Late Trade Research Articles

The Role of Regulation and Bank Competition in Small Firm Financing: Evidence from the Community Reinvestment Act

AbstractThis paper analyzes how regulation that promotes greater access to bank credit, such as the Community Reinvestment Act (CRA), impacts the financing of small firms. It finds that when areas become CRA‐eligible, the likelihood of bank lending to local small firms increases and firms reduce late trade credit payments, consistent with loans allowing small firms to pay trade credit more promptly and avoid late payment fees. The effect is more profound in low‐ and moderate‐income areas where financial constraints are tighter due to low bank competition. The effect is also larger for small firms that operate in trade credit‐dependent industries.

Small business debt financing: the effect of lender structural complexity

PurposeSmall- and medium-sized enterprises (SMEs) depend on a large measure on commercial banks for external capital, and US SMEs are increasingly experiencing bank credit constraints and resorting to costly alternatives. The purpose of this paper is to investigate the impact of lender organizational complexity on SME financing shortfalls. In particular, it examines the credit shortage effects associated with the SME's reliance on bank holding company (BHC) owned, as opposed to independent, lenders.Design/methodology/approachBuilding on agency–theoretic rationales, the authors posit that both hierarchical and horizontal complexity associated with present-day BHC structures will diminish an affiliated bank's ability and willingness to properly underwrite SME credit needs. Consequently, they hypothesize that SMEs whose commercial lenders are BHC affiliates are likely to experience greater credit shortages. This hypothesis was tested using exhaustive financial data from a large and nationally representative sample of US SMEs.FindingsGreater SME reliance on loans from BHC lenders was found to be associated with a greater use of late trade–credit payments. The latter is an expensive form of financing and a generally accepted indicator of shortages in conventional (and cheaper) bank credit.Originality/valueDespite the evolution toward more complex bank organizational forms, especially among community banks, the implications for SME lending are not yet fully understood. This paper's contribution is to offer a first examination of the impact of post-deregulation BHC structures on SME financing shortfalls.

Trade in intangibles and the global trade imbalance

AbstractThe emergence of intangibles has brought significant challenges for our understanding of capitalism and international trade. This paper develops a framework for the measurement of global trade that integrates trade in intangibles and trade in goods and services to analyse the global trade imbalance. Through in‐depth discussions of the five modes through which trade in tangibles are carried out, it develops an integrated framework for the measurement of international trade. Applying this framework to the estimation of trade imbalance of a group of the world's top innovative countries, we see significant adjustments of their trade balance. The overall trade deficit of the United States reduces by nearly half of its size from USD763 billion to 390 billion in 2015, the year for which we have the latest trade in value‐added data. The paper argues that the true picture of global trade imbalance is of much smaller scale than the traditional trade statistics suggest. Policy responses to rebalance should be discussed using a framework that fully incorporates different types of trade activities in the twenty‐first century. Implications of the new conundrum of globalisation are also discussed.

Non-Adversarial Dispute Resolutions: Studying Of Japanese Non-Litigious Country And Society

In line with the changing of times, the transition from small-scale trade to global trade has invoked changes to the existing trade system to a more challenging one. This has made the impact being felt by the consumers. Users are getting more repressed in many forms of trade that are becoming more and more challenging besides testing the intellectual capabilities of consumers. The latest trading trend needs a change in its dispute resolution system to become more efficient and meet the demands of consumers and traders. The current trade scenario as well as the rise in matters of consumerism have made it crucial to outline a perfect and complete set of laws that is capable to protect the consumers’ rights and solve disputes that are usually arise in consumer-trader contract matters, that is sometimes unexpected. The laws formed can be beneficial if transparent and able to protect consumers involved in trade with traders, both nationally and internationally. This research aimed to discuss on the Japanese non-adversarial dispute resolutions which popularly known as non-litigious country and society. Being a library based-research, reference will be made to relevant authoritative texts, case studies, and applies the method of literature review through content analysis of documents. Overall, this paper finds that, without looking at the different theories introduced, until today, the Japanese still believe that disputes should not occur. If disputes do occur, the resolution is through a mutual resolution agreement contract. In this situation, they will give honest effort to compromise or resolution that they mutually agree upon.

Niçards a la Mallorca baixmedieval

L’île de Majorque, au milieu du bassin de la Méditerranée occidentale, a été témoin du passage des navigateurs, spécialement des marchands, lesquels depuis l'Antiquité ont traversé la Mare Nostrum. Cette situation de port important a exercé une influence extraordinaire sur la vie de la cité de Majorque et dans l’île. Quant à l'époque du Bas Moyen Age le commerce constituera une des activités économiques fondamentales. Il ne faut pas s'étonner, alors, que il y ait des marchands de maintes et différentes provenances, surtout des régions méditerranéennes, qui fassent escale à Majorque et parmi eux les Niçois. Quoique les consulats italiens, specialement ceux de Gênes ou de Venise, fussent plus nombreux ou remarquables, Nice néanmoins disposait d'un consulat dans la cité de Majorque, ce qui reflète l'importance des relations commerciales qu'il y avait entre les deux ports. La plupart des Niçois s'appliquaient aux tâches mercantiles; quelques uns même établirent leur résidence définitivement dans la cité de Majorque.

