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Slave traders by invitation : West Africa's Slave Coast in the precolonial era
\"The Slave Coast, roughly the shores of present-day Benin and Togo, was the epicentre of the Atlantic Slave Trade. But it was also an inhospitable, surf-ridden coastline, subject to crashing breakers and devoid of permanent human settlement. Nor was it easily accessible from the interior due to a lagoon which ran parallel to the coast. The local inhabitants were not only sheltered against incursions from the sea, but were also locked off from it. Yet, paradoxically, it was this coastline that witnessed a thriving long-term commercial relationship between Europeans and Africans, based on the trans-Atlantic slave trade. How did it come about? How was it all organized? And how did the locals react to the opportunities these new trading relations offered them? The Kingdom of Dahomey is usually cited as the Slave Coast's archetypical slave raiding and slave trading polity. An inland realm, it was a latecomer to the slave trade, and simply incorporated a pre-existing system by dint of military prowess, which ultimately was to prove radically counterproductive. Fuglestad's book seeks to explain the Dahomean 'anomaly' and its impact on the Slave Coast's societies and polities.\"--Book jacket.
Book
The Merchant of Havana
LAJSA Book Award Winner, 2017, Latin American Jewish
Studies Association As Cuba industrialized in the
nineteenth century, an epochal realignment of the social order
occurred. In this period of change, two seemingly disparate, yet
nevertheless intertwined, ideological forces appeared:
anti-Semitism and abolitionism. As the antislavery movement became
organized in Cuba, the argument grew that Jews participated in the
African slave trade and in New World slavery, and that this
participation gave Jews extraordinary influence in the new Cuban
economy and culture. What was remarkable about this anti-Semitism
was the decidedly small Jewish population on the island in this
era. This form of anti-Semitism, Silverstein reveals, sprang almost
exclusively from mythological beliefs.
eBook
High-Frequency Trading and Price Discovery
We examine the role of high-frequency traders (HFTs) in price discovery and price efficiency. Overall HFTs facilitate price efficiency by trading in the direction of permanent price changes and in the opposite direction of transitory pricing errors, both on average and on the highest volatility days. This is done through their liquidity demanding orders. In contrast, HFTs' liquidity supplying orders are adversely selected. The direction of HFTs' trading predicts price changes over short horizons measured in seconds. The direction of HFTs' trading is correlated with public information, such as macro news announcements, market-wide price movements, and limit order book imbalances.
Journal Article
Do Prices Reveal the Presence of Informed Trading?
Using a comprehensive sample of trades from Schedule 13D filings by activist investors, we study how measures of adverse selection respond to informed trading. We find that on days when activists accumulate shares, measures of adverse selection and of stock illiquidity are lower, even though prices are positively impacted. Two channels help explain this phenomenon: (1) activists select times of higher liquidity when they trade, and (2) activists use limit orders. We conclude that, when informed traders can select when and how to trade, standard measures of adverse selection may fail to capture the presence of informed trading.
Journal Article
Hedge fund market wizards : how winning traders win
\"Hedge Fund Market Wizards will be a modern day sequel to the highly successful Market Wizards and New Market Wizards written over 20 years ago. These two earlier volumes have become classics in the investment literature and have been read by virtually every hedge fund manager, as well as by a much broader lay audience. This new volume in the series will follow the same effective formula used by its predecessors. The book will devote a chapter to each of a broad array of highly successful traders, ranging widely in the markets they trade and their methodologies, but sharing in their achievement of superior performance. Each chapter, following the original format, will include an introductory section, a core section based on an interview with the trader, and a conclusion section that seeks to draw useful trading and investment lessons illustrated by the trader's approach and advice\"-- Provided by publisher.
BOOK
Informal sector counterpower in Harare, Zimbabwe
African city governments have generally been harsh on the informal sector. Informal traders are considered a nuisance and unworthy of government support and are subjected to severe regulations and police harassment. The paper frames this anti-informal-sector approach in Harare, Zimbabwe, as sovereign power and the informal traders’ resistance as counterpower (after Foucault). We use the sustainable livelihoods approach (SLA. to analyze their response to sovereign power. Our interviews with 50 informal street traders and 20 key informants revealed that this counterpower takes the form of good business practices, building on urban–rural linkages and disobeying the current bylaws. The traders also actively avoid damage from police raids by being mobile, not displaying all their goods, setting out goods on a sheet for quick removal when threatened, storing goods elsewhere, and paying bribes for information about police activity. Our findings contradict the view of the informal sector traders as helpless victims of government brutality.
Journal Article
The trading game : a confession
Ever since he was a kid, kicking broken footballs on the streets of East London in the shadow of Canary Wharf's skyscrapers, Gary wanted something better. Something a whole lot bigger. Then he won a competition run by a bank: 'The Trading Game'. The prize: a golden ticket to a new life, as the youngest trader in the whole city. A place where you could make more money than you'd ever imagined. Where your colleagues are dysfunctional maths geniuses, overfed public schoolboys and borderline psychopaths, yet they start to feel like family. Where soon you're the bank's most profitable trader, dealing in nearly a trillion dollars. A day. Where you dream of numbers in your sleep - and then stop sleeping at all. But what happens when winning starts to feel like losing? The story of the dark heart of an intoxicating world - from someone who survived the game and then blew it all wide open.
Book
Information Diversity and Complementarities in Trading and Information Acquisition
We analyze a model in which different traders are informed of different fundamentals that affect the security value. We identify a source for strategic complementarities in trading and information acquisition: aggressive trading on information about one fundamental reduces uncertainty in trading on information about the other fundamental, encouraging more trading and information acquisition on that fundamental. This tends to amplify the effect of exogenous changes in the underlying information environment. Due to complementarities, greater diversity of information in the economy improves price informativeness. We discuss the relation between our model and recent financial phenomena and derive testable empirical implications.
Journal Article