Price Limits Research Articles

Stochastic Online Fisher Markets: Static Pricing Limits and Adaptive Enhancements

Stochastic Online Fisher Markets: Static Pricing Limits and Adaptive Enhancements

Availability and cost of gluten-free products in Algeria

PurposeA strict gluten-free diet (GFD) is the only effective treatment for coeliac disease (CD), which has an increasing prevalence. However, the limited availability and high price of gluten-free products (GFPs) compared to their gluten-containing counterparts (GCCs) are still among the factors that may influence compliance with a strict GFD. The purpose of this study is to assess the availability and price of GFPs in retail stores in a major Algerian city and investigate how they compare to GCCs.Design/methodology/approachWe performed a cross-sectional study that targets a representative number of supermarkets and grocery stores in Constantine (Algeria). All available GFPs as well as their GCCs were recorded. The price per 100 g was recorded for each product.FindingsAmong the 285 visited stores, only 25.4% of them sold GFPs, which were more available at supermarkets than at grocery stores. The category “gluten-free pasta and couscous” was the most represented (43.8%). A total of 64 GFPs were observed across 285 stores investigated, and their price was two to six times higher than that of their GCCs.Originality/valueThis study showed the limited availability and diversity and higher price of processed GFPs in Algeria. This negatively influences compliance with GFD as well as the quality of life of patients with CD. Furthermore, the findings prompt the national government to provide financial support to coeliac individuals.

Trading Volume Shares and Market Quality: Pre- and Post- Zero Commissions

After the adoption of zero-commissions by major brokers, they increasingly route orders to wholesale market makers to possibly earn payment for order flow given the loss of commissions. Retail investors assets held by zero-commission and commission-charging brokers increase 7% and decrease 9%, respectively. Retail investors earn less price improvement per share and submit more orders and smaller orders. Effective spreads decline because retail limit prices are increasingly posted within the bid-ask spread. Intraday volatility increases and price impact falls, as orders become more uninformed, while realized spreads remain unchanged.

Price limit bands, risk-return trade-offand asymmetric volatility: Evidence fromTunisian Stock Exchange sectors

This paper explores the impact of imposing various price limit bands on risk-return trade-off and asymmetric volatility on the Tunisian Stock Exchange (TSE). The study applies the EGARCH-M approach during the period spanning from 2 January 2019 to 31 January 2024, covering the periods before, during, and after the COVID-19 era. During the COVID-19 period, the TSE reduced the per-session price limit to protect investors from severe price fluctuations. Despite this protective measure, the results show that higher volatility is compensated by lower returns on all sectors’ returns. After the crisis, as a first step, the TSE widened the price limits, but subsequently, it narrowed them. The results show that the shift from the wider price limit regime to the narrow price limits regime structurally modifies volatility for small and large cap sectors.

Short-term contrarian in the carbon emission market

We consider the short-term contrarian effects in daily data from carbon emission markets. Technical analysis is conducted with three contrarian trading rules on four carbon emission markets of China. Various individual and joint test statistics are developed for testing the contrarian profits from individual trading path as well as a group of trading paths. Empirical evidence shows that the contrarian profits are statistically and economically significant across the technical rules. Particularly, the contrarian moving average group trading generates average returns of 3.8 to 13.8 % per month across the different carbon markets during the period of 2013–2023 and the corresponding Sharpe ratios range from 0.9 to 2.01, while the Sharpe ratios from the buy-and-hold strategy are all below 0.12. Further tests support that the contrarian profits are not eliminated by transaction costs, and not dominated by extreme returns. We also emphasize on the explanations of the contrarian profit. Among the considered variables, the market volatility is the most significant explanatory variable for contrarian profits across four markets, whereas the market illiquidity and non-trading breaks are also significant in certain markets. The finding supports the explanation of the behavioural bias of overreaction for the short-term contrarian effect. Other explanations, including short-selling constraint, clearing stress, price limits, government interventions, etc. are also discussed in the paper.