La organización del transporte marítimo en la Valencia de la primera mitad del siglo XV

Le développement du commerce du bas moyen âge supposa la diffusion des progrès techniques dans le cadre du transport maritime. Valencie, un marché en expansion à cette époque, subit aussi des transformations fondamentales. Néanmoins, l'analyse des structures et des attitudes des compagnies marchandes oblige à nuancer ces transformations. La prééminence d'un faible financement des affaires et d'une stratégie fragmentaire des activités, se combina avec la prédominance d'une navigation de cabotage, posée, conditionnée par un très grand nombre d'échelles et l'augmentation des transactions.

Achieving Multilateral Investment Court Through EU-ASEAN Expansion of Bilateral Investment ‘Court’: Is It Possible?

Legitimacy of international investment law is in crisis. One particular area of international investment law that has been progressively re-developed is the area of investment dispute settlement. The EU sees the multilateral investment court as a proper solution to reform ISDS in the future. To achieve this final goal, starting from the bilateral level, the EU has included investment court provisions as an ISDS mechanism in its latest trade and investment agreement with its trading partners, among others, EU-Viet Nam FTA and IPA, as well as EU-Singapore FTA & IPA. This paper addresses central questions on how could existing investment court system in EU and ASEAN member states’ Investment Protection Agreements (IPA) can be expanded towards multilateral investment court in the future, and what are the challenges that can be expected from such expansion. It critically analyses concluded agreements between the EU and some of ASEAN Member States. I argue that for now, it is unlikely that multilateral investment court expansion will happen soon considering the challenges and concerns expressed by both sides.

Handel produktami rolno-spożywczymi w Umowie o partnerstwie gospodarczym między UE a Japonią

W 2018 r. Unia Europejska i Japonia zawarły Umowę o partnerstwie gospodarczym (EPA), która jest jedną z najszerszych i najbardziej kompleksowych umów handlowych podpisanych przez Strony do tej pory. Umowa ta obejmuje m.in. kwestie dostępu do rynków rolnych obu Stron, zakładając liberalizację barier taryfowych i pozataryfowych. Z uwagi na większe znaczenie sektora rolnego w eksporcie UE do Japonii niż odwrotnie, jak również wysoki poziom ochrony rynku japońskiego, Umowa ma duże znaczenie dla unijnych, w tym polskich podmiotów z branży rolno-spożywczej. Celem artykułu jest określenie możliwych skutków EPA dla rozwoju eksportu produktów rolno-spożywczych z państw UE, a w szczególności z Polski do Japonii. Badanie przeprowadzono na podstawie analizy tekstu EPA oraz najnowszych danych handlowych.

Achieving Multilateral Investment Court through EU-ASEAN Inter-regional Expansion of Bilateral Investment Court: Is It Possible?

Legitimacy of international investment law is in crisis. One particular area of international investment law that has been progressively re-developed is the area of investment dispute settlement. The EU sees the multilateral investment court as a proper solution to reform ISDS in the future. To achieve this final goal, starting from the bilateral level, the EU has included investment court provisions as an ISDS mechanism in its latest trade and investment agreement with its trading partners, among others, EU-Viet Nam FTA and IPA, as well as EU-Singapore FTA & IPA. This paper addresses central questions on how could existing investment court system in EU and ASEAN member states’ Investment Protection Agreements (IPA) can be expanded towards multilateral investment court in the future, and what are the challenges that can be expected from such expansion. It critically analyses concluded agreements between the EU and some of ASEAN Member States. I argue that for now, it is unlikely that multilateral investment court expansion will happen soon considering the challenges and concerns expressed by both sides.

The Transition from Barter Trade to Impediments of the Dollar System: One Nation, One Currency, One Monopoly

Before the invention of money (coin or paper) there was barter trading, a form of exchange without the use of a monetary medium such as coinage, paper money, or electronic cash (i.e. Bitcoin); Adam Smith (1776) described barter trade as primitive in his seminal “The Wealth of Nations” book. Since the 2008 global financial crisis, there has been an increase in barter trade by various countries that are; i) heavily indebted with insufficient foreign reserves; ii) imposed sanctions by the U.S. (i.e. Iran, North Korea, Russia, etc.); attempting to avoid the use of dollars in local, regional and international trade; iv) interested in reducing current account and trade deficits. With growing resistance to using US dollar in international trade by China, Russia, Turkey, Venezuela, Iran, North Korea, and Cuba; the question is how much longer can the US dollar keep its “kingpin” currency status? According to economist Jim O'Neill, not very long. The quick rise of Chinese economy and constant threat of Russia will challenge the dollar dominance, and maybe the latest theatrical trade war between the United States and China is the best or only response the U.S. was able to come up with.

