genetic Algorithm Optimization for Forex Trading</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">Algorithmic trading has become the standard in the financial market. Traditionally, most algorithms have relied on rule-based expert systems which are a set of complex if/then rules that need to be updated manually to changing market... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_79102803" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">Algorithmic trading has become the standard in the financial market. Traditionally, most algorithms have relied on rule-based expert systems which are a set of complex if/then rules that need to be updated manually to changing market conditions. Machine learning (ML) is the natural next step in algorithmic trading because it can directly learn market patterns and behaviors from historical trading data and factor this into trading decisions. In this paper, a complete end-to-end system is proposed for automated low-frequency quantitative trading in the foreign exchange (Forex) markets. The system utilizes several State of the Art (SOTA) machine learning strategies that are combined under an ensemble model to derive the market signal for trading. Genetic Algorithm (GA) is used to optimize the strategies for maximizing profits. The system also includes a money management strategy to mitigate risk and a back-testing framework to evaluate system performance. The models were trained on EUR...</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/79102803" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="030d0ec86e765f7c188baf62b04bc214" rel="nofollow" data-download="{"attachment_id":85939942,"asset_id":79102803,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/85939942/download_file?st=MTc0MDYwMDE4Myw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="154763082" href="https://nus.academia.edu/HarryChan">Harry Chan</a><script data-card-contents-for-user="154763082" type="text/json">{"id":154763082,"first_name":"Harry","last_name":"Chan","domain_name":"nus","page_name":"HarryChan","display_name":"Harry Chan","profile_url":"https://nus.academia.edu/HarryChan?f_ri=6961","photo":"https://0.academia-photos.com/154763082/150988014/140572573/s65_harry.chan.jpeg"}</script></span></span></li><li class="js-paper-rank-work_79102803 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="79102803"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 79102803, container: ".js-paper-rank-work_79102803", }); });</script></li><li class="js-percentile-work_79102803 InlineList-item InlineList-item--bordered hidden u-tcGrayDark"><span class="percentile-widget hidden"><span class="u-mr2x percentile-widget" style="display: none">•</span><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 79102803; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-percentile-work_79102803"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></li><li class="js-view-count-work_79102803 InlineList-item InlineList-item--bordered hidden"><div><span><span class="js-view-count view-count u-mr2x" data-work-id="79102803"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 79102803; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=79102803]").text(description); $(".js-view-count-work_79102803").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_79102803").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="79102803"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">7</a>  </div><span class="InlineList-item-text u-textTruncate u-pl9x"><a class="InlineList-item-text" data-has-card-for-ri="422" rel="nofollow" href="https://www.academia.edu/Documents/in/Computer_Science">Computer Science</a>, <script data-card-contents-for-ri="422" type="text/json">{"id":422,"name":"Computer Science","url":"https://www.academia.edu/Documents/in/Computer_Science?f_ri=6961","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="465" rel="nofollow" href="https://www.academia.edu/Documents/in/Artificial_Intelligence">Artificial Intelligence</a>, <script data-card-contents-for-ri="465" type="text/json">{"id":465,"name":"Artificial Intelligence","url":"https://www.academia.edu/Documents/in/Artificial_Intelligence?f_ri=6961","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="2008" rel="nofollow" href="https://www.academia.edu/Documents/in/Machine_Learning">Machine Learning</a>, <script data-card-contents-for-ri="2008" type="text/json">{"id":2008,"name":"Machine Learning","url":"https://www.academia.edu/Documents/in/Machine_Learning?f_ri=6961","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="6961" rel="nofollow" href="https://www.academia.edu/Documents/in/Foreign_Exchange_Market">Foreign Exchange Market</a><script data-card-contents-for-ri="6961" type="text/json">{"id":6961,"name":"Foreign Exchange Market","url":"https://www.academia.edu/Documents/in/Foreign_Exchange_Market?f_ri=6961","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=79102803]'), work: {"id":79102803,"title":"An Ensembling Architecture Incorporating Machine Learning Models and Genetic Algorithm Optimization for Forex Trading","created_at":"2022-05-15T11:52:15.812-07:00","url":"https://www.academia.edu/79102803/An_Ensembling_Architecture_Incorporating_Machine_Learning_Models_and_Genetic_Algorithm_Optimization_for_Forex_Trading?f_ri=6961","dom_id":"work_79102803","summary":"Algorithmic trading has become the standard in the financial market. Traditionally, most algorithms have relied on rule-based expert systems which are a set of complex if/then rules that need to be updated manually to changing market conditions. Machine learning (ML) is the natural next step in algorithmic trading because it can directly learn market patterns and behaviors from historical trading data and factor this into trading decisions. In this paper, a complete end-to-end system is proposed for automated low-frequency quantitative trading in the foreign exchange (Forex) markets. The system utilizes several State of the Art (SOTA) machine learning strategies that are combined under an ensemble model to derive the market signal for trading. Genetic Algorithm (GA) is used to optimize the strategies for maximizing profits. The system also includes a money management strategy to mitigate risk and a back-testing framework to evaluate system performance. The models were trained on EUR...","downloadable_attachments":[{"id":85939942,"asset_id":79102803,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":154763082,"first_name":"Harry","last_name":"Chan","domain_name":"nus","page_name":"HarryChan","display_name":"Harry Chan","profile_url":"https://nus.academia.edu/HarryChan?f_ri=6961","photo":"https://0.academia-photos.com/154763082/150988014/140572573/s65_harry.chan.jpeg"}],"research_interests":[{"id":422,"name":"Computer Science","url":"https://www.academia.edu/Documents/in/Computer_Science?f_ri=6961","nofollow":true},{"id":465,"name":"Artificial Intelligence","url":"https://www.academia.edu/Documents/in/Artificial_Intelligence?f_ri=6961","nofollow":true},{"id":2008,"name":"Machine Learning","url":"https://www.academia.edu/Documents/in/Machine_Learning?f_ri=6961","nofollow":true},{"id":6961,"name":"Foreign Exchange Market","url":"https://www.academia.edu/Documents/in/Foreign_Exchange_Market?f_ri=6961","nofollow":true},{"id":46185,"name":"Algorithmic Trading","url":"https://www.academia.edu/Documents/in/Algorithmic_Trading?f_ri=6961"},{"id":1594197,"name":"Fintech","url":"https://www.academia.edu/Documents/in/Fintech?f_ri=6961"},{"id":2036700,"name":"Trading Strategy","url":"https://www.academia.edu/Documents/in/Trading_Strategy?f_ri=6961"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_66449430" data-work_id="66449430" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/66449430/Price_Discovery_in_Multiple_Dealer_Markets_The_Case_of_the_Interbank_Foreign_Exchange_Market">Price Discovery in Multiple-Dealer Markets: The Case of the Interbank Foreign Exchange Market</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">Price discovery is a principal function of financial markets. Yet, especially for dealership markets, financial economists know little about how prices are determined. In this paper I analyze the process of price discovery in the... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_66449430" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">Price discovery is a principal function of financial markets. Yet, especially for dealership markets, financial economists know little about how prices are determined. In this paper I analyze the process of price discovery in the multiple-dealer, interbank spot market for foreign exchange. I use DM/$ quotes to calculate interbank dealers’ “information shares,” their proportional contributions to the variance of innovations in the implicit, efficient exchange rate. These information shares are used to analyze relationships between price discovery and dealer characteristics. Unlike the U.S. equity markets, where regional exchanges contribute relatively little to price discovery, less-active interbank dealers play a large role, impounding most of the information into quotes. A pooled analysis of dealers’ intraday information shares indicates that the lower the relative bid-ask spread and the greater the number of regional foreign exchange branches, the higher is a dealer’s contribution...</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/66449430" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="04f68cff96c4e4547026dae45ee8771e" rel="nofollow" data-download="{"attachment_id":77635841,"asset_id":66449430,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/77635841/download_file?st=MTc0MDYwMDE4Myw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="180357567" href="https://independent.academia.edu/WilliamsKaryn">Karyn Williams</a><script data-card-contents-for-user="180357567" type="text/json">{"id":180357567,"first_name":"Karyn","last_name":"Williams","domain_name":"independent","page_name":"WilliamsKaryn","display_name":"Karyn Williams","profile_url":"https://independent.academia.edu/WilliamsKaryn?f_ri=6961","photo":"/images/s65_no_pic.png"}</script></span></span></li><li class="js-paper-rank-work_66449430 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="66449430"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 66449430, container: ".js-paper-rank-work_66449430", }); });</script></li><li class="js-percentile-work_66449430 InlineList-item InlineList-item--bordered hidden u-tcGrayDark"><span class="percentile-widget hidden"><span class="u-mr2x percentile-widget" style="display: none">•</span><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 66449430; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-percentile-work_66449430"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></li><li class="js-view-count-work_66449430 InlineList-item InlineList-item--bordered hidden"><div><span><span class="js-view-count view-count u-mr2x" data-work-id="66449430"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 66449430; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=66449430]").text(description); $(".js-view-count-work_66449430").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_66449430").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="66449430"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">8</a>  </div><span class="InlineList-item-text u-textTruncate u-pl9x"><a class="InlineList-item-text" data-has-card-for-ri="26" rel="nofollow" href="https://www.academia.edu/Documents/in/Business">Business</a>, <script data-card-contents-for-ri="26" type="text/json">{"id":26,"name":"Business","url":"https://www.academia.edu/Documents/in/Business?f_ri=6961","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="6961" rel="nofollow" href="https://www.academia.edu/Documents/in/Foreign_Exchange_Market">Foreign Exchange Market</a>, <script data-card-contents-for-ri="6961" type="text/json">{"id":6961,"name":"Foreign Exchange Market","url":"https://www.academia.edu/Documents/in/Foreign_Exchange_Market?f_ri=6961","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="59284" rel="nofollow" href="https://www.academia.edu/Documents/in/Price_Discovery">Price Discovery</a>, <script data-card-contents-for-ri="59284" type="text/json">{"id":59284,"name":"Price Discovery","url":"https://www.academia.edu/Documents/in/Price_Discovery?f_ri=6961","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="88001" rel="nofollow" href="https://www.academia.edu/Documents/in/Information_Sharing">Information Sharing</a><script data-card-contents-for-ri="88001" type="text/json">{"id":88001,"name":"Information Sharing","url":"https://www.academia.edu/Documents/in/Information_Sharing?f_ri=6961","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=66449430]'), work: {"id":66449430,"title":"Price Discovery in Multiple-Dealer Markets: The Case of the Interbank Foreign Exchange Market","created_at":"2021-12-29T15:08:01.926-08:00","url":"https://www.academia.edu/66449430/Price_Discovery_in_Multiple_Dealer_Markets_The_Case_of_the_Interbank_Foreign_Exchange_Market?f_ri=6961","dom_id":"work_66449430","summary":"Price discovery is a principal function of financial markets. Yet, especially for dealership markets, financial economists know little about how prices are determined. In this paper I analyze the process of price discovery in the multiple-dealer, interbank spot market for foreign exchange. I use DM/$ quotes to calculate interbank dealers’ “information shares,” their proportional contributions to the variance of innovations in the implicit, efficient exchange rate. These information shares are used to analyze relationships between price discovery and dealer characteristics. Unlike the U.S. equity markets, where regional exchanges contribute relatively little to price discovery, less-active interbank dealers play a large role, impounding most of the information into quotes. A pooled analysis of dealers’ intraday information shares indicates that the lower the relative bid-ask spread and the greater the number of regional foreign exchange branches, the higher is a dealer’s contribution...","downloadable_attachments":[{"id":77635841,"asset_id":66449430,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":180357567,"first_name":"Karyn","last_name":"Williams","domain_name":"independent","page_name":"WilliamsKaryn","display_name":"Karyn Williams","profile_url":"https://independent.academia.edu/WilliamsKaryn?f_ri=6961","photo":"/images/s65_no_pic.png"}],"research_interests":[{"id":26,"name":"Business","url":"https://www.academia.edu/Documents/in/Business?f_ri=6961","nofollow":true},{"id":6961,"name":"Foreign Exchange Market","url":"https://www.academia.edu/Documents/in/Foreign_Exchange_Market?f_ri=6961","nofollow":true},{"id":59284,"name":"Price Discovery","url":"https://www.academia.edu/Documents/in/Price_Discovery?f_ri=6961","nofollow":true},{"id":88001,"name":"Information Sharing","url":"https://www.academia.edu/Documents/in/Information_Sharing?f_ri=6961","nofollow":true},{"id":111071,"name":"Foreign Exchange","url":"https://www.academia.edu/Documents/in/Foreign_Exchange?f_ri=6961"},{"id":228986,"name":"Exchange rate","url":"https://www.academia.edu/Documents/in/Exchange_rate?f_ri=6961"},{"id":270673,"name":"Financial Market","url":"https://www.academia.edu/Documents/in/Financial_Market?f_ri=6961"},{"id":3730776,"name":"Bid Ask Spread","url":"https://www.academia.edu/Documents/in/Bid_Ask_Spread?f_ri=6961"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_66419168" data-work_id="66419168" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/66419168/An_extensive_analysis_on_the_Japanese_markets_via_S_Taylors_model">An extensive analysis on the Japanese markets via S. Taylor's model</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">Applying S. Taylor's approach (1986), we make an extensive analysis on the Japanese stock market, foreign exchange market and the Japanese Government Bond Futures market. The purpose of this paper is to empirically reveal the structure of... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_66419168" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">Applying S. Taylor's approach (1986), we make an extensive analysis on the Japanese stock market, foreign exchange market and the Japanese Government Bond Futures market. The purpose of this paper is to empirically reveal the structure of the Japanese markets via Taylor's model rather than to propose a new model. For this reason, we include a variety of analyzed data particularly for the Japanese stock market and the foreign exchange market because the results can be used in a different manner. The paper consists of three parts. But each part can be read separately.</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/66419168" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="68ece9a6b374ab6477bb8f81dfc0074f" rel="nofollow" data-download="{"attachment_id":77616965,"asset_id":66419168,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/77616965/download_file?st=MTc0MDYwMDE4Myw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="120218149" href="https://independent.academia.edu/JMaru1">J. Maru</a><script data-card-contents-for-user="120218149" type="text/json">{"id":120218149,"first_name":"J.","last_name":"Maru","domain_name":"independent","page_name":"JMaru1","display_name":"J. Maru","profile_url":"https://independent.academia.edu/JMaru1?f_ri=6961","photo":"/images/s65_no_pic.png"}</script></span></span></li><li class="js-paper-rank-work_66419168 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="66419168"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 66419168, container: ".js-paper-rank-work_66419168", }); });</script></li><li class="js-percentile-work_66419168 InlineList-item InlineList-item--bordered hidden u-tcGrayDark"><span class="percentile-widget hidden"><span class="u-mr2x percentile-widget" style="display: none">•</span><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 66419168; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-percentile-work_66419168"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></li><li class="js-view-count-work_66419168 InlineList-item InlineList-item--bordered hidden"><div><span><span class="js-view-count view-count u-mr2x" data-work-id="66419168"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 66419168; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=66419168]").text(description); $(".js-view-count-work_66419168").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_66419168").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="66419168"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">7</a>  </div><span class="InlineList-item-text u-textTruncate u-pl9x"><a class="InlineList-item-text" data-has-card-for-ri="724" rel="nofollow" href="https://www.academia.edu/Documents/in/Economics">Economics</a>, <script data-card-contents-for-ri="724" type="text/json">{"id":724,"name":"Economics","url":"https://www.academia.edu/Documents/in/Economics?f_ri=6961","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="6961" rel="nofollow" href="https://www.academia.edu/Documents/in/Foreign_Exchange_Market">Foreign Exchange Market</a>, <script data-card-contents-for-ri="6961" type="text/json">{"id":6961,"name":"Foreign Exchange Market","url":"https://www.academia.edu/Documents/in/Foreign_Exchange_Market?f_ri=6961","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="29156" rel="nofollow" href="https://www.academia.edu/Documents/in/Stock_Market">Stock Market</a>, <script data-card-contents-for-ri="29156" type="text/json">{"id":29156,"name":"Stock Market","url":"https://www.academia.edu/Documents/in/Stock_Market?f_ri=6961","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="228986" rel="nofollow" href="https://www.academia.edu/Documents/in/Exchange_rate">Exchange rate</a><script data-card-contents-for-ri="228986" type="text/json">{"id":228986,"name":"Exchange rate","url":"https://www.academia.edu/Documents/in/Exchange_rate?f_ri=6961","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=66419168]'), work: {"id":66419168,"title":"An extensive analysis on the Japanese markets via S. Taylor's model","created_at":"2021-12-29T10:34:59.560-08:00","url":"https://www.academia.edu/66419168/An_extensive_analysis_on_the_Japanese_markets_via_S_Taylors_model?f_ri=6961","dom_id":"work_66419168","summary":"Applying S. Taylor's approach (1986), we make an extensive analysis on the Japanese stock market, foreign exchange market and the Japanese Government Bond Futures market. The purpose of this paper is to empirically reveal the structure of the Japanese markets via Taylor's model rather than to propose a new model. For this reason, we include a variety of analyzed data particularly for the Japanese stock market and the foreign exchange market because the results can be used in a different manner. The paper consists of three parts. But each part can be read separately.","downloadable_attachments":[{"id":77616965,"asset_id":66419168,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":120218149,"first_name":"J.","last_name":"Maru","domain_name":"independent","page_name":"JMaru1","display_name":"J. Maru","profile_url":"https://independent.academia.edu/JMaru1?f_ri=6961","photo":"/images/s65_no_pic.png"}],"research_interests":[{"id":724,"name":"Economics","url":"https://www.academia.edu/Documents/in/Economics?f_ri=6961","nofollow":true},{"id":6961,"name":"Foreign Exchange Market","url":"https://www.academia.edu/Documents/in/Foreign_Exchange_Market?f_ri=6961","nofollow":true},{"id":29156,"name":"Stock Market","url":"https://www.academia.edu/Documents/in/Stock_Market?f_ri=6961","nofollow":true},{"id":228986,"name":"Exchange rate","url":"https://www.academia.edu/Documents/in/Exchange_rate?f_ri=6961","nofollow":true},{"id":489225,"name":"Stock Price","url":"https://www.academia.edu/Documents/in/Stock_Price?f_ri=6961"},{"id":3079415,"name":"Finance and Investment Banking","url":"https://www.academia.edu/Documents/in/Finance_and_Investment_Banking?f_ri=6961"},{"id":4057970,"name":"Futures Market","url":"https://www.academia.edu/Documents/in/Futures_Market?f_ri=6961"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_74582228" data-work_id="74582228" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/74582228/The_multiscale_causal_dynamics_of_foreign_exchange_markets">The multiscale causal dynamics of foreign exchange markets</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">This paper relies on wavelet multiresolution analysis to capture the dependence structure of currency markets and reveal the complex dynamics across different timescales. It investigates the nature and direction of causal relationships... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_74582228" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">This paper relies on wavelet multiresolution analysis to capture the dependence structure of currency markets and reveal the complex dynamics across different timescales. It investigates the nature and direction of causal relationships among the most widely traded currencies denoted relative to the United States Dollar (USD), namely Euro (EUR), Great Britain Pound (GBP) and Japanese Yen (JPY). The timescale analysis involves the estimation of linear vis-à-vis nonlinear and spectral causality of wavelet components and aggregate series as well as the detection of short-vs. long-run linkages and cross-scale correlations. Moreover, this study attempts to probe into the micro-foundations of across-scale heterogeneity in the causality pattern on the basis of trader behavior with different time horizons. New stylized properties emerge in the volatility structure and the implications for the flow of information across scales are inferred. The examined period starts from the introduction of the Euro and covers the dot-com bubble, the financial crisis of 2007-2010 and the Eurozone debt crisis. Technically, this paper presents an invariant discrete wavelet transform that deals efficiently with phase shifts, dyadic-length and boundary effects. It also proposes a new entropy-based methodology for the determination of the optimal decomposition level. Overall, there is no indication of a global causal behavior that dominates at all timescales. When the nonlinear effects are accounted for, the evidence of dynamical bidirectional causality implies that the pattern of leads and lags changes over time. These results may prove useful to quantify the process of integration as well as influence the greater predictability of currency markets.</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/74582228" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="1a05047c4c59e041992656be3919559a" rel="nofollow" data-download="{"attachment_id":82684193,"asset_id":74582228,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/82684193/download_file?st=MTc0MDYwMDE4Myw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="189548521" href="https://independent.academia.edu/SBekiros">Stelios Bekiros</a><script data-card-contents-for-user="189548521" type="text/json">{"id":189548521,"first_name":"Stelios","last_name":"Bekiros","domain_name":"independent","page_name":"SBekiros","display_name":"Stelios Bekiros","profile_url":"https://independent.academia.edu/SBekiros?f_ri=6961","photo":"https://0.academia-photos.com/189548521/52792007/40908403/s65_stelios.bekiros.png"}</script></span></span></li><li class="js-paper-rank-work_74582228 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="74582228"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 74582228, container: ".js-paper-rank-work_74582228", }); });</script></li><li class="js-percentile-work_74582228 InlineList-item InlineList-item--bordered hidden u-tcGrayDark"><span class="percentile-widget hidden"><span class="u-mr2x percentile-widget" style="display: none">•</span><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 74582228; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-percentile-work_74582228"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></li><li class="js-view-count-work_74582228 InlineList-item InlineList-item--bordered hidden"><div><span><span class="js-view-count view-count u-mr2x" data-work-id="74582228"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 74582228; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=74582228]").text(description); $(".js-view-count-work_74582228").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_74582228").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="74582228"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">18</a>  </div><span class="InlineList-item-text u-textTruncate u-pl10x"><a class="InlineList-item-text" data-has-card-for-ri="6961" rel="nofollow" href="https://www.academia.edu/Documents/in/Foreign_Exchange_Market">Foreign Exchange Market</a>, <script data-card-contents-for-ri="6961" type="text/json">{"id":6961,"name":"Foreign Exchange Market","url":"https://www.academia.edu/Documents/in/Foreign_Exchange_Market?f_ri=6961","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="8270" rel="nofollow" href="https://www.academia.edu/Documents/in/Forecasting">Forecasting</a>, <script data-card-contents-for-ri="8270" type="text/json">{"id":8270,"name":"Forecasting","url":"https://www.academia.edu/Documents/in/Forecasting?f_ri=6961","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="11598" rel="nofollow" href="https://www.academia.edu/Documents/in/Neural_Networks">Neural Networks</a>, <script data-card-contents-for-ri="11598" type="text/json">{"id":11598,"name":"Neural Networks","url":"https://www.academia.edu/Documents/in/Neural_Networks?f_ri=6961","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="24089" rel="nofollow" href="https://www.academia.edu/Documents/in/Causality">Causality</a><script data-card-contents-for-ri="24089" type="text/json">{"id":24089,"name":"Causality","url":"https://www.academia.edu/Documents/in/Causality?f_ri=6961","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=74582228]'), work: {"id":74582228,"title":"The multiscale causal dynamics of foreign exchange markets","created_at":"2022-03-25T19:06:38.848-07:00","url":"https://www.academia.edu/74582228/The_multiscale_causal_dynamics_of_foreign_exchange_markets?f_ri=6961","dom_id":"work_74582228","summary":"This paper relies on wavelet multiresolution analysis to capture the dependence structure of currency markets and reveal the complex dynamics across different timescales. It investigates the nature and direction of causal relationships among the most widely traded currencies denoted relative to the United States Dollar (USD), namely Euro (EUR), Great Britain Pound (GBP) and Japanese Yen (JPY). The timescale analysis involves the estimation of linear vis-à-vis nonlinear and spectral causality of wavelet components and aggregate series as well as the detection of short-vs. long-run linkages and cross-scale correlations. Moreover, this study attempts to probe into the micro-foundations of across-scale heterogeneity in the causality pattern on the basis of trader behavior with different time horizons. New stylized properties emerge in the volatility structure and the implications for the flow of information across scales are inferred. The examined period starts from the introduction of the Euro and covers the dot-com bubble, the financial crisis of 2007-2010 and the Eurozone debt crisis. Technically, this paper presents an invariant discrete wavelet transform that deals efficiently with phase shifts, dyadic-length and boundary effects. It also proposes a new entropy-based methodology for the determination of the optimal decomposition level. Overall, there is no indication of a global causal behavior that dominates at all timescales. When the nonlinear effects are accounted for, the evidence of dynamical bidirectional causality implies that the pattern of leads and lags changes over time. These results may prove useful to quantify the process of integration as well as influence the greater predictability of currency markets.","downloadable_attachments":[{"id":82684193,"asset_id":74582228,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":189548521,"first_name":"Stelios","last_name":"Bekiros","domain_name":"independent","page_name":"SBekiros","display_name":"Stelios Bekiros","profile_url":"https://independent.academia.edu/SBekiros?f_ri=6961","photo":"https://0.academia-photos.com/189548521/52792007/40908403/s65_stelios.bekiros.png"}],"research_interests":[{"id":6961,"name":"Foreign Exchange Market","url":"https://www.academia.edu/Documents/in/Foreign_Exchange_Market?f_ri=6961","nofollow":true},{"id":8270,"name":"Forecasting","url":"https://www.academia.edu/Documents/in/Forecasting?f_ri=6961","nofollow":true},{"id":11598,"name":"Neural Networks","url":"https://www.academia.edu/Documents/in/Neural_Networks?f_ri=6961","nofollow":true},{"id":24089,"name":"Causality","url":"https://www.academia.edu/Documents/in/Causality?f_ri=6961","nofollow":true},{"id":27659,"name":"Applied Economics","url":"https://www.academia.edu/Documents/in/Applied_Economics?f_ri=6961"},{"id":36265,"name":"Entropy","url":"https://www.academia.edu/Documents/in/Entropy?f_ri=6961"},{"id":43974,"name":"Wavelets","url":"https://www.academia.edu/Documents/in/Wavelets?f_ri=6961"},{"id":50679,"name":"Financial Crisis","url":"https://www.academia.edu/Documents/in/Financial_Crisis?f_ri=6961"},{"id":98134,"name":"United States","url":"https://www.academia.edu/Documents/in/United_States?f_ri=6961"},{"id":117272,"name":"Money and Finance","url":"https://www.academia.edu/Documents/in/Money_and_Finance?f_ri=6961"},{"id":228986,"name":"Exchange rate","url":"https://www.academia.edu/Documents/in/Exchange_rate?f_ri=6961"},{"id":291274,"name":"Great Britain","url":"https://www.academia.edu/Documents/in/Great_Britain?f_ri=6961"},{"id":557843,"name":"Discrete wavelet transform","url":"https://www.academia.edu/Documents/in/Discrete_wavelet_transform?f_ri=6961"},{"id":583843,"name":"Multiresolution Analysis","url":"https://www.academia.edu/Documents/in/Multiresolution_Analysis?f_ri=6961"},{"id":1437495,"name":"Phase Shift","url":"https://www.academia.edu/Documents/in/Phase_Shift?f_ri=6961"},{"id":1671813,"name":"Boundary Effect","url":"https://www.academia.edu/Documents/in/Boundary_Effect?f_ri=6961"},{"id":1853742,"name":"Complex Dynamics","url":"https://www.academia.edu/Documents/in/Complex_Dynamics?f_ri=6961"},{"id":3079415,"name":"Finance and Investment Banking","url":"https://www.academia.edu/Documents/in/Finance_and_Investment_Banking?f_ri=6961"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_389234" data-work_id="389234" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/389234/Trading_Rule_Profits_In_Latin_American_Currency_Spot_Rates">Trading Rule Profits In Latin American Currency Spot Rates</a></div></div><div class="u-pb4x u-mt3x"></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/389234" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="3828dc15a7fa923dc9b67b407d309ca3" rel="nofollow" data-download="{"attachment_id":51427417,"asset_id":389234,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/51427417/download_file?st=MTc0MDYwMDE4Myw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="295482" href="https://bentley.academia.edu/kimberlygleason">kimberly gleason</a><script data-card-contents-for-user="295482" type="text/json">{"id":295482,"first_name":"kimberly","last_name":"gleason","domain_name":"bentley","page_name":"kimberlygleason","display_name":"kimberly gleason","profile_url":"https://bentley.academia.edu/kimberlygleason?f_ri=6961","photo":"https://0.academia-photos.com/295482/72868/79662/s65_kimberly.gleason.jpg"}</script></span></span></li><li class="js-paper-rank-work_389234 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="389234"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 389234, container: ".js-paper-rank-work_389234", }); });</script></li><li class="js-percentile-work_389234 InlineList-item InlineList-item--bordered hidden u-tcGrayDark"><span class="percentile-widget hidden"><span class="u-mr2x percentile-widget" style="display: none">•</span><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 389234; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-percentile-work_389234"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></li><li class="js-view-count-work_389234 InlineList-item InlineList-item--bordered hidden"><div><span><span class="js-view-count view-count u-mr2x" data-work-id="389234"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 389234; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=389234]").text(description); $(".js-view-count-work_389234").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_389234").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="389234"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">10</a>  </div><span class="InlineList-item-text u-textTruncate u-pl10x"><a class="InlineList-item-text" data-has-card-for-ri="534" rel="nofollow" href="https://www.academia.edu/Documents/in/Law">Law</a>, <script data-card-contents-for-ri="534" type="text/json">{"id":534,"name":"Law","url":"https://www.academia.edu/Documents/in/Law?f_ri=6961","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="6961" rel="nofollow" href="https://www.academia.edu/Documents/in/Foreign_Exchange_Market">Foreign Exchange Market</a>, <script data-card-contents-for-ri="6961" type="text/json">{"id":6961,"name":"Foreign Exchange Market","url":"https://www.academia.edu/Documents/in/Foreign_Exchange_Market?f_ri=6961","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="37915" rel="nofollow" href="https://www.academia.edu/Documents/in/Financial_Analysis">Financial Analysis</a>, <script data-card-contents-for-ri="37915" type="text/json">{"id":37915,"name":"Financial Analysis","url":"https://www.academia.edu/Documents/in/Financial_Analysis?f_ri=6961","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="43343" rel="nofollow" href="https://www.academia.edu/Documents/in/Technical_Analysis">Technical Analysis</a><script data-card-contents-for-ri="43343" type="text/json">{"id":43343,"name":"Technical Analysis","url":"https://www.academia.edu/Documents/in/Technical_Analysis?f_ri=6961","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=389234]'), work: {"id":389234,"title":"Trading Rule Profits In Latin American Currency Spot Rates","created_at":"2010-12-13T07:15:25.693-08:00","url":"https://www.academia.edu/389234/Trading_Rule_Profits_In_Latin_American_Currency_Spot_Rates?f_ri=6961","dom_id":"work_389234","summary":null,"downloadable_attachments":[{"id":51427417,"asset_id":389234,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":295482,"first_name":"kimberly","last_name":"gleason","domain_name":"bentley","page_name":"kimberlygleason","display_name":"kimberly gleason","profile_url":"https://bentley.academia.edu/kimberlygleason?f_ri=6961","photo":"https://0.academia-photos.com/295482/72868/79662/s65_kimberly.gleason.jpg"}],"research_interests":[{"id":534,"name":"Law","url":"https://www.academia.edu/Documents/in/Law?f_ri=6961","nofollow":true},{"id":6961,"name":"Foreign Exchange Market","url":"https://www.academia.edu/Documents/in/Foreign_Exchange_Market?f_ri=6961","nofollow":true},{"id":37915,"name":"Financial Analysis","url":"https://www.academia.edu/Documents/in/Financial_Analysis?f_ri=6961","nofollow":true},{"id":43343,"name":"Technical Analysis","url":"https://www.academia.edu/Documents/in/Technical_Analysis?f_ri=6961","nofollow":true},{"id":111071,"name":"Foreign Exchange","url":"https://www.academia.edu/Documents/in/Foreign_Exchange?f_ri=6961"},{"id":121035,"name":"Profitability","url":"https://www.academia.edu/Documents/in/Profitability?f_ri=6961"},{"id":156572,"name":"Latin American","url":"https://www.academia.edu/Documents/in/Latin_American?f_ri=6961"},{"id":228986,"name":"Exchange rate","url":"https://www.academia.edu/Documents/in/Exchange_rate?f_ri=6961"},{"id":384140,"name":"Moving average","url":"https://www.academia.edu/Documents/in/Moving_average?f_ri=6961"},{"id":428833,"name":"Statistical Properties","url":"https://www.academia.edu/Documents/in/Statistical_Properties?f_ri=6961"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_35696993" data-work_id="35696993" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/35696993/What_Do_We_Know_About_the_Profitability_of_Technical_Analysis">What Do We Know About the Profitability of Technical Analysis?</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">The purpose of this paper is to review the evidence on the profitability of technical analysis. The empirical literature is categorized into two groups, 'early' and 'modern' studies, according to the characteristics of testing procedures.... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_35696993" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">The purpose of this paper is to review the evidence on the profitability of technical analysis. The empirical literature is categorized into two groups, 'early' and 'modern' studies, according to the characteristics of testing procedures. Early studies indicate that technical trading strategies are profitable in foreign exchange markets and futures markets, but not in stock markets. Modern studies indicate that technical trading strategies consistently generate economic profits in a variety of speculative markets at least until the early 1990s. Among a total of 95 modern studies, 56 studies find positive results regarding technical trading strategies, 20 studies obtain negative results, and 19 studies indicate mixed results. Despite the positive evidence on the profitability of technical trading strategies, most empirical studies are subject to various problems in their testing procedures, e.g. data snooping, ex post selection of trading rules or search technologies, and difficulties in estimation of risk and transaction costs. Future research must address these deficiencies in testing in order to provide conclusive evidence on the profitability of technical trading strategies.</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/35696993" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="351dbb6603125cac19d9bca800959fa3" rel="nofollow" data-download="{"attachment_id":55568546,"asset_id":35696993,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/55568546/download_file?st=MTc0MDYwMDE4Myw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="74607227" href="https://independent.academia.edu/JamesVCarter">James V Carter</a><script data-card-contents-for-user="74607227" type="text/json">{"id":74607227,"first_name":"James","last_name":"Carter","domain_name":"independent","page_name":"JamesVCarter","display_name":"James V Carter","profile_url":"https://independent.academia.edu/JamesVCarter?f_ri=6961","photo":"/images/s65_no_pic.png"}</script></span></span></li><li class="js-paper-rank-work_35696993 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="35696993"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 35696993, container: ".js-paper-rank-work_35696993", }); });</script></li><li class="js-percentile-work_35696993 InlineList-item InlineList-item--bordered hidden u-tcGrayDark"><span class="percentile-widget hidden"><span class="u-mr2x percentile-widget" style="display: none">•</span><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 35696993; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-percentile-work_35696993"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></li><li class="js-view-count-work_35696993 InlineList-item InlineList-item--bordered hidden"><div><span><span class="js-view-count view-count u-mr2x" data-work-id="35696993"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 35696993; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=35696993]").text(description); $(".js-view-count-work_35696993").