Russia-associated sanctions and asset’s value: determination of yield on investment from the liquidity perspective

<p><span lang="EN-US" style="font-size: 14pt; font-family: 'times new roman', times, serif;">In this study, the time-varying pattern of returns with the trading cost is assessed in light of sanctions on the Russia’s economy. The analysis is performed on the Moscow Exchange Index (MOEX) using the ordinary least squares (OLS) method, Bayes’ Theorem technique, and vector error correction model (VECM). Firstly, the transparency of asset’s value in the same trading period was noted to execute the trade with a limited price impact. Thus, the liquidity seems not priced in returns. In addition, the posterior probability of the transparent asset’s value stabilized the market at a limited transaction cost. In this case, there is less likelihood of liquidity acting as a risk element in returns during the same trading session. These results correspond to the era without sanctions, as well as economic restrictions period. Before the economic restrictions, the execution of investment occurred on its real or close value due to the market transparency in the following trading period. This implies, that the past trading cost series is not priced in yields on investment. During the Russia-related sanctions, a higher price impact of transaction was noted due to the ambiguity in the future asset’s value. Therefore, the past liquidity series is a pricing element in the short run and long run. The analysis suggests a potential inference of trading cost to determine the yield on investment. </span></p>

Near-Infrared On-Site Evaluation (NOSE) Examination of EBUS/EUSb Samples-A New Method for Sample Adequacy Evaluation.

Fine-needle aspiration biopsy is crucial for modern diagnostics of endoscopic procedures and thus an efficient and reliable method for increasing biopsy yields is urgently needed. In our study, we address the limited availability and high price of the rapid onsite evaluation (ROSE) technique by introducing the technique of near-infrared on-site evaluation (NOSE) consisting of spectral measurement of near-infrared radiation (NIR) transmitted through the evaluated material. For this purpose, we designed a special optical probe consisting of two fibres, of which one is a source fibre and the second is a detector fibre. The distal ends of both fibres are brought together into one bundle which is, with the help of a special extension, applied to a cuvette with an analysed sample at a defined distance from the cuvette bottom and fixed in place. A portion of the NIR radiation received by the detector fibre after it propagates through the sample then depends on the optical and therefore morphological characteristics of the sample. Based on the measured spectral curve, we can calculate the attenuation coefficient curve and subsequently the parameter of the sample richness and the parameter characterising the autofluorescence peak as well. We found that the value of our introduced parameters is in significant relation to sample richness as well as to sample malignity. NOSE evaluation of EBUS/EUSb (endobronchial/oesophageal ultrasound bronchoscopy) specimens can be considered an easy new technique aiming to improve sampling diagnostic accuracy and to diminish costs related to the presence of a cytopathologist and related instrumentation in the endoscopy suite.

Asymmetric effectiveness of price limits: evidence from a quasi-natural experiment

Asymmetric effectiveness of price limits: evidence from a quasi-natural experiment

Radiology outpatients’ awareness of their out-of-pocket estimates and hospital price estimator tools in the United States

ObjectivePrice transparency mandates by the Centers for Medicare and Medicaid Services (CMS) were implemented in 2021 for hospitals and 2023 for health plans. We assessed U.S. patients’ awareness of their estimated out-of-pocket cost (OOPC) and hospital price-estimator tool among outpatients undergoing advanced imaging. MethodsEnglish-, Spanish-, and Vietnamese-speaking adults receiving a CT, PET/CT, or MRI at a tertiary academic center between 11/2022 and 03/2023 completed a 15-minute survey. We assessed awareness of OOPC estimates prior to imaging and the hospital price-estimator tool, and factors associated with such awareness using multivariable regression analysis. Results423 patients were included (mean age: 57.1 ± 15.6; 57.4 % female; 55 % White; 21.8 % Hispanic; 18.9 % Asian). Only 10.7 % and 16.8 % were aware of their OOPC before receipt of imaging and center'shospital price-estimator tool, respectively. No patient used the hospital price estimator tool to obtain their OOPC estimate. Annual household income of $50,000 or more (OR: 30.25, 95 % CI: 1.78, 513.79), and having at least one comorbidity (OR: 4.59, 95 % CI: 1.42, 14.79) were associated with a higher probability of knowing OOPC prior to imaging. Patients who experienced financial hardship were less likely to be aware of their OOPC (OR: 0.29, CI: 0.10, 0.86). No significant factors were associated with awareness of hospital price estimator tool in full regression model. ConclusionOur study highlights limited OOPC and price estimator tool awareness, two years post-CMS mandate, with specific demographics more likely to know their OOPC. Our findings emphasize the urgency for targeted interventions to increase price awareness and enhance healthcare decision-making.

