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Improving the feed efficiency of dairy cattle has a substantial effect on the economic efficiency and on the reduction of harmful environmental effects of dairy production through lower feeding costs and emissions from dairy farming. To assess the economic importance of feed efficiency in the breeding goal for dairy cattle, the economic values for the(More)
This paper introduces and analyzes a new form of contingent convertible: a Call Option Enhanced Reverse Convertible (COERC). If an issuing bank’s market value of capital breaches a trigger, COERCs convert to many new equity shares that would heavily dilute existing shareholders, except that shareholders have the option to purchase these shares at the bond’s(More)
Shades of Darkness: A Pecking Order of Trading Venues Investors trade in various types of venues. When demanding immediacy, they trade off price impact and execution uncertainty. The “pecking order” hypothesis (POH) states that investors rank venues accordingly, with low-cost-low-immediacy venues on top and high-cost-high-immediacy venues at the bottom.(More)
  • P. Hietala
  • Annals of Mathematics and Artificial Intelligence
  • 1990
In this paper we discuss the design principles and describe the current implementation status of a statistical expert system called ESTES. The ESTES system is intended to provide guidance for an inexperienced time series analyst in the preliminary analysis of time series. In this paper we also illustrate the functioning and user interface of the system by(More)
This paper argues that market makers’ presence is uncertain over any short time interval, as their operations are subject to shocks and constraints of, e.g., capital, technology, and attention. Such uncertain market making implies a random pricing equilibrium in a noise rational expectations framework. Implications for risk, liquidity, and efficiency are(More)
The purpose of this paper is to provide an explanation for relative pricing of futures contracts with respect to underlying stocks using a model incorporating short sales constraints and informational lags between the two markets. In this model stocks and futures are perfect substitutes, except for the fact that short sales are only allowed in futures(More)
Improving feed efficiency in dairy cattle could result in more profitable and environmentally sustainable dairy production through lowering feed costs and emissions from dairy farming. In addition, beef production based on dairy herds generates fewer greenhouse gas emissions per unit of meat output than beef production from suckler cow systems. Different(More)
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