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_35696993").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="35696993"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">14</a>  </div><span class="InlineList-item-text u-textTruncate u-pl10x"><a class="InlineList-item-text" data-has-card-for-ri="747" rel="nofollow" href="https://www.academia.edu/Documents/in/Econometrics">Econometrics</a>, <script data-card-contents-for-ri="747" type="text/json">{"id":747,"name":"Econometrics","url":"https://www.academia.edu/Documents/in/Econometrics?f_ri=6961","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="6961" rel="nofollow" href="https://www.academia.edu/Documents/in/Foreign_Exchange_Market">Foreign Exchange Market</a>, <script data-card-contents-for-ri="6961" type="text/json">{"id":6961,"name":"Foreign Exchange Market","url":"https://www.academia.edu/Documents/in/Foreign_Exchange_Market?f_ri=6961","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="27659" rel="nofollow" href="https://www.academia.edu/Documents/in/Applied_Economics">Applied Economics</a>, <script data-card-contents-for-ri="27659" type="text/json">{"id":27659,"name":"Applied Economics","url":"https://www.academia.edu/Documents/in/Applied_Economics?f_ri=6961","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="29156" rel="nofollow" href="https://www.academia.edu/Documents/in/Stock_Market">Stock Market</a><script data-card-contents-for-ri="29156" type="text/json">{"id":29156,"name":"Stock Market","url":"https://www.academia.edu/Documents/in/Stock_Market?f_ri=6961","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=35696993]'), work: {"id":35696993,"title":"What Do We Know About the Profitability of Technical Analysis?","created_at":"2018-01-17T18:45:05.685-08:00","url":"https://www.academia.edu/35696993/What_Do_We_Know_About_the_Profitability_of_Technical_Analysis?f_ri=6961","dom_id":"work_35696993","summary":"The purpose of this paper is to review the evidence on the profitability of technical analysis. The empirical literature is categorized into two groups, 'early' and 'modern' studies, according to the characteristics of testing procedures. Early studies indicate that technical trading strategies are profitable in foreign exchange markets and futures markets, but not in stock markets. Modern studies indicate that technical trading strategies consistently generate economic profits in a variety of speculative markets at least until the early 1990s. Among a total of 95 modern studies, 56 studies find positive results regarding technical trading strategies, 20 studies obtain negative results, and 19 studies indicate mixed results. Despite the positive evidence on the profitability of technical trading strategies, most empirical studies are subject to various problems in their testing procedures, e.g. data snooping, ex post selection of trading rules or search technologies, and difficulties in estimation of risk and transaction costs. Future research must address these deficiencies in testing in order to provide conclusive evidence on the profitability of technical trading strategies.","downloadable_attachments":[{"id":55568546,"asset_id":35696993,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":74607227,"first_name":"James","last_name":"Carter","domain_name":"independent","page_name":"JamesVCarter","display_name":"James V Carter","profile_url":"https://independent.academia.edu/JamesVCarter?f_ri=6961","photo":"/images/s65_no_pic.png"}],"research_interests":[{"id":747,"name":"Econometrics","url":"https://www.academia.edu/Documents/in/Econometrics?f_ri=6961","nofollow":true},{"id":6961,"name":"Foreign Exchange Market","url":"https://www.academia.edu/Documents/in/Foreign_Exchange_Market?f_ri=6961","nofollow":true},{"id":27659,"name":"Applied Economics","url":"https://www.academia.edu/Documents/in/Applied_Economics?f_ri=6961","nofollow":true},{"id":29156,"name":"Stock Market","url":"https://www.academia.edu/Documents/in/Stock_Market?f_ri=6961","nofollow":true},{"id":43343,"name":"Technical Analysis","url":"https://www.academia.edu/Documents/in/Technical_Analysis?f_ri=6961"},{"id":80657,"name":"Surveys","url":"https://www.academia.edu/Documents/in/Surveys?f_ri=6961"},{"id":111071,"name":"Foreign Exchange","url":"https://www.academia.edu/Documents/in/Foreign_Exchange?f_ri=6961"},{"id":121035,"name":"Profitability","url":"https://www.academia.edu/Documents/in/Profitability?f_ri=6961"},{"id":219474,"name":"Empirical Study","url":"https://www.academia.edu/Documents/in/Empirical_Study?f_ri=6961"},{"id":226331,"name":"Market efficiency","url":"https://www.academia.edu/Documents/in/Market_efficiency?f_ri=6961"},{"id":402530,"name":"Trading System","url":"https://www.academia.edu/Documents/in/Trading_System?f_ri=6961"},{"id":868794,"name":"Transaction Cost","url":"https://www.academia.edu/Documents/in/Transaction_Cost?f_ri=6961"},{"id":1117206,"name":"Economic","url":"https://www.academia.edu/Documents/in/Economic?f_ri=6961"},{"id":2036700,"name":"Trading Strategy","url":"https://www.academia.edu/Documents/in/Trading_Strategy?f_ri=6961"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_37584656" data-work_id="37584656" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/37584656/Advanced_Technical_Analysis_The_Complex_Technical_Analysis_of_Assets">Advanced Technical Analysis The Complex Technical Analysis of Assets</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">The book is addressed to professional traders, investors, and economists that would like to explore new possibilities in financial market trend analysis. The book elaborates on Complex Technical Analysis that bases on compound analysis of... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_37584656" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">The book is addressed to professional traders, investors, and economists that would like to explore new possibilities in financial market trend analysis. The book elaborates on Complex Technical Analysis that bases on compound analysis of assets where standard technical analysis tools as Moving Average are influenced by more variables than the price of the single asset. The book delivers a new way of creating technical indicators and presents some of the new technical analysis tools as General Trend Indicator or Options Arbitrage Index. <br />Furthermore, the paper describes potential modifications for all of the existing technical analysis indicators focusing on new types of Moving Average – XMA and a new type of Relative Strength Index – XRSI that present enormous potential for application in trading and investing allowing to personalize both of the indicators.<br />What is more, the complex technical analysis theory, presented in the book, allows an investor to modify all of the technical tools he or she uses to reach more personalized goals. The modifications of standard technical analysis tools allow for the faster indication of buy/sell signals at once with fewer jigsaws creation. The presented modifications in RSI and Moving Averages enable using technical analysis in bigger scale examination of price trends, analyzing one particular economic sector, a country economy or even whole global economy patterns.<br />One of the most important new technical indicator introduced by the book the GTI - General Trend Indicator tracks the oversold and overbought levels in commodities, stocks, indices, bonds and currencies in the variety of scales, from one asset till global market analysis. The next indicator – The Arbitrage Index is the first technical indicator designed for Options trading that creates arbitrage in and out points, where options trading is profitable. <br />In outline, by introducing new technical indicators, the book focuses on a new way of creating technical analysis tools, and new applications for the technical analysis that goes beyond the single asset price trend examination.</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/37584656" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="6debb8f074f8003ef82150ebd0b73771" rel="nofollow" data-download="{"attachment_id":57598372,"asset_id":37584656,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/57598372/download_file?st=MTc0MDYwMDE4Myw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="77988757" href="https://kozminski.academia.edu/WojciechPodobas">Wojciech J Podobas</a><script data-card-contents-for-user="77988757" type="text/json">{"id":77988757,"first_name":"Wojciech","last_name":"Podobas","domain_name":"kozminski","page_name":"WojciechPodobas","display_name":"Wojciech J Podobas","profile_url":"https://kozminski.academia.edu/WojciechPodobas?f_ri=6961","photo":"https://0.academia-photos.com/77988757/19208888/25392400/s65_wojciech.podobas.jpg"}</script></span></span></li><li class="js-paper-rank-work_37584656 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="37584656"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 37584656, container: ".js-paper-rank-work_37584656", }); });</script></li><li class="js-percentile-work_37584656 InlineList-item InlineList-item--bordered hidden u-tcGrayDark"><span class="percentile-widget hidden"><span class="u-mr2x percentile-widget" style="display: none">•</span><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 37584656; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-percentile-work_37584656"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></li><li class="js-view-count-work_37584656 InlineList-item InlineList-item--bordered hidden"><div><span><span class="js-view-count view-count u-mr2x" data-work-id="37584656"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 37584656; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=37584656]").text(description); $(".js-view-count-work_37584656").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_37584656").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="37584656"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">14</a>  </div><span class="InlineList-item-text u-textTruncate u-pl10x"><a class="InlineList-item-text" data-has-card-for-ri="47" rel="nofollow" href="https://www.academia.edu/Documents/in/Finance">Finance</a>, <script data-card-contents-for-ri="47" type="text/json">{"id":47,"name":"Finance","url":"https://www.academia.edu/Documents/in/Finance?f_ri=6961","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="748" rel="nofollow" href="https://www.academia.edu/Documents/in/Financial_Economics">Financial Economics</a>, <script data-card-contents-for-ri="748" type="text/json">{"id":748,"name":"Financial Economics","url":"https://www.academia.edu/Documents/in/Financial_Economics?f_ri=6961","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="4205" rel="nofollow" href="https://www.academia.edu/Documents/in/Data_Analysis">Data Analysis</a>, <script data-card-contents-for-ri="4205" type="text/json">{"id":4205,"name":"Data Analysis","url":"https://www.academia.edu/Documents/in/Data_Analysis?f_ri=6961","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="6961" rel="nofollow" href="https://www.academia.edu/Documents/in/Foreign_Exchange_Market">Foreign Exchange Market</a><script data-card-contents-for-ri="6961" type="text/json">{"id":6961,"name":"Foreign Exchange Market","url":"https://www.academia.edu/Documents/in/Foreign_Exchange_Market?f_ri=6961","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=37584656]'), work: {"id":37584656,"title":"Advanced Technical Analysis The Complex Technical Analysis of Assets","created_at":"2018-10-14T19:49:18.321-07:00","url":"https://www.academia.edu/37584656/Advanced_Technical_Analysis_The_Complex_Technical_Analysis_of_Assets?f_ri=6961","dom_id":"work_37584656","summary":"The book is addressed to professional traders, investors, and economists that would like to explore new possibilities in financial market trend analysis. The book elaborates on Complex Technical Analysis that bases on compound analysis of assets where standard technical analysis tools as Moving Average are influenced by more variables than the price of the single asset. The book delivers a new way of creating technical indicators and presents some of the new technical analysis tools as General Trend Indicator or Options Arbitrage Index. \nFurthermore, the paper describes potential modifications for all of the existing technical analysis indicators focusing on new types of Moving Average – XMA and a new type of Relative Strength Index – XRSI that present enormous potential for application in trading and investing allowing to personalize both of the indicators.\nWhat is more, the complex technical analysis theory, presented in the book, allows an investor to modify all of the technical tools he or she uses to reach more personalized goals. The modifications of standard technical analysis tools allow for the faster indication of buy/sell signals at once with fewer jigsaws creation. The presented modifications in RSI and Moving Averages enable using technical analysis in bigger scale examination of price trends, analyzing one particular economic sector, a country economy or even whole global economy patterns.\nOne of the most important new technical indicator introduced by the book the GTI - General Trend Indicator tracks the oversold and overbought levels in commodities, stocks, indices, bonds and currencies in the variety of scales, from one asset till global market analysis. The next indicator – The Arbitrage Index is the first technical indicator designed for Options trading that creates arbitrage in and out points, where options trading is profitable. \nIn outline, by introducing new technical indicators, the book focuses on a new way of creating technical analysis tools, and new applications for the technical analysis that goes beyond the single asset price trend examination. ","downloadable_attachments":[{"id":57598372,"asset_id":37584656,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":77988757,"first_name":"Wojciech","last_name":"Podobas","domain_name":"kozminski","page_name":"WojciechPodobas","display_name":"Wojciech J Podobas","profile_url":"https://kozminski.academia.edu/WojciechPodobas?f_ri=6961","photo":"https://0.academia-photos.com/77988757/19208888/25392400/s65_wojciech.podobas.jpg"}],"research_interests":[{"id":47,"name":"Finance","url":"https://www.academia.edu/Documents/in/Finance?f_ri=6961","nofollow":true},{"id":748,"name":"Financial Economics","url":"https://www.academia.edu/Documents/in/Financial_Economics?f_ri=6961","nofollow":true},{"id":4205,"name":"Data Analysis","url":"https://www.academia.edu/Documents/in/Data_Analysis?f_ri=6961","nofollow":true},{"id":6961,"name":"Foreign Exchange Market","url":"https://www.academia.edu/Documents/in/Foreign_Exchange_Market?f_ri=6961","nofollow":true},{"id":7702,"name":"Financial management","url":"https://www.academia.edu/Documents/in/Financial_management?f_ri=6961"},{"id":8844,"name":"Financial Risk Management","url":"https://www.academia.edu/Documents/in/Financial_Risk_Management?f_ri=6961"},{"id":36222,"name":"Stock Markets","url":"https://www.academia.edu/Documents/in/Stock_Markets?f_ri=6961"},{"id":37915,"name":"Financial Analysis","url":"https://www.academia.edu/Documents/in/Financial_Analysis?f_ri=6961"},{"id":43343,"name":"Technical Analysis","url":"https://www.academia.edu/Documents/in/Technical_Analysis?f_ri=6961"},{"id":46185,"name":"Algorithmic Trading","url":"https://www.academia.edu/Documents/in/Algorithmic_Trading?f_ri=6961"},{"id":48847,"name":"Commodity Trading","url":"https://www.academia.edu/Documents/in/Commodity_Trading?f_ri=6961"},{"id":69817,"name":"Investing","url":"https://www.academia.edu/Documents/in/Investing?f_ri=6961"},{"id":161976,"name":"Stock Market Technical Analysis","url":"https://www.academia.edu/Documents/in/Stock_Market_Technical_Analysis?f_ri=6961"},{"id":740091,"name":"Cryptocurrency","url":"https://www.academia.edu/Documents/in/Cryptocurrency?f_ri=6961"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_14248228" data-work_id="14248228" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/14248228/Arbitrage_in_the_foreign_exchange_market_Turning_on_the_microscope">Arbitrage in the foreign exchange market: Turning on the microscope</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">This paper provides real-time evidence on the frequency, size, duration and economic significance of arbitrage opportunities in the foreign exchange market. We investigate deviations from the covered interest rate parity (CIP) condition... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_14248228" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">This paper provides real-time evidence on the frequency, size, duration and economic significance of arbitrage opportunities in the foreign exchange market. We investigate deviations from the covered interest rate parity (CIP) condition using a unique data set for three major capital and foreign exchange markets that covers a period of more than seven months at tick frequency. The analysis unveils that: i) short-lived violations of CIP arise; ii) the size of CIP violations can be economically significant; iii) their duration is, on average, high enough to allow agents to exploit them, but low enough to explain why such opportunities have gone undetected in much previous research using data at lower frequency.</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/14248228" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="722cb3176a76cade0e88c4235adeb842" rel="nofollow" data-download="{"attachment_id":44406467,"asset_id":14248228,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/44406467/download_file?st=MTc0MDYwMDE4Myw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="33217240" href="https://bi.academia.edu/DagfinnRime">Dagfinn Rime</a><script data-card-contents-for-user="33217240" type="text/json">{"id":33217240,"first_name":"Dagfinn","last_name":"Rime","domain_name":"bi","page_name":"DagfinnRime","display_name":"Dagfinn Rime","profile_url":"https://bi.academia.edu/DagfinnRime?f_ri=6961","photo":"https://gravatar.com/avatar/0f761b87eeb2d0f2ddd1f4b06844ad0a?s=65"}</script></span></span></li><li class="js-paper-rank-work_14248228 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="14248228"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 14248228, container: ".js-paper-rank-work_14248228", }); });</script></li><li class="js-percentile-work_14248228 InlineList-item InlineList-item--bordered hidden u-tcGrayDark"><span class="percentile-widget hidden"><span class="u-mr2x percentile-widget" style="display: none">•</span><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 14248228; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-percentile-work_14248228"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></li><li class="js-view-count-work_14248228 InlineList-item InlineList-item--bordered hidden"><div><span><span class="js-view-count view-count u-mr2x" data-work-id="14248228"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 14248228; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=14248228]").text(description); $(".js-view-count-work_14248228").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_14248228").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="14248228"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">3</a>  </div><span class="InlineList-item-text u-textTruncate u-pl9x"><a class="InlineList-item-text" data-has-card-for-ri="724" rel="nofollow" href="https://www.academia.edu/Documents/in/Economics">Economics</a>, <script data-card-contents-for-ri="724" type="text/json">{"id":724,"name":"Economics","url":"https://www.academia.edu/Documents/in/Economics?f_ri=6961","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="6961" rel="nofollow" href="https://www.academia.edu/Documents/in/Foreign_Exchange_Market">Foreign Exchange Market</a>, <script data-card-contents-for-ri="6961" type="text/json">{"id":6961,"name":"Foreign Exchange Market","url":"https://www.academia.edu/Documents/in/Foreign_Exchange_Market?f_ri=6961","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="229390" rel="nofollow" href="https://www.academia.edu/Documents/in/Real_Time">Real Time</a><script data-card-contents-for-ri="229390" type="text/json">{"id":229390,"name":"Real Time","url":"https://www.academia.edu/Documents/in/Real_Time?f_ri=6961","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=14248228]'), work: {"id":14248228,"title":"Arbitrage in the foreign exchange market: Turning on the microscope","created_at":"2015-07-21T00:43:49.513-07:00","url":"https://www.academia.edu/14248228/Arbitrage_in_the_foreign_exchange_market_Turning_on_the_microscope?f_ri=6961","dom_id":"work_14248228","summary":"This paper provides real-time evidence on the frequency, size, duration and economic significance of arbitrage opportunities in the foreign exchange market. We investigate deviations from the covered interest rate parity (CIP) condition using a unique data set for three major capital and foreign exchange markets that covers a period of more than seven months at tick frequency. The analysis unveils that: i) short-lived violations of CIP arise; ii) the size of CIP violations can be economically significant; iii) their duration is, on average, high enough to allow agents to exploit them, but low enough to explain why such opportunities have gone undetected in much previous research using data at lower frequency.","downloadable_attachments":[{"id":44406467,"asset_id":14248228,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":33217240,"first_name":"Dagfinn","last_name":"Rime","domain_name":"bi","page_name":"DagfinnRime","display_name":"Dagfinn Rime","profile_url":"https://bi.academia.edu/DagfinnRime?f_ri=6961","photo":"https://gravatar.com/avatar/0f761b87eeb2d0f2ddd1f4b06844ad0a?s=65"}],"research_interests":[{"id":724,"name":"Economics","url":"https://www.academia.edu/Documents/in/Economics?f_ri=6961","nofollow":true},{"id":6961,"name":"Foreign Exchange Market","url":"https://www.academia.edu/Documents/in/Foreign_Exchange_Market?f_ri=6961","nofollow":true},{"id":229390,"name":"Real Time","url":"https://www.academia.edu/Documents/in/Real_Time?f_ri=6961","nofollow":true}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_41611125" data-work_id="41611125" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/41611125/Monetary_Policy_Analysis_in_Serbia">Monetary Policy Analysis in Serbia</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">The paper focuses on analysing monetary policy in Serbia. The National Bank of Serbia chose inflation targeting, which sets price stability as the main objective of monetary policy. To achieve this goal,... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_41611125" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">The  paper  focuses  on  analysing  monetary  policy  in  Serbia.  The  National  Bank  of  Serbia  chose  inflation  targeting,  which  sets  price  stability  as  the  main  objective  of  monetary  policy.  To  achieve  this  goal,  the  central  bank  uses  different  monetary  policy  instruments which analysis can provide us with the understanding of the main directions of their actions but also of the limitations of its application. Only through improvement of both instruments and monetary policy the central bank will create a better foundation for achieving monetary stability. In addition, the implementation of ex-change  rate  policy  is  entrusted  to  the  National  Bank  of  Serbia,  as  the main regulator of the financial system. A mere use of managed floating exchange rate, as the chosen exchange rate regime, is an appropriate solution in the current economic circumstances and in accordance with the desired objective of monetary policy.</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/41611125" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="aa0229b20ad31909deae0f0b9ec77cbc" rel="nofollow" data-download="{"attachment_id":61766144,"asset_id":41611125,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/61766144/download_file?st=MTc0MDYwMDE4Myw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="141806661" href="https://bg.academia.edu/VesnaMartinPhD">Vesna Martin, Ph.D.</a><script data-card-contents-for-user="141806661" type="text/json">{"id":141806661,"first_name":"Vesna","last_name":"Martin, Ph.D.","domain_name":"bg","page_name":"VesnaMartinPhD","display_name":"Vesna Martin, Ph.D.","profile_url":"https://bg.academia.edu/VesnaMartinPhD?f_ri=6961","photo":"https://0.academia-photos.com/141806661/38422156/32153121/s65_vesna.martin.png"}</script></span></span></li><li class="js-paper-rank-work_41611125 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="41611125"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 41611125, container: ".js-paper-rank-work_41611125", }); });</script></li><li class="js-percentile-work_41611125 InlineList-item InlineList-item--bordered hidden u-tcGrayDark"><span class="percentile-widget hidden"><span class="u-mr2x percentile-widget" style="display: none">•</span><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 41611125; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-percentile-work_41611125"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></li><li class="js-view-count-work_41611125 InlineList-item InlineList-item--bordered hidden"><div><span><span class="js-view-count view-count u-mr2x" data-work-id="41611125"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 41611125; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=41611125]").text(description); $(".js-view-count-work_41611125").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_41611125").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="41611125"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">4</a>  </div><span class="InlineList-item-text u-textTruncate u-pl9x"><a class="InlineList-item-text" data-has-card-for-ri="6961" rel="nofollow" href="https://www.academia.edu/Documents/in/Foreign_Exchange_Market">Foreign Exchange Market</a>, <script data-card-contents-for-ri="6961" type="text/json">{"id":6961,"name":"Foreign Exchange Market","url":"https://www.academia.edu/Documents/in/Foreign_Exchange_Market?f_ri=6961","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="48971" rel="nofollow" href="https://www.academia.edu/Documents/in/Monetary_Policy">Monetary Policy</a>, <script data-card-contents-for-ri="48971" type="text/json">{"id":48971,"name":"Monetary Policy","url":"https://www.academia.edu/Documents/in/Monetary_Policy?f_ri=6961","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="514865" rel="nofollow" href="https://www.academia.edu/Documents/in/Price_Stability">Price Stability</a>, <script data-card-contents-for-ri="514865" type="text/json">{"id":514865,"name":"Price Stability","url":"https://www.academia.edu/Documents/in/Price_Stability?f_ri=6961","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="1330560" rel="nofollow" href="https://www.academia.edu/Documents/in/Exchange_Rate_Policy">Exchange Rate Policy</a><script data-card-contents-for-ri="1330560" type="text/json">{"id":1330560,"name":"Exchange Rate Policy","url":"https://www.academia.edu/Documents/in/Exchange_Rate_Policy?f_ri=6961","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=41611125]'), work: {"id":41611125,"title":"Monetary Policy Analysis in Serbia","created_at":"2020-01-13T02:57:59.237-08:00","url":"https://www.academia.edu/41611125/Monetary_Policy_Analysis_in_Serbia?f_ri=6961","dom_id":"work_41611125","summary":"The paper focuses on analysing monetary policy in Serbia. The National Bank of Serbia chose inflation targeting, which sets price stability as the main objective of monetary policy. To achieve this goal, the central bank uses different monetary policy instruments which analysis can provide us with the understanding of the main directions of their actions but also of the limitations of its application. Only through improvement of both instruments and monetary policy the central bank will create a better foundation for achieving monetary stability. In addition, the implementation of ex-change rate policy is entrusted to the National Bank of Serbia, as the main regulator of the financial system. A mere use of managed floating exchange rate, as the chosen exchange rate regime, is an appropriate solution in the current economic circumstances and in accordance with the desired objective of monetary policy.","downloadable_attachments":[{"id":61766144,"asset_id":41611125,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":141806661,"first_name":"Vesna","last_name":"Martin, Ph.D.","domain_name":"bg","page_name":"VesnaMartinPhD","display_name":"Vesna Martin, Ph.D.","profile_url":"https://bg.academia.edu/VesnaMartinPhD?f_ri=6961","photo":"https://0.academia-photos.com/141806661/38422156/32153121/s65_vesna.martin.png"}],"research_interests":[{"id":6961,"name":"Foreign Exchange Market","url":"https://www.academia.edu/Documents/in/Foreign_Exchange_Market?f_ri=6961","nofollow":true},{"id":48971,"name":"Monetary Policy","url":"https://www.academia.edu/Documents/in/Monetary_Policy?f_ri=6961","nofollow":true},{"id":514865,"name":"Price Stability","url":"https://www.academia.edu/Documents/in/Price_Stability?f_ri=6961","nofollow":true},{"id":1330560,"name":"Exchange Rate Policy","url":"https://www.academia.edu/Documents/in/Exchange_Rate_Policy?f_ri=6961","nofollow":true}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_37693692" data-work_id="37693692" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/37693692/FINANCIAL_INCLUSION_AND_WOMEN_EMPOWERMENT_IN_UGANDA_A_CASE_OF_LANGO_SUB_REGION_NORTHERN_UGANDA">FINANCIAL INCLUSION AND WOMEN EMPOWERMENT IN UGANDA A CASE OF LANGO SUB REGION, NORTHERN UGANDA</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">Women empowerment has taken a center stage in the present development agenda. The study examines the role of financial inclusion in supporting women empowerment in Lango sub region, Northern Uganda. Using both purposive and simple random... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_37693692" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">Women empowerment has taken a center stage in the present development agenda. The study examines the role of financial inclusion in supporting women empowerment in Lango sub region, Northern Uganda. Using both purposive and simple random sampling a Sample of 126 respondents was selected with a response rate of 100% realized. The study found out that financial support appeared to be sparse, The regulations, supervision and monitoring of some of these firms was lacking, causing many women to lose their savings with such firms. The study therefore recommended that Government should establish buffers to serve as collateral security for women who intend to secure financial credit. Financial service providers should lower down the costs of operating accounts for the financial inclusiveness of women, particularly women from rural areas. Government should tighten monitoring, regulating and supervisory policies of financial service providers to restore public trust in financial institutions in Uganda. Financial services providers, government and other development partners should offer both formal and informal business education training.</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/37693692" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="4edba55e707aea45c7dee1ad4d59ab6c" rel="nofollow" data-download="{"attachment_id":57685000,"asset_id":37693692,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/57685000/download_file?st=MTc0MDYwMDE4Myw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="25985243" href="https://independent.academia.edu/ECTIJJournal">Economics, Commerce and Trade Management: An International Journal (ECTIJ)</a><script data-card-contents-for-user="25985243" type="text/json">{"id":25985243,"first_name":"Economics, Commerce and Trade Management: An International Journal","last_name":"(ECTIJ)","domain_name":"independent","page_name":"ECTIJJournal","display_name":"Economics, Commerce and Trade Management: An International Journal (ECTIJ)","profile_url":"https://independent.academia.edu/ECTIJJournal?f_ri=6961","photo":"https://0.academia-photos.com/25985243/9115644/19822675/s65_economics_commerce_and_trade_management_an_international_journal._ectij_.jpg"}</script></span></span></li><li class="js-paper-rank-work_37693692 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="37693692"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 37693692, container: ".js-paper-rank-work_37693692", }); });</script></li><li class="js-percentile-work_37693692 InlineList-item InlineList-item--bordered hidden u-tcGrayDark"><span class="percentile-widget hidden"><span class="u-mr2x percentile-widget" style="display: none">•</span><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 37693692; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-percentile-work_37693692"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></li><li class="js-view-count-work_37693692 InlineList-item InlineList-item--bordered hidden"><div><span><span class="js-view-count view-count u-mr2x" data-work-id="37693692"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 37693692; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=37693692]").text(description); $(".js-view-count-work_37693692").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_37693692").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="37693692"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">10</a>  </div><span class="InlineList-item-text u-textTruncate u-pl10x"><a class="InlineList-item-text" data-has-card-for-ri="727" rel="nofollow" href="https://www.academia.edu/Documents/in/Development_Economics">Development Economics</a>, <script data-card-contents-for-ri="727" type="text/json">{"id":727,"name":"Development Economics","url":"https://www.academia.edu/Documents/in/Development_Economics?f_ri=6961","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="1681" rel="nofollow" href="https://www.academia.edu/Documents/in/Decision_Making">Decision Making</a>, <script data-card-contents-for-ri="1681" type="text/json">{"id":1681,"name":"Decision Making","url":"https://www.academia.edu/Documents/in/Decision_Making?f_ri=6961","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="4293" rel="nofollow" href="https://www.academia.edu/Documents/in/Doctoral_Supervision">Doctoral Supervision</a>, <script data-card-contents-for-ri="4293" type="text/json">{"id":4293,"name":"Doctoral Supervision","url":"https://www.academia.edu/Documents/in/Doctoral_Supervision?f_ri=6961","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="6961" rel="nofollow" href="https://www.academia.edu/Documents/in/Foreign_Exchange_Market">Foreign Exchange Market</a><script data-card-contents-for-ri="6961" type="text/json">{"id":6961,"name":"Foreign Exchange Market","url":"https://www.academia.edu/Documents/in/Foreign_Exchange_Market?f_ri=6961","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=37693692]'), work: {"id":37693692,"title":"FINANCIAL INCLUSION AND WOMEN EMPOWERMENT IN UGANDA A CASE OF LANGO SUB REGION, NORTHERN UGANDA","created_at":"2018-11-02T22:05:42.089-07:00","url":"https://www.academia.edu/37693692/FINANCIAL_INCLUSION_AND_WOMEN_EMPOWERMENT_IN_UGANDA_A_CASE_OF_LANGO_SUB_REGION_NORTHERN_UGANDA?f_ri=6961","dom_id":"work_37693692","summary":"Women empowerment has taken a center stage in the present development agenda. The study examines the role of financial inclusion in supporting women empowerment in Lango sub region, Northern Uganda. Using both purposive and simple random sampling a Sample of 126 respondents was selected with a response rate of 100% realized. The study found out that financial support appeared to be sparse, The regulations, supervision and monitoring of some of these firms was lacking, causing many women to lose their savings with such firms. The study therefore recommended that Government should establish buffers to serve as collateral security for women who intend to secure financial credit. Financial service providers should lower down the costs of operating accounts for the financial inclusiveness of women, particularly women from rural areas. Government should tighten monitoring, regulating and supervisory policies of financial service providers to restore public trust in financial institutions in Uganda. Financial services providers, government and other development partners should offer both formal and informal business education training.","downloadable_attachments":[{"id":57685000,"asset_id":37693692,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":25985243,"first_name":"Economics, Commerce and Trade Management: An International Journal","last_name":"(ECTIJ)","domain_name":"independent","page_name":"ECTIJJournal","display_name":"Economics, Commerce and Trade Management: An International Journal (ECTIJ)","profile_url":"https://independent.academia.edu/ECTIJJournal?f_ri=6961","photo":"https://0.academia-photos.com/25985243/9115644/19822675/s65_economics_commerce_and_trade_management_an_international_journal._ectij_.jpg"}],"research_interests":[{"id":727,"name":"Development Economics","url":"https://www.academia.edu/Documents/in/Development_Economics?f_ri=6961","nofollow":true},{"id":1681,"name":"Decision Making","url":"https://www.academia.edu/Documents/in/Decision_Making?f_ri=6961","nofollow":true},{"id":4293,"name":"Doctoral Supervision","url":"https://www.academia.edu/Documents/in/Doctoral_Supervision?f_ri=6961","nofollow":true},{"id":6961,"name":"Foreign Exchange Market","url":"https://www.academia.edu/Documents/in/Foreign_Exchange_Market?f_ri=6961","nofollow":true},{"id":18901,"name":"Women's Empowerment","url":"https://www.academia.edu/Documents/in/Womens_Empowerment?f_ri=6961"},{"id":30855,"name":"Financial Inclusion","url":"https://www.academia.edu/Documents/in/Financial_Inclusion?f_ri=6961"},{"id":105569,"name":"Financial Institutions","url":"https://www.academia.edu/Documents/in/Financial_Institutions?f_ri=6961"},{"id":129204,"name":"Employee Empowerment","url":"https://www.academia.edu/Documents/in/Employee_Empowerment?f_ri=6961"},{"id":281928,"name":"Financial Stability \u0026 Fragility","url":"https://www.academia.edu/Documents/in/Financial_Stability_and_Fragility?f_ri=6961"},{"id":289240,"name":"Affordability","url":"https://www.academia.edu/Documents/in/Affordability?f_ri=6961"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_6316137" data-work_id="6316137" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/6316137/The_Mirage_of_Triangular_Arbitrage_in_the_Spot_Foreign_Exchange_Market">The Mirage of Triangular Arbitrage in the Spot Foreign Exchange Market</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">We investigate triangular arbitrage within the spot foreign exchange market using highfrequency executable prices. We show that triangular arbitrage opportunities do exist, but that most have short durations and small magnitudes. We find... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_6316137" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">We investigate triangular arbitrage within the spot foreign exchange market using highfrequency executable prices. We show that triangular arbitrage opportunities do exist, but that most have short durations and small magnitudes. We find intra-day variations in the number and length of arbitrage opportunities, with larger numbers of opportunities with shorter mean durations occurring during more liquid hours. We demonstrate further that the number of arbitrage opportunities has decreased in recent years, implying a corresponding increase in pricing efficiency. Using trading simulations, we show that a trader would need to beat other market participants to an unfeasibly large proportion of arbitrage prices to profit from triangular arbitrage over a prolonged period of time. Our results suggest that the foreign exchange market is internally self-consistent and provide a limited verification of market efficiency.</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/6316137" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="65e23e0f26de8793b1e13df0ce1e518d" rel="nofollow" data-download="{"attachment_id":48919841,"asset_id":6316137,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/48919841/download_file?st=MTc0MDYwMDE4Myw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="9819021" href="https://independent.academia.edu/DFenn">Daniel Fenn</a><script data-card-contents-for-user="9819021" type="text/json">{"id":9819021,"first_name":"Daniel","last_name":"Fenn","domain_name":"independent","page_name":"DFenn","display_name":"Daniel Fenn","profile_url":"https://independent.academia.edu/DFenn?f_ri=6961","photo":"/images/s65_no_pic.png"}</script></span></span></li><li class="js-paper-rank-work_6316137 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="6316137"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 6316137, container: ".js-paper-rank-work_6316137", }); });</script></li><li class="js-percentile-work_6316137 InlineList-item InlineList-item--bordered hidden u-tcGrayDark"><span class="percentile-widget hidden"><span class="u-mr2x percentile-widget" style="display: none">•</span><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 6316137; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-percentile-work_6316137"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></li><li class="js-view-count-work_6316137 InlineList-item InlineList-item--bordered hidden"><div><span><span class="js-view-count view-count u-mr2x" data-work-id="6316137"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 6316137; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=6316137]").text(description); $(".js-view-count-work_6316137").