A Fundamental and Technical Analysis of the US and Chinese Stock Markets

This paper provides a comprehensive comparison between the stock markets of the United States and China, the two largest economies globally. The study examines key aspects such as market mechanisms, investor strategies, and market efficiencies. The U.S. stock market, characterized by its large market capitalization and robust growth, operates through dealer and auction market mechanisms with a strong regulatory framework and high openness to foreign investors. In contrast, the Chinese stock market, having developed more recently, primarily uses auction market mechanisms and imposes daily price limits to manage volatility. Historical developments show the U.S. market's long history of financial development and crisis management, while China's market has seen rapid development since economic reforms began in 1978. The analysis of market efficiency through fundamental and technical analysis reveals that the U.S. market more effectively reflects company performance in stock prices compared to the Chinese market, which still shows areas for potential improvement. This comparison highlights the distinct characteristics and developmental paths of the U.S. and Chinese stock markets, providing valuable insights for investors and policymakers in understanding the differences and guiding future market development and investment strategies.

Optimizing the separation process for improved zirconia molding through liquid crystal display 3D printing

Mask stereolithography 3D printing for zirconia ceramics has attracted increasing attention in the industrial manufacturing due to their advantages of complex shapes, precisely controlled internal structures and fine surface effects. However, high refractive index and expensive equipment cost have always affected its development. Herein, we combine liquid crystal display (LCD) light curing 3D printing with zirconia molding, which is free from environmental and price limitations. In the conventional method of operation, the cured layer is bonded to the bottom and cannot be manufactured. We put forward a strategy for optimizing separation process and investigate the mechanism of the separation process in depth for high-quality zirconia ceramics LCD 3D printing. The results show that the controlled adjustment of the surface free energy can achieve a great reduction in the separation force, which enabled the successful printing of zirconia ceramics based on LCD. The effect of physical properties of the separation membrane on the separation process was studied and the solid content and 3D printing parameters of ceramic paste were optimized. When the solid content is 72.5 wt%, high quality zirconia ceramic parts with flexural strength of 255 MPa and relative density of 98.1 % can be obtained. This work provides new ideas for the convenient customization of zirconia ceramics in many fields.

Trading Strategy Based on the Leading Effect of Leading Stocks: LLR Model and Correlation Coefficient Effect

Stocks is one of the most popular financial tools around the world, However, it is essential to determine which stock to buy and the moment we buy in and sell out, only catch up with the proper opportunity, then we can make fortune from the stock market. So how can we find out those stocks which has great potential to grow in the future? Our study focuses on the leading stocks effect, which refers to in a specific industry, when some stocks in that industry have reached their price limit, which we call leading stocks, and in the following trading days, the stocks from the same industry will be affected by leading stocks and have a potential growth. In that case, if we can find out the leading stock in a specific industry and monitor it growth every day, then base on correlation coefficient, we can determine which stock to buy in and make profit via this strategy.

Economic Model to Determine the Lowest Price Limit of Fixed Price Contracts in Software Engineering

Competition forces software producers to offer their goods and services at the lowest costs in practice (49, p. 3), (4, p. 2). In this case, software errors can lead to additional processing costs which has to be covered by the software producers themselves (20). To compensate this, software manufacturers often have the option to cross-subsidize low-priced offer prices with offers billed hourly, e.g. on the basis of service contracts. However, the relation of possibilities for cross-subsidization with the risk of software errors is not clearly predictable by the process model (52, p. 9). As this relation is defined by the process, the aim to reach cost-control and cost-transparency is strongly related to the aim of (process) improvement (51, p. 39). In order to facilitate software producers within the calculation of minimum prices, required to cover the costs, an economical prediction model will be presented in this paper. This model bases on a simulation experiment, consisting of multiple scenarios. The scenarios were derived by a variation of the risik probability and the possibility of cross-subsidization.