Capital Investment, Weight Standards and Overland Trade at Emar

Abstract This article analyses a selection of texts from Emar (modern Tell Meskene) in order to illuminate Late Bronze Age trade and financial activities run by private investors and travelling merchants in Northern Mesopotamia and the Levant. In the first part of the article, two cases of redemption of indebted merchants show how capital-lenders secured their investments through personal and real-estate guaranties. The second part of the article examines the various weight standards used by merchants in international trade activities, and shows how this metrological multiplicity is reflected in the figures recorded in the texts.

Lead isotope ratios in 16th century copperware traded to North America: the Swedish connection

Isotope analyses have been made on the trace amounts of lead in a small set of late 16th century pure copper trade kettles and kettle debris from Indigenous sites in eastern Canada. The isotope ratios are highly correlated. We interpret these correlations as the mixing of copper from Precambrian Swedish ores with metal from one or more of the Palaeozoic deposits occurring in central Europe and the British Isles. The data enable us to identify samples of pure Swedish copper, metal consisting of mixtures of Swedish and central European – British copper, and with less certainty, samples derived entirely from the latter deposits. Although most of the trace element concentrations in the coppers are quite variable, it appears that nickel values may be less so (∼100 ppm in pure Swedish samples, and ∼1100 ppm in the central European – British sources). Based on these values, two-component mixing relations provide estimates of the fractions of Swedish end members in mixed samples. These results suggest that more than half of the copper used in forming the kettles originated in Sweden.

Indagine sul fenomeno della standardizzazione nelle produzioni ceramiche provinciali in epoca tardo romana. La forma Hayes 85

The aim of this paper is to determine the degree of standardization within certain Late Roman pottery productions. This research tried to outline a methodology to determine the standardisation degree of these samples and to unravel the measurement systems used in the production process. The morphometric characterization of each fragment allowed us to create different groups with a cluster analysis. The principal component analysis providedinformation that led us to a deeper understanding of the obtained groups. The coefficient of variation allowed us to determine the standardisation degree of the productions. Once all these data are known, we can approach to the possible measurement units that ruled the analysed production systems. We selected a form well represented in the ceramic contexts identified in the excavations of the Late Antique port-canal of Classe, the Hayes 85 small bowl. This vessel was considered a rare form in Hayes’ monumental book. New discoveries of the last ten years revealed how much we still have to understand about the characteristics of Late Roman productions, trade and distribution. With this in mind, we used a statistical method to analyse the main changes in the profile of this type and its variants.

Late Trading in Mutual Fund Shares – The Sequel?

This paper provides new evidence of late trading activities in the mutual fund markets of France, Germany and the UK. We find that investors who are allowed to trade late can earn substantial returns between 18% and 35% annually. Late trading accounts for up to 0.6% of daily flow. Evidence of such illicit and abusive trading practices was uncovered in 2003 during a large scandal in the US fund industry. Our findings suggest that late trading may still persist in European markets. However, we do not find evidence of late trading in the UK.

Litigation and mutual-fund runs

We investigate whether anticipation of adverse events (litigation about market timing and late trading) may trigger mutual-fund runs. We find that runs start as early as three months prior to litigation announcements. Pre-litigation runs accumulate to 31 basis points of the total net assets over a three-month window; post-litigation runs may last more than six months and accumulate to 1.25 percent over the first three-month window. Additionally, investors who run before litigation announcements earn significantly higher risk-adjusted and peer-adjusted returns than those who run after litigation. The difference in returns is particularly pronounced for funds holding illiquid assets. Finally, securities held by litigated fund families significantly underperform vis-á-vis other securities in terms of lower abnormal returns and liquidity. Our analysis suggests that a pro-rata ownership design is insufficient to prevent mutual-fund runs.

