Trade Signs Research Articles

Trade signs in antiquity

AbstractThe paper discusses the inscriptions of two ancient artifacts, the fragment of an Egyptian wine jug (Museum of Fine Arts, Budapest), and a terra sigillata bowl made by Pacatus (Aquincum Museum, Budapest), and seeks to situate them in the history of trade signs. In ancient Egypt, signs predominantly indicated details such as the place and date of production, and the quality of the product, while in Rome trade signs conveyed information concerning the origin of the product through the craftsman or workshop.

Trade sign, trademark, brand: definitions, conceptual framework and legislation

The definitions and conceptual framework of the following terms are studied: brand, mark, sign and definitions. The research was conducted on the basis of definitions and approaches of these Western marketing «gurus» and practitioners of well-known Western experts in marketing, advertising, management, and psychology, as well as our domestic experts and scientists. Such definitions for a brand include trade, commercial, commodity, brand and others. The analysis of the literature showed that these definitions are identical, and in the Ukrainian case, it is necessary to focus on the legislative framework. The author also studied the definition of a trademark with the following definitions: trade, commercial, commodity, brand and others. These definitions and their conceptual framework were also found to be identical. In addition, the definition and conceptual framework of «brand» were also studied. The main synonyms for the brand in their definitions can be quality, image, memory, positive impressions, psychological effect, advertising and positioning. In the Ukrainian market, consumers and even experts often equate the concepts of a trademark, a trade mark and even a brand. However, this is not correct. I support this understanding of Western and domestic scientists that these are three consecutive steps. If to explain briefly, TS is a sign of indication of goods and services issued in the state according to its legislation. TM is a sign or logo under which the seller sells his goods and which is known to buyers. TM may be identical to the TS, and may not be identical to it. A brand, in turn, can be a well-promoted TM or it can be promoted without TM. In the West, TM and brand are practically the same thing, because there is basically an oligopoly market where several powerful firms operate with a not very developed product market. The terms TS, TM, and brand came to us from the West. The first two in the West were introduced around 20–40 years of the last century, and the brand around 60–70 years of the last century. The brand in the West went through four strategies from commodity to corporate. The basis for the definitions was the goal and historical facts and opportunities. Due to the change in these two factors, we have given a new definition of the brand. This definition is based on the UN resolutions on the exhaustion of the Earth's resources and their inconsistency with the ability to meet the needs of modern man and the right and responsible attitude. That is, we can interpret it as «green» marketing.

On the Supply Chain Coordination with Trade Credit and Partial Backorder under CVaR Criterion

For the secondary supply chain composed of a supplier with sufficient funds and a retailer with limited funds and risk aversion, to enhance the supply chain stability and comprehensively improve benefits, the supply chain members may choose to implement a supply chain’s coordination strategy. Thus, we study the following supply chain coordination problems, i.e., the supplier provides a trade credit policy and signs a buyback contract for the surplus products with the retailer. For this, based on maximizing the benefits of supply chain members, the supply chain coordination model has been established. By analyzing two participants’ benefit, the supply chain’s optimum coordination mechanism is obtained. The theoretical results are verified by numerical experiments.

China e a mudança da matriz energética na América Latina: uma abordagem de política econômica global

ABSTRACT China is leading the global change in the energy matrix and mainly Latin America. This change questions the position and leadership of the United States in general and particularly in Latin America. Evidence shows that the United States lags in energy change in technical and institutional terms and is anchored heavily in dirty energy. Evidence also indicates that the US is not allowing China to advance in the region quickly. Power generation from renewable energy sources is rising, with China leading in solar equipment and hydroelectric dams while buying out electric distribution networks from US firms. The consequences for the global economy will be felt on many fronts, from the balance of trade sign change and decreased inflation to currency realignments and power reshuffle as oil prices collapse.