Cathode Modification of Sodium‐Ion Batteries for Improved energy Density: A Review

AbstractIn recent years, with the large‐scale commercial application of lithium‐ion batteries, the shortage of lithium resource reserves and the rising price limit its development. The sodium‐ion batteries as a new type of secondary chemical power supply, with ample resources, high safety, as well as great electrochemical performance, are expected to form complementary with Lithium‐ion batteries in the domain of extensive electrochemical energy storage and low‐velocity electric vehicles. However, due to its low energy density, it remains challenging to develop high‐performance sodium‐ion batteries. As is well‐known, the cathode material is the essential factor affecting the performance of sodium‐ion batteries. In order to solve these questions, cathode modification of sodium‐ion batteries aroused wide concern for improving the electrochemical performance. Here, the authors first discuss the challenges of sodium‐ion batteries, and review the energy storage mechanism and the causes of the low energy density. Then, recent studies on cathode modification are summarized based on the mainstream cathode materials in sodium‐ion batteries including sodium‐based transition‐metal oxides, polyanionic compounds, and Prussian blue analogues. Finally, the prospects of sodium‐ion batteries are proposed, which provides promising strategies for the development and practical application of cathode materials in the future.

Electrochemical exfoliation of graphene from pencil lead

Addressing an ever-increasing demand for graphene in recent years, simple, accessible, and effective graphene synthesis methods are essential. One of such methods is to use a highly oriented pyrolytic graphite (HOPG) to perform an electrochemical exfoliation. While this is one of the simplest and most cost-effective methods, the limited availability and price of HOPG hinders its usage. Our study proposed a simple and economical electrochemical exfoliation of pencil lead, producing graphene with properties comparable to that produced from HOPG. The electrical properties are determined by depositing graphene onto a screen-printed electrode. Graphene from pencil leads can achieve an electrical resistance as low as 1.86 kΩ, marking over 80% improvement in electrical performance compared to bare electrodes. This finding provides an alternative for the synthesis of graphene, increasing its availability and the cost-effectiveness as well as contributing towards a potential commercialization of the method in the future.

Counting the Cost of Cellular and/or Tissue-Based Products in Diabetic Foot Ulcers: Is There a Justifiable Price Limit per Square Centimeter?

Objective: To identify how cellular and/or tissue-based products (CTPs) relate to value in terms of cost per quality-adjusted life years (QALYs) in wound care in comparison with treatments in other medical fields. Approach: This is a cross-sectional study and a cost-effectiveness analysis. Payment limits for each CTP were obtained via the Healthcare Common Procedure Coding System Q codes and formulated as cost inputs into a cost-utility model published for treatment of Wagner 1 diabetic foot ulcers using dehydrated human amnion and chorion allograft versus standard of care (SOC). Additional changes to cap the number of CTP applications and adjustments for recent inflation were made. The literature was searched for other cost-utility models in other diabetes-related diseases as a comparison. Results: When the payment limit was ≤$140 per square centimeter, interventions were dominant (less costly, better outcomes) compared with SOC. When the limit exceeded $430 per square centimeter, the cost-effectiveness threshold of $100,000/QALY was exceeded. Newer Q codes are generally much more expensive and likely to not be cost-effective, similar to the results for many other chronic diabetes-related diseases . Innovation: This study presents decision makers with tools, by which they can determine as to whether a given CTP is likely to be cost-effective for patients. Conclusion: Over a third of all CTPs will very likely result in noncost-effective interventions. This number is likely to be higher when wounds are larger or used in other wound types where they are less efficacious. The recent trend in much higher costs for CTPs is worrisome.