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_6316137").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="6316137"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">5</a>  </div><span class="InlineList-item-text u-textTruncate u-pl9x"><a class="InlineList-item-text" data-has-card-for-ri="6961" rel="nofollow" href="https://www.academia.edu/Documents/in/Foreign_Exchange_Market">Foreign Exchange Market</a>, <script data-card-contents-for-ri="6961" type="text/json">{"id":6961,"name":"Foreign Exchange Market","url":"https://www.academia.edu/Documents/in/Foreign_Exchange_Market?f_ri=6961","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="48458" rel="nofollow" href="https://www.academia.edu/Documents/in/High_Frequency">High Frequency</a>, <script data-card-contents-for-ri="48458" type="text/json">{"id":48458,"name":"High Frequency","url":"https://www.academia.edu/Documents/in/High_Frequency?f_ri=6961","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="80414" rel="nofollow" href="https://www.academia.edu/Documents/in/Mathematical_Sciences">Mathematical Sciences</a>, <script data-card-contents-for-ri="80414" type="text/json">{"id":80414,"name":"Mathematical Sciences","url":"https://www.academia.edu/Documents/in/Mathematical_Sciences?f_ri=6961","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="121035" rel="nofollow" href="https://www.academia.edu/Documents/in/Profitability">Profitability</a><script data-card-contents-for-ri="121035" type="text/json">{"id":121035,"name":"Profitability","url":"https://www.academia.edu/Documents/in/Profitability?f_ri=6961","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=6316137]'), work: {"id":6316137,"title":"The Mirage of Triangular Arbitrage in the Spot Foreign Exchange Market","created_at":"2014-03-06T15:19:17.639-08:00","url":"https://www.academia.edu/6316137/The_Mirage_of_Triangular_Arbitrage_in_the_Spot_Foreign_Exchange_Market?f_ri=6961","dom_id":"work_6316137","summary":"We investigate triangular arbitrage within the spot foreign exchange market using highfrequency executable prices. We show that triangular arbitrage opportunities do exist, but that most have short durations and small magnitudes. We find intra-day variations in the number and length of arbitrage opportunities, with larger numbers of opportunities with shorter mean durations occurring during more liquid hours. We demonstrate further that the number of arbitrage opportunities has decreased in recent years, implying a corresponding increase in pricing efficiency. Using trading simulations, we show that a trader would need to beat other market participants to an unfeasibly large proportion of arbitrage prices to profit from triangular arbitrage over a prolonged period of time. Our results suggest that the foreign exchange market is internally self-consistent and provide a limited verification of market efficiency.","downloadable_attachments":[{"id":48919841,"asset_id":6316137,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":9819021,"first_name":"Daniel","last_name":"Fenn","domain_name":"independent","page_name":"DFenn","display_name":"Daniel Fenn","profile_url":"https://independent.academia.edu/DFenn?f_ri=6961","photo":"/images/s65_no_pic.png"}],"research_interests":[{"id":6961,"name":"Foreign Exchange Market","url":"https://www.academia.edu/Documents/in/Foreign_Exchange_Market?f_ri=6961","nofollow":true},{"id":48458,"name":"High Frequency","url":"https://www.academia.edu/Documents/in/High_Frequency?f_ri=6961","nofollow":true},{"id":80414,"name":"Mathematical Sciences","url":"https://www.academia.edu/Documents/in/Mathematical_Sciences?f_ri=6961","nofollow":true},{"id":121035,"name":"Profitability","url":"https://www.academia.edu/Documents/in/Profitability?f_ri=6961","nofollow":true},{"id":226331,"name":"Market efficiency","url":"https://www.academia.edu/Documents/in/Market_efficiency?f_ri=6961"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_33263471" data-work_id="33263471" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/33263471/Operations_of_the_Stock_Exchange_Market">Operations of the Stock Exchange Market</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">The stock market can be a great source of confusion for many people. The average person generally falls into one of two categories. The first believe investing is a form of gambling; they are certain that if you invest, you will more than... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_33263471" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">The stock market can be a great source of confusion for many people. The average person generally falls into one of two categories. The first believe investing is a form of gambling; they are certain that if you invest, you will more than likely end up losing your money. Often these fears are driven by the personal experiences of family members and friends who suffered similar fates or lived through the Great Depression - (Nelson, n.d.) “an economic slump in North America, Europe, and other industrialized areas of the world that began in 1929 and lasted until about 1939. Someone who believes along this line of thinking simply does not understand what the stock market is or why it exists. <br /><br />The second category consists of those who know they should invest for the long-run, but don’t know where to begin. Many feel like investing is some sort of black-magic that only a few people hold the key to. More often than not, they leave their financial decisions up to professionals, and cannot tell you why they own a particular stock or mutual fund. Their investment style is blind faith or limited to this stock is going up, we should buy it. This group is in far more danger than the first. They invest like the masses and then wonder why their results are mediocre (or in some cases, devastating). This paper focuses on the stock exchange market highlighting its operations.<br /><br /><br />Keywords: Equities, Securities, Brokers & Traders.</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/33263471" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="8e0bc3bb945b762ffd549ed7ecbbbf6b" rel="nofollow" data-download="{"attachment_id":53332820,"asset_id":33263471,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/53332820/download_file?st=MTc0MDYwMDE4Myw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="26236469" href="https://bookmybootcamp.academia.edu/ObasesamEffiom">Obasesam Effiom</a><script data-card-contents-for-user="26236469" type="text/json">{"id":26236469,"first_name":"Obasesam","last_name":"Effiom","domain_name":"bookmybootcamp","page_name":"ObasesamEffiom","display_name":"Obasesam Effiom","profile_url":"https://bookmybootcamp.academia.edu/ObasesamEffiom?f_ri=6961","photo":"https://0.academia-photos.com/26236469/10706161/17371371/s65_obasesam.effiom.jpg"}</script></span></span></li><li class="js-paper-rank-work_33263471 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="33263471"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 33263471, container: ".js-paper-rank-work_33263471", }); });</script></li><li class="js-percentile-work_33263471 InlineList-item InlineList-item--bordered hidden u-tcGrayDark"><span class="percentile-widget hidden"><span class="u-mr2x percentile-widget" style="display: none">•</span><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 33263471; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-percentile-work_33263471"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></li><li class="js-view-count-work_33263471 InlineList-item InlineList-item--bordered hidden"><div><span><span class="js-view-count view-count u-mr2x" data-work-id="33263471"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 33263471; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=33263471]").text(description); $(".js-view-count-work_33263471").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_33263471").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="33263471"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">2</a>  </div><span class="InlineList-item-text u-textTruncate u-pl9x"><a class="InlineList-item-text" data-has-card-for-ri="6961" rel="nofollow" href="https://www.academia.edu/Documents/in/Foreign_Exchange_Market">Foreign Exchange Market</a>, <script data-card-contents-for-ri="6961" type="text/json">{"id":6961,"name":"Foreign Exchange Market","url":"https://www.academia.edu/Documents/in/Foreign_Exchange_Market?f_ri=6961","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="311931" rel="nofollow" href="https://www.academia.edu/Documents/in/STOCK_EXCHANGE">STOCK EXCHANGE</a><script data-card-contents-for-ri="311931" type="text/json">{"id":311931,"name":"STOCK EXCHANGE","url":"https://www.academia.edu/Documents/in/STOCK_EXCHANGE?f_ri=6961","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=33263471]'), work: {"id":33263471,"title":"Operations of the Stock Exchange Market","created_at":"2017-05-30T09:58:51.816-07:00","url":"https://www.academia.edu/33263471/Operations_of_the_Stock_Exchange_Market?f_ri=6961","dom_id":"work_33263471","summary":"The stock market can be a great source of confusion for many people. The average person generally falls into one of two categories. The first believe investing is a form of gambling; they are certain that if you invest, you will more than likely end up losing your money. Often these fears are driven by the personal experiences of family members and friends who suffered similar fates or lived through the Great Depression - (Nelson, n.d.) “an economic slump in North America, Europe, and other industrialized areas of the world that began in 1929 and lasted until about 1939. Someone who believes along this line of thinking simply does not understand what the stock market is or why it exists. \n\nThe second category consists of those who know they should invest for the long-run, but don’t know where to begin. Many feel like investing is some sort of black-magic that only a few people hold the key to. More often than not, they leave their financial decisions up to professionals, and cannot tell you why they own a particular stock or mutual fund. Their investment style is blind faith or limited to this stock is going up, we should buy it. This group is in far more danger than the first. They invest like the masses and then wonder why their results are mediocre (or in some cases, devastating). This paper focuses on the stock exchange market highlighting its operations.\n\n\nKeywords: Equities, Securities, Brokers \u0026 Traders.\n","downloadable_attachments":[{"id":53332820,"asset_id":33263471,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":26236469,"first_name":"Obasesam","last_name":"Effiom","domain_name":"bookmybootcamp","page_name":"ObasesamEffiom","display_name":"Obasesam Effiom","profile_url":"https://bookmybootcamp.academia.edu/ObasesamEffiom?f_ri=6961","photo":"https://0.academia-photos.com/26236469/10706161/17371371/s65_obasesam.effiom.jpg"}],"research_interests":[{"id":6961,"name":"Foreign Exchange Market","url":"https://www.academia.edu/Documents/in/Foreign_Exchange_Market?f_ri=6961","nofollow":true},{"id":311931,"name":"STOCK EXCHANGE","url":"https://www.academia.edu/Documents/in/STOCK_EXCHANGE?f_ri=6961","nofollow":true}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_15461182" data-work_id="15461182" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/15461182/Information_and_Communication_Technology_in_foreign_exchange_management">Information and Communication Technology in foreign exchange management</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">The Information and Communication Technology and foreign exchange market is a vast subject. This Article considers the impact of technological advances on the foreign exchange management and focus on transparency to determine exchange... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_15461182" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">The Information and Communication Technology and foreign exchange market is a vast subject. This Article considers the impact of technological advances on the foreign exchange management and focus on transparency to determine exchange rates, transparency relates to how efficiently dealers can aggregate information in foreign exchange. There are of course many other uses of information and communication technology (ICT) that have obviously influenced the markets like, it will focus on how to manage risk in Volatile condition of foreign exchange (Fx) rates with the help of technology and take appropriate decisions to avert risk and lead to profitability in the area of Marketing, Production and finance in international marketing.</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/15461182" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="c53f986e6b7bd241158ff5e9dc6519ed" rel="nofollow" data-download="{"attachment_id":43175670,"asset_id":15461182,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/43175670/download_file?st=MTc0MDYwMDE4Myw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="34606902" href="https://independent.academia.edu/PareekSushil">Sushil Pareek</a><script data-card-contents-for-user="34606902" type="text/json">{"id":34606902,"first_name":"Sushil","last_name":"Pareek","domain_name":"independent","page_name":"PareekSushil","display_name":"Sushil Pareek","profile_url":"https://independent.academia.edu/PareekSushil?f_ri=6961","photo":"/images/s65_no_pic.png"}</script></span></span></li><li class="js-paper-rank-work_15461182 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="15461182"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 15461182, container: ".js-paper-rank-work_15461182", }); });</script></li><li class="js-percentile-work_15461182 InlineList-item InlineList-item--bordered hidden u-tcGrayDark"><span class="percentile-widget hidden"><span class="u-mr2x percentile-widget" style="display: none">•</span><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 15461182; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-percentile-work_15461182"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></li><li class="js-view-count-work_15461182 InlineList-item InlineList-item--bordered hidden"><div><span><span class="js-view-count view-count u-mr2x" data-work-id="15461182"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 15461182; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=15461182]").text(description); $(".js-view-count-work_15461182").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_15461182").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="15461182"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">10</a>  </div><span class="InlineList-item-text u-textTruncate u-pl10x"><a class="InlineList-item-text" data-has-card-for-ri="1681" rel="nofollow" href="https://www.academia.edu/Documents/in/Decision_Making">Decision Making</a>, <script data-card-contents-for-ri="1681" type="text/json">{"id":1681,"name":"Decision Making","url":"https://www.academia.edu/Documents/in/Decision_Making?f_ri=6961","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="6961" rel="nofollow" href="https://www.academia.edu/Documents/in/Foreign_Exchange_Market">Foreign Exchange Market</a>, <script data-card-contents-for-ri="6961" type="text/json">{"id":6961,"name":"Foreign Exchange Market","url":"https://www.academia.edu/Documents/in/Foreign_Exchange_Market?f_ri=6961","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="7454" rel="nofollow" href="https://www.academia.edu/Documents/in/Information_Communication_Technology">Information Communication Technology</a>, <script data-card-contents-for-ri="7454" type="text/json">{"id":7454,"name":"Information Communication Technology","url":"https://www.academia.edu/Documents/in/Information_Communication_Technology?f_ri=6961","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="10679" rel="nofollow" href="https://www.academia.edu/Documents/in/International_Marketing">International Marketing</a><script data-card-contents-for-ri="10679" type="text/json">{"id":10679,"name":"International Marketing","url":"https://www.academia.edu/Documents/in/International_Marketing?f_ri=6961","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=15461182]'), work: {"id":15461182,"title":"Information and Communication Technology in foreign exchange management","created_at":"2015-09-06T21:47:24.506-07:00","url":"https://www.academia.edu/15461182/Information_and_Communication_Technology_in_foreign_exchange_management?f_ri=6961","dom_id":"work_15461182","summary":"The Information and Communication Technology and foreign exchange market is a vast subject. This Article considers the impact of technological advances on the foreign exchange management and focus on transparency to determine exchange rates, transparency relates to how efficiently dealers can aggregate information in foreign exchange. There are of course many other uses of information and communication technology (ICT) that have obviously influenced the markets like, it will focus on how to manage risk in Volatile condition of foreign exchange (Fx) rates with the help of technology and take appropriate decisions to avert risk and lead to profitability in the area of Marketing, Production and finance in international marketing.","downloadable_attachments":[{"id":43175670,"asset_id":15461182,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":34606902,"first_name":"Sushil","last_name":"Pareek","domain_name":"independent","page_name":"PareekSushil","display_name":"Sushil Pareek","profile_url":"https://independent.academia.edu/PareekSushil?f_ri=6961","photo":"/images/s65_no_pic.png"}],"research_interests":[{"id":1681,"name":"Decision Making","url":"https://www.academia.edu/Documents/in/Decision_Making?f_ri=6961","nofollow":true},{"id":6961,"name":"Foreign Exchange Market","url":"https://www.academia.edu/Documents/in/Foreign_Exchange_Market?f_ri=6961","nofollow":true},{"id":7454,"name":"Information Communication Technology","url":"https://www.academia.edu/Documents/in/Information_Communication_Technology?f_ri=6961","nofollow":true},{"id":10679,"name":"International Marketing","url":"https://www.academia.edu/Documents/in/International_Marketing?f_ri=6961","nofollow":true},{"id":18814,"name":"Information and Communication technology","url":"https://www.academia.edu/Documents/in/Information_and_Communication_technology-1?f_ri=6961"},{"id":97090,"name":"Consumer Electronics","url":"https://www.academia.edu/Documents/in/Consumer_Electronics?f_ri=6961"},{"id":111071,"name":"Foreign Exchange","url":"https://www.academia.edu/Documents/in/Foreign_Exchange?f_ri=6961"},{"id":121035,"name":"Profitability","url":"https://www.academia.edu/Documents/in/Profitability?f_ri=6961"},{"id":228986,"name":"Exchange rate","url":"https://www.academia.edu/Documents/in/Exchange_rate?f_ri=6961"},{"id":269245,"name":"Foreign exchange risk","url":"https://www.academia.edu/Documents/in/Foreign_exchange_risk?f_ri=6961"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_2449535" data-work_id="2449535" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/2449535/An_Analysis_of_Section_4A_of_the_Kenyan_Income_Tax_Act_and_a_case_for_Reform_KRA_Assessments_and_the_Claiming_Foreign_Exchange_Losses">An Analysis of Section 4A of the Kenyan Income Tax Act and a case for Reform: KRA Assessments and the Claiming Foreign Exchange Losses.</a></div></div><div class="u-pb4x u-mt3x"></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/2449535" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="1b313b50161a696df722568e9a17be2d" rel="nofollow" data-download="{"attachment_id":31314707,"asset_id":2449535,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/31314707/download_file?st=MTc0MDYwMDE4Myw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="25055" href="https://uonbi.academia.edu/AttiyaWaris">Prof Attiya Waris</a><script data-card-contents-for-user="25055" type="text/json">{"id":25055,"first_name":"Prof Attiya","last_name":"Waris","domain_name":"uonbi","page_name":"AttiyaWaris","display_name":"Prof Attiya Waris","profile_url":"https://uonbi.academia.edu/AttiyaWaris?f_ri=6961","photo":"https://0.academia-photos.com/25055/80853/19391262/s65_attiya.waris.jpg"}</script></span></span></li><li class="js-paper-rank-work_2449535 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="2449535"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 2449535, container: ".js-paper-rank-work_2449535", }); });</script></li><li class="js-percentile-work_2449535 InlineList-item InlineList-item--bordered hidden u-tcGrayDark"><span class="percentile-widget hidden"><span class="u-mr2x percentile-widget" style="display: none">•</span><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 2449535; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-percentile-work_2449535"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></li><li class="js-view-count-work_2449535 InlineList-item InlineList-item--bordered hidden"><div><span><span class="js-view-count view-count u-mr2x" data-work-id="2449535"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 2449535; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=2449535]").text(description); $(".js-view-count-work_2449535").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_2449535").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="2449535"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">4</a>  </div><span class="InlineList-item-text u-textTruncate u-pl9x"><a class="InlineList-item-text" data-has-card-for-ri="379" rel="nofollow" href="https://www.academia.edu/Documents/in/African_Studies">African Studies</a>, <script data-card-contents-for-ri="379" type="text/json">{"id":379,"name":"African Studies","url":"https://www.academia.edu/Documents/in/African_Studies?f_ri=6961","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="1454" rel="nofollow" href="https://www.academia.edu/Documents/in/Tax_Law">Tax Law</a>, <script data-card-contents-for-ri="1454" type="text/json">{"id":1454,"name":"Tax Law","url":"https://www.academia.edu/Documents/in/Tax_Law?f_ri=6961","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="6961" rel="nofollow" href="https://www.academia.edu/Documents/in/Foreign_Exchange_Market">Foreign Exchange Market</a>, <script data-card-contents-for-ri="6961" type="text/json">{"id":6961,"name":"Foreign Exchange Market","url":"https://www.academia.edu/Documents/in/Foreign_Exchange_Market?f_ri=6961","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="18892" rel="nofollow" href="https://www.academia.edu/Documents/in/Kenya">Kenya</a><script data-card-contents-for-ri="18892" type="text/json">{"id":18892,"name":"Kenya","url":"https://www.academia.edu/Documents/in/Kenya?f_ri=6961","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=2449535]'), work: {"id":2449535,"title":"An Analysis of Section 4A of the Kenyan Income Tax Act and a case for Reform: KRA Assessments and the Claiming Foreign Exchange Losses.","created_at":"2013-01-23T01:12:23.027-08:00","url":"https://www.academia.edu/2449535/An_Analysis_of_Section_4A_of_the_Kenyan_Income_Tax_Act_and_a_case_for_Reform_KRA_Assessments_and_the_Claiming_Foreign_Exchange_Losses?f_ri=6961","dom_id":"work_2449535","summary":null,"downloadable_attachments":[{"id":31314707,"asset_id":2449535,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":25055,"first_name":"Prof Attiya","last_name":"Waris","domain_name":"uonbi","page_name":"AttiyaWaris","display_name":"Prof Attiya Waris","profile_url":"https://uonbi.academia.edu/AttiyaWaris?f_ri=6961","photo":"https://0.academia-photos.com/25055/80853/19391262/s65_attiya.waris.jpg"}],"research_interests":[{"id":379,"name":"African Studies","url":"https://www.academia.edu/Documents/in/African_Studies?f_ri=6961","nofollow":true},{"id":1454,"name":"Tax Law","url":"https://www.academia.edu/Documents/in/Tax_Law?f_ri=6961","nofollow":true},{"id":6961,"name":"Foreign Exchange Market","url":"https://www.academia.edu/Documents/in/Foreign_Exchange_Market?f_ri=6961","nofollow":true},{"id":18892,"name":"Kenya","url":"https://www.academia.edu/Documents/in/Kenya?f_ri=6961","nofollow":true}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_2909437" data-work_id="2909437" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/2909437/The_use_of_technical_analysis_in_the_foreign_exchange_market">The use of technical analysis in the foreign exchange market</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">Technica, or chartist, analysis of financial markets involves providing forecasts or trading advice on the basis of largely visual inspection of past prices, without regard to any underlying economic or ‘fundamental’ analysis. This paper... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_2909437" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">Technica, or chartist, analysis of financial markets involves providing forecasts or trading advice on the basis of largely visual inspection of past prices, without regard to any underlying economic or ‘fundamental’ analysis. This paper reports the results of a questionnaire survey, conducted on behalf of the Bank of England, among chief foreign exchange dealers based in London in November 1988. Amongst other findings, it is revealed that at least 90 per cent of respondents place some weight on this form of non-fundamental analysis when forming views at one or more time horizons. There is also a skew towards reliance on technical, as opposed to fundamentalist, analysis at shorter horizons, which becomes steadily reversed as the length of horizon considered is increased. A very high proportion of chief dealers view technical and fundamental analysis as complementary forms of analysis and a substantial proportion suggest that technical advice may be self-fulfilling. (JEL F31)</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/2909437" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="aeb1fdaa46e244bd3372192a73093a25" rel="nofollow" data-download="{"attachment_id":50539556,"asset_id":2909437,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/50539556/download_file?st=MTc0MDYwMDE4Myw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="3422454" href="https://bangaloreuniversity.academia.edu/akshayasharma">akshaya sharma</a><script data-card-contents-for-user="3422454" type="text/json">{"id":3422454,"first_name":"akshaya","last_name":"sharma","domain_name":"bangaloreuniversity","page_name":"akshayasharma","display_name":"akshaya sharma","profile_url":"https://bangaloreuniversity.academia.edu/akshayasharma?f_ri=6961","photo":"https://0.academia-photos.com/3422454/1162820/1456159/s65_akshaya.sharma.jpg"}</script></span></span></li><li class="js-paper-rank-work_2909437 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="2909437"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 2909437, container: ".js-paper-rank-work_2909437", }); });</script></li><li class="js-percentile-work_2909437 InlineList-item InlineList-item--bordered hidden u-tcGrayDark"><span class="percentile-widget hidden"><span class="u-mr2x percentile-widget" style="display: none">•</span><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 2909437; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-percentile-work_2909437"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></li><li class="js-view-count-work_2909437 InlineList-item InlineList-item--bordered hidden"><div><span><span class="js-view-count view-count u-mr2x" data-work-id="2909437"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 2909437; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=2909437]").text(description); $(".js-view-count-work_2909437").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_2909437").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="2909437"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">4</a>  </div><span class="InlineList-item-text u-textTruncate u-pl9x"><a class="InlineList-item-text" data-has-card-for-ri="6961" rel="nofollow" href="https://www.academia.edu/Documents/in/Foreign_Exchange_Market">Foreign Exchange Market</a>, <script data-card-contents-for-ri="6961" type="text/json">{"id":6961,"name":"Foreign Exchange Market","url":"https://www.academia.edu/Documents/in/Foreign_Exchange_Market?f_ri=6961","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="27659" rel="nofollow" href="https://www.academia.edu/Documents/in/Applied_Economics">Applied Economics</a>, <script data-card-contents-for-ri="27659" type="text/json">{"id":27659,"name":"Applied Economics","url":"https://www.academia.edu/Documents/in/Applied_Economics?f_ri=6961","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="43343" rel="nofollow" href="https://www.academia.edu/Documents/in/Technical_Analysis">Technical Analysis</a>, <script data-card-contents-for-ri="43343" type="text/json">{"id":43343,"name":"Technical Analysis","url":"https://www.academia.edu/Documents/in/Technical_Analysis?f_ri=6961","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="117272" rel="nofollow" href="https://www.academia.edu/Documents/in/Money_and_Finance">Money and Finance</a><script data-card-contents-for-ri="117272" type="text/json">{"id":117272,"name":"Money and Finance","url":"https://www.academia.edu/Documents/in/Money_and_Finance?f_ri=6961","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=2909437]'), work: {"id":2909437,"title":"The use of technical analysis in the foreign exchange market","created_at":"2013-03-05T03:44:14.246-08:00","url":"https://www.academia.edu/2909437/The_use_of_technical_analysis_in_the_foreign_exchange_market?f_ri=6961","dom_id":"work_2909437","summary":"Technica, or chartist, analysis of financial markets involves providing forecasts or trading advice on the basis of largely visual inspection of past prices, without regard to any underlying economic or ‘fundamental’ analysis. This paper reports the results of a questionnaire survey, conducted on behalf of the Bank of England, among chief foreign exchange dealers based in London in November 1988. Amongst other findings, it is revealed that at least 90 per cent of respondents place some weight on this form of non-fundamental analysis when forming views at one or more time horizons. There is also a skew towards reliance on technical, as opposed to fundamentalist, analysis at shorter horizons, which becomes steadily reversed as the length of horizon considered is increased. A very high proportion of chief dealers view technical and fundamental analysis as complementary forms of analysis and a substantial proportion suggest that technical advice may be self-fulfilling. (JEL F31)","downloadable_attachments":[{"id":50539556,"asset_id":2909437,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":3422454,"first_name":"akshaya","last_name":"sharma","domain_name":"bangaloreuniversity","page_name":"akshayasharma","display_name":"akshaya sharma","profile_url":"https://bangaloreuniversity.academia.edu/akshayasharma?f_ri=6961","photo":"https://0.academia-photos.com/3422454/1162820/1456159/s65_akshaya.sharma.jpg"}],"research_interests":[{"id":6961,"name":"Foreign Exchange Market","url":"https://www.academia.edu/Documents/in/Foreign_Exchange_Market?f_ri=6961","nofollow":true},{"id":27659,"name":"Applied Economics","url":"https://www.academia.edu/Documents/in/Applied_Economics?f_ri=6961","nofollow":true},{"id":43343,"name":"Technical Analysis","url":"https://www.academia.edu/Documents/in/Technical_Analysis?f_ri=6961","nofollow":true},{"id":117272,"name":"Money and Finance","url":"https://www.academia.edu/Documents/in/Money_and_Finance?f_ri=6961","nofollow":true}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_16062185" data-work_id="16062185" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/16062185/Stock_market_volatility_and_exchange_rates_in_emerging_countries_A_Markov_state_switching_approach">Stock market volatility and exchange rates in emerging countries: A Markov-state switching approach</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">In this paper we employ a Markov-Switching EGARCH model to investigate the dynamic linkage between stock price volatility and exchange rate changes for four emerging countries over the period 1994-2009. Results distinguish between two... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_16062185" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">In this paper we employ a Markov-Switching EGARCH model to investigate the dynamic linkage between stock price volatility and exchange rate changes for four emerging countries over the period 1994-2009. Results distinguish between two different regimes in both the conditional mean and the conditional variance of stock returns. The first corresponds to a high mean-low variance regime and the second regime is characterized by a low mean and a high variance. Moreover, we provide strong evidence that the relationship between stock and foreign exchange markets is regime dependent and stockprice volatility responds asymmetrically to events in the foreign exchange market. Our results demonstrate that foreign exchange rate changes have a significant impact on the probability of transition across regimes.</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/16062185" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="bc24f31c36e790ba446713ee62843983" rel="nofollow" data-download="{"attachment_id":42766050,"asset_id":16062185,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/42766050/download_file?st=MTc0MDYwMDE4Myw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="35193897" href="https://independent.academia.edu/OmarMasood">Omar Masood</a><script data-card-contents-for-user="35193897" type="text/json">{"id":35193897,"first_name":"Omar","last_name":"Masood","domain_name":"independent","page_name":"OmarMasood","display_name":"Omar Masood","profile_url":"https://independent.academia.edu/OmarMasood?f_ri=6961","photo":"/images/s65_no_pic.png"}</script></span></span></li><li class="js-paper-rank-work_16062185 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="16062185"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 16062185, container: ".js-paper-rank-work_16062185", }); });</script></li><li class="js-percentile-work_16062185 InlineList-item InlineList-item--bordered hidden u-tcGrayDark"><span class="percentile-widget hidden"><span class="u-mr2x percentile-widget" style="display: none">•</span><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 16062185; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-percentile-work_16062185"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></li><li class="js-view-count-work_16062185 InlineList-item InlineList-item--bordered hidden"><div><span><span class="js-view-count view-count u-mr2x" data-work-id="16062185"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 16062185; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=16062185]").text(description); $(".js-view-count-work_16062185").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_16062185").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="16062185"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">10</a>  </div><span class="InlineList-item-text u-textTruncate u-pl10x"><a class="InlineList-item-text" data-has-card-for-ri="6961" rel="nofollow" href="https://www.academia.edu/Documents/in/Foreign_Exchange_Market">Foreign Exchange Market</a>, <script data-card-contents-for-ri="6961" type="text/json">{"id":6961,"name":"Foreign Exchange Market","url":"https://www.academia.edu/Documents/in/Foreign_Exchange_Market?f_ri=6961","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="27659" rel="nofollow" href="https://www.academia.edu/Documents/in/Applied_Economics">Applied Economics</a>, <script data-card-contents-for-ri="27659" type="text/json">{"id":27659,"name":"Applied Economics","url":"https://www.academia.edu/Documents/in/Applied_Economics?f_ri=6961","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="32213" rel="nofollow" href="https://www.academia.edu/Documents/in/Emerging_Markets">Emerging Markets</a>, <script data-card-contents-for-ri="32213" type="text/json">{"id":32213,"name":"Emerging Markets","url":"https://www.academia.edu/Documents/in/Emerging_Markets?f_ri=6961","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="228986" rel="nofollow" href="https://www.academia.edu/Documents/in/Exchange_rate">Exchange rate</a><script data-card-contents-for-ri="228986" type="text/json">{"id":228986,"name":"Exchange rate","url":"https://www.academia.edu/Documents/in/Exchange_rate?f_ri=6961","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=16062185]'), work: {"id":16062185,"title":"Stock market volatility and exchange rates in emerging countries: A Markov-state switching approach","created_at":"2015-09-22T22:35:01.320-07:00","url":"https://www.academia.edu/16062185/Stock_market_volatility_and_exchange_rates_in_emerging_countries_A_Markov_state_switching_approach?f_ri=6961","dom_id":"work_16062185","summary":"In this paper we employ a Markov-Switching EGARCH model to investigate the dynamic linkage between stock price volatility and exchange rate changes for four emerging countries over the period 1994-2009. Results distinguish between two different regimes in both the conditional mean and the conditional variance of stock returns. The first corresponds to a high mean-low variance regime and the second regime is characterized by a low mean and a high variance. Moreover, we provide strong evidence that the relationship between stock and foreign exchange markets is regime dependent and stockprice volatility responds asymmetrically to events in the foreign exchange market. Our results demonstrate that foreign exchange rate changes have a significant impact on the probability of transition across regimes.","downloadable_attachments":[{"id":42766050,"asset_id":16062185,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":35193897,"first_name":"Omar","last_name":"Masood","domain_name":"independent","page_name":"OmarMasood","display_name":"Omar Masood","profile_url":"https://independent.academia.edu/OmarMasood?f_ri=6961","photo":"/images/s65_no_pic.png"}],"research_interests":[{"id":6961,"name":"Foreign Exchange Market","url":"https://www.academia.edu/Documents/in/Foreign_Exchange_Market?f_ri=6961","nofollow":true},{"id":27659,"name":"Applied Economics","url":"https://www.academia.edu/Documents/in/Applied_Economics?f_ri=6961","nofollow":true},{"id":32213,"name":"Emerging Markets","url":"https://www.academia.edu/Documents/in/Emerging_Markets?f_ri=6961","nofollow":true},{"id":228986,"name":"Exchange rate","url":"https://www.academia.edu/Documents/in/Exchange_rate?f_ri=6961","nofollow":true},{"id":252281,"name":"Markov switching","url":"https://www.academia.edu/Documents/in/Markov_switching?f_ri=6961"},{"id":398479,"name":"Stock Market Volatility","url":"https://www.academia.edu/Documents/in/Stock_Market_Volatility?f_ri=6961"},{"id":489225,"name":"Stock Price","url":"https://www.academia.edu/Documents/in/Stock_Price?f_ri=6961"},{"id":974197,"name":"Stock Returns","url":"https://www.academia.edu/Documents/in/Stock_Returns?f_ri=6961"},{"id":1480215,"name":"Time varying","url":"https://www.academia.edu/Documents/in/Time_varying?f_ri=6961"},{"id":2211132,"name":"Markov regime switching","url":"https://www.academia.edu/Documents/in/Markov_regime_switching?f_ri=6961"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_5299274" data-work_id="5299274" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/5299274/VIETNAMS_EXCHANGE_RATE_POLICY_AND_IMPLICATIONS_FOR_ITS_FOREIGN_EXCHANGE_MARKET_1986_2009">VIETNAM'S EXCHANGE RATE POLICY AND IMPLICATIONS FOR ITS FOREIGN EXCHANGE MARKET, 1986-2009</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">Vietnam's foreign exchange (forex) market has remained relatively poorly developed despite more than two decades of general reform throughout the economy. This paper adopts a microstructure approach to the analysis of the root-causes... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_5299274" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">Vietnam's foreign exchange (forex) market has remained relatively poorly developed despite more than two decades of general reform throughout the economy. This paper adopts a microstructure approach to the analysis of the root-causes underlying the operational deficiencies of this market. The analysis suggests that the authorities have tended to follow a de facto adjustable peg exchange rate regime which, in turn, has acted as a retardant to the development of the country's forex market. Consequently, market signals have become increasingly non-transparent. There are indications that market forces have often moved beyond the framework of current regulations.