Analyze the auspicious patterns in ancient signboards

Signboards are symbolic trade signs used by ancient Chinese shops to attract customers. With rich concrete forms and abstract allegorical elements as the carrier, it constitutes the market landscape with rich connotations in ancient China. Signs are also symbolic and use signifiers to convey certain information. There are a lot of auspicious patterns in the use of signs. These patterns are the main symbol in the sign, or a detailed decoration. Signboard design process references Chinese folk customs and has a strong emotional color included. Different design languages are also expressed through different pattern combinations. These auspicious patterns are representative of symbolic culture. Symbolic culture exists widely in Chinese culture, but it has not been fully appreciated and understood. Characteristics is very important for the sustainable development of contemporary design. These auspicious patterns are used in each detail of the signboard. From the symbolic point of view, the deep meaning behind the sign is not only to attract business customers to patronize. We acknowledge the form of pattern is so simple, it is used to convey humanity through the ages which included their value beliefs and the cultural codes that have been followed from ancient times. These auspicious patterns are the aesthetic pursuit of the people, signboards have rich cultural accumulation worth learning from us.

Price response functions and spread impact in correlated financial markets

Recent research on the response of stock prices to trading activity revealed long-lasting effects, even across stocks of different companies. These results imply non-Markovian effects in price formation and when trading many stocks at the same time, in particular trading costs and price correlations. How the price response is measured depends on data set and research focus. However, it is important to clarify how the details of the price response definition modify the results. Here, we evaluate different price response implementations for the Trades and Quotes (TAQ) data set from the NASDAQ stock market and find that the results are qualitatively the same for two different definitions of time scale, but the response can vary by up to a factor of two. Furthermore, we show the key importance of the order between trade signs and returns, displaying the changes in the signal strength. Moreover, we confirm the dominating contribution of immediate price response directly after a trade, as we find that delayed responses are suppressed. Finally, we test the impact of the spread in the price response, detecting that large spreads have stronger impact.

The Criteria to Qualify a Geographical Term as Generic: Are We Moving from a European to a US Perspective?

This article discusses the transformation of a distinctive trade sign into a generic term. Any distinctive trade sign carries this risk, primarily if it benefits from a high level of reputation or prestige, and the product identified is unique in the market. This is probably the most critical danger for such signs, especially if they are industrial property rights. Several criteria have been developed to determine if a sign has been transformed into a generic term. These criteria have economic and political relevance, as genericness is not a trivial issue. The European Court of Justice (ECJ) has taken a position in this matter, as have the European Union Regulations on trademarks and geographical indications. However, the bilateral and multilateral agreements are the critical arena for conflicts concerning geographical terms’ qualification as common terms. The European Union (EU) and the United States (US) have been in the spotlight for a long time, while China is also reaching a prominent place in this dispute. The most recent bilateral agreements have been twisting the criteria applied when assessing a geographical term’s genericness.

Ticaret Unvanlarının Tescili Aşamasında Ortaya Çıkan Sorunlar ve Çözüm Önerileri -Karşılaştırmalı Bir Inceleme-

A trade name isthe name used to identify merchantsfrom othersin their business operations. The registration procedure of trade names shall have the necessary features to protect the interests of the merchant, other relevant persons and the public. The subject of this article is to examine the registration procedure of trade names in Turkish law; to identify problems emerging during the registration process and to propose solutions for these problems. In this regard, opinions in academic studies and the regulations in comparative law are considered. This article consists of two parts. In the first part, the registration procedure for trade names is explained. In this context, the structure of trade names, general principles of registration, names and signs, which are freely registrable, prohibited, or subject to permission in trade names are mentioned. In the second part, the registration process of trade names is evaluated concerning the protection of trade names and signs. Within this framework, the registration process is examined in terms of previousregistered trade names and other trade names and signs. In addition, as based on the differentiating features from Turkish law, each title includes the regulations, practices and opinions in academic studies in comparative law.

Trade signing in fast markets

AbstractThis study assesses the accuracy of trade signing algorithms in fast trading environments using NASDAQ and NYSE trade and quote data. Using data that contain true trade signs, we show that the Lee and Ready algorithm outperforms the tick rule and classifies trades at least as well as in earlier studies from slower trading environments, even in subsamples where the market is particularly fast. We conclude that trade signing remains viable in fast markets, and that the use of quote data continues to increase trade classification accuracy.