Hedge Fund Fraud and the Public Good

Abstract The current financial crisis resonates with every American, regardless of their connection to the securities markets. Many struggle to understand how and why the American financial and securities markets collapsed last year. In essence, why did the regulators fail to prevent the collapse? Government officials continue to analyze the relationship between the structural collapse of the markets and regulators' limited jurisdiction over a class of entities whose transactions substantially impact the markets: hedge funds. Congress can no longer deny hedge funds' detrimental impact on the financial and securities markets. The impetus for financial re-regulation has arrived. It is incumbent upon Congress to enact laws which extend the jurisdiction of federal regulators to hedge funds. At a minimum, such supervision is necessary to protect the investing public. The elusiveness of hedge funds and their investment strategies is of particular concern. Federal regulation may take the form of a registration requirement. Perhaps publicly-traded companies should disclose their transactions with hedge funds. More comprehensive regulatory reform options include the creation of a hybrid regulatory hedge fund governance matrix based upon the dollar volume, frequency of trades and potential losses that hedge funds may experience. It is incumbent upon Congress to create the proper balance between protecting the investing public and maintaining sustainable American financial and securities markets, which in turn stabilizes the global economy. Today we shall have come through a period of loose thinking, descending morals, an era of selfishness, of individual men and women and of whole nations. Blame not government alone for this. Blame ourselves in equal share. . .. - President Franklin Delano Roosevelt1 INTRODUCTION He that is of opinion money will do everything may well be suspected of doing everything for money. - Benjamin Franklin2 The red light on my office phone flashed incessantly, demanding attention. I ignored it. My small, government issued office, courtesy of New York State Attorney General, Eliot Spitzer, would seem to the casual observer the epitome of efficiency; no space was left unused. Each square inch of the office had documents appropriately labeled, categorized, read and re-read. Ah, the duty to read. The fiduciary duty to read, established by the court in Francis v. New Jersey Bank,21 remained with me years after my corporations class. I read and re-read everything. My attention was pulled back to the flashing red light on my phone. I wondered if that strange woman who kept leaving me all those bizarre messages about mutual funds, late trading, capacity, hedge funds and market timing had called again. She had left at least three messages all in rapid fire, exacting phrases like, you should look into mutual funds and hedge funds late trading stocks. What they are doing is illegal!4 She left no explanation and certainly not her name. More importantly, she did not indicate how she knew about the alleged fraud. But there was something about her tone that got my attention and piqued my interest. I brought her phone calls to the attention of Roger Waldman, my immediate supervisor.5 I wanted to find out if he knew anything about terms such as capacity, timing, and late trading, which I may have missed during my own corporate transactional days on Wall Street, from his days at Sullivan & Cromwell. He knew nothing. I could tell because he had no reaction when I mentioned mutual funds and late trading. I also shared the curious messages from the strange woman with Bureau Chief, Eric Dinallo.6 I received permission to offer her transactional immunity and to have her come to the New York State Attorney General's Office to be queen for the day and share her story. All I had to do was find her, convince her to testify, and turn state's witness - because it was her civic duty. …

Imported Cypriot Pottery in Twelfth-Century B.C. Ashkelon

It has been suggested that the collapse of the Late Bronze Age trading networks severed connections between Cyprus and the Philistine cities of the southern Levant. However, the excavators of the Leon Levy Expedition to Ashkelon have uncovered two examples of vessels made in Cyprus and then imported to Philistia during the mid-12th century b.c. These vessels are characterized below, and the consequences of their discovery are briefly addressed.

The early printed Books of Hours in the Grey Collection in Cape Town: evidence of an information revolution

Printed books of hours, the best-seller of the late medieval trade in books, provide evidence of an information revolution equal to that occasioned by the Internet today. The Grey Collection of the National Library in Cape Town possesses eight books of hours, printed between 1498 and 1530, and they are almost completely unknown. Yet these valuable incunabula, all of them printed on vellum with hand-painted initials, and some of them with hand-painted miniatures, are of importance to anybody interested in books, the history of the book, the dissemination of information, the art of the late 15th to the early 16th centuries and early printing. They are also religious books, and of value to people interested in that discipline. The books are therefore eminently suitable as subjects for transdisciplinary research through which the subjects of history, sociology, art and religion can be drawn together. Two of these books, printed by Thielman Kerver in Paris, are discussed in detail in this article. The books are especially remarkable for their many illustrations that include pictures around the borders of each page as well as full-page illustrations. The pictures are neither metal cuts nor woodcuts, as were usual in that period, but relief prints. The most important part of the texts is a sequence of prayers to the Virgin Mary. Soon after these books were printed , in 1571, Pope Pius V prohibited the use of all existing books of hours.

The Baltic Finnic People in the Medieval and Pre-Modern Eastern European Slave Trade

Raids and the kidnapping of humans in East Europe together with a late medieval and pre-modern Black Sea slave trade are well known in the scholarly literature. This kind of slave trade also extended via the Volga to Caspia and Central Asia. Besides young male slaves, there was a market for small blond boys and girls in both regions, where they were expensive luxury items. Gangs from the Volga, at least, launched raids towards the north, and it is possible that the northern kidnapping raids and the transportation of prisoners from the northern forests to Novgorod were also connected with the southern slave trade.

Alcohol: is the evidence base guiding public policy?

Alcohol: is the evidence base guiding public policy?