</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/5299274" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="4a7d31efb8c076ae8f63ea8c85e3c767" rel="nofollow" data-download="{"attachment_id":32467382,"asset_id":5299274,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/32467382/download_file?st=MTc0MDYwMDE4Myw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="7299587" href="https://vnu.academia.edu/Nh%C6%B0%E1%BB%A3cKhu%C3%AA">Nhược Khuê</a><script data-card-contents-for-user="7299587" type="text/json">{"id":7299587,"first_name":"Nhược","last_name":"Khuê","domain_name":"vnu","page_name":"NhượcKhuê","display_name":"Nhược Khuê","profile_url":"https://vnu.academia.edu/Nh%C6%B0%E1%BB%A3cKhu%C3%AA?f_ri=6961","photo":"https://0.academia-photos.com/7299587/3411351/4011675/s65_nh_c.khu_.jpg"}</script></span></span></li><li class="js-paper-rank-work_5299274 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="5299274"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 5299274, container: ".js-paper-rank-work_5299274", }); });</script></li><li class="js-percentile-work_5299274 InlineList-item InlineList-item--bordered hidden u-tcGrayDark"><span class="percentile-widget hidden"><span class="u-mr2x percentile-widget" style="display: none">•</span><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 5299274; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-percentile-work_5299274"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></li><li class="js-view-count-work_5299274 InlineList-item InlineList-item--bordered hidden"><div><span><span class="js-view-count view-count u-mr2x" data-work-id="5299274"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 5299274; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=5299274]").text(description); $(".js-view-count-work_5299274").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_5299274").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="5299274"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">4</a>  </div><span class="InlineList-item-text u-textTruncate u-pl9x"><a class="InlineList-item-text" data-has-card-for-ri="748" rel="nofollow" href="https://www.academia.edu/Documents/in/Financial_Economics">Financial Economics</a>, <script data-card-contents-for-ri="748" type="text/json">{"id":748,"name":"Financial Economics","url":"https://www.academia.edu/Documents/in/Financial_Economics?f_ri=6961","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="6961" rel="nofollow" href="https://www.academia.edu/Documents/in/Foreign_Exchange_Market">Foreign Exchange Market</a>, <script data-card-contents-for-ri="6961" type="text/json">{"id":6961,"name":"Foreign Exchange Market","url":"https://www.academia.edu/Documents/in/Foreign_Exchange_Market?f_ri=6961","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="7293" rel="nofollow" href="https://www.academia.edu/Documents/in/Market_Microstructure">Market Microstructure</a>, <script data-card-contents-for-ri="7293" type="text/json">{"id":7293,"name":"Market Microstructure","url":"https://www.academia.edu/Documents/in/Market_Microstructure?f_ri=6961","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="16655" rel="nofollow" href="https://www.academia.edu/Documents/in/Vietnam">Vietnam</a><script data-card-contents-for-ri="16655" type="text/json">{"id":16655,"name":"Vietnam","url":"https://www.academia.edu/Documents/in/Vietnam?f_ri=6961","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=5299274]'), work: {"id":5299274,"title":"VIETNAM'S EXCHANGE RATE POLICY AND IMPLICATIONS FOR ITS FOREIGN EXCHANGE MARKET, 1986-2009","created_at":"2013-12-02T22:08:14.153-08:00","url":"https://www.academia.edu/5299274/VIETNAMS_EXCHANGE_RATE_POLICY_AND_IMPLICATIONS_FOR_ITS_FOREIGN_EXCHANGE_MARKET_1986_2009?f_ri=6961","dom_id":"work_5299274","summary":"Vietnam's foreign exchange (forex) market has remained relatively poorly developed despite more than two decades of general reform throughout the economy. This paper adopts a microstructure approach to the analysis of the root-causes underlying the operational deficiencies of this market. The analysis suggests that the authorities have tended to follow a de facto adjustable peg exchange rate regime which, in turn, has acted as a retardant to the development of the country's forex market. Consequently, market signals have become increasingly non-transparent. There are indications that market forces have often moved beyond the framework of current regulations.","downloadable_attachments":[{"id":32467382,"asset_id":5299274,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":7299587,"first_name":"Nhược","last_name":"Khuê","domain_name":"vnu","page_name":"NhượcKhuê","display_name":"Nhược Khuê","profile_url":"https://vnu.academia.edu/Nh%C6%B0%E1%BB%A3cKhu%C3%AA?f_ri=6961","photo":"https://0.academia-photos.com/7299587/3411351/4011675/s65_nh_c.khu_.jpg"}],"research_interests":[{"id":748,"name":"Financial Economics","url":"https://www.academia.edu/Documents/in/Financial_Economics?f_ri=6961","nofollow":true},{"id":6961,"name":"Foreign Exchange Market","url":"https://www.academia.edu/Documents/in/Foreign_Exchange_Market?f_ri=6961","nofollow":true},{"id":7293,"name":"Market Microstructure","url":"https://www.academia.edu/Documents/in/Market_Microstructure?f_ri=6961","nofollow":true},{"id":16655,"name":"Vietnam","url":"https://www.academia.edu/Documents/in/Vietnam?f_ri=6961","nofollow":true}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_35795903" data-work_id="35795903" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/35795903/An_Internship_Report_on_Foreign_Exchange_Operation_and_Performance_of_MTB_">An Internship Report on "Foreign Exchange Operation and Performance of MTB"</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">Foreign Exchange we mean foreign currencies or more commonly, claims to foreign money balances. It includes all monetary instruments which give residents of one country a financial claim on another country. The use of foreign exchange... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_35795903" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">Foreign Exchange we mean foreign currencies or more commonly, claims to foreign money balances. It includes all monetary instruments which give residents of one country a financial claim on another country. <br /><br />The use of foreign exchange is a country principal means of settling its transactions with other countries. In the broader sense, the foreign exchange is related to the mechanism of foreign payments. It refers to the system whereby one currency is exchanged for or converted into another Foreign exchange also refers to the global market where currencies are traded virtually around-the-clock. <br /><br />The term foreign exchange is usually abbreviated as "forex" and occasionally as "FX." Within its 17th year of operations, Mutual Trust Bank Limited has opened 110 branches across the country and has been dealing with a wide variety of Foreign exchange Credit and Deposit Products since its emergence. <br /><br />This study deals with the performance of foreign exchange and the foreign exchange management practice of Mutual Trust Bank. The study is entitled as ‘Foreign Exchange Operation and Performance of Mutual Trust Bank Limited (MTBL)’. In this report consist up with four individual parts. In here the First part is the Introduction part & here briefly describe Rationale of the Study, Objective, Methodology, scope, Limitations and My Experiences during the report. <br /><br />The Second part is Theoretical Aspects and here describe Concepts, Principals, techniques, Legal aspects etc. The third part is practical issues of Mutual Trust Bank (MTB), here described about the Overview of Mutual Trust Bank, financial analysis, Foreign Exchange Operation analysis, SWOT analysis, and findings. <br /><br />The Final part is Concluding Notes here describe Recommendations and Conclusion. Foreign exchange is an important department of Mutual Trust Bank, which deals with import, export and foreign remittances. It bridges between importers and exporters. This department is playing an important role in enhancing export earnings, which aids economic growth and in turn it helps for the economic development. On the other hand, it also helps to meet those goods and service, which are most demand able and not adequate in our country</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/35795903" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="71a9f20a5bb7e6f8fccbfe85a8364c87" rel="nofollow" data-download="{"attachment_id":55672370,"asset_id":35795903,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/55672370/download_file?st=MTc0MDYwMDE4Myw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="16670481" href="https://iu-ac.academia.edu/Delowarhossain">Md. Delowar Hossain</a><script data-card-contents-for-user="16670481" type="text/json">{"id":16670481,"first_name":"Md. Delowar","last_name":"Hossain","domain_name":"iu-ac","page_name":"Delowarhossain","display_name":"Md. Delowar Hossain","profile_url":"https://iu-ac.academia.edu/Delowarhossain?f_ri=6961","photo":"https://0.academia-photos.com/16670481/4551100/5266127/s65_delowar.hossain.jpg"}</script></span></span></li><li class="js-paper-rank-work_35795903 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="35795903"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 35795903, container: ".js-paper-rank-work_35795903", }); });</script></li><li class="js-percentile-work_35795903 InlineList-item InlineList-item--bordered hidden u-tcGrayDark"><span class="percentile-widget hidden"><span class="u-mr2x percentile-widget" style="display: none">•</span><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 35795903; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-percentile-work_35795903"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></li><li class="js-view-count-work_35795903 InlineList-item InlineList-item--bordered hidden"><div><span><span class="js-view-count view-count u-mr2x" data-work-id="35795903"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 35795903; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=35795903]").text(description); $(".js-view-count-work_35795903").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_35795903").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="35795903"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">4</a>  </div><span class="InlineList-item-text u-textTruncate u-pl9x"><a class="InlineList-item-text" data-has-card-for-ri="6960" rel="nofollow" href="https://www.academia.edu/Documents/in/Behavioral_Finance">Behavioral Finance</a>, <script data-card-contents-for-ri="6960" type="text/json">{"id":6960,"name":"Behavioral Finance","url":"https://www.academia.edu/Documents/in/Behavioral_Finance?f_ri=6961","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="6961" rel="nofollow" href="https://www.academia.edu/Documents/in/Foreign_Exchange_Market">Foreign Exchange Market</a>, <script data-card-contents-for-ri="6961" type="text/json">{"id":6961,"name":"Foreign Exchange Market","url":"https://www.academia.edu/Documents/in/Foreign_Exchange_Market?f_ri=6961","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="32087" rel="nofollow" href="https://www.academia.edu/Documents/in/Business_Research">Business Research</a>, <script data-card-contents-for-ri="32087" type="text/json">{"id":32087,"name":"Business Research","url":"https://www.academia.edu/Documents/in/Business_Research?f_ri=6961","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="1240789" rel="nofollow" href="https://www.academia.edu/Documents/in/Capital_Market">Capital Market</a><script data-card-contents-for-ri="1240789" type="text/json">{"id":1240789,"name":"Capital Market","url":"https://www.academia.edu/Documents/in/Capital_Market?f_ri=6961","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=35795903]'), work: {"id":35795903,"title":"An Internship Report on \"Foreign Exchange Operation and Performance of MTB\"","created_at":"2018-01-30T07:44:51.047-08:00","url":"https://www.academia.edu/35795903/An_Internship_Report_on_Foreign_Exchange_Operation_and_Performance_of_MTB_?f_ri=6961","dom_id":"work_35795903","summary":"Foreign Exchange we mean foreign currencies or more commonly, claims to foreign money balances. It includes all monetary instruments which give residents of one country a financial claim on another country. \n\nThe use of foreign exchange is a country principal means of settling its transactions with other countries. In the broader sense, the foreign exchange is related to the mechanism of foreign payments. It refers to the system whereby one currency is exchanged for or converted into another Foreign exchange also refers to the global market where currencies are traded virtually around-the-clock. \n\nThe term foreign exchange is usually abbreviated as \"forex\" and occasionally as \"FX.\" Within its 17th year of operations, Mutual Trust Bank Limited has opened 110 branches across the country and has been dealing with a wide variety of Foreign exchange Credit and Deposit Products since its emergence. \n\nThis study deals with the performance of foreign exchange and the foreign exchange management practice of Mutual Trust Bank. The study is entitled as ‘Foreign Exchange Operation and Performance of Mutual Trust Bank Limited (MTBL)’. In this report consist up with four individual parts. In here the First part is the Introduction part \u0026 here briefly describe Rationale of the Study, Objective, Methodology, scope, Limitations and My Experiences during the report. \n\nThe Second part is Theoretical Aspects and here describe Concepts, Principals, techniques, Legal aspects etc. The third part is practical issues of Mutual Trust Bank (MTB), here described about the Overview of Mutual Trust Bank, financial analysis, Foreign Exchange Operation analysis, SWOT analysis, and findings. \n\nThe Final part is Concluding Notes here describe Recommendations and Conclusion. Foreign exchange is an important department of Mutual Trust Bank, which deals with import, export and foreign remittances. It bridges between importers and exporters. This department is playing an important role in enhancing export earnings, which aids economic growth and in turn it helps for the economic development. On the other hand, it also helps to meet those goods and service, which are most demand able and not adequate in our country","downloadable_attachments":[{"id":55672370,"asset_id":35795903,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":16670481,"first_name":"Md. Delowar","last_name":"Hossain","domain_name":"iu-ac","page_name":"Delowarhossain","display_name":"Md. Delowar Hossain","profile_url":"https://iu-ac.academia.edu/Delowarhossain?f_ri=6961","photo":"https://0.academia-photos.com/16670481/4551100/5266127/s65_delowar.hossain.jpg"}],"research_interests":[{"id":6960,"name":"Behavioral Finance","url":"https://www.academia.edu/Documents/in/Behavioral_Finance?f_ri=6961","nofollow":true},{"id":6961,"name":"Foreign Exchange Market","url":"https://www.academia.edu/Documents/in/Foreign_Exchange_Market?f_ri=6961","nofollow":true},{"id":32087,"name":"Business Research","url":"https://www.academia.edu/Documents/in/Business_Research?f_ri=6961","nofollow":true},{"id":1240789,"name":"Capital Market","url":"https://www.academia.edu/Documents/in/Capital_Market?f_ri=6961","nofollow":true}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_37160338" data-work_id="37160338" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/37160338/A_Study_on_Foreign_Exchange_Operations_of_Janata_Bank_Limited">A Study on Foreign Exchange Operations of Janata Bank Limited</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">The forex market is the backbone of international trade and global investing. It is critical to support imports and exports, which are necessary to gain access to resources and to create additional demand for goods and services. Without... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_37160338" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">The forex market is the backbone of international trade and global investing. It is critical to support imports and exports, which are necessary to gain access to resources and to create additional demand for goods and services. Without the ability to trade in different currencies, companies’ prospects would be limited and global economic growth would suffer. Banks are one of the main element of the financial system of Bangladesh and have a huge impact on the overall economic condition of the country. A banking organization has different departments and functional areas, all of which must operate holistically if the firm is to be successful and one of them is the Foreign Exchange Department. My report shows the performance of Foreign Exchnage Department of Janata Bank Limited</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/37160338" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="92c20a1c0528c636e5fa79b8d3c76903" rel="nofollow" data-download="{"attachment_id":57111293,"asset_id":37160338,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/57111293/download_file?st=MTc0MDYwMDE4Myw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="39859914" href="https://ttu-ee.academia.edu/HafizulIslamTamal">Hafizul Islam</a><script data-card-contents-for-user="39859914" type="text/json">{"id":39859914,"first_name":"Hafizul","last_name":"Islam","domain_name":"ttu-ee","page_name":"HafizulIslamTamal","display_name":"Hafizul Islam","profile_url":"https://ttu-ee.academia.edu/HafizulIslamTamal?f_ri=6961","photo":"https://0.academia-photos.com/39859914/10935286/19910515/s65_hafiz.tamal.jpg"}</script></span></span></li><li class="js-paper-rank-work_37160338 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="37160338"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 37160338, container: ".js-paper-rank-work_37160338", }); });</script></li><li class="js-percentile-work_37160338 InlineList-item InlineList-item--bordered hidden u-tcGrayDark"><span class="percentile-widget hidden"><span class="u-mr2x percentile-widget" style="display: none">•</span><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 37160338; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-percentile-work_37160338"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></li><li class="js-view-count-work_37160338 InlineList-item InlineList-item--bordered hidden"><div><span><span class="js-view-count view-count u-mr2x" data-work-id="37160338"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 37160338; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=37160338]").text(description); $(".js-view-count-work_37160338").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_37160338").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="37160338"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">5</a>  </div><span class="InlineList-item-text u-textTruncate u-pl9x"><a class="InlineList-item-text" data-has-card-for-ri="6908" rel="nofollow" href="https://www.academia.edu/Documents/in/Banking">Banking</a>, <script data-card-contents-for-ri="6908" type="text/json">{"id":6908,"name":"Banking","url":"https://www.academia.edu/Documents/in/Banking?f_ri=6961","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="6961" rel="nofollow" href="https://www.academia.edu/Documents/in/Foreign_Exchange_Market">Foreign Exchange Market</a>, <script data-card-contents-for-ri="6961" type="text/json">{"id":6961,"name":"Foreign Exchange Market","url":"https://www.academia.edu/Documents/in/Foreign_Exchange_Market?f_ri=6961","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="111071" rel="nofollow" href="https://www.academia.edu/Documents/in/Foreign_Exchange">Foreign Exchange</a>, <script data-card-contents-for-ri="111071" type="text/json">{"id":111071,"name":"Foreign Exchange","url":"https://www.academia.edu/Documents/in/Foreign_Exchange?f_ri=6961","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="206104" rel="nofollow" href="https://www.academia.edu/Documents/in/Finance_and_banking">Finance and banking</a><script data-card-contents-for-ri="206104" type="text/json">{"id":206104,"name":"Finance and banking","url":"https://www.academia.edu/Documents/in/Finance_and_banking?f_ri=6961","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=37160338]'), work: {"id":37160338,"title":"A Study on Foreign Exchange Operations of Janata Bank Limited","created_at":"2018-07-31T23:39:16.170-07:00","url":"https://www.academia.edu/37160338/A_Study_on_Foreign_Exchange_Operations_of_Janata_Bank_Limited?f_ri=6961","dom_id":"work_37160338","summary":" The forex market is the backbone of international trade and global investing. It is critical to support imports and exports, which are necessary to gain access to resources and to create additional demand for goods and services. Without the ability to trade in different currencies, companies’ prospects would be limited and global economic growth would suffer. Banks are one of the main element of the financial system of Bangladesh and have a huge impact on the overall economic condition of the country. A banking organization has different departments and functional areas, all of which must operate holistically if the firm is to be successful and one of them is the Foreign Exchange Department. My report shows the performance of Foreign Exchnage Department of Janata Bank Limited","downloadable_attachments":[{"id":57111293,"asset_id":37160338,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":39859914,"first_name":"Hafizul","last_name":"Islam","domain_name":"ttu-ee","page_name":"HafizulIslamTamal","display_name":"Hafizul Islam","profile_url":"https://ttu-ee.academia.edu/HafizulIslamTamal?f_ri=6961","photo":"https://0.academia-photos.com/39859914/10935286/19910515/s65_hafiz.tamal.jpg"}],"research_interests":[{"id":6908,"name":"Banking","url":"https://www.academia.edu/Documents/in/Banking?f_ri=6961","nofollow":true},{"id":6961,"name":"Foreign Exchange Market","url":"https://www.academia.edu/Documents/in/Foreign_Exchange_Market?f_ri=6961","nofollow":true},{"id":111071,"name":"Foreign Exchange","url":"https://www.academia.edu/Documents/in/Foreign_Exchange?f_ri=6961","nofollow":true},{"id":206104,"name":"Finance and banking","url":"https://www.academia.edu/Documents/in/Finance_and_banking?f_ri=6961","nofollow":true},{"id":258052,"name":"Foreign Exchange, Currency Management, Hedge Funds","url":"https://www.academia.edu/Documents/in/Foreign_Exchange_Currency_Management_Hedge_Funds?f_ri=6961"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_33902865" data-work_id="33902865" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/33902865/Analysis_of_Foreign_Exchange_Operation_Agrani_Bank_Ltd">Analysis of Foreign Exchange Operation Agrani Bank Ltd.</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest">This report deals with foreign exchange operation of Agrani Bank Ltd.</div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/33902865" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="ac8ffb49ba961417b5850e709e0151eb" rel="nofollow" data-download="{"attachment_id":53875020,"asset_id":33902865,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/53875020/download_file?st=MTc0MDYwMDE4Myw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="3387089" href="https://dhakauniversity.academia.edu/ObydulRana">Obydul Rana</a><script data-card-contents-for-user="3387089" type="text/json">{"id":3387089,"first_name":"Obydul","last_name":"Rana","domain_name":"dhakauniversity","page_name":"ObydulRana","display_name":"Obydul Rana","profile_url":"https://dhakauniversity.academia.edu/ObydulRana?f_ri=6961","photo":"https://0.academia-photos.com/3387089/1143194/17418601/s65_obydul.rana.jpg"}</script></span></span></li><li class="js-paper-rank-work_33902865 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="33902865"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 33902865, container: ".js-paper-rank-work_33902865", }); });</script></li><li class="js-percentile-work_33902865 InlineList-item InlineList-item--bordered hidden u-tcGrayDark"><span class="percentile-widget hidden"><span class="u-mr2x percentile-widget" style="display: none">•</span><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 33902865; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-percentile-work_33902865"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></li><li class="js-view-count-work_33902865 InlineList-item InlineList-item--bordered hidden"><div><span><span class="js-view-count view-count u-mr2x" data-work-id="33902865"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 33902865; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=33902865]").text(description); $(".js-view-count-work_33902865").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_33902865").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="33902865"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">2</a>  </div><span class="InlineList-item-text u-textTruncate u-pl9x"><a class="InlineList-item-text" data-has-card-for-ri="6961" rel="nofollow" href="https://www.academia.edu/Documents/in/Foreign_Exchange_Market">Foreign Exchange Market</a>, <script data-card-contents-for-ri="6961" type="text/json">{"id":6961,"name":"Foreign Exchange Market","url":"https://www.academia.edu/Documents/in/Foreign_Exchange_Market?f_ri=6961","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="7292" rel="nofollow" href="https://www.academia.edu/Documents/in/Corporate_Finance">Corporate Finance</a><script data-card-contents-for-ri="7292" type="text/json">{"id":7292,"name":"Corporate Finance","url":"https://www.academia.edu/Documents/in/Corporate_Finance?f_ri=6961","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=33902865]'), work: {"id":33902865,"title":"Analysis of Foreign Exchange Operation Agrani Bank Ltd.","created_at":"2017-07-16T21:55:48.666-07:00","url":"https://www.academia.edu/33902865/Analysis_of_Foreign_Exchange_Operation_Agrani_Bank_Ltd?f_ri=6961","dom_id":"work_33902865","summary":"This report deals with foreign exchange operation of Agrani Bank Ltd.","downloadable_attachments":[{"id":53875020,"asset_id":33902865,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":3387089,"first_name":"Obydul","last_name":"Rana","domain_name":"dhakauniversity","page_name":"ObydulRana","display_name":"Obydul Rana","profile_url":"https://dhakauniversity.academia.edu/ObydulRana?f_ri=6961","photo":"https://0.academia-photos.com/3387089/1143194/17418601/s65_obydul.rana.jpg"}],"research_interests":[{"id":6961,"name":"Foreign Exchange Market","url":"https://www.academia.edu/Documents/in/Foreign_Exchange_Market?f_ri=6961","nofollow":true},{"id":7292,"name":"Corporate Finance","url":"https://www.academia.edu/Documents/in/Corporate_Finance?f_ri=6961","nofollow":true}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_37635600" data-work_id="37635600" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/37635600/Mercado_de_divisas_ppt">Mercado de divisas.ppt</a></div></div><div class="u-pb4x u-mt3x"></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/37635600" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="e22644656f32692efb7eb7a49c64fe88" rel="nofollow" data-download="{"attachment_id":57620434,"asset_id":37635600,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/57620434/download_file?st=MTc0MDYwMDE4Myw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="31847256" href="https://independent.academia.edu/AndersonBernalAltamirano">Anderson Bernal Altamirano</a><script data-card-contents-for-user="31847256" type="text/json">{"id":31847256,"first_name":"Anderson","last_name":"Bernal Altamirano","domain_name":"independent","page_name":"AndersonBernalAltamirano","display_name":"Anderson Bernal Altamirano","profile_url":"https://independent.academia.edu/AndersonBernalAltamirano?f_ri=6961","photo":"https://0.academia-photos.com/31847256/9465060/10546568/s65_anderson.bernal_altamirano.jpg_oh_b5511afe6ee9aa8b626c5d6499e6c2b3_oe_55ea1a6a___gda___1442886942_79d633c762637d7221ea8f7048aef93a"}</script></span></span></li><li class="js-paper-rank-work_37635600 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="37635600"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 37635600, container: ".js-paper-rank-work_37635600", }); });</script></li><li class="js-percentile-work_37635600 InlineList-item InlineList-item--bordered hidden u-tcGrayDark"><span class="percentile-widget hidden"><span class="u-mr2x percentile-widget" style="display: none">•</span><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 37635600; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-percentile-work_37635600"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></li><li class="js-view-count-work_37635600 InlineList-item InlineList-item--bordered hidden"><div><span><span class="js-view-count view-count u-mr2x" data-work-id="37635600"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 37635600; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=37635600]").text(description); $(".js-view-count-work_37635600").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_37635600").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="37635600"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">2</a>  </div><span class="InlineList-item-text u-textTruncate u-pl9x"><a class="InlineList-item-text" data-has-card-for-ri="6961" rel="nofollow" href="https://www.academia.edu/Documents/in/Foreign_Exchange_Market">Foreign Exchange Market</a>, <script data-card-contents-for-ri="6961" type="text/json">{"id":6961,"name":"Foreign Exchange Market","url":"https://www.academia.edu/Documents/in/Foreign_Exchange_Market?f_ri=6961","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="111071" rel="nofollow" href="https://www.academia.edu/Documents/in/Foreign_Exchange">Foreign Exchange</a><script data-card-contents-for-ri="111071" type="text/json">{"id":111071,"name":"Foreign Exchange","url":"https://www.academia.edu/Documents/in/Foreign_Exchange?f_ri=6961","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=37635600]'), work: {"id":37635600,"title":"Mercado de divisas.ppt","created_at":"2018-10-23T09:21:17.792-07:00","url":"https://www.academia.edu/37635600/Mercado_de_divisas_ppt?f_ri=6961","dom_id":"work_37635600","summary":null,"downloadable_attachments":[{"id":57620434,"asset_id":37635600,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":31847256,"first_name":"Anderson","last_name":"Bernal Altamirano","domain_name":"independent","page_name":"AndersonBernalAltamirano","display_name":"Anderson Bernal Altamirano","profile_url":"https://independent.academia.edu/AndersonBernalAltamirano?f_ri=6961","photo":"https://0.academia-photos.com/31847256/9465060/10546568/s65_anderson.bernal_altamirano.jpg_oh_b5511afe6ee9aa8b626c5d6499e6c2b3_oe_55ea1a6a___gda___1442886942_79d633c762637d7221ea8f7048aef93a"}],"research_interests":[{"id":6961,"name":"Foreign Exchange Market","url":"https://www.academia.edu/Documents/in/Foreign_Exchange_Market?f_ri=6961","nofollow":true},{"id":111071,"name":"Foreign Exchange","url":"https://www.academia.edu/Documents/in/Foreign_Exchange?f_ri=6961","nofollow":true}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_40514126" data-work_id="40514126" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/40514126/DYNAMICS_OF_EXCHANGE_RATE_AND_ECONOMIC_GROWTH_EMPIRICAL_EVIDENCE_FROM_THE_NIGERIAN_FOREIGN_EXCHANGE_MARKET">DYNAMICS OF EXCHANGE RATE AND ECONOMIC GROWTH: EMPIRICAL EVIDENCE FROM THE NIGERIAN FOREIGN EXCHANGE MARKET</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">This paper examine the causation between Exchange Rate, Interest Rate and Economic Growth in Nigeria for a period of 57 years, ranges from 1960 to 2017 with the application of time series econometric techniques. The empirical results show... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_40514126" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">This paper examine the causation between Exchange Rate, Interest Rate and Economic Growth in Nigeria for a period of 57 years, ranges from 1960 to 2017 with the application of time series econometric techniques. The empirical results show that there is a strong and positive relationship between Real Exchange Rate (RER), Real Interest Rate (RIR) and Real Gross Domestic Product (RGDP). Also, there is an evidence of long-run equilibrium bi-directional relationship between RER and RGDP. However, there is no causality between RIR and RGDP as evidenced by Pairwise Granger Causality Tests results.</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/40514126" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="f71bba830a08d366e1fc58fd14f96c34" rel="nofollow" data-download="{"attachment_id":60787003,"asset_id":40514126,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/60787003/download_file?st=MTc0MDYwMDE4Myw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="39654307" href="https://lasunigeria.academia.edu/AbolajiDaniel">Abolaji D Anifowose</a><script data-card-contents-for-user="39654307" type="text/json">{"id":39654307,"first_name":"Abolaji","last_name":"Anifowose","domain_name":"lasunigeria","page_name":"AbolajiDaniel","display_name":"Abolaji D Anifowose","profile_url":"https://lasunigeria.academia.edu/AbolajiDaniel?f_ri=6961","photo":"https://0.academia-photos.com/39654307/11875307/18745704/s65_abolaji.anifowose.jpg"}</script></span></span></li><li class="js-paper-rank-work_40514126 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="40514126"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 40514126, container: ".js-paper-rank-work_40514126", }); });</script></li><li class="js-percentile-work_40514126 InlineList-item InlineList-item--bordered hidden u-tcGrayDark"><span class="percentile-widget hidden"><span class="u-mr2x percentile-widget" style="display: none">•</span><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 40514126; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-percentile-work_40514126"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></li><li class="js-view-count-work_40514126 InlineList-item InlineList-item--bordered hidden"><div><span><span class="js-view-count view-count u-mr2x" data-work-id="40514126"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 40514126; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=40514126]").text(description); $(".js-view-count-work_40514126").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_40514126").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="40514126"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i></div><span class="InlineList-item-text u-textTruncate u-pl6x"><a class="InlineList-item-text" data-has-card-for-ri="6961" rel="nofollow" href="https://www.academia.edu/Documents/in/Foreign_Exchange_Market">Foreign Exchange Market</a><script data-card-contents-for-ri="6961" type="text/json">{"id":6961,"name":"Foreign Exchange Market","url":"https://www.academia.edu/Documents/in/Foreign_Exchange_Market?f_ri=6961","nofollow":true}</script></span></li><script>(function(){ if (false) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=40514126]'), work: {"id":40514126,"title":"DYNAMICS OF EXCHANGE RATE AND ECONOMIC GROWTH: EMPIRICAL EVIDENCE FROM THE NIGERIAN FOREIGN EXCHANGE MARKET","created_at":"2019-10-03T11:20:48.314-07:00","url":"https://www.academia.edu/40514126/DYNAMICS_OF_EXCHANGE_RATE_AND_ECONOMIC_GROWTH_EMPIRICAL_EVIDENCE_FROM_THE_NIGERIAN_FOREIGN_EXCHANGE_MARKET?f_ri=6961","dom_id":"work_40514126","summary":"This paper examine the causation between Exchange Rate, Interest Rate and Economic Growth in Nigeria for a period of 57 years, ranges from 1960 to 2017 with the application of time series econometric techniques. The empirical results show that there is a strong and positive relationship between Real Exchange Rate (RER), Real Interest Rate (RIR) and Real Gross Domestic Product (RGDP). Also, there is an evidence of long-run equilibrium bi-directional relationship between RER and RGDP. However, there is no causality between RIR and RGDP as evidenced by Pairwise Granger Causality Tests results.","downloadable_attachments":[{"id":60787003,"asset_id":40514126,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":39654307,"first_name":"Abolaji","last_name":"Anifowose","domain_name":"lasunigeria","page_name":"AbolajiDaniel","display_name":"Abolaji D Anifowose","profile_url":"https://lasunigeria.academia.edu/AbolajiDaniel?f_ri=6961","photo":"https://0.academia-photos.com/39654307/11875307/18745704/s65_abolaji.anifowose.jpg"}],"research_interests":[{"id":6961,"name":"Foreign Exchange Market","url":"https://www.academia.edu/Documents/in/Foreign_Exchange_Market?f_ri=6961","nofollow":true}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_7098382" data-work_id="7098382" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/7098382/Foreign_Exchange_Performance_An_Evaluation_of_National_Bank_Ltd_Islampur_Branch">Foreign Exchange Performance: An Evaluation of National Bank Ltd, Islampur Branch</a></div></div><div class="u-pb4x u-mt3x"></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/7098382" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="3c94e9c7a7ff1a1b86784b1c5d3b19ad" rel="nofollow" data-download="{"attachment_id":33742574,"asset_id":7098382,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/33742574/download_file?st=MTc0MDYwMDE4Myw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="384215" href="https://jstu.academia.edu/uttamgolder">uttam golder</a><script data-card-contents-for-user="384215" type="text/json">{"id":384215,"first_name":"uttam","last_name":"golder","domain_name":"jstu","page_name":"uttamgolder","display_name":"uttam golder","profile_url":"https://jstu.academia.edu/uttamgolder?f_ri=6961","photo":"https://0.academia-photos.com/384215/119616/7561791/s65_uttam.golder.jpg"}</script></span></span></li><li class="js-paper-rank-work_7098382 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="7098382"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 7098382, container: ".js-paper-rank-work_7098382", }); });</script></li><li class="js-percentile-work_7098382 InlineList-item InlineList-item--bordered hidden u-tcGrayDark"><span class="percentile-widget hidden"><span class="u-mr2x percentile-widget" style="display: none">•</span><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 7098382; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-percentile-work_7098382"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></li><li class="js-view-count-work_7098382 InlineList-item InlineList-item--bordered hidden"><div><span><span class="js-view-count view-count u-mr2x" data-work-id="7098382"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 7098382; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=7098382]").text(description); $(".js-view-count-work_7098382").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_7098382").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="7098382"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i></div><span class="InlineList-item-text u-textTruncate u-pl6x"><a class="InlineList-item-text" data-has-card-for-ri="6961" rel="nofollow" href="https://www.academia.edu/Documents/in/Foreign_Exchange_Market">Foreign Exchange Market</a><script data-card-contents-for-ri="6961" type="text/json">{"id":6961,"name":"Foreign Exchange Market","url":"https://www.academia.edu/Documents/in/Foreign_Exchange_Market?f_ri=6961","nofollow":true}</script></span></li><script>(function(){ if (false) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=7098382]'), work: {"id":7098382,"title":"Foreign Exchange Performance: An Evaluation of National Bank Ltd, Islampur Branch","created_at":"2014-05-19T20:50:08.059-07:00","url":"https://www.academia.edu/7098382/Foreign_Exchange_Performance_An_Evaluation_of_National_Bank_Ltd_Islampur_Branch?f_ri=6961","dom_id":"work_7098382","summary":null,"downloadable_attachments":[{"id":33742574,"asset_id":7098382,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":384215,"first_name":"uttam","last_name":"golder","domain_name":"jstu","page_name":"uttamgolder","display_name":"uttam golder","profile_url":"https://jstu.academia.edu/uttamgolder?f_ri=6961","photo":"https://0.academia-photos.com/384215/119616/7561791/s65_uttam.golder.jpg"}],"research_interests":[{"id":6961,"name":"Foreign Exchange Market","url":"https://www.academia.edu/Documents/in/Foreign_Exchange_Market?f_ri=6961","nofollow":true}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_71350301" data-work_id="71350301" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/71350301/Microstructure_theory_and_the_foreign_exchange_market">Microstructure theory and the foreign exchange market</a></div></div><div class="u-pb4x u-mt3x"></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/71350301" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="15cbeac11e8277d438e34367a6afeff2" rel="nofollow" data-download="{"attachment_id":80730949,"asset_id":71350301,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/80730949/download_file?st=MTc0MDYwMDE4Myw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="69685" href="https://nd.academia.edu/RobertFlood">Robert Flood</a><script data-card-contents-for-user="69685" type="text/json">{"id":69685,"first_name":"Robert","last_name":"Flood","domain_name":"nd","page_name":"RobertFlood","display_name":"Robert Flood","profile_url":"https://nd.academia.edu/RobertFlood?f_ri=6961","photo":"/images/s65_no_pic.png"}</script></span></span></li><li class="js-paper-rank-work_71350301 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="71350301"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 71350301, container: ".js-paper-rank-work_71350301", }); });</script></li><li class="js-percentile-work_71350301 InlineList-item InlineList-item--bordered hidden u-tcGrayDark"><span class="percentile-widget hidden"><span class="u-mr2x percentile-widget" style="display: none">•</span><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 71350301; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-percentile-work_71350301"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></li><li class="js-view-count-work_71350301 InlineList-item InlineList-item--bordered hidden"><div><span><span class="js-view-count view-count u-mr2x" data-work-id="71350301"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 71350301; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=71350301]").text(description); $(".js-view-count-work_71350301").