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Inferring Public and Private Information from Trades and Quotes

Inferring Public and Private Information from Trades and Quotes

Existing empirical research investigates several aspects of informational asym- metries. Glosten and Harris (1988), for example, determine the cost component of the bid-ask spread that is due to the presence of informed traders. Easley et al. (1996) take the position of the market maker and model the probability of trading with an informed counterparty. For assets traded in several markets, Hasbrouck (1995) devel- ops a measure for informational asymmetries across markets. Madhavan, Richardson, and Roomans (1997) develop a structural model of intraday price formation and use this model to analyze components of the bid-ask spread, transaction costs, and price volatility. Apart from the last study, the question of the relative contributions of public and private information to the change in prices remains mostly untouched. This paper addresses that issue.
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24 Lee mas

Productivity in European private and public services : a growth accounting approach

Productivity in European private and public services : a growth accounting approach

One of the most controversial subjects in the recent years has been the productivity gap between the European countries and the United States, especially from the mid 90s. Some empirical studies have underlined the interest to explain this phenomenon from a sectoral point of view, trying to answer to some questions that an aggregate analysis might not cover. Data on aggregate productivity – both in terms of employed people or hours worked – can hide important differences on the respective levels and growth rates within the different economic sectors and particular branches. We will focus on emphasizing those sectoral differences, taking as reference the six great economic sectors: agriculture, mining, manufacturing, energy, construction, and service sector. Additionally, since the attention of this paper is services, we will differentiate between private and public services 4 . Later, in the following
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36 Lee mas

The use of supplementary materials in EFL classes: a comparative analysis of public and private high schools

The use of supplementary materials in EFL classes: a comparative analysis of public and private high schools

memorable for them. Realia can be used in almost any subject and ages. It is a way to save time when learners recognize immediately instead of having long explanations or using other techniques which can consume much more time. The use of realia promotes elicitation in students. In the case of adults, they are very receptive to this resource and find it refreshing. Bringing realia to the class could also be a tool to prompt conversation. They can be used in role-plays to obtain the most realistic situations or promote speaking activities. For example, bringing something as simple as a cell phone and asking them to tell their experiences when using it.
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94 Lee mas

Private and Public Education in Kenya: the Case of Strathmore College

Private and Public Education in Kenya: the Case of Strathmore College

Regarding secondary education, the 1970-74 Plan stated: “Government’s policy for secondary education has two main objectives. The first is to expand enrolments at all levels to meet the social and economic needs of society for its general development. The second is to make adequate provision to meet the demands of qualified individuals for their personal development and self- fulfilment” (Development Plan, nº 17.20, p. 456). “In planning to achieve these objectives, Government has encountered important constraints. The recurrent costs of operating maintained secondary schools exceed K£ 4.3 million per year, and, during recent years, costs have been rising at a rate in excess of 16 per cent per year. However, it is estimated that well over K£ 2 million has already been spent by the people in maintaining Harambee secondary schools. This commendable effort is encouraged by the Government who will continue to assist and maintain Harambee secondary schools in this Plan period” (Development Plan, nº 17.21, p. 457).
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22 Lee mas

The use of supplementary materials in EFL classes: a comparative analysis of public and private high schools

The use of supplementary materials in EFL classes: a comparative analysis of public and private high schools

In the second class posters were used showing images of famous singers to introduce the topic “Favorite Musician”. The objective was to know how to describe people using their personal information. The teacher presented a description about Whitney Houston: her name, birth date and place, kind of music that she performed, famous songs and reasons why she was internationally recognized. The students were asked to compose a similar

117 Lee mas

Essays on education and economic performance

Essays on education and economic performance

Government intervention in education frequently takes the form of public provision. Advocates of school choice argue that a public school system offering a uniform -and frequently low- educational quality, independently of individuals’ specific needs may fail to ensure equal educational opportunities. Discontent with public schools in many coun- tries may help explain the interest on issues related to school choice, including education vouchers. A voucher program provides students attending private schools a tax-financed payment covering all or most of the tuition charged. Chapter 3 evaluates the impact of education vouchers on the efficient sorting of students into public and private schools. Private schools offer a continuum of quality levels, while public schools provide a uniform quality, funded with proportional taxes. Students differ over family income and ability and parents choose between public and private schools. We find that a tax-minimizing voucher will be approved by majority when the level of public educational quality is sufficiently high. In the calibrated model, the equilibrium voucher entails welfare gains although leads to greater inequality. The impact of different voucher policies is also an- alyzed. We find that welfare gains increase with the voucher size but the impact of the magnitude of the voucher on income inequality is not monotone.
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131 Lee mas

The use of supplementary materials in EFL classes: A comparative analysis of public and private high schools

The use of supplementary materials in EFL classes: A comparative analysis of public and private high schools

In the third class, the teacher had the students listen to a dialogue entitled Tell me the way. Theobjective was to learn how to give and follow directions, using appropriate vocabulary. First, the teacher asked the students to listen to the dialogue about a tourist who wanted to go to the Independence Square. They listened to it for three times and took notes on the main ideaof the dialogue. This exercise helped the students to work in the textbook exercise where they were asked to put various sentences in order and give the tourist the correct directions to go to the Independence Square, using vocab ulary already learned in a previous class: „ go down ‟ , „ turn right ‟ , „ get off ‟ and „ walk along ‟. This was an interesting class and students
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141 Lee mas

Privatizing Latin American Garbage? It’s complicated: A View from the Northern Border of Latin America

Privatizing Latin American Garbage? It’s complicated: A View from the Northern Border of Latin America

But throughout the 20th century, the vehicles and the collection practices of these public workers bore little resem- blance to their foreign counterparts. Whereas U.S. municipal sanitation work- ers worked to clean streets and curbs of garbage, Mexican municipal sanitation workers sought to harvest resources in garbage. Accordingly, Mexico City sanita- tion workers modified their trucks so that they could perform a dual duty of trans- porting both waste and sorted recyclables. In that way, poorly paid city staff supple- mented their city salaries by exploiting their public charge for private profit.
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7 Lee mas

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