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The "Suma de tratos y contratos" (1569-1571) by Tomás de Mercado is the first legal treatise on trade that explicitly takes into account the specificities of Spanish trade with the Indias. Tomás de Mercado was faced with very profound changes in trade: long distances, large convoy sizes, the need for large amounts of funding, high risk, variations in prices and the value of money...
From a theological-legal point of view, these upheavals posed new and complex questions.
Mercado, advisor to the merchants of Seville and an excellent knowledge of New Spain, analyses the sudden transformation of economic and juridical practice with finesse and realism. The 'Suma' is thus an extraordinary real-time testimony to the profound transformations taking place in 16th century commerce.
Moreover, faced with fundamental questions of moral order and juridical legitimacy, Mercado proposes legal solutions of high equilibrium in which theological imperatives are masterfully reconciled with the needs of transatlantic commercial practice.
This paper makes an attempt to present the economics of credit securitisation in a non-technical way, starting from the description and the analysis of a typical securitisation transaction. The paper sketches a theoretical explanation for why tranching, or nonproportional risk sharing, which is at the heart of securitisation transactions, may allow commercial banks to maximize their shareholder value. However, the analysis makes also clear that the conditions under which credit securitisation enhances welfare, are fairly restrictive, and require not only an active role of the banking supervisory authorities, but also a price tag on the implicit insurance currently provided by the lender of last resort.
TABLE OF CONTENTS (here without authors) Introduction 1. Em Busca dos Sítios do Poder na África Centro Ocidental. Homens e Caminhos, Exércitos e Estradas (1483-1915) 2. The Supply and Deployment of Horses in Angolan Warfare (17th and 18th Centuries) 3. Wagon Technology, Transport and Long-distance Communication in Angola 1885-1908 4. Trade, Slavery, and Migration in the Interior of Benguela: The Case of Caconda, 1830-1870 5. The Economics of the Kwango Rubber Trade, c. 1900 6. As Vias de Comunicação e Meios de Transporte como Factores de Globalização, de Estabilidade Política e de Transformação Económica e Social: Caso do Caminho-de-ferro de Bengela (Benguela) (1889-1950) 7. Nas Malhas da Rede: Aspectos do impacto económicoe social do transporte rodoviário na região do Huambo c. 1920-c. 1960 8. Communications between Angola and East Central Africa Before c. 1700 9. Long-distance Caravans and Communication beyond the Kwango (c. 1850-1890) 10. A Escrita em Angola: Comunicação e Ruído entre as Diferentes Sociedades em Presença 11. Escrever o Poder: Os Autos de Vassalagem e a Vulgarização da Escrita entre as Elites Africanas Ndembu 12. Do Passado ao Presente: Tráfego Comercial e Redes de Comunicação, Factores Privilegiados de “Modernidade” 13. Refugees on Routes. Congo / Zaire and the War in Northern Angola (1961-1974) 14. Crossing the River: Myth and Movement in Central Africa 15. From Group Mobility to Individual Movement: The Colonial Effort to Turn Back History Notes on Contributors
This paper proposes the Shannon entropy as an appropriate one-dimensional measure of behavioural trading patterns in financial markets. The concept is applied to the illustrative example of algorithmic vs. non-algorithmic trading and empirical data from Deutsche Börse's electronic cash equity trading system, Xetra. The results reveal pronounced differences between algorithmic and non-algorithmic traders. In particular, trading patterns of algorithmic traders exhibit a medium degree of regularity while non-algorithmic trading tends towards either very regular or very irregular trading patterns. JEL Classification: C40, D0, G14, G15, G20