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_71350301").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="71350301"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">5</a>  </div><span class="InlineList-item-text u-textTruncate u-pl9x"><a class="InlineList-item-text" data-has-card-for-ri="724" rel="nofollow" href="https://www.academia.edu/Documents/in/Economics">Economics</a>, <script data-card-contents-for-ri="724" type="text/json">{"id":724,"name":"Economics","url":"https://www.academia.edu/Documents/in/Economics?f_ri=6961","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="6961" rel="nofollow" href="https://www.academia.edu/Documents/in/Foreign_Exchange_Market">Foreign Exchange Market</a>, <script data-card-contents-for-ri="6961" type="text/json">{"id":6961,"name":"Foreign Exchange Market","url":"https://www.academia.edu/Documents/in/Foreign_Exchange_Market?f_ri=6961","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="111071" rel="nofollow" href="https://www.academia.edu/Documents/in/Foreign_Exchange">Foreign Exchange</a>, <script data-card-contents-for-ri="111071" type="text/json">{"id":111071,"name":"Foreign Exchange","url":"https://www.academia.edu/Documents/in/Foreign_Exchange?f_ri=6961","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="473797" rel="nofollow" href="https://www.academia.edu/Documents/in/Microstructures">Microstructures</a><script data-card-contents-for-ri="473797" type="text/json">{"id":473797,"name":"Microstructures","url":"https://www.academia.edu/Documents/in/Microstructures?f_ri=6961","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=71350301]'), work: {"id":71350301,"title":"Microstructure theory and the foreign exchange market","created_at":"2022-02-13T07:38:20.076-08:00","url":"https://www.academia.edu/71350301/Microstructure_theory_and_the_foreign_exchange_market?f_ri=6961","dom_id":"work_71350301","summary":null,"downloadable_attachments":[{"id":80730949,"asset_id":71350301,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":69685,"first_name":"Robert","last_name":"Flood","domain_name":"nd","page_name":"RobertFlood","display_name":"Robert Flood","profile_url":"https://nd.academia.edu/RobertFlood?f_ri=6961","photo":"/images/s65_no_pic.png"}],"research_interests":[{"id":724,"name":"Economics","url":"https://www.academia.edu/Documents/in/Economics?f_ri=6961","nofollow":true},{"id":6961,"name":"Foreign Exchange Market","url":"https://www.academia.edu/Documents/in/Foreign_Exchange_Market?f_ri=6961","nofollow":true},{"id":111071,"name":"Foreign Exchange","url":"https://www.academia.edu/Documents/in/Foreign_Exchange?f_ri=6961","nofollow":true},{"id":473797,"name":"Microstructures","url":"https://www.academia.edu/Documents/in/Microstructures?f_ri=6961","nofollow":true},{"id":3079415,"name":"Finance and Investment Banking","url":"https://www.academia.edu/Documents/in/Finance_and_Investment_Banking?f_ri=6961"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_14248241" data-work_id="14248241" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/14248241/Arbitrage_in_the_foreign_exchange_market_Turning_on_the_microscope">Arbitrage in the foreign exchange market: Turning on the microscope</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">This paper provides real-time evidence on the frequency, size, duration and economic significance of arbitrage opportunities in the foreign exchange market. We investigate deviations from the covered interest rate parity (CIP) condition... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_14248241" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">This paper provides real-time evidence on the frequency, size, duration and economic significance of arbitrage opportunities in the foreign exchange market. We investigate deviations from the covered interest rate parity (CIP) condition using a unique data set for three major capital and foreign exchange markets that covers a period of more than seven months at tick frequency. The analysis unveils</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/14248241" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="3a65f731d392580761917005cb8d491d" rel="nofollow" data-download="{"attachment_id":44406450,"asset_id":14248241,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/44406450/download_file?st=MTc0MDYwMDE4Myw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="33217240" href="https://bi.academia.edu/DagfinnRime">Dagfinn Rime</a><script data-card-contents-for-user="33217240" type="text/json">{"id":33217240,"first_name":"Dagfinn","last_name":"Rime","domain_name":"bi","page_name":"DagfinnRime","display_name":"Dagfinn Rime","profile_url":"https://bi.academia.edu/DagfinnRime?f_ri=6961","photo":"https://gravatar.com/avatar/0f761b87eeb2d0f2ddd1f4b06844ad0a?s=65"}</script></span></span></li><li class="js-paper-rank-work_14248241 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="14248241"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 14248241, container: ".js-paper-rank-work_14248241", }); });</script></li><li class="js-percentile-work_14248241 InlineList-item InlineList-item--bordered hidden u-tcGrayDark"><span class="percentile-widget hidden"><span class="u-mr2x percentile-widget" style="display: none">•</span><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 14248241; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-percentile-work_14248241"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></li><li class="js-view-count-work_14248241 InlineList-item InlineList-item--bordered hidden"><div><span><span class="js-view-count view-count u-mr2x" data-work-id="14248241"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 14248241; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=14248241]").text(description); $(".js-view-count-work_14248241").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_14248241").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="14248241"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">3</a>  </div><span class="InlineList-item-text u-textTruncate u-pl9x"><a class="InlineList-item-text" data-has-card-for-ri="724" rel="nofollow" href="https://www.academia.edu/Documents/in/Economics">Economics</a>, <script data-card-contents-for-ri="724" type="text/json">{"id":724,"name":"Economics","url":"https://www.academia.edu/Documents/in/Economics?f_ri=6961","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="6961" rel="nofollow" href="https://www.academia.edu/Documents/in/Foreign_Exchange_Market">Foreign Exchange Market</a>, <script data-card-contents-for-ri="6961" type="text/json">{"id":6961,"name":"Foreign Exchange Market","url":"https://www.academia.edu/Documents/in/Foreign_Exchange_Market?f_ri=6961","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="229390" rel="nofollow" href="https://www.academia.edu/Documents/in/Real_Time">Real Time</a><script data-card-contents-for-ri="229390" type="text/json">{"id":229390,"name":"Real Time","url":"https://www.academia.edu/Documents/in/Real_Time?f_ri=6961","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=14248241]'), work: {"id":14248241,"title":"Arbitrage in the foreign exchange market: Turning on the microscope","created_at":"2015-07-21T00:43:50.978-07:00","url":"https://www.academia.edu/14248241/Arbitrage_in_the_foreign_exchange_market_Turning_on_the_microscope?f_ri=6961","dom_id":"work_14248241","summary":"This paper provides real-time evidence on the frequency, size, duration and economic significance of arbitrage opportunities in the foreign exchange market. We investigate deviations from the covered interest rate parity (CIP) condition using a unique data set for three major capital and foreign exchange markets that covers a period of more than seven months at tick frequency. The analysis unveils","downloadable_attachments":[{"id":44406450,"asset_id":14248241,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":33217240,"first_name":"Dagfinn","last_name":"Rime","domain_name":"bi","page_name":"DagfinnRime","display_name":"Dagfinn Rime","profile_url":"https://bi.academia.edu/DagfinnRime?f_ri=6961","photo":"https://gravatar.com/avatar/0f761b87eeb2d0f2ddd1f4b06844ad0a?s=65"}],"research_interests":[{"id":724,"name":"Economics","url":"https://www.academia.edu/Documents/in/Economics?f_ri=6961","nofollow":true},{"id":6961,"name":"Foreign Exchange Market","url":"https://www.academia.edu/Documents/in/Foreign_Exchange_Market?f_ri=6961","nofollow":true},{"id":229390,"name":"Real Time","url":"https://www.academia.edu/Documents/in/Real_Time?f_ri=6961","nofollow":true}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_28614949" data-work_id="28614949" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/28614949/Recent_Fluctuations_in_Call_Money_Rate_Causes_and_Its_Impact">Recent Fluctuations in Call Money Rate: Causes and Its Impact</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">Call money market in Bangladesh was basically developed under competitive environment of the financial market. However, the market could not develop as expected, rather it showed a wide range of seasonal fluctuations. The study reveals... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_28614949" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">Call money market in Bangladesh was basically developed under competitive environment of the financial market. However, the market could not develop as expected, rather it showed a wide range of seasonal fluctuations. The study reveals that in most cases, whenever excess reserve falls, the rate of interest in call money market rises and vice versa. It also shows that Non-bank Financial Institutions (NBFIs) have played a major role in the recent fluctuations. Some Private Commercial Banks (PCBs) have taken the opportunity of borrowing money at low rates on the same day, thereby making the market volatile. Other reasons for the recent fluctuations are the expansion of credit and withdrawal of deposit by the public during Eid-festival. Demand for Cash by banks and financial institutions hit the inter bank repo market. Besides, some banks' borrowing of foreign currency from inter bank money market contributed to the increase in both exchange and call money rates.</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/28614949" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="9d4ff6d6f1447364b36e00ec6ab6b8ce" rel="nofollow" data-download="{"attachment_id":48979164,"asset_id":28614949,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/48979164/download_file?st=MTc0MDYwMDE4Myw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="20789617" href="https://naser.academia.edu/MohammadMasuduzzaman">Mohammad Masuduzzaman</a><script data-card-contents-for-user="20789617" type="text/json">{"id":20789617,"first_name":"Mohammad","last_name":"Masuduzzaman","domain_name":"naser","page_name":"MohammadMasuduzzaman","display_name":"Mohammad Masuduzzaman","profile_url":"https://naser.academia.edu/MohammadMasuduzzaman?f_ri=6961","photo":"https://0.academia-photos.com/20789617/42150099/160386131/s65_mohammad.masuduzzaman.jpg"}</script></span></span></li><li class="js-paper-rank-work_28614949 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="28614949"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 28614949, container: ".js-paper-rank-work_28614949", }); });</script></li><li class="js-percentile-work_28614949 InlineList-item InlineList-item--bordered hidden u-tcGrayDark"><span class="percentile-widget hidden"><span class="u-mr2x percentile-widget" style="display: none">•</span><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 28614949; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-percentile-work_28614949"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></li><li class="js-view-count-work_28614949 InlineList-item InlineList-item--bordered hidden"><div><span><span class="js-view-count view-count u-mr2x" data-work-id="28614949"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 28614949; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=28614949]").text(description); $(".js-view-count-work_28614949").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_28614949").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="28614949"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">8</a>  </div><span class="InlineList-item-text u-textTruncate u-pl9x"><a class="InlineList-item-text" data-has-card-for-ri="6961" rel="nofollow" href="https://www.academia.edu/Documents/in/Foreign_Exchange_Market">Foreign Exchange Market</a>, <script data-card-contents-for-ri="6961" type="text/json">{"id":6961,"name":"Foreign Exchange Market","url":"https://www.academia.edu/Documents/in/Foreign_Exchange_Market?f_ri=6961","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="11684" rel="nofollow" href="https://www.academia.edu/Documents/in/Money_and_Banking">Money and Banking</a>, <script data-card-contents-for-ri="11684" type="text/json">{"id":11684,"name":"Money and Banking","url":"https://www.academia.edu/Documents/in/Money_and_Banking?f_ri=6961","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="18895" rel="nofollow" href="https://www.academia.edu/Documents/in/Bangladesh">Bangladesh</a>, <script data-card-contents-for-ri="18895" type="text/json">{"id":18895,"name":"Bangladesh","url":"https://www.academia.edu/Documents/in/Bangladesh?f_ri=6961","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="21817" rel="nofollow" href="https://www.academia.edu/Documents/in/Financial_Markets_And_Institution">Financial Markets And Institution</a><script data-card-contents-for-ri="21817" type="text/json">{"id":21817,"name":"Financial Markets And Institution","url":"https://www.academia.edu/Documents/in/Financial_Markets_And_Institution?f_ri=6961","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=28614949]'), work: {"id":28614949,"title":"Recent Fluctuations in Call Money Rate: Causes and Its Impact","created_at":"2016-09-20T00:01:40.043-07:00","url":"https://www.academia.edu/28614949/Recent_Fluctuations_in_Call_Money_Rate_Causes_and_Its_Impact?f_ri=6961","dom_id":"work_28614949","summary":"Call money market in Bangladesh was basically developed under competitive environment of the financial market. However, the market could not develop as expected, rather it showed a wide range of seasonal fluctuations. The study reveals that in most cases, whenever excess reserve falls, the rate of interest in call money market rises and vice versa. It also shows that Non-bank Financial Institutions (NBFIs) have played a major role in the recent fluctuations. Some Private Commercial Banks (PCBs) have taken the opportunity of borrowing money at low rates on the same day, thereby making the market volatile. Other reasons for the recent fluctuations are the expansion of credit and withdrawal of deposit by the public during Eid-festival. Demand for Cash by banks and financial institutions hit the inter bank repo market. Besides, some banks' borrowing of foreign currency from inter bank money market contributed to the increase in both exchange and call money rates.","downloadable_attachments":[{"id":48979164,"asset_id":28614949,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":20789617,"first_name":"Mohammad","last_name":"Masuduzzaman","domain_name":"naser","page_name":"MohammadMasuduzzaman","display_name":"Mohammad Masuduzzaman","profile_url":"https://naser.academia.edu/MohammadMasuduzzaman?f_ri=6961","photo":"https://0.academia-photos.com/20789617/42150099/160386131/s65_mohammad.masuduzzaman.jpg"}],"research_interests":[{"id":6961,"name":"Foreign Exchange Market","url":"https://www.academia.edu/Documents/in/Foreign_Exchange_Market?f_ri=6961","nofollow":true},{"id":11684,"name":"Money and Banking","url":"https://www.academia.edu/Documents/in/Money_and_Banking?f_ri=6961","nofollow":true},{"id":18895,"name":"Bangladesh","url":"https://www.academia.edu/Documents/in/Bangladesh?f_ri=6961","nofollow":true},{"id":21817,"name":"Financial Markets And Institution","url":"https://www.academia.edu/Documents/in/Financial_Markets_And_Institution?f_ri=6961","nofollow":true},{"id":41875,"name":"Bangladesh Studies","url":"https://www.academia.edu/Documents/in/Bangladesh_Studies?f_ri=6961"},{"id":107062,"name":"Money Market","url":"https://www.academia.edu/Documents/in/Money_Market?f_ri=6961"},{"id":186306,"name":"Interest Rates","url":"https://www.academia.edu/Documents/in/Interest_Rates?f_ri=6961"},{"id":2457377,"name":"Interbank Markets","url":"https://www.academia.edu/Documents/in/Interbank_Markets?f_ri=6961"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_14444744" data-work_id="14444744" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/14444744/New_electronic_trading_systems_in_foreign_exchange_markets">New electronic trading systems in foreign exchange markets</a></div></div><div class="u-pb4x u-mt3x"></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/14444744" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="10d190fafee67e7f08804f41cd9f8eed" rel="nofollow" data-download="{"attachment_id":44143051,"asset_id":14444744,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/44143051/download_file?st=MTc0MDYwMDE4Myw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="33217240" href="https://bi.academia.edu/DagfinnRime">Dagfinn Rime</a><script data-card-contents-for-user="33217240" type="text/json">{"id":33217240,"first_name":"Dagfinn","last_name":"Rime","domain_name":"bi","page_name":"DagfinnRime","display_name":"Dagfinn Rime","profile_url":"https://bi.academia.edu/DagfinnRime?f_ri=6961","photo":"https://gravatar.com/avatar/0f761b87eeb2d0f2ddd1f4b06844ad0a?s=65"}</script></span></span></li><li class="js-paper-rank-work_14444744 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="14444744"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 14444744, container: ".js-paper-rank-work_14444744", }); });</script></li><li class="js-percentile-work_14444744 InlineList-item InlineList-item--bordered hidden u-tcGrayDark"><span class="percentile-widget hidden"><span class="u-mr2x percentile-widget" style="display: none">•</span><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 14444744; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-percentile-work_14444744"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></li><li class="js-view-count-work_14444744 InlineList-item InlineList-item--bordered hidden"><div><span><span class="js-view-count view-count u-mr2x" data-work-id="14444744"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 14444744; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=14444744]").text(description); $(".js-view-count-work_14444744").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_14444744").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="14444744"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">2</a>  </div><span class="InlineList-item-text u-textTruncate u-pl9x"><a class="InlineList-item-text" data-has-card-for-ri="6961" rel="nofollow" href="https://www.academia.edu/Documents/in/Foreign_Exchange_Market">Foreign Exchange Market</a>, <script data-card-contents-for-ri="6961" type="text/json">{"id":6961,"name":"Foreign Exchange Market","url":"https://www.academia.edu/Documents/in/Foreign_Exchange_Market?f_ri=6961","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="111071" rel="nofollow" href="https://www.academia.edu/Documents/in/Foreign_Exchange">Foreign Exchange</a><script data-card-contents-for-ri="111071" type="text/json">{"id":111071,"name":"Foreign Exchange","url":"https://www.academia.edu/Documents/in/Foreign_Exchange?f_ri=6961","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=14444744]'), work: {"id":14444744,"title":"New electronic trading systems in foreign exchange markets","created_at":"2015-07-27T13:04:40.132-07:00","url":"https://www.academia.edu/14444744/New_electronic_trading_systems_in_foreign_exchange_markets?f_ri=6961","dom_id":"work_14444744","summary":null,"downloadable_attachments":[{"id":44143051,"asset_id":14444744,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":33217240,"first_name":"Dagfinn","last_name":"Rime","domain_name":"bi","page_name":"DagfinnRime","display_name":"Dagfinn Rime","profile_url":"https://bi.academia.edu/DagfinnRime?f_ri=6961","photo":"https://gravatar.com/avatar/0f761b87eeb2d0f2ddd1f4b06844ad0a?s=65"}],"research_interests":[{"id":6961,"name":"Foreign Exchange Market","url":"https://www.academia.edu/Documents/in/Foreign_Exchange_Market?f_ri=6961","nofollow":true},{"id":111071,"name":"Foreign Exchange","url":"https://www.academia.edu/Documents/in/Foreign_Exchange?f_ri=6961","nofollow":true}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_24776905" data-work_id="24776905" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/24776905/Analysis_of_efficiency_liquidity_and_volatility">Analysis of efficiency, liquidity and volatility</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">Spot foreign exchange market today is the most volatile and liquid of all financial markets in the world. The present paper addresses in details the efficiency, liquidity and risk seen by a trader, particularly concentrating on analysis... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_24776905" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">Spot foreign exchange market today is the most volatile and liquid of all financial markets in the world. The present paper addresses in details the efficiency, liquidity and risk seen by a trader, particularly concentrating on analysis of high frequency data for intraday trading. The main findings of the research include the fact that the market was found to be efficient in weak form, which in particular means that technical analysis cannot be successfully applied to systematically get an above average profit from speculative trades, but fundamental analysis may increase the expected income. Carry trades were not found to be consistently profitable or generating non negative profit. Spot foreign exchange market was proven to be extremely liquid, and its liquidity is being independent from regional trading sessions. We also found no evidence on the spot forex market of hot potato trading that usually follows news announcements. Finally, five different risk measures have shown that t...</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/24776905" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="564222c46b5fca734d54ab66aa61cb88" rel="nofollow" data-download="{"attachment_id":45104841,"asset_id":24776905,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/45104841/download_file?st=MTc0MDYwMDE4Myw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="47771888" href="https://independent.academia.edu/AnnaSerbinenko">Anna Serbinenko</a><script data-card-contents-for-user="47771888" type="text/json">{"id":47771888,"first_name":"Anna","last_name":"Serbinenko","domain_name":"independent","page_name":"AnnaSerbinenko","display_name":"Anna Serbinenko","profile_url":"https://independent.academia.edu/AnnaSerbinenko?f_ri=6961","photo":"/images/s65_no_pic.png"}</script></span></span></li><li class="js-paper-rank-work_24776905 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="24776905"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 24776905, container: ".js-paper-rank-work_24776905", }); });</script></li><li class="js-percentile-work_24776905 InlineList-item InlineList-item--bordered hidden u-tcGrayDark"><span class="percentile-widget hidden"><span class="u-mr2x percentile-widget" style="display: none">•</span><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 24776905; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-percentile-work_24776905"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></li><li class="js-view-count-work_24776905 InlineList-item InlineList-item--bordered hidden"><div><span><span class="js-view-count view-count u-mr2x" data-work-id="24776905"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 24776905; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=24776905]").text(description); $(".js-view-count-work_24776905").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_24776905").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="24776905"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">6</a>  </div><span class="InlineList-item-text u-textTruncate u-pl9x"><a class="InlineList-item-text" data-has-card-for-ri="6961" rel="nofollow" href="https://www.academia.edu/Documents/in/Foreign_Exchange_Market">Foreign Exchange Market</a>, <script data-card-contents-for-ri="6961" type="text/json">{"id":6961,"name":"Foreign Exchange Market","url":"https://www.academia.edu/Documents/in/Foreign_Exchange_Market?f_ri=6961","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="30372" rel="nofollow" href="https://www.academia.edu/Documents/in/Low_Frequency">Low Frequency</a>, <script data-card-contents-for-ri="30372" type="text/json">{"id":30372,"name":"Low Frequency","url":"https://www.academia.edu/Documents/in/Low_Frequency?f_ri=6961","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="41418" rel="nofollow" href="https://www.academia.edu/Documents/in/Potato">Potato</a>, <script data-card-contents-for-ri="41418" type="text/json">{"id":41418,"name":"Potato","url":"https://www.academia.edu/Documents/in/Potato?f_ri=6961","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="43343" rel="nofollow" href="https://www.academia.edu/Documents/in/Technical_Analysis">Technical Analysis</a><script data-card-contents-for-ri="43343" type="text/json">{"id":43343,"name":"Technical Analysis","url":"https://www.academia.edu/Documents/in/Technical_Analysis?f_ri=6961","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=24776905]'), work: {"id":24776905,"title":"Analysis of efficiency, liquidity and volatility","created_at":"2016-04-26T09:03:29.386-07:00","url":"https://www.academia.edu/24776905/Analysis_of_efficiency_liquidity_and_volatility?f_ri=6961","dom_id":"work_24776905","summary":"Spot foreign exchange market today is the most volatile and liquid of all financial markets in the world. The present paper addresses in details the efficiency, liquidity and risk seen by a trader, particularly concentrating on analysis of high frequency data for intraday trading. The main findings of the research include the fact that the market was found to be efficient in weak form, which in particular means that technical analysis cannot be successfully applied to systematically get an above average profit from speculative trades, but fundamental analysis may increase the expected income. Carry trades were not found to be consistently profitable or generating non negative profit. Spot foreign exchange market was proven to be extremely liquid, and its liquidity is being independent from regional trading sessions. We also found no evidence on the spot forex market of hot potato trading that usually follows news announcements. Finally, five different risk measures have shown that t...","downloadable_attachments":[{"id":45104841,"asset_id":24776905,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":47771888,"first_name":"Anna","last_name":"Serbinenko","domain_name":"independent","page_name":"AnnaSerbinenko","display_name":"Anna Serbinenko","profile_url":"https://independent.academia.edu/AnnaSerbinenko?f_ri=6961","photo":"/images/s65_no_pic.png"}],"research_interests":[{"id":6961,"name":"Foreign Exchange Market","url":"https://www.academia.edu/Documents/in/Foreign_Exchange_Market?f_ri=6961","nofollow":true},{"id":30372,"name":"Low Frequency","url":"https://www.academia.edu/Documents/in/Low_Frequency?f_ri=6961","nofollow":true},{"id":41418,"name":"Potato","url":"https://www.academia.edu/Documents/in/Potato?f_ri=6961","nofollow":true},{"id":43343,"name":"Technical Analysis","url":"https://www.academia.edu/Documents/in/Technical_Analysis?f_ri=6961","nofollow":true},{"id":48458,"name":"High Frequency","url":"https://www.academia.edu/Documents/in/High_Frequency?f_ri=6961"},{"id":1375732,"name":"High Frequency Data","url":"https://www.academia.edu/Documents/in/High_Frequency_Data?f_ri=6961"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_28724457" data-work_id="28724457" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/28724457/BANKING_LAW_IN_KENYA_FOREIGN_EXCHANGE_BUREAUS_AND_EMERGING_ISSUES">BANKING LAW IN KENYA , FOREIGN EXCHANGE BUREAUS AND EMERGING ISSUES</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">Foreign exchange bureaus (FOREX Bureaus) were established and first licensed in January 1995 with the main objective of fostering competition and narrowing the exchange rate spread in the spot foreign exchange market. The FOREX bureaus... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_28724457" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">Foreign exchange bureaus (FOREX Bureaus) were established and first licensed in January 1995 with the main objective of fostering competition and narrowing the exchange rate spread in the spot foreign exchange market. The FOREX bureaus are expected to engage in spot transactions and may facilitate domestic money transfer if appointed as agents. There is an appeal to the Government to introduce regulations to govern operations on online FOREX trading because the companies working online are being harassed and extorted by police for operating illegally whereas there is no law that guides their operations.</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/28724457" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="ae7e3f72bd64f87b177394dcc39c29f9" rel="nofollow" data-download="{"attachment_id":49131977,"asset_id":28724457,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/49131977/download_file?st=MTc0MDYwMDE4Myw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="18030030" href="https://netacad.academia.edu/ValentineWakoko">Valentine Wakoko</a><script data-card-contents-for-user="18030030" type="text/json">{"id":18030030,"first_name":"Valentine","last_name":"Wakoko","domain_name":"netacad","page_name":"ValentineWakoko","display_name":"Valentine Wakoko","profile_url":"https://netacad.academia.edu/ValentineWakoko?f_ri=6961","photo":"https://0.academia-photos.com/18030030/5019255/15211930/s65_valentine.wakoko.jpg"}</script></span></span></li><li class="js-paper-rank-work_28724457 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="28724457"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 28724457, container: ".js-paper-rank-work_28724457", }); });</script></li><li class="js-percentile-work_28724457 InlineList-item InlineList-item--bordered hidden u-tcGrayDark"><span class="percentile-widget hidden"><span class="u-mr2x percentile-widget" style="display: none">•</span><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 28724457; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-percentile-work_28724457"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></li><li class="js-view-count-work_28724457 InlineList-item InlineList-item--bordered hidden"><div><span><span class="js-view-count view-count u-mr2x" data-work-id="28724457"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 28724457; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=28724457]").text(description); $(".js-view-count-work_28724457").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_28724457").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="28724457"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">4</a>  </div><span class="InlineList-item-text u-textTruncate u-pl9x"><a class="InlineList-item-text" data-has-card-for-ri="6908" rel="nofollow" href="https://www.academia.edu/Documents/in/Banking">Banking</a>, <script data-card-contents-for-ri="6908" type="text/json">{"id":6908,"name":"Banking","url":"https://www.academia.edu/Documents/in/Banking?f_ri=6961","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="6961" rel="nofollow" href="https://www.academia.edu/Documents/in/Foreign_Exchange_Market">Foreign Exchange Market</a>, <script data-card-contents-for-ri="6961" type="text/json">{"id":6961,"name":"Foreign Exchange Market","url":"https://www.academia.edu/Documents/in/Foreign_Exchange_Market?f_ri=6961","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="14863" rel="nofollow" href="https://www.academia.edu/Documents/in/Banking_Law">Banking Law</a>, <script data-card-contents-for-ri="14863" type="text/json">{"id":14863,"name":"Banking Law","url":"https://www.academia.edu/Documents/in/Banking_Law?f_ri=6961","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="206104" rel="nofollow" href="https://www.academia.edu/Documents/in/Finance_and_banking">Finance and banking</a><script data-card-contents-for-ri="206104" type="text/json">{"id":206104,"name":"Finance and banking","url":"https://www.academia.edu/Documents/in/Finance_and_banking?f_ri=6961","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=28724457]'), work: {"id":28724457,"title":"BANKING LAW IN KENYA , FOREIGN EXCHANGE BUREAUS AND EMERGING ISSUES","created_at":"2016-09-26T08:27:58.597-07:00","url":"https://www.academia.edu/28724457/BANKING_LAW_IN_KENYA_FOREIGN_EXCHANGE_BUREAUS_AND_EMERGING_ISSUES?f_ri=6961","dom_id":"work_28724457","summary":"Foreign exchange bureaus (FOREX Bureaus) were established and first licensed in January 1995 with the main objective of fostering competition and narrowing the exchange rate spread in the spot foreign exchange market. The FOREX bureaus are expected to engage in spot transactions and may facilitate domestic money transfer if appointed as agents. There is an appeal to the Government to introduce regulations to govern operations on online FOREX trading because the companies working online are being harassed and extorted by police for operating illegally whereas there is no law that guides their operations.","downloadable_attachments":[{"id":49131977,"asset_id":28724457,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":18030030,"first_name":"Valentine","last_name":"Wakoko","domain_name":"netacad","page_name":"ValentineWakoko","display_name":"Valentine Wakoko","profile_url":"https://netacad.academia.edu/ValentineWakoko?f_ri=6961","photo":"https://0.academia-photos.com/18030030/5019255/15211930/s65_valentine.wakoko.jpg"}],"research_interests":[{"id":6908,"name":"Banking","url":"https://www.academia.edu/Documents/in/Banking?f_ri=6961","nofollow":true},{"id":6961,"name":"Foreign Exchange Market","url":"https://www.academia.edu/Documents/in/Foreign_Exchange_Market?f_ri=6961","nofollow":true},{"id":14863,"name":"Banking Law","url":"https://www.academia.edu/Documents/in/Banking_Law?f_ri=6961","nofollow":true},{"id":206104,"name":"Finance and banking","url":"https://www.academia.edu/Documents/in/Finance_and_banking?f_ri=6961","nofollow":true}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_43187969" data-work_id="43187969" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/43187969/The_Profitability_of_Technical_Analysis_A_Review">The Profitability of Technical Analysis: A Review</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">The purpose of this report is to review the evidence on the profitability of technical analysis. To achieve this purpose, the report comprehensively reviews survey, theoretical and empirical studies regarding technical trading strategies.... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_43187969" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">The purpose of this report is to review the evidence on the profitability of technical analysis. To achieve this purpose, the report comprehensively reviews survey, theoretical and empirical studies regarding technical trading strategies. We begin by overviewing survey studies that have directly investigated market participants’ experience and views on technical analysis. The survey literature indicates that technical analysis has been</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/43187969" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="6a43ddc082c864a730668cac8abd89f6" rel="nofollow" data-download="{"attachment_id":63465641,"asset_id":43187969,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/63465641/download_file?st=MTc0MDYwMDE4Myw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="35366991" href="https://illinois.academia.edu/ScottHIrwin">Scott H. Irwin</a><script data-card-contents-for-user="35366991" type="text/json">{"id":35366991,"first_name":"Scott H.","last_name":"Irwin","domain_name":"illinois","page_name":"ScottHIrwin","display_name":"Scott H. Irwin","profile_url":"https://illinois.academia.edu/ScottHIrwin?f_ri=6961","photo":"https://0.academia-photos.com/35366991/44671366/35088133/s65_scott_h..irwin.jpg"}</script></span></span></li><li class="js-paper-rank-work_43187969 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="43187969"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 43187969, container: ".js-paper-rank-work_43187969", }); });</script></li><li class="js-percentile-work_43187969 InlineList-item InlineList-item--bordered hidden u-tcGrayDark"><span class="percentile-widget hidden"><span class="u-mr2x percentile-widget" style="display: none">•</span><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 43187969; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-percentile-work_43187969"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></li><li class="js-view-count-work_43187969 InlineList-item InlineList-item--bordered hidden"><div><span><span class="js-view-count view-count u-mr2x" data-work-id="43187969"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 43187969; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=43187969]").text(description); $(".js-view-count-work_43187969").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_43187969").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="43187969"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">14</a>  </div><span class="InlineList-item-text u-textTruncate u-pl10x"><a class="InlineList-item-text" data-has-card-for-ri="6961" rel="nofollow" href="https://www.academia.edu/Documents/in/Foreign_Exchange_Market">Foreign Exchange Market</a>, <script data-card-contents-for-ri="6961" type="text/json">{"id":6961,"name":"Foreign Exchange Market","url":"https://www.academia.edu/Documents/in/Foreign_Exchange_Market?f_ri=6961","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="29156" rel="nofollow" href="https://www.academia.edu/Documents/in/Stock_Market">Stock Market</a>, <script data-card-contents-for-ri="29156" type="text/json">{"id":29156,"name":"Stock Market","url":"https://www.academia.edu/Documents/in/Stock_Market?f_ri=6961","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="43343" rel="nofollow" href="https://www.academia.edu/Documents/in/Technical_Analysis">Technical Analysis</a>, <script data-card-contents-for-ri="43343" type="text/json">{"id":43343,"name":"Technical Analysis","url":"https://www.academia.edu/Documents/in/Technical_Analysis?f_ri=6961","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="78086" rel="nofollow" href="https://www.academia.edu/Documents/in/Random_Walk">Random Walk</a><script data-card-contents-for-ri="78086" type="text/json">{"id":78086,"name":"Random Walk","url":"https://www.academia.edu/Documents/in/Random_Walk?f_ri=6961","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=43187969]'), work: {"id":43187969,"title":"The Profitability of Technical Analysis: A Review","created_at":"2020-05-28T07:57:32.803-07:00","url":"https://www.academia.edu/43187969/The_Profitability_of_Technical_Analysis_A_Review?f_ri=6961","dom_id":"work_43187969","summary":"The purpose of this report is to review the evidence on the profitability of technical analysis. To achieve this purpose, the report comprehensively reviews survey, theoretical and empirical studies regarding technical trading strategies. We begin by overviewing survey studies that have directly investigated market participants’ experience and views on technical analysis. The survey literature indicates that technical analysis has been","downloadable_attachments":[{"id":63465641,"asset_id":43187969,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":35366991,"first_name":"Scott H.","last_name":"Irwin","domain_name":"illinois","page_name":"ScottHIrwin","display_name":"Scott H. Irwin","profile_url":"https://illinois.academia.edu/ScottHIrwin?f_ri=6961","photo":"https://0.academia-photos.com/35366991/44671366/35088133/s65_scott_h..irwin.jpg"}],"research_interests":[{"id":6961,"name":"Foreign Exchange Market","url":"https://www.academia.edu/Documents/in/Foreign_Exchange_Market?f_ri=6961","nofollow":true},{"id":29156,"name":"Stock Market","url":"https://www.academia.edu/Documents/in/Stock_Market?f_ri=6961","nofollow":true},{"id":43343,"name":"Technical Analysis","url":"https://www.academia.edu/Documents/in/Technical_Analysis?f_ri=6961","nofollow":true},{"id":78086,"name":"Random Walk","url":"https://www.academia.edu/Documents/in/Random_Walk?f_ri=6961","nofollow":true},{"id":121035,"name":"Profitability","url":"https://www.academia.edu/Documents/in/Profitability?f_ri=6961"},{"id":143540,"name":"Behavior Modeling","url":"https://www.academia.edu/Documents/in/Behavior_Modeling?f_ri=6961"},{"id":213802,"name":"Rational Expectation","url":"https://www.academia.edu/Documents/in/Rational_Expectation?f_ri=6961"},{"id":219474,"name":"Empirical Study","url":"https://www.academia.edu/Documents/in/Empirical_Study?f_ri=6961"},{"id":226331,"name":"Market efficiency","url":"https://www.academia.edu/Documents/in/Market_efficiency?f_ri=6961"},{"id":868794,"name":"Transaction Cost","url":"https://www.academia.edu/Documents/in/Transaction_Cost?f_ri=6961"},{"id":1154248,"name":"Theoretical Model","url":"https://www.academia.edu/Documents/in/Theoretical_Model?f_ri=6961"},{"id":1766465,"name":"Efficient Markets","url":"https://www.academia.edu/Documents/in/Efficient_Markets?f_ri=6961"},{"id":2036700,"name":"Trading Strategy","url":"https://www.academia.edu/Documents/in/Trading_Strategy?f_ri=6961"},{"id":3333742,"name":"Market Participation","url":"https://www.academia.edu/Documents/in/Market_Participation?f_ri=6961"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_11561687" data-work_id="11561687" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/11561687/foreign_exchange_risk_management">foreign exchange risk management</a></div></div><div class="u-pb4x u-mt3x"></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/11561687" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="aaf2ec56f9d5aa02f20959b6b7f6252d" rel="nofollow" data-download="{"attachment_id":37054663,"asset_id":11561687,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/37054663/download_file?st=MTc0MDYwMDE4Myw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="28227182" href="https://independent.academia.edu/ArjunBari">Arjun Bari</a><script data-card-contents-for-user="28227182" type="text/json">{"id":28227182,"first_name":"Arjun","last_name":"Bari","domain_name":"independent","page_name":"ArjunBari","display_name":"Arjun Bari","profile_url":"https://independent.academia.edu/ArjunBari?f_ri=6961","photo":"https://0.academia-photos.com/28227182/7979791/8938288/s65_arjun.bari.jpg_oh_d9ae3b113e1967c680f90a9eba562180_oe_55bbdd16___gda___1437857665_89e1dfd36572289152b96062897d7206"}</script></span></span></li><li class="js-paper-rank-work_11561687 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="11561687"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 11561687, container: ".js-paper-rank-work_11561687", }); });</script></li><li class="js-percentile-work_11561687 InlineList-item InlineList-item--bordered hidden u-tcGrayDark"><span class="percentile-widget hidden"><span class="u-mr2x percentile-widget" style="display: none">•</span><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 11561687; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-percentile-work_11561687"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></li><li class="js-view-count-work_11561687 InlineList-item InlineList-item--bordered hidden"><div><span><span class="js-view-count view-count u-mr2x" data-work-id="11561687"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 11561687; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=11561687]").text(description); $(".js-view-count-work_11561687").