Statistical properties of market collective responses

We empirically analyze the price and liquidity responses to trade signs, traded volumes and signed traded volumes. Utilizing the singular value decomposition, we explore the interconnections of price responses and of liquidity responses across the whole market. The statistical characteristics of their singular vectors are well described by the $t$ location-scale distribution. Furthermore, we discuss the relation between prices and liquidity with respect to their overlapping factors. The factors of price and liquidity changes are non-random when these factors are related to the traded volumes. This means that the traded volumes play a critical role in the price change induced by the liquidity change. In contrast, the two kinds of factors are weakly overlapping when they are related to the trade signs and signed traded volumes. Hence, an imbalance of liquidity is related to the price change.

Statistical Properties of Market Collective Responses

We empirically analyze the price and liquidity responses to trade signs, traded volumes and signed traded volumes. Utilizing the singular value decomposition, we explore the interconnections of price responses and of liquidity responses across the whole market. The statistical characteristics of their singular vectors are well described by the t location-scale distribution. Furthermore, we discuss the relation between prices and liquidity with respect to their overlapping factors. The factors of price and liquidity changes are non-random when these factors are related to the traded volumes. This means that the traded volumes play a critical role in the price change induced by the liquidity change. In contrast, the two kinds of factors are weakly overlapping when they are related to the trade signs and signed traded volumes. Hence, an imbalance of liquidity is related to the price change.

Average cross-responses in correlated financial markets

There are non-vanishing price responses across different stocks in correlated financial markets. We further study this issue by performing different averages, which identify active and passive cross-responses. The two average cross-responses show different characteristic dependences on the time lag. The passive cross-response exhibits a shorter response period with sizeable volatilities, while the corresponding period for the active cross-response is longer. The average cross-responses for a given stock are evaluated either with respect to the whole market or to different sectors. Using the response strength, the influences of individual stocks are identified and discussed. Moreover, the various cross-responses as well as the average cross-responses are compared with the self-responses. In contrast, the short memory of trade sign cross-correlation for stock pairs, the sign cross-correlation has long memory when averaged over different pairs of stocks.

Cross-response in correlated financial markets: individual stocks

Previous studies of the stock price response to trades focused on the dynamics of single stocks, i.e. they addressed the self-response. We empirically investigate the price response of one stock to the trades of other stocks in a correlated market, i.e. the cross-responses. How large is the impact of one stock on others and vice versa? -- This impact of trades on the price change across stocks appears to be transient instead of permanent as we discuss from the viewpoint of market efficiency. Furthermore, we compare the self-responses on different scales and the self- and cross-responses on the same scale. We also find that the cross-correlation of the trade signs turns out to be a short-memory process.

Cross-Response in Correlated Financial Markets: Individual Stocks

Previous studies of the stock price response to trades focused on the dynamics of single stocks, i.e. they addressed the self-response. We empirically investigate the price response of one stock to the trades of other stocks in a correlated market, i.e. the cross-responses. How large is the impact of one stock on others and vice versa? This impact of trades on the price change across stocks appears to be transient instead of permanent as we discuss from the viewpoint of market efficiency. Furthermore, we compare the self-responses on different scales and the self- and cross-responses on the same scale. We also find that the cross-correlation of the trade signs turns out to be a short-memory process.

Net Comparative Advantage Index: Overcoming the Drawbacks of the Existing Indices

In this paper, we examine a number of indices used for measuring comparative advantages of a country in international trade for a good and propose the new net comparative advantage index that has several strong features. First, it reflects net trade, and that’s why it is more theoretically grounded than indices calculated only from export data. Second, it is consistent with Kunimoto (1977) theoretical framework that is highly appreciated among trade economists. Third, it is not totally focused on a single commodity (that is, it takes world trade structure into consideration), unlike net export index. Fourth, it accounts for economic openness, using GDP as a scale variable. Fifth, it is hardly exposed to structural distortions. Finally, its sign is consistent with the sign of the net trade. We compare the new index with CEPII theoretically grounded econometric indicator and show that the proposed index has better empirical characteristics and is much easier to calculate and interpret.

