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"Quem ama não dorme" ("Schlafes Bruder") é o primeiro romance do escritor austríaco Robert Schneider, publicado em 1992. Ele conta a história de um prodígio da música, nascido em um vilarejo no início do século XIX. Este artigo tem como objetivo refletir sobre a série de empecilhos que impedem o protagonista, Elias Alder, de alcançar sucesso profissional e pessoal, tendo em vista as limitações da comunidade. O romance condensa características modernas e pós-modernas, como a fragmentação identitária, a ironia, o estranhamento e a quebra da linearidade narrativa.
A tale of one exchange and two order books : effects of fragmentation in the absence of competition
(2018)
Exchanges nowadays routinely operate multiple, almost identically structured limit order markets for the same security. We study the effects of such fragmentation on market performance using a dynamic model where agents trade strategically across two identically-organized limit order books. We show that fragmented markets, in equilibrium, offer higher welfare to intermediaries at the expense of investors with intrinsic trading motives, and lower liquidity than consolidated markets. Consistent with our theory, we document improvements in liquidity and lower profits for liquidity providers when Euronext, in 2009, consolidated its order ow for stocks traded across two country-specific and identically-organized order books into a single order book. Our results suggest that competition in market design, not fragmentation, drives previously documented improvements in market quality when new trading venues emerge; in the absence of such competition, market fragmentation is harmful.
Advances in technology and several regulatory initiatives have led to the emergence of a competitive but fragmented equity trading landscape in the US and Europe. While these changes have brought about several benefits like reduced transaction costs, regulators and market participants have also raised concerns about the potential adverse effects associated with increased execution complexity and the impact on market quality of new types of venues like dark pools. In this article we review the theoretical and empirical literature examining the economic arguments and motivations underlying market fragmentation, as well as the resulting implications for investors' welfare. We start with the literature that views exchanges as natural monopolies due to presence of network externalities, and then examine studies which challenge this view by focusing on trader heterogeneity and other aspects of the microstructure of equity markets.
This paper presents a model to analyze the consequences of competition in order-flow between a profit maximizing stock exchange and an alternative trading platform on the decisions concerning trading fees and listing requirements. Listing requirements, set by the exchange, provide public information on listed firms and contribute to a better liquidity on all trading venues. It is sometimes asserted that competition induces the exchange to lower its level of listing standards compared to a situation in which it is a monopolist, because the trading platform can free-ride on this regulatory activity and compete more aggressively on trading fees. The present analysis shows that this is not always true and depends on the existence and size of gains related to multi market trading. These gains relax competition on trading fees. The higher these gains are, the more the exchange can increase its revenue from listing and trading when it raises its listing standards. For large enough gains from multi-market trading, the exchange is not induced to lower the level of listing standards when a competing trading platform appears. As a second result, this analysis also reveals a cross - subsidization effect between the listing and the trading activity when listing is not competitive. This model yields implications about the fee structures on stock markets, the regulation of listings and the social optimality of competition for volume. JEL Classification: G10, G18, G12
Highlights
• We propose a framework to address landscape effects on ecosystem services.
• We expect ecosystem service flows to be modulated by the amount and configuration of supply and demand areas.
• We stress the role of neutral areas in facilitating or hindering ecosystem service flows.
• Supply/demand ratios, spatial overlap, and ES characteristics need to be accounted for when assessing flows.
• We propose a research agenda with challenges to couple the effects of landscape configuration on ES flow.
Abstract
Despite advances in understanding the effects of landscape structure on ecosystem services (ES), many challenges related to these complex spatial interactions remain. In particular, the integration of landscape effects on different components of the service provision chain (supply, demand, and flow) remains poorly understood and conceptualized. Here we propose a theoretical framework to further explore how the spatial flow of ES can vary according to landscape structure (i.e. composition and configuration) emphasizing the role played by the configuration of supply, demand, and neutral areas, as well as individual characteristics of ES (e.g., service rivalry). For this, we expand the discussion on how landscape changes can affect ES flows and propose a theoretical representation of ES flows variation led by different supply-demand ratios. Additionally, we expand this discussion by integrating the potential effects of neutral areas in the landscape as well as of supply/demand spatial overlap. This novel approach links the spatial arrangement (e.g. fragmentation, network complexity, matrix resistance) usually captured by landscape metrics, and ratios of ES supply and demand areas to potential effects on spatial flows of ES. We discuss the application of this model using widely studied ES, such as pollination, pest control by natural enemies, and microclimate regulation. Finally, we propose a research agenda to connect the presented ideas with other prominent research topics that must be further developed to support landscape management targeting ES provision. The prominence of ES science calls for contributions such as this to give the scientific community the opportunity to reflect on the underlying mechanisms of ES and avoid oversimplified spatial assessments.
In this article the author highlights some issues about Adorno’s thought that are fundamental to be acquired in the present age. It focuses on the questions most criticized in the postwar period: cultural industry, managed world, presumed snobbery about mass society, decline of aura, end of individuality, post-individual or pseudo-individuality, ticket mentality. Therefore, the author suggests to explain contemporary age starting from the Adornian model, an important interpretive antecedent to understand new media and the world that they produce. So this article underscores the similarity about many causes for reflection in Theodor W. Adorno and also H. Marcuse: in spite of oustanding differences, both theorists persist on the “power of negative thinking” and on the “feeling of the contrary”. This persistence lays the foundations of critical thought in Adorno, who shows parodying art such as the critical model par excellence. Finally, last pages are directed to remark the importance of Adorno’s thought such as metacritical philosophy, surely more fruitful than the paradigm of the “second generation” in the following decades.
The equity trading landscape all over the world has changed dramatically in recent years. We have witnessed the advent of new trading venues and significant changes in the market shares of existing ones. We use an extensive panel dataset from the European equity markets to analyze the market shares of five categories of lit and dark trading mechanisms. Market design features, such as minimum tick size, immediacy and anonymity; market conditions, such as liquidity and volatility; and the informational environment have distinct implications for order routing decisions and trading venues' resulting market shares. Furthermore, these implications differ distinctly for small and large trades, probably because traders jointly optimize their trade size and venue choice. Our results both confirm and go beyond current theoretical predictions on trading in fragmented markets.