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_11561687").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="11561687"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i></div><span class="InlineList-item-text u-textTruncate u-pl6x"><a class="InlineList-item-text" data-has-card-for-ri="6961" rel="nofollow" href="https://www.academia.edu/Documents/in/Foreign_Exchange_Market">Foreign Exchange Market</a><script data-card-contents-for-ri="6961" type="text/json">{"id":6961,"name":"Foreign Exchange Market","url":"https://www.academia.edu/Documents/in/Foreign_Exchange_Market?f_ri=6961","nofollow":true}</script></span></li><script>(function(){ if (false) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=11561687]'), work: {"id":11561687,"title":"foreign exchange risk management","created_at":"2015-03-20T23:52:33.633-07:00","url":"https://www.academia.edu/11561687/foreign_exchange_risk_management?f_ri=6961","dom_id":"work_11561687","summary":null,"downloadable_attachments":[{"id":37054663,"asset_id":11561687,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":28227182,"first_name":"Arjun","last_name":"Bari","domain_name":"independent","page_name":"ArjunBari","display_name":"Arjun Bari","profile_url":"https://independent.academia.edu/ArjunBari?f_ri=6961","photo":"https://0.academia-photos.com/28227182/7979791/8938288/s65_arjun.bari.jpg_oh_d9ae3b113e1967c680f90a9eba562180_oe_55bbdd16___gda___1437857665_89e1dfd36572289152b96062897d7206"}],"research_interests":[{"id":6961,"name":"Foreign Exchange Market","url":"https://www.academia.edu/Documents/in/Foreign_Exchange_Market?f_ri=6961","nofollow":true}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_28535605" data-work_id="28535605" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/28535605/Exchange_Rate_Economics">Exchange Rate Economics</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">The paper summarizes the current theory of how a floating exchange rate is determined, dividing the subject into what determines the steady state and what determines the transition to steady state. The inadequacies of this model are... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_28535605" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">The paper summarizes the current theory of how a floating exchange rate is determined, dividing the subject into what determines the steady state and what determines the transition to steady state. The inadequacies of this model are examined, and an alternative "behavioral" model, which recognizes that the foreign exchange market is populated by both fundamentalists and chartists is presented. It is argued that the main importance of understanding the foreign exchange market for development strategy is to permit a correct appraisal of the dangers of Dutch disease. Empirically it seems that from the standpoint of promoting development it is preferable to have a mildly undervalued rate. The paper concludes by examining implications for exchange rate regimes.</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/28535605" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="008cc5b755d758e78605ce87156449de" rel="nofollow" data-download="{"attachment_id":48887265,"asset_id":28535605,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/48887265/download_file?st=MTc0MDYwMDE4Myw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="53258793" href="https://independent.academia.edu/JohnWilliamson40">John Williamson</a><script data-card-contents-for-user="53258793" type="text/json">{"id":53258793,"first_name":"John","last_name":"Williamson","domain_name":"independent","page_name":"JohnWilliamson40","display_name":"John Williamson","profile_url":"https://independent.academia.edu/JohnWilliamson40?f_ri=6961","photo":"/images/s65_no_pic.png"}</script></span></span></li><li class="js-paper-rank-work_28535605 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="28535605"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 28535605, container: ".js-paper-rank-work_28535605", }); });</script></li><li class="js-percentile-work_28535605 InlineList-item InlineList-item--bordered hidden u-tcGrayDark"><span class="percentile-widget hidden"><span class="u-mr2x percentile-widget" style="display: none">•</span><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 28535605; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-percentile-work_28535605"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></li><li class="js-view-count-work_28535605 InlineList-item InlineList-item--bordered hidden"><div><span><span class="js-view-count view-count u-mr2x" data-work-id="28535605"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 28535605; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=28535605]").text(description); $(".js-view-count-work_28535605").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_28535605").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="28535605"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">7</a>  </div><span class="InlineList-item-text u-textTruncate u-pl9x"><a class="InlineList-item-text" data-has-card-for-ri="724" rel="nofollow" href="https://www.academia.edu/Documents/in/Economics">Economics</a>, <script data-card-contents-for-ri="724" type="text/json">{"id":724,"name":"Economics","url":"https://www.academia.edu/Documents/in/Economics?f_ri=6961","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="6961" rel="nofollow" href="https://www.academia.edu/Documents/in/Foreign_Exchange_Market">Foreign Exchange Market</a>, <script data-card-contents-for-ri="6961" type="text/json">{"id":6961,"name":"Foreign Exchange Market","url":"https://www.academia.edu/Documents/in/Foreign_Exchange_Market?f_ri=6961","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="109212" rel="nofollow" href="https://www.academia.edu/Documents/in/Dutch_Disease">Dutch Disease</a>, <script data-card-contents-for-ri="109212" type="text/json">{"id":109212,"name":"Dutch Disease","url":"https://www.academia.edu/Documents/in/Dutch_Disease?f_ri=6961","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="143540" rel="nofollow" href="https://www.academia.edu/Documents/in/Behavior_Modeling">Behavior Modeling</a><script data-card-contents-for-ri="143540" type="text/json">{"id":143540,"name":"Behavior Modeling","url":"https://www.academia.edu/Documents/in/Behavior_Modeling?f_ri=6961","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=28535605]'), work: {"id":28535605,"title":"Exchange Rate Economics","created_at":"2016-09-16T09:09:19.277-07:00","url":"https://www.academia.edu/28535605/Exchange_Rate_Economics?f_ri=6961","dom_id":"work_28535605","summary":"The paper summarizes the current theory of how a floating exchange rate is determined, dividing the subject into what determines the steady state and what determines the transition to steady state. The inadequacies of this model are examined, and an alternative \"behavioral\" model, which recognizes that the foreign exchange market is populated by both fundamentalists and chartists is presented. It is argued that the main importance of understanding the foreign exchange market for development strategy is to permit a correct appraisal of the dangers of Dutch disease. Empirically it seems that from the standpoint of promoting development it is preferable to have a mildly undervalued rate. The paper concludes by examining implications for exchange rate regimes.","downloadable_attachments":[{"id":48887265,"asset_id":28535605,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":53258793,"first_name":"John","last_name":"Williamson","domain_name":"independent","page_name":"JohnWilliamson40","display_name":"John Williamson","profile_url":"https://independent.academia.edu/JohnWilliamson40?f_ri=6961","photo":"/images/s65_no_pic.png"}],"research_interests":[{"id":724,"name":"Economics","url":"https://www.academia.edu/Documents/in/Economics?f_ri=6961","nofollow":true},{"id":6961,"name":"Foreign Exchange Market","url":"https://www.academia.edu/Documents/in/Foreign_Exchange_Market?f_ri=6961","nofollow":true},{"id":109212,"name":"Dutch Disease","url":"https://www.academia.edu/Documents/in/Dutch_Disease?f_ri=6961","nofollow":true},{"id":143540,"name":"Behavior Modeling","url":"https://www.academia.edu/Documents/in/Behavior_Modeling?f_ri=6961","nofollow":true},{"id":228986,"name":"Exchange rate","url":"https://www.academia.edu/Documents/in/Exchange_rate?f_ri=6961"},{"id":234860,"name":"Steady state","url":"https://www.academia.edu/Documents/in/Steady_state?f_ri=6961"},{"id":525680,"name":"Development Strategy","url":"https://www.academia.edu/Documents/in/Development_Strategy?f_ri=6961"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_7621141" data-work_id="7621141" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/7621141/Execution_methods_in_foreign_exchange_markets">Execution methods in foreign exchange markets</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">Over the past decade or so, the spread of electronic trading has brought about significant changes in the structure of the interbank foreign exchange markets and the relationship between foreign exchange dealers and their clients. This... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_7621141" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">Over the past decade or so, the spread of electronic trading has brought about significant changes in the structure of the interbank foreign exchange markets and the relationship between foreign exchange dealers and their clients. This article looks at the way foreign exchange transactions are executed based on the BIS triennial survey data, and provides some quantitative estimates of the importance of electronic trading across transaction types, counterparties and economies. JEL classification: F31, G15.</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/7621141" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="d9d002aa112621131ccee8492c544499" rel="nofollow" data-download="{"attachment_id":34166603,"asset_id":7621141,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/34166603/download_file?st=MTc0MDYwMDE4Myw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="13770042" href="https://independent.academia.edu/PaolaGallardo1">Paola Gallardo</a><script data-card-contents-for-user="13770042" type="text/json">{"id":13770042,"first_name":"Paola","last_name":"Gallardo","domain_name":"independent","page_name":"PaolaGallardo1","display_name":"Paola Gallardo","profile_url":"https://independent.academia.edu/PaolaGallardo1?f_ri=6961","photo":"https://0.academia-photos.com/13770042/140228894/129712599/s65_paola.gallardo.jpeg"}</script></span></span></li><li class="js-paper-rank-work_7621141 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="7621141"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 7621141, container: ".js-paper-rank-work_7621141", }); });</script></li><li class="js-percentile-work_7621141 InlineList-item InlineList-item--bordered hidden u-tcGrayDark"><span class="percentile-widget hidden"><span class="u-mr2x percentile-widget" style="display: none">•</span><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 7621141; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-percentile-work_7621141"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></li><li class="js-view-count-work_7621141 InlineList-item InlineList-item--bordered hidden"><div><span><span class="js-view-count view-count u-mr2x" data-work-id="7621141"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 7621141; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=7621141]").text(description); $(".js-view-count-work_7621141").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_7621141").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="7621141"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">3</a>  </div><span class="InlineList-item-text u-textTruncate u-pl9x"><a class="InlineList-item-text" data-has-card-for-ri="6961" rel="nofollow" href="https://www.academia.edu/Documents/in/Foreign_Exchange_Market">Foreign Exchange Market</a>, <script data-card-contents-for-ri="6961" type="text/json">{"id":6961,"name":"Foreign Exchange Market","url":"https://www.academia.edu/Documents/in/Foreign_Exchange_Market?f_ri=6961","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="111071" rel="nofollow" href="https://www.academia.edu/Documents/in/Foreign_Exchange">Foreign Exchange</a>, <script data-card-contents-for-ri="111071" type="text/json">{"id":111071,"name":"Foreign Exchange","url":"https://www.academia.edu/Documents/in/Foreign_Exchange?f_ri=6961","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="313195" rel="nofollow" href="https://www.academia.edu/Documents/in/Survey_data">Survey data</a><script data-card-contents-for-ri="313195" type="text/json">{"id":313195,"name":"Survey data","url":"https://www.academia.edu/Documents/in/Survey_data?f_ri=6961","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=7621141]'), work: {"id":7621141,"title":"Execution methods in foreign exchange markets","created_at":"2014-07-10T05:19:36.705-07:00","url":"https://www.academia.edu/7621141/Execution_methods_in_foreign_exchange_markets?f_ri=6961","dom_id":"work_7621141","summary":"Over the past decade or so, the spread of electronic trading has brought about significant changes in the structure of the interbank foreign exchange markets and the relationship between foreign exchange dealers and their clients. This article looks at the way foreign exchange transactions are executed based on the BIS triennial survey data, and provides some quantitative estimates of the importance of electronic trading across transaction types, counterparties and economies. JEL classification: F31, G15.","downloadable_attachments":[{"id":34166603,"asset_id":7621141,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":13770042,"first_name":"Paola","last_name":"Gallardo","domain_name":"independent","page_name":"PaolaGallardo1","display_name":"Paola Gallardo","profile_url":"https://independent.academia.edu/PaolaGallardo1?f_ri=6961","photo":"https://0.academia-photos.com/13770042/140228894/129712599/s65_paola.gallardo.jpeg"}],"research_interests":[{"id":6961,"name":"Foreign Exchange Market","url":"https://www.academia.edu/Documents/in/Foreign_Exchange_Market?f_ri=6961","nofollow":true},{"id":111071,"name":"Foreign Exchange","url":"https://www.academia.edu/Documents/in/Foreign_Exchange?f_ri=6961","nofollow":true},{"id":313195,"name":"Survey data","url":"https://www.academia.edu/Documents/in/Survey_data?f_ri=6961","nofollow":true}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_11947551" data-work_id="11947551" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/11947551/What_Exactly_is_Bad_News_in_Foreign_Exchange_Markets_Evidence_from_Latin_American_Markets">What Exactly is "Bad News" in Foreign Exchange Markets? Evidence from Latin American Markets</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">This paper asks whether the 'leverage effect ' -as defined by Black (1976) for stock markets-is also a characteristic of foreign exchange markets. The study focuses on five Latin American emerging markets which have adopted a floating... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_11947551" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">This paper asks whether the 'leverage effect ' -as defined by Black (1976) for stock markets-is also a characteristic of foreign exchange markets. The study focuses on five Latin American emerging markets which have adopted a floating exchange regime. It finds that the response of exchange rates to volatility shocks is characterized by long memory and symmetry in most countries. The response is asymmetric only in Brazil and Peru. A possible explanation for this asymmetry is the 'fear of floating' that induces side-effects on interest rates and inflation, which the market considers 'bad news'. The opposite direction of the asymmetry may be explained by the particular characteristics of each economy. JEL: C10, C22, F31, G10, G15 in volatility meaning that a large return is followed by another large return and a small return is followed by another small return.</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/11947551" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="c88e4e653a253d77cc4b4b3d5aff032c" rel="nofollow" data-download="{"attachment_id":37307178,"asset_id":11947551,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/37307178/download_file?st=MTc0MDYwMDE4Myw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="29613731" href="https://independent.academia.edu/KarollG%C3%B3mez">Karoll Gómez</a><script data-card-contents-for-user="29613731" type="text/json">{"id":29613731,"first_name":"Karoll","last_name":"Gómez","domain_name":"independent","page_name":"KarollGómez","display_name":"Karoll Gómez","profile_url":"https://independent.academia.edu/KarollG%C3%B3mez?f_ri=6961","photo":"/images/s65_no_pic.png"}</script></span></span></li><li class="js-paper-rank-work_11947551 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="11947551"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 11947551, container: ".js-paper-rank-work_11947551", }); });</script></li><li class="js-percentile-work_11947551 InlineList-item InlineList-item--bordered hidden u-tcGrayDark"><span class="percentile-widget hidden"><span class="u-mr2x percentile-widget" style="display: none">•</span><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 11947551; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-percentile-work_11947551"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></li><li class="js-view-count-work_11947551 InlineList-item InlineList-item--bordered hidden"><div><span><span class="js-view-count view-count u-mr2x" data-work-id="11947551"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 11947551; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=11947551]").text(description); $(".js-view-count-work_11947551").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_11947551").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="11947551"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">7</a>  </div><span class="InlineList-item-text u-textTruncate u-pl9x"><a class="InlineList-item-text" data-has-card-for-ri="724" rel="nofollow" href="https://www.academia.edu/Documents/in/Economics">Economics</a>, <script data-card-contents-for-ri="724" type="text/json">{"id":724,"name":"Economics","url":"https://www.academia.edu/Documents/in/Economics?f_ri=6961","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="6961" rel="nofollow" href="https://www.academia.edu/Documents/in/Foreign_Exchange_Market">Foreign Exchange Market</a>, <script data-card-contents-for-ri="6961" type="text/json">{"id":6961,"name":"Foreign Exchange Market","url":"https://www.academia.edu/Documents/in/Foreign_Exchange_Market?f_ri=6961","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="29156" rel="nofollow" href="https://www.academia.edu/Documents/in/Stock_Market">Stock Market</a>, <script data-card-contents-for-ri="29156" type="text/json">{"id":29156,"name":"Stock Market","url":"https://www.academia.edu/Documents/in/Stock_Market?f_ri=6961","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="62944" rel="nofollow" href="https://www.academia.edu/Documents/in/Emerging_Market">Emerging Market</a><script data-card-contents-for-ri="62944" type="text/json">{"id":62944,"name":"Emerging Market","url":"https://www.academia.edu/Documents/in/Emerging_Market?f_ri=6961","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=11947551]'), work: {"id":11947551,"title":"What Exactly is \"Bad News\" in Foreign Exchange Markets? Evidence from Latin American Markets","created_at":"2015-04-14T13:10:13.201-07:00","url":"https://www.academia.edu/11947551/What_Exactly_is_Bad_News_in_Foreign_Exchange_Markets_Evidence_from_Latin_American_Markets?f_ri=6961","dom_id":"work_11947551","summary":"This paper asks whether the 'leverage effect ' -as defined by Black (1976) for stock markets-is also a characteristic of foreign exchange markets. The study focuses on five Latin American emerging markets which have adopted a floating exchange regime. It finds that the response of exchange rates to volatility shocks is characterized by long memory and symmetry in most countries. The response is asymmetric only in Brazil and Peru. A possible explanation for this asymmetry is the 'fear of floating' that induces side-effects on interest rates and inflation, which the market considers 'bad news'. The opposite direction of the asymmetry may be explained by the particular characteristics of each economy. JEL: C10, C22, F31, G10, G15 in volatility meaning that a large return is followed by another large return and a small return is followed by another small return.","downloadable_attachments":[{"id":37307178,"asset_id":11947551,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":29613731,"first_name":"Karoll","last_name":"Gómez","domain_name":"independent","page_name":"KarollGómez","display_name":"Karoll Gómez","profile_url":"https://independent.academia.edu/KarollG%C3%B3mez?f_ri=6961","photo":"/images/s65_no_pic.png"}],"research_interests":[{"id":724,"name":"Economics","url":"https://www.academia.edu/Documents/in/Economics?f_ri=6961","nofollow":true},{"id":6961,"name":"Foreign Exchange Market","url":"https://www.academia.edu/Documents/in/Foreign_Exchange_Market?f_ri=6961","nofollow":true},{"id":29156,"name":"Stock Market","url":"https://www.academia.edu/Documents/in/Stock_Market?f_ri=6961","nofollow":true},{"id":62944,"name":"Emerging Market","url":"https://www.academia.edu/Documents/in/Emerging_Market?f_ri=6961","nofollow":true},{"id":88241,"name":"GARCH","url":"https://www.academia.edu/Documents/in/GARCH?f_ri=6961"},{"id":111071,"name":"Foreign Exchange","url":"https://www.academia.edu/Documents/in/Foreign_Exchange?f_ri=6961"},{"id":156572,"name":"Latin American","url":"https://www.academia.edu/Documents/in/Latin_American?f_ri=6961"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_14444748" data-work_id="14444748" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/14444748/Dealer_behavior_and_trading_systems_in_foreign_exchange_markets">Dealer behavior and trading systems in foreign exchange markets</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">The introduction of electronic broker systems in the foreign exchange (FX) market at the end of 1992 changed the structure of the market and opened new channels for trading. We study the impact of these systems on dealer behavior, using a... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_14444748" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">The introduction of electronic broker systems in the foreign exchange (FX) market at the end of 1992 changed the structure of the market and opened new channels for trading. We study the impact of these systems on dealer behavior, using a unique data set on the complete transactions of four FX dealers. We find some support for an information effect in incoming trades conducted directly (bilaterally). For trades executed by electronic broker systems we find no information effects, but we find that sequences of trades in cumulative flow may be infomative for prices. The new electronic systems have changed how dealers control their inventories by introducing new channels for this purpose. Dealers use outgoing trades on electronic brokers to control inventory. Comparing our results to previous research indicates that the introduction of electronic brokers have changed the behavior of dealers. for helpful comments, and Richard Lyons for stimulating discussions. Any errors are entirely our own. Updated versions can be downloaded from Dagfinn Rimes homepage at</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/14444748" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="3bd4e4c37fd4318d2ceacc884a97ed90" rel="nofollow" data-download="{"attachment_id":44142900,"asset_id":14444748,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/44142900/download_file?st=MTc0MDYwMDE4Myw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="33217240" href="https://bi.academia.edu/DagfinnRime">Dagfinn Rime</a><script data-card-contents-for-user="33217240" type="text/json">{"id":33217240,"first_name":"Dagfinn","last_name":"Rime","domain_name":"bi","page_name":"DagfinnRime","display_name":"Dagfinn Rime","profile_url":"https://bi.academia.edu/DagfinnRime?f_ri=6961","photo":"https://gravatar.com/avatar/0f761b87eeb2d0f2ddd1f4b06844ad0a?s=65"}</script></span></span></li><li class="js-paper-rank-work_14444748 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="14444748"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 14444748, container: ".js-paper-rank-work_14444748", }); });</script></li><li class="js-percentile-work_14444748 InlineList-item InlineList-item--bordered hidden u-tcGrayDark"><span class="percentile-widget hidden"><span class="u-mr2x percentile-widget" style="display: none">•</span><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 14444748; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-percentile-work_14444748"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></li><li class="js-view-count-work_14444748 InlineList-item InlineList-item--bordered hidden"><div><span><span class="js-view-count view-count u-mr2x" data-work-id="14444748"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 14444748; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=14444748]").text(description); $(".js-view-count-work_14444748").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_14444748").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="14444748"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">8</a>  </div><span class="InlineList-item-text u-textTruncate u-pl9x"><a class="InlineList-item-text" data-has-card-for-ri="748" rel="nofollow" href="https://www.academia.edu/Documents/in/Financial_Economics">Financial Economics</a>, <script data-card-contents-for-ri="748" type="text/json">{"id":748,"name":"Financial Economics","url":"https://www.academia.edu/Documents/in/Financial_Economics?f_ri=6961","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="2161" rel="nofollow" href="https://www.academia.edu/Documents/in/Microstructure">Microstructure</a>, <script data-card-contents-for-ri="2161" type="text/json">{"id":2161,"name":"Microstructure","url":"https://www.academia.edu/Documents/in/Microstructure?f_ri=6961","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="6961" rel="nofollow" href="https://www.academia.edu/Documents/in/Foreign_Exchange_Market">Foreign Exchange Market</a>, <script data-card-contents-for-ri="6961" type="text/json">{"id":6961,"name":"Foreign Exchange Market","url":"https://www.academia.edu/Documents/in/Foreign_Exchange_Market?f_ri=6961","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="9329" rel="nofollow" href="https://www.academia.edu/Documents/in/Inventory_Control">Inventory Control</a><script data-card-contents-for-ri="9329" type="text/json">{"id":9329,"name":"Inventory Control","url":"https://www.academia.edu/Documents/in/Inventory_Control?f_ri=6961","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=14444748]'), work: {"id":14444748,"title":"Dealer behavior and trading systems in foreign exchange markets","created_at":"2015-07-27T13:04:53.377-07:00","url":"https://www.academia.edu/14444748/Dealer_behavior_and_trading_systems_in_foreign_exchange_markets?f_ri=6961","dom_id":"work_14444748","summary":"The introduction of electronic broker systems in the foreign exchange (FX) market at the end of 1992 changed the structure of the market and opened new channels for trading. We study the impact of these systems on dealer behavior, using a unique data set on the complete transactions of four FX dealers. We find some support for an information effect in incoming trades conducted directly (bilaterally). For trades executed by electronic broker systems we find no information effects, but we find that sequences of trades in cumulative flow may be infomative for prices. The new electronic systems have changed how dealers control their inventories by introducing new channels for this purpose. Dealers use outgoing trades on electronic brokers to control inventory. Comparing our results to previous research indicates that the introduction of electronic brokers have changed the behavior of dealers. for helpful comments, and Richard Lyons for stimulating discussions. Any errors are entirely our own. Updated versions can be downloaded from Dagfinn Rimes homepage at","downloadable_attachments":[{"id":44142900,"asset_id":14444748,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":33217240,"first_name":"Dagfinn","last_name":"Rime","domain_name":"bi","page_name":"DagfinnRime","display_name":"Dagfinn Rime","profile_url":"https://bi.academia.edu/DagfinnRime?f_ri=6961","photo":"https://gravatar.com/avatar/0f761b87eeb2d0f2ddd1f4b06844ad0a?s=65"}],"research_interests":[{"id":748,"name":"Financial Economics","url":"https://www.academia.edu/Documents/in/Financial_Economics?f_ri=6961","nofollow":true},{"id":2161,"name":"Microstructure","url":"https://www.academia.edu/Documents/in/Microstructure?f_ri=6961","nofollow":true},{"id":6961,"name":"Foreign Exchange Market","url":"https://www.academia.edu/Documents/in/Foreign_Exchange_Market?f_ri=6961","nofollow":true},{"id":9329,"name":"Inventory Control","url":"https://www.academia.edu/Documents/in/Inventory_Control?f_ri=6961","nofollow":true},{"id":111071,"name":"Foreign Exchange","url":"https://www.academia.edu/Documents/in/Foreign_Exchange?f_ri=6961"},{"id":402530,"name":"Trading System","url":"https://www.academia.edu/Documents/in/Trading_System?f_ri=6961"},{"id":473797,"name":"Microstructures","url":"https://www.academia.edu/Documents/in/Microstructures?f_ri=6961"},{"id":557162,"name":"Bilateral trade","url":"https://www.academia.edu/Documents/in/Bilateral_trade?f_ri=6961"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_15811147" data-work_id="15811147" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/15811147/Intraday_Technical_Trading_in_the_Foreign_Exchange_Market">Intraday Technical Trading in the Foreign Exchange Market</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">This paper examines the out-of-sample performance of intraday technical trading strategies selected using two methodologies, a genetic program and an optimized linear forecasting model. When realistic transaction costs and trading hours... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_15811147" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">This paper examines the out-of-sample performance of intraday technical trading strategies selected using two methodologies, a genetic program and an optimized linear forecasting model. When realistic transaction costs and trading hours are taken into account, we find no evidence of excess returns to the trading rules derived with either methodology. Thus, our results are consistent with market efficiency. We do, however, find that the trading rules discover some remarkably stable patterns in the data.</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/15811147" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="965d7e28a0277808ba82b75ba0ae2e95" rel="nofollow" data-download="{"attachment_id":42878379,"asset_id":15811147,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/42878379/download_file?st=MTc0MDYwMDE4Myw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="34999526" href="https://stlouisfed.academia.edu/ChristopherNeely">Christopher Neely</a><script data-card-contents-for-user="34999526" type="text/json">{"id":34999526,"first_name":"Christopher","last_name":"Neely","domain_name":"stlouisfed","page_name":"ChristopherNeely","display_name":"Christopher Neely","profile_url":"https://stlouisfed.academia.edu/ChristopherNeely?f_ri=6961","photo":"/images/s65_no_pic.png"}</script></span></span></li><li class="js-paper-rank-work_15811147 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="15811147"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 15811147, container: ".js-paper-rank-work_15811147", }); });</script></li><li class="js-percentile-work_15811147 InlineList-item InlineList-item--bordered hidden u-tcGrayDark"><span class="percentile-widget hidden"><span class="u-mr2x percentile-widget" style="display: none">•</span><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 15811147; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-percentile-work_15811147"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></li><li class="js-view-count-work_15811147 InlineList-item InlineList-item--bordered hidden"><div><span><span class="js-view-count view-count u-mr2x" data-work-id="15811147"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 15811147; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=15811147]").text(description); $(".js-view-count-work_15811147").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_15811147").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="15811147"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">7</a>  </div><span class="InlineList-item-text u-textTruncate u-pl9x"><a class="InlineList-item-text" data-has-card-for-ri="6961" rel="nofollow" href="https://www.academia.edu/Documents/in/Foreign_Exchange_Market">Foreign Exchange Market</a>, <script data-card-contents-for-ri="6961" type="text/json">{"id":6961,"name":"Foreign Exchange Market","url":"https://www.academia.edu/Documents/in/Foreign_Exchange_Market?f_ri=6961","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="27659" rel="nofollow" href="https://www.academia.edu/Documents/in/Applied_Economics">Applied Economics</a>, <script data-card-contents-for-ri="27659" type="text/json">{"id":27659,"name":"Applied Economics","url":"https://www.academia.edu/Documents/in/Applied_Economics?f_ri=6961","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="111071" rel="nofollow" href="https://www.academia.edu/Documents/in/Foreign_Exchange">Foreign Exchange</a>, <script data-card-contents-for-ri="111071" type="text/json">{"id":111071,"name":"Foreign Exchange","url":"https://www.academia.edu/Documents/in/Foreign_Exchange?f_ri=6961","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="226331" rel="nofollow" href="https://www.academia.edu/Documents/in/Market_efficiency">Market efficiency</a><script data-card-contents-for-ri="226331" type="text/json">{"id":226331,"name":"Market efficiency","url":"https://www.academia.edu/Documents/in/Market_efficiency?f_ri=6961","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=15811147]'), work: {"id":15811147,"title":"Intraday Technical Trading in the Foreign Exchange Market","created_at":"2015-09-17T08:49:42.579-07:00","url":"https://www.academia.edu/15811147/Intraday_Technical_Trading_in_the_Foreign_Exchange_Market?f_ri=6961","dom_id":"work_15811147","summary":"This paper examines the out-of-sample performance of intraday technical trading strategies selected using two methodologies, a genetic program and an optimized linear forecasting model. When realistic transaction costs and trading hours are taken into account, we find no evidence of excess returns to the trading rules derived with either methodology. Thus, our results are consistent with market efficiency. We do, however, find that the trading rules discover some remarkably stable patterns in the data.","downloadable_attachments":[{"id":42878379,"asset_id":15811147,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":34999526,"first_name":"Christopher","last_name":"Neely","domain_name":"stlouisfed","page_name":"ChristopherNeely","display_name":"Christopher Neely","profile_url":"https://stlouisfed.academia.edu/ChristopherNeely?f_ri=6961","photo":"/images/s65_no_pic.png"}],"research_interests":[{"id":6961,"name":"Foreign Exchange Market","url":"https://www.academia.edu/Documents/in/Foreign_Exchange_Market?f_ri=6961","nofollow":true},{"id":27659,"name":"Applied Economics","url":"https://www.academia.edu/Documents/in/Applied_Economics?f_ri=6961","nofollow":true},{"id":111071,"name":"Foreign Exchange","url":"https://www.academia.edu/Documents/in/Foreign_Exchange?f_ri=6961","nofollow":true},{"id":226331,"name":"Market efficiency","url":"https://www.academia.edu/Documents/in/Market_efficiency?f_ri=6961","nofollow":true},{"id":549416,"name":"Forecasting for Arima Model","url":"https://www.academia.edu/Documents/in/Forecasting_for_Arima_Model?f_ri=6961"},{"id":868794,"name":"Transaction Cost","url":"https://www.academia.edu/Documents/in/Transaction_Cost?f_ri=6961"},{"id":2036700,"name":"Trading Strategy","url":"https://www.academia.edu/Documents/in/Trading_Strategy?f_ri=6961"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_23367884" data-work_id="23367884" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/23367884/On_Testing_for_Speculative_Bubbles">On Testing for Speculative Bubbles</a></div></div><div class="u-pb4x u-mt3x"></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/23367884" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="e510d9024a45eb22d47a8ec635d965ca" rel="nofollow" data-download="{"attachment_id":43820643,"asset_id":23367884,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/43820643/download_file?st=MTc0MDYwMDE4Myw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="45309669" href="https://columbia.academia.edu/RobertHodrick">Robert Hodrick</a><script data-card-contents-for-user="45309669" type="text/json">{"id":45309669,"first_name":"Robert","last_name":"Hodrick","domain_name":"columbia","page_name":"RobertHodrick","display_name":"Robert Hodrick","profile_url":"https://columbia.academia.edu/RobertHodrick?f_ri=6961","photo":"/images/s65_no_pic.png"}</script></span></span></li><li class="js-paper-rank-work_23367884 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="23367884"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 23367884, container: ".js-paper-rank-work_23367884", }); });</script></li><li class="js-percentile-work_23367884 InlineList-item InlineList-item--bordered hidden u-tcGrayDark"><span class="percentile-widget hidden"><span class="u-mr2x percentile-widget" style="display: none">•</span><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 23367884; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-percentile-work_23367884"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></li><li class="js-view-count-work_23367884 InlineList-item InlineList-item--bordered hidden"><div><span><span class="js-view-count view-count u-mr2x" data-work-id="23367884"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 23367884; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=23367884]").text(description); $(".js-view-count-work_23367884").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_23367884").