Trade Signing in Fast Markets

This study assesses the reliability of trade signing algorithms in fast trading environments using the NASDAQ HFT dataset. We compare of several variations of the Lee and Ready algorithm and the tick rule in data that contain true trade signs. Using one second resolution data, the Lee and Ready algorithm outperforms the tick rule and classifies trades with an accuracy comparable to that in prior studies from slower trading environments. Using millisecond data, the Lee and Ready algorithm has very high trade classification accuracy and shows little performance degradation in subsamples where the market is particularly fast. In robustness tests in TAQ data, we find no accuracy improvement from millisecond timestamps while the other results hold. We conclude that trade signing is still viable despite the recent evolution towards fast markets, and the use of quote data still increases trade classification accuracy.

Modeling market impact and timing risk in volume time

Intraday volatility and market impact models in volume time are proposed. We build an intraday volatility profile to capture non-stationarity of intraday price returns and utilize a fractional Brownian motion process to measure deviations from square root scaling rule of volatility. We propose a generalized, scalable market impact model that encompasses two mainstream approaches: an aggregated impact of a series of trades on a sufficiently long trading horizon and a transient impact of individual trades. We give an intuitive interpretation of the model parameters and provide a generalized formulation of the optimal trading horizon and efficient trading frontier. The self-similarity feature of an aggregated model allows for its application to smaller trading horizons and modeling of transient impact of sliced orders. We formulate conditions when the impact of sliced orders can be consistently aggregated to the total impact of the original order and deduce relationships between parameters of macro and micro level models to enforce such consistency. We demonstrate that the parameters of aggregated and transient impact models are intimately related to the auto-covariance function of trade signs. We give an explicit formulation of such a relationship when the stated auto-covariance function has a power law form.

Application of the Cluster Expansion to a Mathematical Model of the Long Memory Phenomenon in a Financial Market

Empirical studies of the high frequency data in stock markets show that the time series of trade signs or signed volumes has a long memory property.

Os efeitos da introdução de agentes de liquidez no mercado acionário brasileiro

O objetivo principal deste artigo é analisar empiricamente o efeito da introdução de formadores de mercado no processo de compra e venda de ações no mercado acionário brasileiro. Agregando informações sobre as datas de início de contrato de formadores de mercado a uma privilegiada base de dados de alta frequência, foi possível efetivar um estudo de evento para verificar os efeitos da introdução dos agentes de liquidez. Conforme esperado, observou-se que o formador de mercado aumentou significativamente a liquidez dos papéis. Foi possível verificar um aumento médio de 31% no número de negócios entre o período anterior e posterior ao início das atividades do formador de mercado. Reporta-se também que a entrada do agente de liquidez muda significativamente a autocorrelação dos sinais de transação em aproximadamente 10%, sendo este resultado mais forte para as ações menos líquidas. Além disso, a pesquisa também indica resultados heterogêneos para a performance do formador de mercado quando os mesmos são segmentados pela instituição financeira de origem. Tal informação pode servir de base para uma escolha inteligente do formador de mercado por parte das empresas negociadas em bolsa.

Price Jump Prediction in a Limit Order Book

A limit order book provides information on available limit order prices and their volumes. Based on these quantities, we give an empirical result on the relationship between the bid-ask liquidity balance and trade sign and we show that the liquidity balance on the best bid/best ask is quite informative for predicting the future market order’s direction. Moreover, we define price jump as a sell (buy) market order arrival which is executed at a price which is smaller (larger) than the best bid (best ask) price at the moment just after the precedent market order arrival. Features are then extracted related to limit order volumes, limit order price gaps, market order information and limit order event information. Logistic regression is applied to predict the price jump from the features of a limit order book. LASSO logistic regression is introduced to help us make variable selection from which we are capable to highlight the importance of different features in predicting the future price jump. In order to get rid of the intraday data seasonality, the analysis is based on two separated datasets: morning dataset and afternoon dataset. Based on an analysis on forty largest French stocks of CAC40, we find that trade sign and market order size as well as the liquidity on the best bid (best ask) are consistently informative for predicting the incoming price jump.