Impact of Agriculture Market on the Socio-economic Aspects Farmers – A Study with Reference to Rythu Bazaars

The key challenges faced by smallholder farmers result from limited bargaining power and high transaction overheads, leading to poor economies of scale, high losses and limited price realisation due to inadequate infrastructure and poor quality control at the production clusters. Inefficiencies and lack of transparency in pricing, buyer discovery and supply chain inhibit a farmer from realising better prices. Small farmers are often excluded from accessing premium markets due to systemic barriers. Since, this paper aimed to study the impact of agriculture market on the socio-economic aspects farmers with reference to Rythu Bazaars, East Godavari district in Andhra Pradesh has taken study area and 6 Rythu Bazaars in it considered the study units. From each Rythu Bazaars 20 farmers were selected randomly and their perceptions were collected on impact of Rythu Bazaars on their socio-economic dimensions. Hence, the perceptions of farmers revealed that majority group felt impact more on their social status followed by household income and nutrition food habits. While three-fourth of the farmers felt impact of Rythu Bazaars showed to increase their household savings, above seventy percent opined that their financial status increased with the Rythu Bazaars. Moreover, a significant number of farmers felt Rythu Bazaars helped to clear their household debts, above sixty percent opined land holdings and household assets are increased with the help of Rythu Bazaars. Thus it is found that the overall impact of Rythu Bazaars on socio-economic aspects of the farmers found positive and increase their status.

Tail Risk Dynamics under Price-Limited Constraint: A Censored Autoregressive Conditional Fréchet Model.

This paper proposes a novel censored autoregressive conditional Fréchet (CAcF) model with a flexible evolution scheme for the time-varying parameters, which allows deciphering tail risk dynamics constrained by price limits from the viewpoints of different risk preferences. The proposed model can well accommodate many important empirical characteristics of financial data, such as heavy-tailedness, volatility clustering, extreme event clustering, and price limits. We then investigate tail risk dynamics via the CAcF model in the price-limited stock markets, taking entropic value at risk (EVaR) as a risk measurement. Our findings suggest that tail risk will be seriously underestimated in price-limited stock markets when the censored property of limit prices is ignored. Additionally, the evidence from the Chinese Taiwan stock market shows that widening price limits would lead to a decrease in the incidence of extreme events (hitting limit-down) but a significant increase in tail risk. Moreover, we find that investors with different risk preferences may make opposing decisions about an extreme event. In summary, the empirical results reveal the effectiveness of our model in interpreting and predicting time-varying tail behaviors in price-limited stock markets, providing a new tool for financial risk management.

Unleashing stock volatility and its implications for stock crash risk: Evidence from China’s price limit policies

This study investigates the causal effects of increased daily stock volatility on the stock price crash risk. We examine the 2020 adjustment of price limits in the Chinese stock market, which significantly increased stock volatility, using it as a quasi-natural experiment. We employed a difference-in-differences approach, and our findings reveal that firms listed on the ChiNext board experienced reduced crash risk following the relaxation of price limits. This reduction is attributed to the influence of price limits on corporate governance, in which a more pronounced effect is observed in firms with less efficient governance structures. Further, we note that wider price limits prompt reduced information asymmetry between firms and investors, which subsequently mitigates stock price crash risk. Reduced crash risk is notably more evident in state owned firms and in firms inside the high technology industry. Our study illuminates how daily price limit relaxation affects the withholding of adverse news and offers significant policy implications for emerging financial markets.

Price limits, informed trading, and information consumption

We use a policy change in the daily price limit rules in the Chinese stock market to examine the impacts of price limits on stock market reactions to corporate earnings announcements. We find that compared with the control stocks’ prices, the prices of stocks that experience a relaxation in price limits become more sensitive to corporate earnings surprises. Further analysis shows that more effective responses are likely associated with the increased trading intensity of nonretail investors and short sellers. Overall, we suggest that the relaxation of the price limit contributes to the incorporation of firm-specific information into stock prices.