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="23367884"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">9</a>  </div><span class="InlineList-item-text u-textTruncate u-pl9x"><a class="InlineList-item-text" data-has-card-for-ri="724" rel="nofollow" href="https://www.academia.edu/Documents/in/Economics">Economics</a>, <script data-card-contents-for-ri="724" type="text/json">{"id":724,"name":"Economics","url":"https://www.academia.edu/Documents/in/Economics?f_ri=6961","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="6208" rel="nofollow" href="https://www.academia.edu/Documents/in/Economic_Theory">Economic Theory</a>, <script data-card-contents-for-ri="6208" type="text/json">{"id":6208,"name":"Economic Theory","url":"https://www.academia.edu/Documents/in/Economic_Theory?f_ri=6961","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="6961" rel="nofollow" href="https://www.academia.edu/Documents/in/Foreign_Exchange_Market">Foreign Exchange Market</a>, <script data-card-contents-for-ri="6961" type="text/json">{"id":6961,"name":"Foreign Exchange Market","url":"https://www.academia.edu/Documents/in/Foreign_Exchange_Market?f_ri=6961","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="111071" rel="nofollow" href="https://www.academia.edu/Documents/in/Foreign_Exchange">Foreign Exchange</a><script data-card-contents-for-ri="111071" type="text/json">{"id":111071,"name":"Foreign Exchange","url":"https://www.academia.edu/Documents/in/Foreign_Exchange?f_ri=6961","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=23367884]'), work: {"id":23367884,"title":"On Testing for Speculative Bubbles","created_at":"2016-03-17T07:30:43.975-07:00","url":"https://www.academia.edu/23367884/On_Testing_for_Speculative_Bubbles?f_ri=6961","dom_id":"work_23367884","summary":null,"downloadable_attachments":[{"id":43820643,"asset_id":23367884,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":45309669,"first_name":"Robert","last_name":"Hodrick","domain_name":"columbia","page_name":"RobertHodrick","display_name":"Robert Hodrick","profile_url":"https://columbia.academia.edu/RobertHodrick?f_ri=6961","photo":"/images/s65_no_pic.png"}],"research_interests":[{"id":724,"name":"Economics","url":"https://www.academia.edu/Documents/in/Economics?f_ri=6961","nofollow":true},{"id":6208,"name":"Economic Theory","url":"https://www.academia.edu/Documents/in/Economic_Theory?f_ri=6961","nofollow":true},{"id":6961,"name":"Foreign Exchange Market","url":"https://www.academia.edu/Documents/in/Foreign_Exchange_Market?f_ri=6961","nofollow":true},{"id":111071,"name":"Foreign Exchange","url":"https://www.academia.edu/Documents/in/Foreign_Exchange?f_ri=6961","nofollow":true},{"id":137816,"name":"House Prices","url":"https://www.academia.edu/Documents/in/House_Prices?f_ri=6961"},{"id":489225,"name":"Stock Price","url":"https://www.academia.edu/Documents/in/Stock_Price?f_ri=6961"},{"id":993329,"name":"Empirical Analysis","url":"https://www.academia.edu/Documents/in/Empirical_Analysis?f_ri=6961"},{"id":1219400,"name":"Asset Market","url":"https://www.academia.edu/Documents/in/Asset_Market?f_ri=6961"},{"id":1723635,"name":"Public Policy","url":"https://www.academia.edu/Documents/in/Public_Policy?f_ri=6961"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_7625166 coauthored" data-work_id="7625166" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/7625166/The_global_crisis_and_financial_intermediation_in_emerging_market_economies">The global crisis and financial intermediation in emerging market economies</a></div></div><div class="u-pb4x u-mt3x"></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/7625166" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="6f3317128d5717a428cb82b94d41dac3" rel="nofollow" data-download="{"attachment_id":34169754,"asset_id":7625166,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/34169754/download_file?st=MTc0MDYwMDE4Myw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="25677830" href="https://uni-corvinus.academia.edu/%C3%81d%C3%A1mBanai">Ádám Banai</a><script data-card-contents-for-user="25677830" type="text/json">{"id":25677830,"first_name":"Ádám","last_name":"Banai","domain_name":"uni-corvinus","page_name":"ÁdámBanai","display_name":"Ádám Banai","profile_url":"https://uni-corvinus.academia.edu/%C3%81d%C3%A1mBanai?f_ri=6961","photo":"/images/s65_no_pic.png"}</script></span></span><span class="u-displayInlineBlock InlineList-item-text"> and <span class="u-textDecorationUnderline u-clickable InlineList-item-text js-work-more-authors-7625166">+1</span><div class="hidden js-additional-users-7625166"><div><span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a href="https://ibs-b.academia.edu/JuliaKiraly">Julia Kiraly</a></span></div></div></span><script>(function(){ var popoverSettings = { el: $('.js-work-more-authors-7625166'), placement: 'bottom', hide_delay: 200, html: true, content: function(){ return $('.js-additional-users-7625166').html(); } } new HoverPopover(popoverSettings); })();</script></li><li class="js-paper-rank-work_7625166 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="7625166"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 7625166, container: ".js-paper-rank-work_7625166", }); });</script></li><li class="js-percentile-work_7625166 InlineList-item InlineList-item--bordered hidden u-tcGrayDark"><span class="percentile-widget hidden"><span class="u-mr2x percentile-widget" style="display: none">•</span><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 7625166; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-percentile-work_7625166"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></li><li class="js-view-count-work_7625166 InlineList-item InlineList-item--bordered hidden"><div><span><span class="js-view-count view-count u-mr2x" data-work-id="7625166"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 7625166; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=7625166]").text(description); $(".js-view-count-work_7625166").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_7625166").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="7625166"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">11</a>  </div><span class="InlineList-item-text u-textTruncate u-pl10x"><a class="InlineList-item-text" data-has-card-for-ri="1199" rel="nofollow" href="https://www.academia.edu/Documents/in/Eastern_Europe">Eastern Europe</a>, <script data-card-contents-for-ri="1199" type="text/json">{"id":1199,"name":"Eastern Europe","url":"https://www.academia.edu/Documents/in/Eastern_Europe?f_ri=6961","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="6961" rel="nofollow" href="https://www.academia.edu/Documents/in/Foreign_Exchange_Market">Foreign Exchange Market</a>, <script data-card-contents-for-ri="6961" type="text/json">{"id":6961,"name":"Foreign Exchange Market","url":"https://www.academia.edu/Documents/in/Foreign_Exchange_Market?f_ri=6961","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="25495" rel="nofollow" href="https://www.academia.edu/Documents/in/Capital_Flows">Capital Flows</a>, <script data-card-contents-for-ri="25495" type="text/json">{"id":25495,"name":"Capital Flows","url":"https://www.academia.edu/Documents/in/Capital_Flows?f_ri=6961","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="50679" rel="nofollow" href="https://www.academia.edu/Documents/in/Financial_Crisis">Financial Crisis</a><script data-card-contents-for-ri="50679" type="text/json">{"id":50679,"name":"Financial Crisis","url":"https://www.academia.edu/Documents/in/Financial_Crisis?f_ri=6961","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=7625166]'), work: {"id":7625166,"title":"The global crisis and financial intermediation in emerging market economies","created_at":"2014-07-10T16:03:50.586-07:00","url":"https://www.academia.edu/7625166/The_global_crisis_and_financial_intermediation_in_emerging_market_economies?f_ri=6961","dom_id":"work_7625166","summary":null,"downloadable_attachments":[{"id":34169754,"asset_id":7625166,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":25677830,"first_name":"Ádám","last_name":"Banai","domain_name":"uni-corvinus","page_name":"ÁdámBanai","display_name":"Ádám Banai","profile_url":"https://uni-corvinus.academia.edu/%C3%81d%C3%A1mBanai?f_ri=6961","photo":"/images/s65_no_pic.png"},{"id":13783216,"first_name":"Julia","last_name":"Kiraly","domain_name":"ibs-b","page_name":"JuliaKiraly","display_name":"Julia Kiraly","profile_url":"https://ibs-b.academia.edu/JuliaKiraly?f_ri=6961","photo":"/images/s65_no_pic.png"}],"research_interests":[{"id":1199,"name":"Eastern Europe","url":"https://www.academia.edu/Documents/in/Eastern_Europe?f_ri=6961","nofollow":true},{"id":6961,"name":"Foreign Exchange Market","url":"https://www.academia.edu/Documents/in/Foreign_Exchange_Market?f_ri=6961","nofollow":true},{"id":25495,"name":"Capital Flows","url":"https://www.academia.edu/Documents/in/Capital_Flows?f_ri=6961","nofollow":true},{"id":50679,"name":"Financial Crisis","url":"https://www.academia.edu/Documents/in/Financial_Crisis?f_ri=6961","nofollow":true},{"id":73196,"name":"Emerging market economies","url":"https://www.academia.edu/Documents/in/Emerging_market_economies?f_ri=6961"},{"id":177939,"name":"Federal Reserve","url":"https://www.academia.edu/Documents/in/Federal_Reserve?f_ri=6961"},{"id":511465,"name":"Financial intermediation","url":"https://www.academia.edu/Documents/in/Financial_intermediation?f_ri=6961"},{"id":517594,"name":"Central Bank","url":"https://www.academia.edu/Documents/in/Central_Bank?f_ri=6961"},{"id":953681,"name":"Credit Market","url":"https://www.academia.edu/Documents/in/Credit_Market?f_ri=6961"},{"id":1005728,"name":"Currency Mismatch","url":"https://www.academia.edu/Documents/in/Currency_Mismatch?f_ri=6961"},{"id":1704995,"name":"Foreign Banks","url":"https://www.academia.edu/Documents/in/Foreign_Banks?f_ri=6961"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_10516450" data-work_id="10516450" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/10516450/Technical_Analysis_in_Foreign_Exchange_Markets_Linear_Versus_Nonlinear_Trading_Rules">Technical Analysis in Foreign Exchange Markets: Linear Versus Nonlinear Trading Rules</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">This article introduces the subject of technical analysis in the foreign exchange market, with emphasis on its importance for questions of market efficiency. "Technicians" view their craft, the study of price patterns, as exploiting... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_10516450" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">This article introduces the subject of technical analysis in the foreign exchange market, with emphasis on its importance for questions of market efficiency. "Technicians" view their craft, the study of price patterns, as exploiting traders' psychological regularities. The literature on technical analysis has established that simple technical trading rules on dollar exchange rates provided 15 years of positive, risk-adjusted returns during the 1970s and 80s before those returns were extinguished. More recently, more complex and less studied rules have produced more modest returns for a similar length of time. Conventional explanations that rely on risk adjustment and/or central bank intervention do not plausibly justify the observed excess returns from following simple technical trading rules. Psychological biases, however, could contribute to the profitability of these rules. We view the observed pattern of excess returns to technical trading rules as being consistent with an adaptive markets view of the world.</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/10516450" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="3be67995b01f50a0c29bc7b21558ed26" rel="nofollow" data-download="{"attachment_id":47333481,"asset_id":10516450,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/47333481/download_file?st=MTc0MDYwMDE4Myw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="25780116" href="https://ulpgc.academia.edu/JulianAndradaFelix">Julian Andrada-Felix</a><script data-card-contents-for-user="25780116" type="text/json">{"id":25780116,"first_name":"Julian","last_name":"Andrada-Felix","domain_name":"ulpgc","page_name":"JulianAndradaFelix","display_name":"Julian Andrada-Felix","profile_url":"https://ulpgc.academia.edu/JulianAndradaFelix?f_ri=6961","photo":"/images/s65_no_pic.png"}</script></span></span></li><li class="js-paper-rank-work_10516450 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="10516450"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 10516450, container: ".js-paper-rank-work_10516450", }); });</script></li><li class="js-percentile-work_10516450 InlineList-item InlineList-item--bordered hidden u-tcGrayDark"><span class="percentile-widget hidden"><span class="u-mr2x percentile-widget" style="display: none">•</span><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 10516450; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-percentile-work_10516450"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></li><li class="js-view-count-work_10516450 InlineList-item InlineList-item--bordered hidden"><div><span><span class="js-view-count view-count u-mr2x" data-work-id="10516450"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 10516450; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=10516450]").text(description); $(".js-view-count-work_10516450").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_10516450").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="10516450"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">23</a>  </div><span class="InlineList-item-text u-textTruncate u-pl10x"><a class="InlineList-item-text" data-has-card-for-ri="47" rel="nofollow" href="https://www.academia.edu/Documents/in/Finance">Finance</a>, <script data-card-contents-for-ri="47" type="text/json">{"id":47,"name":"Finance","url":"https://www.academia.edu/Documents/in/Finance?f_ri=6961","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="724" rel="nofollow" href="https://www.academia.edu/Documents/in/Economics">Economics</a>, <script data-card-contents-for-ri="724" type="text/json">{"id":724,"name":"Economics","url":"https://www.academia.edu/Documents/in/Economics?f_ri=6961","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="747" rel="nofollow" href="https://www.academia.edu/Documents/in/Econometrics">Econometrics</a>, <script data-card-contents-for-ri="747" type="text/json">{"id":747,"name":"Econometrics","url":"https://www.academia.edu/Documents/in/Econometrics?f_ri=6961","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="2009" rel="nofollow" href="https://www.academia.edu/Documents/in/Data_Mining">Data Mining</a><script data-card-contents-for-ri="2009" type="text/json">{"id":2009,"name":"Data Mining","url":"https://www.academia.edu/Documents/in/Data_Mining?f_ri=6961","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=10516450]'), work: {"id":10516450,"title":"Technical Analysis in Foreign Exchange Markets: Linear Versus Nonlinear Trading Rules","created_at":"2015-02-04T11:34:24.115-08:00","url":"https://www.academia.edu/10516450/Technical_Analysis_in_Foreign_Exchange_Markets_Linear_Versus_Nonlinear_Trading_Rules?f_ri=6961","dom_id":"work_10516450","summary":"This article introduces the subject of technical analysis in the foreign exchange market, with emphasis on its importance for questions of market efficiency. \"Technicians\" view their craft, the study of price patterns, as exploiting traders' psychological regularities. The literature on technical analysis has established that simple technical trading rules on dollar exchange rates provided 15 years of positive, risk-adjusted returns during the 1970s and 80s before those returns were extinguished. More recently, more complex and less studied rules have produced more modest returns for a similar length of time. Conventional explanations that rely on risk adjustment and/or central bank intervention do not plausibly justify the observed excess returns from following simple technical trading rules. Psychological biases, however, could contribute to the profitability of these rules. We view the observed pattern of excess returns to technical trading rules as being consistent with an adaptive markets view of the world.","downloadable_attachments":[{"id":47333481,"asset_id":10516450,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":25780116,"first_name":"Julian","last_name":"Andrada-Felix","domain_name":"ulpgc","page_name":"JulianAndradaFelix","display_name":"Julian Andrada-Felix","profile_url":"https://ulpgc.academia.edu/JulianAndradaFelix?f_ri=6961","photo":"/images/s65_no_pic.png"}],"research_interests":[{"id":47,"name":"Finance","url":"https://www.academia.edu/Documents/in/Finance?f_ri=6961","nofollow":true},{"id":724,"name":"Economics","url":"https://www.academia.edu/Documents/in/Economics?f_ri=6961","nofollow":true},{"id":747,"name":"Econometrics","url":"https://www.academia.edu/Documents/in/Econometrics?f_ri=6961","nofollow":true},{"id":2009,"name":"Data Mining","url":"https://www.academia.edu/Documents/in/Data_Mining?f_ri=6961","nofollow":true},{"id":4456,"name":"Time Series","url":"https://www.academia.edu/Documents/in/Time_Series?f_ri=6961"},{"id":6961,"name":"Foreign Exchange Market","url":"https://www.academia.edu/Documents/in/Foreign_Exchange_Market?f_ri=6961"},{"id":27659,"name":"Applied Economics","url":"https://www.academia.edu/Documents/in/Applied_Economics?f_ri=6961"},{"id":43343,"name":"Technical Analysis","url":"https://www.academia.edu/Documents/in/Technical_Analysis?f_ri=6961"},{"id":81503,"name":"Sharpe Ratio","url":"https://www.academia.edu/Documents/in/Sharpe_Ratio?f_ri=6961"},{"id":111071,"name":"Foreign Exchange","url":"https://www.academia.edu/Documents/in/Foreign_Exchange?f_ri=6961"},{"id":121035,"name":"Profitability","url":"https://www.academia.edu/Documents/in/Profitability?f_ri=6961"},{"id":226331,"name":"Market efficiency","url":"https://www.academia.edu/Documents/in/Market_efficiency?f_ri=6961"},{"id":228986,"name":"Exchange rate","url":"https://www.academia.edu/Documents/in/Exchange_rate?f_ri=6961"},{"id":292776,"name":"LINEAR PREDICTIVE CODING","url":"https://www.academia.edu/Documents/in/LINEAR_PREDICTIVE_CODING?f_ri=6961"},{"id":384140,"name":"Moving average","url":"https://www.academia.edu/Documents/in/Moving_average?f_ri=6961"},{"id":629732,"name":"Nearest Neighbour","url":"https://www.academia.edu/Documents/in/Nearest_Neighbour?f_ri=6961"},{"id":637063,"name":"Risk Adjustment","url":"https://www.academia.edu/Documents/in/Risk_Adjustment?f_ri=6961"},{"id":663534,"name":"Interest Rate","url":"https://www.academia.edu/Documents/in/Interest_Rate?f_ri=6961"},{"id":868794,"name":"Transaction Cost","url":"https://www.academia.edu/Documents/in/Transaction_Cost?f_ri=6961"},{"id":885424,"name":"Risk Premia","url":"https://www.academia.edu/Documents/in/Risk_Premia?f_ri=6961"},{"id":1006473,"name":"Central Bank Intervention","url":"https://www.academia.edu/Documents/in/Central_Bank_Intervention?f_ri=6961"},{"id":1006989,"name":"Applied Financial Econometrics","url":"https://www.academia.edu/Documents/in/Applied_Financial_Econometrics?f_ri=6961"},{"id":1413813,"name":"Multinational Finance","url":"https://www.academia.edu/Documents/in/Multinational_Finance?f_ri=6961"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_14444765" data-work_id="14444765" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/14444765/Dealer_Behavior_and_Trading_Systems_in_Foreign_Exchange_Markets">Dealer Behavior and Trading Systems in Foreign Exchange Markets</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">We study dealer behavior in the foreign exchange spot market using a detailed data set on the complete transactions of four dealers. There is strong support for an information effect in incoming trades. Although there is evidence that the... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_14444765" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">We study dealer behavior in the foreign exchange spot market using a detailed data set on the complete transactions of four dealers. There is strong support for an information effect in incoming trades. Although there is evidence that the information effect increases with trade size in direct bilateral trades, the direction of a trade seems to be more important. The</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/14444765" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="563e08cf34274b70752f45599d8783b0" rel="nofollow" data-download="{"attachment_id":38309235,"asset_id":14444765,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/38309235/download_file?st=MTc0MDYwMDE4Myw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="33217240" href="https://bi.academia.edu/DagfinnRime">Dagfinn Rime</a><script data-card-contents-for-user="33217240" type="text/json">{"id":33217240,"first_name":"Dagfinn","last_name":"Rime","domain_name":"bi","page_name":"DagfinnRime","display_name":"Dagfinn Rime","profile_url":"https://bi.academia.edu/DagfinnRime?f_ri=6961","photo":"https://gravatar.com/avatar/0f761b87eeb2d0f2ddd1f4b06844ad0a?s=65"}</script></span></span></li><li class="js-paper-rank-work_14444765 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="14444765"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 14444765, container: ".js-paper-rank-work_14444765", }); });</script></li><li class="js-percentile-work_14444765 InlineList-item InlineList-item--bordered hidden u-tcGrayDark"><span class="percentile-widget hidden"><span class="u-mr2x percentile-widget" style="display: none">•</span><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 14444765; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-percentile-work_14444765"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></li><li class="js-view-count-work_14444765 InlineList-item InlineList-item--bordered hidden"><div><span><span class="js-view-count view-count u-mr2x" data-work-id="14444765"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 14444765; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=14444765]").text(description); $(".js-view-count-work_14444765").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_14444765").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="14444765"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">8</a>  </div><span class="InlineList-item-text u-textTruncate u-pl9x"><a class="InlineList-item-text" data-has-card-for-ri="748" rel="nofollow" href="https://www.academia.edu/Documents/in/Financial_Economics">Financial Economics</a>, <script data-card-contents-for-ri="748" type="text/json">{"id":748,"name":"Financial Economics","url":"https://www.academia.edu/Documents/in/Financial_Economics?f_ri=6961","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="2161" rel="nofollow" href="https://www.academia.edu/Documents/in/Microstructure">Microstructure</a>, <script data-card-contents-for-ri="2161" type="text/json">{"id":2161,"name":"Microstructure","url":"https://www.academia.edu/Documents/in/Microstructure?f_ri=6961","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="6961" rel="nofollow" href="https://www.academia.edu/Documents/in/Foreign_Exchange_Market">Foreign Exchange Market</a>, <script data-card-contents-for-ri="6961" type="text/json">{"id":6961,"name":"Foreign Exchange Market","url":"https://www.academia.edu/Documents/in/Foreign_Exchange_Market?f_ri=6961","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="9329" rel="nofollow" href="https://www.academia.edu/Documents/in/Inventory_Control">Inventory Control</a><script data-card-contents-for-ri="9329" type="text/json">{"id":9329,"name":"Inventory Control","url":"https://www.academia.edu/Documents/in/Inventory_Control?f_ri=6961","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=14444765]'), work: {"id":14444765,"title":"Dealer Behavior and Trading Systems in Foreign Exchange Markets","created_at":"2015-07-27T13:05:59.057-07:00","url":"https://www.academia.edu/14444765/Dealer_Behavior_and_Trading_Systems_in_Foreign_Exchange_Markets?f_ri=6961","dom_id":"work_14444765","summary":"We study dealer behavior in the foreign exchange spot market using a detailed data set on the complete transactions of four dealers. There is strong support for an information effect in incoming trades. Although there is evidence that the information effect increases with trade size in direct bilateral trades, the direction of a trade seems to be more important. The","downloadable_attachments":[{"id":38309235,"asset_id":14444765,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":33217240,"first_name":"Dagfinn","last_name":"Rime","domain_name":"bi","page_name":"DagfinnRime","display_name":"Dagfinn Rime","profile_url":"https://bi.academia.edu/DagfinnRime?f_ri=6961","photo":"https://gravatar.com/avatar/0f761b87eeb2d0f2ddd1f4b06844ad0a?s=65"}],"research_interests":[{"id":748,"name":"Financial Economics","url":"https://www.academia.edu/Documents/in/Financial_Economics?f_ri=6961","nofollow":true},{"id":2161,"name":"Microstructure","url":"https://www.academia.edu/Documents/in/Microstructure?f_ri=6961","nofollow":true},{"id":6961,"name":"Foreign Exchange Market","url":"https://www.academia.edu/Documents/in/Foreign_Exchange_Market?f_ri=6961","nofollow":true},{"id":9329,"name":"Inventory Control","url":"https://www.academia.edu/Documents/in/Inventory_Control?f_ri=6961","nofollow":true},{"id":111071,"name":"Foreign Exchange","url":"https://www.academia.edu/Documents/in/Foreign_Exchange?f_ri=6961"},{"id":402530,"name":"Trading System","url":"https://www.academia.edu/Documents/in/Trading_System?f_ri=6961"},{"id":473797,"name":"Microstructures","url":"https://www.academia.edu/Documents/in/Microstructures?f_ri=6961"},{"id":557162,"name":"Bilateral trade","url":"https://www.academia.edu/Documents/in/Bilateral_trade?f_ri=6961"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_16311363" data-work_id="16311363" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/16311363/Asymmetric_volatility_in_the_foreign_exchange_markets">Asymmetric volatility in the foreign exchange markets</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">We examine the presence or absence of asymmetric volatility in the exchange rates of Australian dollar (AUD), Euro (EUR), British pound (GBP) and Japanese yen (JPY), all against US dollar. Our investigation is based on a variant of the... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_16311363" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">We examine the presence or absence of asymmetric volatility in the exchange rates of Australian dollar (AUD), Euro (EUR), British pound (GBP) and Japanese yen (JPY), all against US dollar. Our investigation is based on a variant of the heterogeneous autoregressive realized volatility model, using daily realized variance and return series from 1996 to 2004. We find that a depreciation against USD leads to significantly greater volatility than an appreciation for AUD and GBP, whereas the opposite is true for JPY. Relative to volatility on days following a positive one-standard-deviation return, volatility on days following a negative one-standard-deviation return is higher by 6.6% for AUD, 6.1% for GBP, and 21.2% for JPY. The realized volatility of EUR appears to be symmetric. These results are robust to the removal of jump component from realized volatility and the sub-samplings defined by structural-changes. The asymmetry in AUD, GBP and JPY appears to be embedded in the continuous ...</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/16311363" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="8312ac87534a30e422f461ec8e08a2f0" rel="nofollow" data-download="{"attachment_id":42537332,"asset_id":16311363,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/42537332/download_file?st=MTc0MDYwMDE4Myw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="35420628" href="https://independent.academia.edu/MinxianYang">Minxian Yang</a><script data-card-contents-for-user="35420628" type="text/json">{"id":35420628,"first_name":"Minxian","last_name":"Yang","domain_name":"independent","page_name":"MinxianYang","display_name":"Minxian Yang","profile_url":"https://independent.academia.edu/MinxianYang?f_ri=6961","photo":"/images/s65_no_pic.png"}</script></span></span></li><li class="js-paper-rank-work_16311363 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="16311363"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 16311363, container: ".js-paper-rank-work_16311363", }); });</script></li><li class="js-percentile-work_16311363 InlineList-item InlineList-item--bordered hidden u-tcGrayDark"><span class="percentile-widget hidden"><span class="u-mr2x percentile-widget" style="display: none">•</span><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 16311363; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-percentile-work_16311363"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></li><li class="js-view-count-work_16311363 InlineList-item InlineList-item--bordered hidden"><div><span><span class="js-view-count view-count u-mr2x" data-work-id="16311363"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 16311363; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=16311363]").text(description); $(".js-view-count-work_16311363").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_16311363").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="16311363"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">5</a>  </div><span class="InlineList-item-text u-textTruncate u-pl9x"><a class="InlineList-item-text" data-has-card-for-ri="6961" rel="nofollow" href="https://www.academia.edu/Documents/in/Foreign_Exchange_Market">Foreign Exchange Market</a>, <script data-card-contents-for-ri="6961" type="text/json">{"id":6961,"name":"Foreign Exchange Market","url":"https://www.academia.edu/Documents/in/Foreign_Exchange_Market?f_ri=6961","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="27659" rel="nofollow" href="https://www.academia.edu/Documents/in/Applied_Economics">Applied Economics</a>, <script data-card-contents-for-ri="27659" type="text/json">{"id":27659,"name":"Applied Economics","url":"https://www.academia.edu/Documents/in/Applied_Economics?f_ri=6961","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="69841" rel="nofollow" href="https://www.academia.edu/Documents/in/Standard_Deviation">Standard Deviation</a>, <script data-card-contents-for-ri="69841" type="text/json">{"id":69841,"name":"Standard Deviation","url":"https://www.academia.edu/Documents/in/Standard_Deviation?f_ri=6961","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="213801" rel="nofollow" href="https://www.academia.edu/Documents/in/Structural_Change">Structural Change</a><script data-card-contents-for-ri="213801" type="text/json">{"id":213801,"name":"Structural Change","url":"https://www.academia.edu/Documents/in/Structural_Change?f_ri=6961","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=16311363]'), work: {"id":16311363,"title":"Asymmetric volatility in the foreign exchange markets","created_at":"2015-09-29T23:44:13.656-07:00","url":"https://www.academia.edu/16311363/Asymmetric_volatility_in_the_foreign_exchange_markets?f_ri=6961","dom_id":"work_16311363","summary":"We examine the presence or absence of asymmetric volatility in the exchange rates of Australian dollar (AUD), Euro (EUR), British pound (GBP) and Japanese yen (JPY), all against US dollar. Our investigation is based on a variant of the heterogeneous autoregressive realized volatility model, using daily realized variance and return series from 1996 to 2004. We find that a depreciation against USD leads to significantly greater volatility than an appreciation for AUD and GBP, whereas the opposite is true for JPY. Relative to volatility on days following a positive one-standard-deviation return, volatility on days following a negative one-standard-deviation return is higher by 6.6% for AUD, 6.1% for GBP, and 21.2% for JPY. The realized volatility of EUR appears to be symmetric. These results are robust to the removal of jump component from realized volatility and the sub-samplings defined by structural-changes. The asymmetry in AUD, GBP and JPY appears to be embedded in the continuous ...","downloadable_attachments":[{"id":42537332,"asset_id":16311363,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":35420628,"first_name":"Minxian","last_name":"Yang","domain_name":"independent","page_name":"MinxianYang","display_name":"Minxian Yang","profile_url":"https://independent.academia.edu/MinxianYang?f_ri=6961","photo":"/images/s65_no_pic.png"}],"research_interests":[{"id":6961,"name":"Foreign Exchange Market","url":"https://www.academia.edu/Documents/in/Foreign_Exchange_Market?f_ri=6961","nofollow":true},{"id":27659,"name":"Applied Economics","url":"https://www.academia.edu/Documents/in/Applied_Economics?f_ri=6961","nofollow":true},{"id":69841,"name":"Standard Deviation","url":"https://www.academia.edu/Documents/in/Standard_Deviation?f_ri=6961","nofollow":true},{"id":213801,"name":"Structural Change","url":"https://www.academia.edu/Documents/in/Structural_Change?f_ri=6961","nofollow":true},{"id":228986,"name":"Exchange rate","url":"https://www.academia.edu/Documents/in/Exchange_rate?f_ri=6961"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_1015923" data-work_id="1015923" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/1015923/Empirical_Assessment_of_Nigerias_Agricultural_Export_and_Economic_Welfare">Empirical Assessment of Nigeria's Agricultural Export and Economic Welfare</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">This paper assessed empirically Nigeria's agricultural export and economic welfare. Data used for the study were obtained from secondary sources, bulk of which was collected from institutional and national databases over 1990-2005 and... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_1015923" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">This paper assessed empirically Nigeria's agricultural export and economic welfare. Data used for the study were obtained from secondary sources, bulk of which was collected from institutional and national databases over 1990-2005 and were analyzed using multiple regression and growth rate analysis. The results showed that agricultural output, inflation, subsidy, exchange rate, food import and export were statistically significant at various risk levels and have major implications on the economic welfare of Nigeria. Economic welfare was found to have grown at rate of 2.9% over the period and would be expected to reach N20, 480.64 million in 2010. The study suggested that Nigerian government should adopt appropriate monetary policies to ensure stability in the foreign exchange market in view of the bizarre implications of fluctuations on economic welfare.</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/1015923" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="e227aa99d6b903b8aed6afe3e09d5e4c" rel="nofollow" data-download="{"attachment_id":6208519,"asset_id":1015923,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/6208519/download_file?st=MTc0MDYwMDE4Myw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="316407" href="https://mouau.academia.edu/IfeanyiNwachukwu">Ifeanyi Nwachukwu</a><script data-card-contents-for-user="316407" type="text/json">{"id":316407,"first_name":"Ifeanyi","last_name":"Nwachukwu","domain_name":"mouau","page_name":"IfeanyiNwachukwu","display_name":"Ifeanyi Nwachukwu","profile_url":"https://mouau.academia.edu/IfeanyiNwachukwu?f_ri=6961","photo":"https://0.academia-photos.com/316407/2749985/3204481/s65_ifeanyi.nwachukwu.jpg"}</script></span></span></li><li class="js-paper-rank-work_1015923 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="1015923"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 1015923, container: ".js-paper-rank-work_1015923", }); });</script></li><li class="js-percentile-work_1015923 InlineList-item InlineList-item--bordered hidden u-tcGrayDark"><span class="percentile-widget hidden"><span class="u-mr2x percentile-widget" style="display: none">•</span><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 1015923; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-percentile-work_1015923"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></li><li class="js-view-count-work_1015923 InlineList-item InlineList-item--bordered hidden"><div><span><span class="js-view-count view-count u-mr2x" data-work-id="1015923"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 1015923; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=1015923]").text(description); $(".js-view-count-work_1015923").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_1015923").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="1015923"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">7</a>  </div><span class="InlineList-item-text u-textTruncate u-pl9x"><a class="InlineList-item-text" data-has-card-for-ri="6961" rel="nofollow" href="https://www.academia.edu/Documents/in/Foreign_Exchange_Market">Foreign Exchange Market</a>, <script data-card-contents-for-ri="6961" type="text/json">{"id":6961,"name":"Foreign Exchange Market","url":"https://www.academia.edu/Documents/in/Foreign_Exchange_Market?f_ri=6961","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="48971" rel="nofollow" href="https://www.academia.edu/Documents/in/Monetary_Policy">Monetary Policy</a>, <script data-card-contents-for-ri="48971" type="text/json">{"id":48971,"name":"Monetary Policy","url":"https://www.academia.edu/Documents/in/Monetary_Policy?f_ri=6961","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="125564" rel="nofollow" href="https://www.academia.edu/Documents/in/Statistical_Significance">Statistical Significance</a>, <script data-card-contents-for-ri="125564" type="text/json">{"id":125564,"name":"Statistical Significance","url":"https://www.academia.edu/Documents/in/Statistical_Significance?f_ri=6961","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="224578" rel="nofollow" href="https://www.academia.edu/Documents/in/Multiple_Regression">Multiple Regression</a><script data-card-contents-for-ri="224578" type="text/json">{"id":224578,"name":"Multiple Regression","url":"https://www.academia.edu/Documents/in/Multiple_Regression?f_ri=6961","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=1015923]'), work: {"id":1015923,"title":"Empirical Assessment of Nigeria's Agricultural Export and Economic Welfare","created_at":"2011-10-15T22:46:40.961-07:00","url":"https://www.academia.edu/1015923/Empirical_Assessment_of_Nigerias_Agricultural_Export_and_Economic_Welfare?f_ri=6961","dom_id":"work_1015923","summary":"This paper assessed empirically Nigeria's agricultural export and economic welfare. Data used for the study were obtained from secondary sources, bulk of which was collected from institutional and national databases over 1990-2005 and were analyzed using multiple regression and growth rate analysis. The results showed that agricultural output, inflation, subsidy, exchange rate, food import and export were statistically significant at various risk levels and have major implications on the economic welfare of Nigeria. Economic welfare was found to have grown at rate of 2.9% over the period and would be expected to reach N20, 480.64 million in 2010. The study suggested that Nigerian government should adopt appropriate monetary policies to ensure stability in the foreign exchange market in view of the bizarre implications of fluctuations on economic welfare.","downloadable_attachments":[{"id":6208519,"asset_id":1015923,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":316407,"first_name":"Ifeanyi","last_name":"Nwachukwu","domain_name":"mouau","page_name":"IfeanyiNwachukwu","display_name":"Ifeanyi Nwachukwu","profile_url":"https://mouau.academia.edu/IfeanyiNwachukwu?f_ri=6961","photo":"https://0.academia-photos.com/316407/2749985/3204481/s65_ifeanyi.nwachukwu.jpg"}],"research_interests":[{"id":6961,"name":"Foreign Exchange Market","url":"https://www.academia.edu/Documents/in/Foreign_Exchange_Market?f_ri=6961","nofollow":true},{"id":48971,"name":"Monetary Policy","url":"https://www.academia.edu/Documents/in/Monetary_Policy?f_ri=6961","nofollow":true},{"id":125564,"name":"Statistical Significance","url":"https://www.academia.edu/Documents/in/Statistical_Significance?f_ri=6961","nofollow":true},{"id":224578,"name":"Multiple Regression","url":"https://www.academia.edu/Documents/in/Multiple_Regression?f_ri=6961","nofollow":true},{"id":228986,"name":"Exchange rate","url":"https://www.academia.edu/Documents/in/Exchange_rate?f_ri=6961"},{"id":533274,"name":"Growth rate","url":"https://www.academia.edu/Documents/in/Growth_rate?f_ri=6961"},{"id":812295,"name":"WELFARE ECONOMIC","url":"https://www.academia.edu/Documents/in/WELFARE_ECONOMIC?f_ri=6961"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_24412486" data-work_id="24412486" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/24412486/The_Multiscale_Causal_Dynamics_of_Foreign_Exchange_Markets">The Multiscale Causal Dynamics of Foreign Exchange Markets</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">This paper relies on wavelet multiresolution analysis to capture the dependence structure of currency markets and reveal the complex dynamics across different timescales. It investigates the nature and direction of causal relationships... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_24412486" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">This paper relies on wavelet multiresolution analysis to capture the dependence structure of currency markets and reveal the complex dynamics across different timescales. It investigates the nature and direction of causal relationships among the most widely traded currencies denoted relative to the United States Dollar (USD), namely Euro (EUR), Great Britain Pound (GBP) and Japanese Yen (JPY). The timescale analysis</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/24412486" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="021f2b1aae1989fc6fa41694003a22b2" rel="nofollow" data-download="{"attachment_id":44743098,"asset_id":24412486,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/44743098/download_file?st=MTc0MDYwMDE4Myw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="46976161" href="https://eui.academia.edu/SteliosBekiros">Stelios Bekiros</a><script data-card-contents-for-user="46976161" type="text/json">{"id":46976161,"first_name":"Stelios","last_name":"Bekiros","domain_name":"eui","page_name":"SteliosBekiros","display_name":"Stelios Bekiros","profile_url":"https://eui.academia.edu/SteliosBekiros?f_ri=6961","photo":"https://0.academia-photos.com/46976161/171306602/161298548/s65_stelios.bekiros.jpg"}</script></span></span></li><li class="js-paper-rank-work_24412486 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="24412486"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 24412486, container: ".js-paper-rank-work_24412486", }); });</script></li><li class="js-percentile-work_24412486 InlineList-item InlineList-item--bordered hidden u-tcGrayDark"><span class="percentile-widget hidden"><span class="u-mr2x percentile-widget" style="display: none">•</span><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 24412486; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-percentile-work_24412486"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></li><li class="js-view-count-work_24412486 InlineList-item InlineList-item--bordered hidden"><div><span><span class="js-view-count view-count u-mr2x" data-work-id="24412486"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 24412486; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=24412486]").text(description); $(".js-view-count-work_24412486").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_24412486").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="24412486"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">11</a>  </div><span class="InlineList-item-text u-textTruncate u-pl10x"><a class="InlineList-item-text" data-has-card-for-ri="6961" rel="nofollow" href="https://www.academia.edu/Documents/in/Foreign_Exchange_Market">Foreign Exchange Market</a>, <script data-card-contents-for-ri="6961" type="text/json">{"id":6961,"name":"Foreign Exchange Market","url":"https://www.academia.edu/Documents/in/Foreign_Exchange_Market?f_ri=6961","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="27659" rel="nofollow" href="https://www.academia.edu/Documents/in/Applied_Economics">Applied Economics</a>, <script data-card-contents-for-ri="27659" type="text/json">{"id":27659,"name":"Applied Economics","url":"https://www.academia.edu/Documents/in/Applied_Economics?f_ri=6961","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="50679" rel="nofollow" href="https://www.academia.edu/Documents/in/Financial_Crisis">Financial Crisis</a>, <script data-card-contents-for-ri="50679" type="text/json">{"id":50679,"name":"Financial Crisis","url":"https://www.academia.edu/Documents/in/Financial_Crisis?f_ri=6961","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="98134" rel="nofollow" href="https://www.academia.edu/Documents/in/United_States">United States</a><script data-card-contents-for-ri="98134" type="text/json">{"id":98134,"name":"United States","url":"https://www.academia.edu/Documents/in/United_States?f_ri=6961","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=24412486]'), work: {"id":24412486,"title":"The Multiscale Causal Dynamics of Foreign Exchange Markets","created_at":"2016-04-14T16:43:10.584-07:00","url":"https://www.academia.edu/24412486/The_Multiscale_Causal_Dynamics_of_Foreign_Exchange_Markets?f_ri=6961","dom_id":"work_24412486","summary":"This paper relies on wavelet multiresolution analysis to capture the dependence structure of currency markets and reveal the complex dynamics across different timescales. It investigates the nature and direction of causal relationships among the most widely traded currencies denoted relative to the United States Dollar (USD), namely Euro (EUR), Great Britain Pound (GBP) and Japanese Yen (JPY). The timescale analysis","downloadable_attachments":[{"id":44743098,"asset_id":24412486,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":46976161,"first_name":"Stelios","last_name":"Bekiros","domain_name":"eui","page_name":"SteliosBekiros","display_name":"Stelios Bekiros","profile_url":"https://eui.academia.edu/SteliosBekiros?f_ri=6961","photo":"https://0.academia-photos.com/46976161/171306602/161298548/s65_stelios.bekiros.jpg"}],"research_interests":[{"id":6961,"name":"Foreign Exchange Market","url":"https://www.academia.edu/Documents/in/Foreign_Exchange_Market?f_ri=6961","nofollow":true},{"id":27659,"name":"Applied Economics","url":"https://www.academia.edu/Documents/in/Applied_Economics?f_ri=6961","nofollow":true},{"id":50679,"name":"Financial Crisis","url":"https://www.academia.edu/Documents/in/Financial_Crisis?f_ri=6961","nofollow":true},{"id":98134,"name":"United States","url":"https://www.academia.edu/Documents/in/United_States?f_ri=6961","nofollow":true},{"id":228986,"name":"Exchange rate","url":"https://www.academia.edu/Documents/in/Exchange_rate?f_ri=6961"},{"id":291274,"name":"Great Britain","url":"https://www.academia.edu/Documents/in/Great_Britain?f_ri=6961"},{"id":557843,"name":"Discrete wavelet transform","url":"https://www.academia.edu/Documents/in/Discrete_wavelet_transform?f_ri=6961"},{"id":583843,"name":"Multiresolution Analysis","url":"https://www.academia.edu/Documents/in/Multiresolution_Analysis?f_ri=6961"},{"id":1437495,"name":"Phase Shift","url":"https://www.academia.edu/Documents/in/Phase_Shift?f_ri=6961"},{"id":1671813,"name":"Boundary Effect","url":"https://www.academia.edu/Documents/in/Boundary_Effect?f_ri=6961"},{"id":1853742,"name":"Complex Dynamics","url":"https://www.academia.edu/Documents/in/Complex_Dynamics?f_ri=6961"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_7461010" data-work_id="7461010" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/7461010/THE_PRICING_OF_RISKS_IN_INDIAS_FINANCIAL_MARKETS_A_GARCH_ANALYSIS">THE PRICING OF RISKS IN INDIA'S FINANCIAL MARKETS: A GARCH ANALYSIS</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">According to the finance literature, risks associated with various financial instruments and their corresponding market segments could be stochastic and evolve continuously over time, reflecting the developments in the macroeconomy and... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_7461010" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">According to the finance literature, risks associated with various financial instruments and their corresponding market segments could be stochastic and evolve continuously over time, reflecting the developments in the macroeconomy and the financial system. This study undertakes an empirical analysis of risk pricing for India's financial markets using Generalised Autoregressive Conditional Heteroskedasticity (GARCH) model. Empirical results provide various insights about the nature of risk pricing underlying money, credit, bonds, equity and foreign exchange market segments. Broadly, all market segments, excepting the corporate bond market, showed the ability to price risks over the sample period. International integration was found to accentuate risk pricing in the domestic stock market. From policy perspective, these findings may contribute to financial stability analysis and serve useful for monitoring financial markets and devising strategies for their further developments in the Indian context.</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/7461010" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="2449e710521252e4403af15ee4c4fddc" rel="nofollow" data-download="{"attachment_id":34038370,"asset_id":7461010,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/34038370/download_file?st=MTc0MDYwMDE4Myw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="13284427" href="https://hu-berlin.academia.edu/SaratChan">Sarat Chan</a><script data-card-contents-for-user="13284427" type="text/json">{"id":13284427,"first_name":"Sarat","last_name":"Chan","domain_name":"hu-berlin","page_name":"SaratChan","display_name":"Sarat Chan","profile_url":"https://hu-berlin.academia.edu/SaratChan?f_ri=6961","photo":"https://0.academia-photos.com/13284427/83153924/71769359/s65_sarat.chan.jpeg"}</script></span></span></li><li class="js-paper-rank-work_7461010 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="7461010"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 7461010, container: ".js-paper-rank-work_7461010", }); });</script></li><li class="js-percentile-work_7461010 InlineList-item InlineList-item--bordered hidden u-tcGrayDark"><span class="percentile-widget hidden"><span class="u-mr2x percentile-widget" style="display: none">•</span><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 7461010; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-percentile-work_7461010"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></li><li class="js-view-count-work_7461010 InlineList-item InlineList-item--bordered hidden"><div><span><span class="js-view-count view-count u-mr2x" data-work-id="7461010"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 7461010; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=7461010]").text(description); $(".js-view-count-work_7461010").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_7461010").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="7461010"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">3</a>  </div><span class="InlineList-item-text u-textTruncate u-pl9x"><a class="InlineList-item-text" data-has-card-for-ri="6961" rel="nofollow" href="https://www.academia.edu/Documents/in/Foreign_Exchange_Market">Foreign Exchange Market</a>, <script data-card-contents-for-ri="6961" type="text/json">{"id":6961,"name":"Foreign Exchange Market","url":"https://www.academia.edu/Documents/in/Foreign_Exchange_Market?f_ri=6961","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="286228" rel="nofollow" href="https://www.academia.edu/Documents/in/Financial_Stability">Financial Stability</a>, <script data-card-contents-for-ri="286228" type="text/json">{"id":286228,"name":"Financial Stability","url":"https://www.academia.edu/Documents/in/Financial_Stability?f_ri=6961","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="993329" rel="nofollow" href="https://www.academia.edu/Documents/in/Empirical_Analysis">Empirical Analysis</a><script data-card-contents-for-ri="993329" type="text/json">{"id":993329,"name":"Empirical Analysis","url":"https://www.academia.edu/Documents/in/Empirical_Analysis?f_ri=6961","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=7461010]'), work: {"id":7461010,"title":"THE PRICING OF RISKS IN INDIA'S FINANCIAL MARKETS: A GARCH ANALYSIS","created_at":"2014-06-25T12:42:08.060-07:00","url":"https://www.academia.edu/7461010/THE_PRICING_OF_RISKS_IN_INDIAS_FINANCIAL_MARKETS_A_GARCH_ANALYSIS?f_ri=6961","dom_id":"work_7461010","summary":"According to the finance literature, risks associated with various financial instruments and their corresponding market segments could be stochastic and evolve continuously over time, reflecting the developments in the macroeconomy and the financial system. This study undertakes an empirical analysis of risk pricing for India's financial markets using Generalised Autoregressive Conditional Heteroskedasticity (GARCH) model. Empirical results provide various insights about the nature of risk pricing underlying money, credit, bonds, equity and foreign exchange market segments. Broadly, all market segments, excepting the corporate bond market, showed the ability to price risks over the sample period. International integration was found to accentuate risk pricing in the domestic stock market. From policy perspective, these findings may contribute to financial stability analysis and serve useful for monitoring financial markets and devising strategies for their further developments in the Indian context.","downloadable_attachments":[{"id":34038370,"asset_id":7461010,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":13284427,"first_name":"Sarat","last_name":"Chan","domain_name":"hu-berlin","page_name":"SaratChan","display_name":"Sarat Chan","profile_url":"https://hu-berlin.academia.edu/SaratChan?f_ri=6961","photo":"https://0.academia-photos.com/13284427/83153924/71769359/s65_sarat.chan.jpeg"}],"research_interests":[{"id":6961,"name":"Foreign Exchange Market","url":"https://www.academia.edu/Documents/in/Foreign_Exchange_Market?f_ri=6961","nofollow":true},{"id":286228,"name":"Financial Stability","url":"https://www.academia.edu/Documents/in/Financial_Stability?f_ri=6961","nofollow":true},{"id":993329,"name":"Empirical Analysis","url":"https://www.academia.edu/Documents/in/Empirical_Analysis?f_ri=6961","nofollow":true}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_23386128" data-work_id="23386128" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/23386128/Trading_Patterns_and_Prices_in_the_Interbank_Foreign_Exchange_Market">Trading Patterns and Prices in the Interbank Foreign Exchange Market</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">The behavior of quote arrivals and bid-ask spreads is examined for continuously recorded deutsche mark-dollar exchange rate data over time, across locations, and by market participants. A pattern in the intraday spread and intensity of... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_23386128" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">The behavior of quote arrivals and bid-ask spreads is examined for continuously recorded deutsche mark-dollar exchange rate data over time, across locations, and by market participants. A pattern in the intraday spread and intensity of market activity over time is uncovered and related to theories of trading patterns. Models for the conditional mean and variance of returns and bid-ask spreads indicate volatility clustering at high frequencies. The proposition that trading intensity has an independent effect on returns volatility is rejected, but holds for spread volatility. Conditional returns volatility is increasing in the size of the spread.</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/23386128" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="6bcc777682706b9f6197be692f986424" rel="nofollow" data-download="{"attachment_id":43834942,"asset_id":23386128,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/43834942/download_file?st=MTc0MDYwMDE4NCw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="45332971" href="https://independent.academia.edu/TimBollerslev">Tim Bollerslev</a><script data-card-contents-for-user="45332971" type="text/json">{"id":45332971,"first_name":"Tim","last_name":"Bollerslev","domain_name":"independent","page_name":"TimBollerslev","display_name":"Tim Bollerslev","profile_url":"https://independent.academia.edu/TimBollerslev?f_ri=6961","photo":"/images/s65_no_pic.png"}</script></span></span></li><li class="js-paper-rank-work_23386128 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="23386128"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 23386128, container: ".js-paper-rank-work_23386128", }); });</script></li><li class="js-percentile-work_23386128 InlineList-item InlineList-item--bordered hidden u-tcGrayDark"><span class="percentile-widget hidden"><span class="u-mr2x percentile-widget" style="display: none">•</span><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 23386128; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-percentile-work_23386128"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></li><li class="js-view-count-work_23386128 InlineList-item InlineList-item--bordered hidden"><div><span><span class="js-view-count view-count u-mr2x" data-work-id="23386128"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 23386128; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=23386128]").text(description); $(".js-view-count-work_23386128").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_23386128").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="23386128"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">3</a>  </div><span class="InlineList-item-text u-textTruncate u-pl9x"><a class="InlineList-item-text" data-has-card-for-ri="6961" rel="nofollow" href="https://www.academia.edu/Documents/in/Foreign_Exchange_Market">Foreign Exchange Market</a>, <script data-card-contents-for-ri="6961" type="text/json">{"id":6961,"name":"Foreign Exchange Market","url":"https://www.academia.edu/Documents/in/Foreign_Exchange_Market?f_ri=6961","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="48458" rel="nofollow" href="https://www.academia.edu/Documents/in/High_Frequency">High Frequency</a>, <script data-card-contents-for-ri="48458" type="text/json">{"id":48458,"name":"High Frequency","url":"https://www.academia.edu/Documents/in/High_Frequency?f_ri=6961","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="228986" rel="nofollow" href="https://www.academia.edu/Documents/in/Exchange_rate">Exchange rate</a><script data-card-contents-for-ri="228986" type="text/json">{"id":228986,"name":"Exchange rate","url":"https://www.academia.edu/Documents/in/Exchange_rate?f_ri=6961","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=23386128]'), work: {"id":23386128,"title":"Trading Patterns and Prices in the Interbank Foreign Exchange Market","created_at":"2016-03-17T15:06:26.429-07:00","url":"https://www.academia.edu/23386128/Trading_Patterns_and_Prices_in_the_Interbank_Foreign_Exchange_Market?f_ri=6961","dom_id":"work_23386128","summary":"The behavior of quote arrivals and bid-ask spreads is examined for continuously recorded deutsche mark-dollar exchange rate data over time, across locations, and by market participants. A pattern in the intraday spread and intensity of market activity over time is uncovered and related to theories of trading patterns. Models for the conditional mean and variance of returns and bid-ask spreads indicate volatility clustering at high frequencies. The proposition that trading intensity has an independent effect on returns volatility is rejected, but holds for spread volatility. Conditional returns volatility is increasing in the size of the spread.","downloadable_attachments":[{"id":43834942,"asset_id":23386128,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":45332971,"first_name":"Tim","last_name":"Bollerslev","domain_name":"independent","page_name":"TimBollerslev","display_name":"Tim Bollerslev","profile_url":"https://independent.academia.edu/TimBollerslev?f_ri=6961","photo":"/images/s65_no_pic.png"}],"research_interests":[{"id":6961,"name":"Foreign Exchange Market","url":"https://www.academia.edu/Documents/in/Foreign_Exchange_Market?f_ri=6961","nofollow":true},{"id":48458,"name":"High Frequency","url":"https://www.academia.edu/Documents/in/High_Frequency?f_ri=6961","nofollow":true},{"id":228986,"name":"Exchange rate","url":"https://www.academia.edu/Documents/in/Exchange_rate?f_ri=6961","nofollow":true}]}, }) } })();</script></ul></li></ul></div></div></div><div class="u-taCenter Pagination"><ul class="pagination"><li class="next_page"><a href="/Documents/in/Foreign_Exchange_Market?after=50%2C23386128" rel="next">Next</a></li><li class="last next"><a href="/Documents/in/Foreign_Exchange_Market?page=last">Last »</a></li></ul></div></div><div class="hidden-xs hidden-sm"><div class="u-pl6x"><div style="width: 300px;"><div class="panel panel-flat u-mt7x"><div class="panel-heading u-p5x"><div class="u-tcGrayDark u-taCenter u-fw700 u-textUppercase">Related Topics</div></div><ul class="list-group"><li class="list-group-item media_v2 u-mt0x u-p3x"><div class="media-body"><div class="u-tcGrayDarker u-fw700"><a class="u-tcGrayDarker" rel="nofollow" href="https://www.academia.edu/Documents/in/Color_Philosophy_">Color (Philosophy)</a></div></div><div class="media-right media-middle"><a class="u-tcGreen u-textDecorationNone u-linkUnstyled u-fw500 hidden" data-follow-ri-id="6547">Follow</a><a class="u-tcGray u-textDecorationNone u-linkUnstyled u-fw500 hidden" data-unfollow-ri-id="6547">Following</a></div></li><li class="list-group-item media_v2 u-mt0x u-p3x"><div class="media-body"><div class="u-tcGrayDarker u-fw700"><a class="u-tcGrayDarker" rel="nofollow" href="https://www.academia.edu/Documents/in/Sales_Promotion">Sales Promotion</a></div></div><div class="media-right media-middle"><a class="u-tcGreen u-textDecorationNone u-linkUnstyled u-fw500 hidden" data-follow-ri-id="306043">Follow</a><a class="u-tcGray u-textDecorationNone u-linkUnstyled u-fw500 hidden" data-unfollow-ri-id="306043">Following</a></div></li><li class="list-group-item media_v2 u-mt0x u-p3x"><div class="media-body"><div class="u-tcGrayDarker u-fw700"><a class="u-tcGrayDarker" rel="nofollow" href="https://www.academia.edu/Documents/in/Social_Service">Social Service</a></div></div><div class="media-right media-middle"><a class="u-tcGreen u-textDecorationNone u-linkUnstyled u-fw500 hidden" data-follow-ri-id="9463">Follow</a><a class="u-tcGray u-textDecorationNone u-linkUnstyled u-fw500 hidden" data-unfollow-ri-id="9463">Following</a></div></li><li class="list-group-item media_v2 u-mt0x u-p3x"><div class="media-body"><div class="u-tcGrayDarker u-fw700"><a class="u-tcGrayDarker" rel="nofollow" href="https://www.academia.edu/Documents/in/Automotive_Technology">Automotive Technology</a></div></div><div class="media-right media-middle"><a class="u-tcGreen u-textDecorationNone u-linkUnstyled u-fw500 hidden" data-follow-ri-id="258385">Follow</a><a class="u-tcGray u-textDecorationNone u-linkUnstyled u-fw500 hidden" data-unfollow-ri-id="258385">Following</a></div></li><li class="list-group-item media_v2 u-mt0x u-p3x"><div class="media-body"><div class="u-tcGrayDarker u-fw700"><a class="u-tcGrayDarker" rel="nofollow" href="https://www.academia.edu/Documents/in/Lifestyle_and_Consumption">Lifestyle & Consumption</a></div></div><div class="media-right media-middle"><a class="u-tcGreen u-textDecorationNone u-linkUnstyled u-fw500 hidden" data-follow-ri-id="21557">Follow</a><a class="u-tcGray u-textDecorationNone u-linkUnstyled u-fw500 hidden" data-unfollow-ri-id="21557">Following</a></div></li><li class="list-group-item media_v2 u-mt0x u-p3x"><div class="media-body"><div class="u-tcGrayDarker u-fw700"><a class="u-tcGrayDarker" rel="nofollow" href="https://www.academia.edu/Documents/in/Education_Research">Education Research</a></div></div><div class="media-right media-middle"><a class="u-tcGreen u-textDecorationNone u-linkUnstyled u-fw500 hidden" data-follow-ri-id="37567">Follow</a><a class="u-tcGray u-textDecorationNone u-linkUnstyled u-fw500 hidden" data-unfollow-ri-id="37567">Following</a></div></li><li class="list-group-item media_v2 u-mt0x u-p3x"><div class="media-body"><div class="u-tcGrayDarker u-fw700"><a class="u-tcGrayDarker" rel="nofollow" href="https://www.academia.edu/Documents/in/Empirical_Finance">Empirical Finance</a></div></div><div class="media-right media-middle"><a class="u-tcGreen u-textDecorationNone u-linkUnstyled u-fw500 hidden" data-follow-ri-id="1664">Follow</a><a class="u-tcGray u-textDecorationNone u-linkUnstyled u-fw500 hidden" data-unfollow-ri-id="1664">Following</a></div></li></ul></div></div></div></div></div></div><script>// MIT License // Copyright © 2011 Sebastian Tschan, https://blueimp.net // Permission is hereby granted, free of charge, to any person obtaining a copy of // this software and associated documentation files (the "Software"), to deal in // the Software without restriction, including without limitation the rights to // use, copy, modify, merge, publish, distribute, sublicense, and/or sell copies of // the Software, and to permit persons to whom the Software is furnished to do so, // subject to the following conditions: // The above copyright notice and this permission notice shall be included in all // copies or substantial portions of the Software. // THE SOFTWARE IS PROVIDED "AS IS", WITHOUT WARRANTY OF ANY KIND, EXPRESS OR // IMPLIED, INCLUDING BUT NOT LIMITED TO THE WARRANTIES OF MERCHANTABILITY, FITNESS // FOR A PARTICULAR PURPOSE AND NONINFRINGEMENT. IN NO EVENT SHALL THE AUTHORS OR // COPYRIGHT HOLDERS BE LIABLE FOR ANY CLAIM, DAMAGES OR OTHER LIABILITY, WHETHER // IN AN ACTION OF CONTRACT, TORT OR OTHERWISE, ARISING FROM, OUT OF OR IN // CONNECTION WITH THE SOFTWARE OR THE USE OR OTHER DEALINGS IN THE SOFTWARE. !function(n){"use strict";function d(n,t){var r=(65535&n)+(65535&t);return(n>>16)+(t>>16)+(r>>16)<<16|65535&r}function f(n,t,r,e,o,u){return d((c=d(d(t,n),d(e,u)))<<(f=o)|c>>>32-f,r);var c,f}function l(n,t,r,e,o,u,c){return f(t&r|~t&e,n,t,o,u,c)}function v(n,t,r,e,o,u,c){return f(t&e|r&~e,n,t,o,u,c)}function g(n,t,r,e,o,u,c){return f(t^r^e,n,t,o,u,c)}function m(n,t,r,e,o,u,c){return f(r^(t|~e),n,t,o,u,c)}function i(n,t){var r,e,o,u;n[t>>5]|=128<<t%32,n[14+(t+64>>>9<<4)]=t;for(var c=1732584193,f=-271733879,i=-1732584194,a=271733878,h=0;h<n.length;h+=16)c=l(r=c,e=f,o=i,u=a,n[h],7,-680876936),a=l(a,c,f,i,n[h+1],12,-389564586),i=l(i,a,c,f,n[h+2],17,606105819),f=l(f,i,a,c,n[h+3],22,-1044525330),c=l(c,f,i,a,n[h+4],7,-176418897),a=l(a,c,f,i,n[h+5],12,1200080426),i=l(i,a,c,f,n[h+6],17,-1473231341),f=l(f,i,a,c,n[h+7],22,-45705983),c=l(c,f,i,a,n[h+8],7,1770035416),a=l(a,c,f,i,n[h+9],12,-1958414417),i=l(i,a,c,f,n[h+10],17,-42063),f=l(f,i,a,c,n[h+11],22,-1990404162),c=l(c,f,i,a,n[h+12],7,1804603682),a=l(a,c,f,i,n[h+13],12,-40341101),i=l(i,a,c,f,n[h+14],17,-1502002290),c=v(c,f=l(f,i,a,c,n[h+15],22,1236535329),i,a,n[h+1],5,-165796510),a=v(a,c,f,i,n[h+6],9,-1069501632),i=v(i,a,c,f,n[h+11],14,643717713),f=v(f,i,a,c,n[h],20,-373897302),c=v(c,f,i,a,n[h+5],5,-701558691),a=v(a,c,f,i,n[h+10],9,38016083),i=v(i,a,c,f,n[h+15],14,-660478335),f=v(f,i,a,c,n[h+4],20,-405537848),c=v(c,f,i,a,n[h+9],5,568446438),a=v(a,c,f,i,n[h+14],9,-1019803690),i=v(i,a,c,f,n[h+3],14,-187363961),f=v(f,i,a,c,n[h+8],20,1163531501),c=v(c,f,i,a,n[h+13],5,-1444681467),a=v(a,c,f,i,n[h+2],9,-51403784),i=v(i,a,c,f,n[h+7],14,1735328473),c=g(c,f=v(f,i,a,c,n[h+12],20,-1926607734),i,a,n[h+5],4,-378558),a=g(a,c,f,i,n[h+8],11,-2022574463),i=g(i,a,c,f,n[h+11],16,1839030562),f=g(f,i,a,c,n[h+14],23,-35309556),c=g(c,f,i,a,n[h+1],4,-1530992060),a=g(a,c,f,i,n[h+4],11,1272893353),i=g(i,a,c,f,n[h+7],16,-155497632),f=g(f,i,a,c,n[h+10],23,-1094730640),c=g(c,f,i,a,n[h+13],4,681279174),a=g(a,c,f,i,n[h],11,-358537222),i=g(i,a,c,f,n[h+3],16,-722521979),f=g(f,i,a,c,n[h+6],23,76029189),c=g(c,f,i,a,n[h+9],4,-640364487),a=g(a,c,f,i,n[h+12],11,-421815835),i=g(i,a,c,f,n[h+15],16,530742520),c=m(c,f=g(f,i,a,c,n[h+2],23,-995338651),i,a,n[h],6,-198630844),a=m(a,c,f,i,n[h+7],10,1126891415),i=m(i,a,c,f,n[h+14],15,-1416354905),f=m(f,i,a,c,n[h+5],21,-57434055),c=m(c,f,i,a,n[h+12],6,1700485571),a=m(a,c,f,i,n[h+3],10,-1894986606),i=m(i,a,c,f,n[h+10],15,-1051523),f=m(f,i,a,c,n[h+1],21,-2054922799),c=m(c,f,i,a,n[h+8],6,1873313359),a=m(a,c,f,i,n[h+15],10,-30611744),i=m(i,a,c,f,n[h+6],15,-1560198380),f=m(f,i,a,c,n[h+13],21,1309151649),c=m(c,f,i,a,n[h+4],6,-145523070),a=m(a,c,f,i,n[h+11],10,-1120210379),i=m(i,a,c,f,n[h+2],15,718787259),f=m(f,i,a,c,n[h+9],21,-343485551),c=d(c,r),f=d(f,e),i=d(i,o),a=d(a,u);return[c,f,i,a]}function a(n){for(var t="",r=32*n.length,e=0;e<r;e+=8)t+=String.fromCharCode(n[e>>5]>>>e%32&255);return t}function h(n){var t=[];for(t[(n.length>>2)-1]=void 0,e=0;e<t.length;e+=1)t[e]=0;for(var r=8*n.length,e=0;e<r;e+=8)t[e>>5]|=(255&n.charCodeAt(e/8))<<e%32;return t}function e(n){for(var t,r="0123456789abcdef",e="",o=0;o<n.length;o+=1)t=n.charCodeAt(o),e+=r.charAt(t>>>4&15)+r.charAt(15&t);return e}function r(n){return unescape(encodeURIComponent(n))}function o(n){return a(i(h(t=r(n)),8*t.length));var t}function u(n,t){return function(n,t){var r,e,o=h(n),u=[],c=[];for(u[15]=c[15]=void 0,16<o.length&&(o=i(o,8*n.length)),r=0;r<16;r+=1)u[r]=909522486^o[r],c[r]=1549556828^o[r];return e=i(u.concat(h(t)),512+8*t.length),a(i(c.concat(e),640))}(r(n),r(t))}function t(n,t,r){return t?r?u(t,n):e(u(t,n)):r?o(n):e(o(n))}"function"==typeof define&&define.amd?define(function(){return t}):"object"==typeof module&&module.exports?module.exports=t:n.md5=t}(this);</script><script>window.AbTest = (function() { return { 'ab_test': (uniqueId, test_name, buckets) => { let override = new URLSearchParams(window.location.search).get(`ab_test[${test_name}]`); if ( override ) { return override; } const bucketNames = buckets.map((bucket) => { return typeof bucket === 'string' ? bucket : Object.keys(bucket)[0]; }); const weights = buckets.map((bucket) => { return typeof bucket === 'string' ? 1 : Object.values(bucket)[0]; }); const total = weights.reduce((sum, weight) => sum + weight); const hash = md5(`${uniqueId}${test_name}`); const hashNum = parseInt(hash.slice(-12), 16); let bucketPoint = total * (hashNum % 100000) / 100000; const bucket = bucketNames.find((_, i) => { if (weights[i] > bucketPoint) { return true; } bucketPoint -= weights[i]; return false; }); return bucket; } }; })();</script><div data-auto_select="false" data-client_id="331998490334-rsn3chp12mbkiqhl6e7lu2q0mlbu0f1b" data-landing_url="https://www.academia.edu/Documents/in/Foreign_Exchange_Market" data-login_uri="https://www.academia.edu/registrations/google_one_tap" data-moment_callback="onGoogleOneTapEvent" id="g_id_onload"></div><script>function onGoogleOneTapEvent(event) { var momentType = event.getMomentType(); var momentReason = null; if (event.isNotDisplayed()) { momentReason = event.getNotDisplayedReason(); } else if (event.isSkippedMoment()) { momentReason = event.getSkippedReason(); } else if (event.isDismissedMoment()) { momentReason = event.getDismissedReason(); } Aedu.arbitraryEvents.write('GoogleOneTapEvent', { moment_type: momentType, moment_reason: momentReason, }); }</script><script>(function() { var auvid = unescape( document.cookie .split(/; ?/) .find((s) => s.startsWith('auvid')) .substring(6)); var bucket = AbTest.ab_test(auvid, 'lo_ri_one_tap_google_sign_on', ['control', 'one_tap_google_sign_on']); if (bucket === 'control') return; var oneTapTag = document.createElement('script') oneTapTag.async = true oneTapTag.defer = true oneTapTag.src = 'https://accounts.google.com/gsi/client' document.body.appendChild(oneTapTag) })();</script></div></div></div> </div> <div class="bootstrap login"><div class="modal fade login-modal" id="login-modal"><div class="login-modal-dialog modal-dialog"><div class="modal-content"><div class="modal-header"><button class="close close" data-dismiss="modal" type="button"><span aria-hidden="true">×</span><span class="sr-only">Close</span></button><h4 class="modal-title text-center"><strong>Log In</strong></h4></div><div class="modal-body"><div class="row"><div class="col-xs-10 col-xs-offset-1"><button class="btn btn-fb btn-lg btn-block btn-v-center-content" id="login-facebook-oauth-button"><svg style="float: left; width: 19px; line-height: 1em; margin-right: .3em;" aria-hidden="true" focusable="false" data-prefix="fab" data-icon="facebook-square" class="svg-inline--fa fa-facebook-square fa-w-14" role="img" xmlns="http://www.w3.org/2000/svg" viewBox="0 0 448 512"><path fill="currentColor" d="M400 32H48A48 48 0 0 0 0 80v352a48 48 0 0 0 48 48h137.25V327.69h-63V256h63v-54.64c0-62.15 37-96.48 93.67-96.48 27.14 0 55.52 4.84 55.52 4.84v61h-31.27c-30.81 0-40.42 19.12-40.42 38.73V256h68.78l-11 71.69h-57.78V480H400a48 48 0 0 0 48-48V80a48 48 0 0 0-48-48z"></path></svg><small><strong>Log in</strong> with <strong>Facebook</strong></small></button><br /><button class="btn btn-google btn-lg btn-block btn-v-center-content" id="login-google-oauth-button"><svg style="float: left; width: 22px; line-height: 1em; margin-right: .3em;" aria-hidden="true" focusable="false" data-prefix="fab" data-icon="google-plus" class="svg-inline--fa fa-google-plus fa-w-16" role="img" xmlns="http://www.w3.org/2000/svg" viewBox="0 0 512 512"><path fill="currentColor" d="M256,8C119.1,8,8,119.1,8,256S119.1,504,256,504,504,392.9,504,256,392.9,8,256,8ZM185.3,380a124,124,0,0,1,0-248c31.3,0,60.1,11,83,32.3l-33.6,32.6c-13.2-12.9-31.3-19.1-49.4-19.1-42.9,0-77.2,35.5-77.2,78.1S142.3,334,185.3,334c32.6,0,64.9-19.1,70.1-53.3H185.3V238.1H302.2a109.2,109.2,0,0,1,1.9,20.7c0,70.8-47.5,121.2-118.8,121.2ZM415.5,273.8v35.5H380V273.8H344.5V238.3H380V202.8h35.5v35.5h35.2v35.5Z"></path></svg><small><strong>Log in</strong> with <strong>Google</strong></small></button><br /><style type="text/css">.sign-in-with-apple-button { width: 100%; height: 52px; border-radius: 3px; border: 1px solid black; cursor: pointer; } .sign-in-with-apple-button > div { margin: 0 auto; / This centers the Apple-rendered button horizontally }</style><script src="https://appleid.cdn-apple.com/appleauth/static/jsapi/appleid/1/en_US/appleid.auth.js" type="text/javascript"></script><div class="sign-in-with-apple-button" data-border="false" data-color="white" id="appleid-signin"><span   ="Sign Up with Apple" class="u-fs11"></span></div><script>AppleID.auth.init({ clientId: 'edu.academia.applesignon', scope: 'name email', redirectURI: 'https://www.academia.edu/sessions', state: "b5a99d764ae6b3e79c4cdb3e810910b3cd70becbc9ee3d3e3b058ae6ea967499", });</script><script>// Hacky way of checking if on fast loswp if (window.loswp == null) { (function() { const Google = window?.Aedu?.Auth?.OauthButton?.Login?.Google; const Facebook = window?.Aedu?.Auth?.OauthButton?.Login?.Facebook; if (Google) { new Google({ el: '#login-google-oauth-button', rememberMeCheckboxId: 'remember_me', track: null }); } if (Facebook) { new Facebook({ el: '#login-facebook-oauth-button', rememberMeCheckboxId: 'remember_me', track: null }); } })(); }</script></div></div></div><div class="modal-body"><div class="row"><div class="col-xs-10 col-xs-offset-1"><div class="hr-heading login-hr-heading"><span class="hr-heading-text">or</span></div></div></div></div><div class="modal-body"><div class="row"><div class="col-xs-10 col-xs-offset-1"><form class="js-login-form" action="https://www.academia.edu/sessions" accept-charset="UTF-8" method="post"><input type="hidden" name="authenticity_token" value="nMK_qiPfvmd3b_yNdqDSGDX9Q0-nzTyUYOITXDXmYggd19NY9lhjAwfkugphcORBUJx_njoDV2p-X36U46M1Aw" autocomplete="off" /><div class="form-group"><label class="control-label" for="login-modal-email-input" style="font-size: 14px;">Email</label><input class="form-control" id="login-modal-email-input" name="login" type="email" /></div><div class="form-group"><label class="control-label" for="login-modal-password-input" style="font-size: 14px;">Password</label><input class="form-control" id="login-modal-password-input" name="password" type="password" /></div><input type="hidden" name="post_login_redirect_url" id="post_login_redirect_url" value="https://www.academia.edu/Documents/in/Foreign_Exchange_Market" autocomplete="off" /><div class="checkbox"><label><input type="checkbox" name="remember_me" id="remember_me" value="1" checked="checked" /><small style="font-size: 12px; margin-top: 2px; display: inline-block;">Remember me on this computer</small></label></div><br><input type="submit" name="commit" value="Log In" class="btn btn-primary btn-block btn-lg js-login-submit" data-disable-with="Log In" /></br></form><script>typeof window?.Aedu?.recaptchaManagedForm === 'function' && window.Aedu.recaptchaManagedForm( document.querySelector('.js-login-form'), document.querySelector('.js-login-submit') );</script><small style="font-size: 12px;"><br />or <a data-target="#login-modal-reset-password-container" data-toggle="collapse" href="javascript:void(0)">reset password</a></small><div class="collapse" id="login-modal-reset-password-container"><br /><div class="well margin-0x"><form class="js-password-reset-form" action="https://www.academia.edu/reset_password" accept-charset="UTF-8" method="post"><input type="hidden" name="authenticity_token" value="DigZK5axBf3fH_SMOf4U_eheypjGbursPCI1C-SyIgSPPXXZQzbYma-UsgsuLiKkjT_2SVuggRIin1jDMvd1Dw" autocomplete="off" /><p>Enter the email address you signed up with and we'll email you a reset link.</p><div class="form-group"><input class="form-control" name="email" type="email" /></div><script src="https://recaptcha.net/recaptcha/api.js" async defer></script> <script> var invisibleRecaptchaSubmit = function () { var closestForm = function (ele) { var curEle = ele.parentNode; while (curEle.nodeName !== 'FORM' && curEle.nodeName !== 'BODY'){ curEle = curEle.parentNode; } return curEle.nodeName === 'FORM' ? curEle : null }; var eles = document.getElementsByClassName('g-recaptcha'); if (eles.length > 0) { var form = closestForm(eles[0]); if (form) { form.submit(); } } }; </script> <input type="submit" data-sitekey="6Lf3KHUUAAAAACggoMpmGJdQDtiyrjVlvGJ6BbAj" data-callback="invisibleRecaptchaSubmit" class="g-recaptcha btn btn-primary btn-block" value="Email me a link" value=""/> </form></div></div><script> require.config({ waitSeconds: 90 })(["https://a.academia-assets.com/assets/collapse-45805421cf446ca5adf7aaa1935b08a3a8d1d9a6cc5d91a62a2a3a00b20b3e6a.js"], function() { // from javascript_helper.rb $("#login-modal-reset-password-container").on("shown.bs.collapse", function() { $(this).find("input[type=email]").focus(); }); }); </script> </div></div></div><div class="modal-footer"><div class="text-center"><small style="font-size: 12px;">Need an account? <a rel="nofollow" href="https://www.academia.edu/signup">Click here to sign up</a></small></div></div></div></div></div></div><script>// If we are on subdomain or non-bootstrapped page, redirect to login page instead of showing modal (function(){ if (typeof $ === 'undefined') return; var host = window.location.hostname; if ((host === $domain || host === "www."+$domain) && (typeof $().modal === 'function')) { $("#nav_log_in").click(function(e) { // Don't follow the link and open the modal e.preventDefault(); $("#login-modal").on('shown.bs.modal', function() { $(this).find("#login-modal-email-input").focus() }).modal('show'); }); } })()</script> <div class="bootstrap" id="footer"><div class="footer-content clearfix text-center padding-top-7x" style="width:100%;"><ul class="footer-links-secondary footer-links-wide list-inline margin-bottom-1x"><li><a href="https://www.academia.edu/about">About</a></li><li><a href="https://www.academia.edu/press">Press</a></li><li><a href="https://www.academia.edu/documents">Papers</a></li><li><a href="https://www.academia.edu/topics">Topics</a></li><li><a href="https://www.academia.edu/journals">Academia.edu Journals</a></li><li><a rel="nofollow" href="https://www.academia.edu/hiring"><svg style="width: 13px; height: 13px;" aria-hidden="true" focusable="false" data-prefix="fas" data-icon="briefcase" class="svg-inline--fa fa-briefcase fa-w-16" role="img" xmlns="http://www.w3.org/2000/svg" viewBox="0 0 512 512"><path fill="currentColor" d="M320 336c0 8.84-7.16 16-16 16h-96c-8.84 0-16-7.16-16-16v-48H0v144c0 25.6 22.4 48 48 48h416c25.6 0 48-22.4 48-48V288H320v48zm144-208h-80V80c0-25.6-22.4-48-48-48H176c-25.6 0-48 22.4-48 48v48H48c-25.6 0-48 22.4-48 48v80h512v-80c0-25.6-22.4-48-48-48zm-144 0H192V96h128v32z"></path></svg> <strong>We're Hiring!</strong></a></li><li><a rel="nofollow" href="https://support.academia.edu/hc/en-us"><svg style="width: 12px; height: 12px;" aria-hidden="true" focusable="false" data-prefix="fas" data-icon="question-circle" class="svg-inline--fa fa-question-circle fa-w-16" role="img" xmlns="http://www.w3.org/2000/svg" viewBox="0 0 512 512"><path fill="currentColor" d="M504 256c0 136.997-111.043 248-248 248S8 392.997 8 256C8 119.083 119.043 8 256 8s248 111.083 248 248zM262.655 90c-54.497 0-89.255 22.957-116.549 63.758-3.536 5.286-2.353 12.415 2.715 16.258l34.699 26.31c5.205 3.947 12.621 3.008 16.665-2.122 17.864-22.658 30.113-35.797 57.303-35.797 20.429 0 45.698 13.148 45.698 32.958 0 14.976-12.363 22.667-32.534 33.976C247.128 238.528 216 254.941 216 296v4c0 6.627 5.373 12 12 12h56c6.627 0 12-5.373 12-12v-1.333c0-28.462 83.186-29.647 83.186-106.667 0-58.002-60.165-102-116.531-102zM256 338c-25.365 0-46 20.635-46 46 0 25.364 20.635 46 46 46s46-20.636 46-46c0-25.365-20.635-46-46-46z"></path></svg> <strong>Help Center</strong></a></li></ul><ul class="footer-links-tertiary list-inline margin-bottom-1x"><li class="small">Find new research papers in:</li><li class="small"><a href="https://www.academia.edu/Documents/in/Physics">Physics</a></li><li class="small"><a href="https://www.academia.edu/Documents/in/Chemistry">Chemistry</a></li><li class="small"><a href="https://www.academia.edu/Documents/in/Biology">Biology</a></li><li class="small"><a href="https://www.academia.edu/Documents/in/Health_Sciences">Health Sciences</a></li><li class="small"><a href="https://www.academia.edu/Documents/in/Ecology">Ecology</a></li><li class="small"><a href="https://www.academia.edu/Documents/in/Earth_Sciences">Earth Sciences</a></li><li class="small"><a href="https://www.academia.edu/Documents/in/Cognitive_Science">Cognitive Science</a></li><li class="small"><a href="https://www.academia.edu/Documents/in/Mathematics">Mathematics</a></li><li class="small"><a href="https://www.academia.edu/Documents/in/Computer_Science">Computer Science</a></li></ul></div></div><div class="DesignSystem" id="credit" style="width:100%;"><ul class="u-pl0x footer-links-legal list-inline"><li><a rel="nofollow" href="https://www.academia.edu/terms">Terms</a></li><li><a rel="nofollow" href="https://www.academia.edu/privacy">Privacy</a></li><li><a rel="nofollow" href="https://www.academia.edu/copyright">Copyright</a></li><li>Academia ©2025</li></ul></div><script> //<![CDATA[ window.detect_gmtoffset = true; window.Academia && window.Academia.set_gmtoffset && Academia.set_gmtoffset('/gmtoffset'); //]]> </script> <div id='overlay_background'></div> <div id='bootstrap-modal-container' class='bootstrap'></div> <div id='ds-modal-container' class='bootstrap DesignSystem'></div> <div id='full-screen-modal'></div> </div> </body> </html>