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The purpose of this paper is to study price discovery and price convergence in securities trading within a fragmented market environment where stocks are traded on multiple venues. The results provide novel empirical insights questioning the generalizability of the current literature and aim to expand the understanding of price determination in a fragmented market microstructure.

This paper provides an empirical data analysis based on an event study methodology. The authors applied Thomson Reuters Tick History data covering German blue chip stocks listed on multiple venues in 2009 and 2013. Different time aggregations up to one second are applied to provide an in-depth analysis.

The paper empirically discovers a persistent price leader-follower relationship not only during intraday auctions but also in subsequent continuous trading. The authors found that trading on alternative venues instantly dries out in case the dominant market switches to a call auction. In these situations, alternative markets await and adopt the official price signal of the dominant market although prices on alternative venues still indicate a certain extent of price discovery. This phenomenon remains persistent at different levels of market fragmentation, indicating that alternative trading venues fully accept the price leadership role of the dominant market, no matter their own market share.

This paper provides an innovative empirical setup to analyze price co-movement and convergence based on high-frequent data. Further, the results provide novel and robust insights into the price determination process in fragmented markets that clarify the role of price follower and price leader.

We deeply regret to record the sudden death of Benjamin Henry Gerrans, F.I.C., at Clapham Park, on August 12th. For many years he had been chief assistant to the late Colonel Charles E. Cassal, upon whose decease he became Public Analyst for Kensington, the Borough of Battersea, additional Public Analyst for the City of Westminster, Public Analyst for the Kesteven and Holland divisions of Lincolnshire, and for the Borough of Chepping Wycombe. At the time of his death he was Public Analyst for the Metropolitan Borough of Chelsea and Official Agricultural Analyst for the Kesteven and Holland Divisions of Lincolnshire. In 1895 he was appointed as a Gas Examiner to the London County Council, in 1910 to the Urban District Council of Sittingbourne, and in 1921 to the County Borough of West Ham. For thirty‐eight years he was a member of the Consulting Scientific Staff of the British Analytical Control. His death will be keenly felt by all those who were privileged to know him and to appraise his worth. He was elected an Associate of the Institute of Chemistry in 1888.

The aim of this research is to provide a new understanding of the concept of visibility in the realm of property research. Further, this study could propose a more accurate way of calculating retail unit rental price based on visibility. An accurate visibility quantification can influence rent negotiations between shopping mall management and potential tenants. This study can also assist shopping center management, shop owners and architects to have a better mechanism for determining the visibility value and the effect on the retail unit rental price.

The study uses data from 153 indoor retail stores in Jakarta and a sequential-transformative mixed method to answer an important question for modern retail management: How much would indoor store visibility affect rent? The authors developed a method to accurately measure an indoor retail store's object-based isovist – a visual field in which a number of observers can view the particular indoor store.

The study found that on average, each additional square meter person of visibility increases indoor retail rent price as much as IDR 40.74/sq m/month (USD 0.0027). Since visibility value is a variable with the greatest inter-store variation in this data set, the rent price difference between two stores with maximum and minimum visibility can reach IDR 100,904.62/sq m/month (USD 6.90). This finding is not just statistically but also financially significant since indoor inter-store retail rent price variation that can be directly attributed to visibility is about 38.4% of the average rent price in this data set.

Along with the rapid growth of e-commerce, numerous commercial properties are struggling to provide customers with a positive and distinct experience. Improving visibility can be a key spatial factor that will help shopping center designers, owners and management. The authors’ research can help shopping mall managers determine each store's optimum rent based on its visibility when negotiating with potential tenants.

The aim of this research is to provide a new understanding of the concept of appearance in the realm of property research. Further, this study could propose a more accurate way of calculating retail unit rental price according to the concept of visibility.

In 1911 Sombart published Die Juden und das Wirtschaftsleben (Jews and Economic Life). As is well known Sombart conceived his essay – a response to Max Weber’s Die protestantische Ethik und der Geist des Kapitalismus (Protestant Ethics and the Spirit of Capitalism) – as an attempt ‘to study more carefully’ the influence of religion on economic life, to focus on the relationship between religion and the spread of the ‘spirit of capitalism’ and to explain the historical evolution of modern capitalism (from early to late capitalism).

This analytical work has partially been overshadowed by Sombart’s endorsement of Nazism (1934), especially with reference to the suspicion that he was anti-Semitic. In this chapter we deal (Parts 2 and 3) with the ‘ambiguous relationship’ between Sombart and Nazism, and Sombart’s reflections on the scientific irrelevance of racist theories. Then (Parts 4 and 5), we focus on the limits of Sombart’s methodological approach to the analysis of modern capitalism. The erroneous conclusions of his inquiry emerge if we compare them with those of scholars like Simmel, Schumpeter and Max Weber.

COVID-19 caused dramatic changes in daily life, including the way people stay in a building. Since the virus's outbreak and the mandate of social distancing from WHO, a house has become an essential place for people to avoid the propagation of the virus. However, recent house configurations cannot satisfy people's needs when staying at home and have not provided complete protection from viruses. Therefore, architects are expected to create new configurations. In order to establish a new trend, this paper aimed to explore the ability of the traditional architectural concepts that discuss the efforts to produce suitable configurations.

To investigate to what extent the traditional Balinese concepts are still relevant to counter infectious diseases, architectural examinations and spatial stories were used as a method of investigations.

This paper found that certain traditional knowledge elements are still relevant to produce suitable configurations to deal with possible virus attacks and introduce more security layers to the house.

Learning from the COVID-19 pandemic, this paper provides a view of traditional concepts that are now still applicable to modifications and adaptations.

In these modifications, the traditional hierarchy of entering the house and the function of open spaces for food production are traditional elements that address the protocol to face the virus.

Local knowledge has given good things as a precious heritage from the Balinese communities' ancestors to face this new challenge.

This pandemic has taught architects to combine modern technologies with local wisdom as an approach to develop innovative antivirus designs.

It is not difficult to understand why the Sketches would be credited to Sharp. His death four years before the publication of Ricardo's Principles placed him within the period under discussion by Seligman. Sharp possessed an extremely wide range of interests and was a prolific writer on a remarkable variety of topics. By 1809 he was a prominent public figure and had produced more than 40 separate works, several of which had reached second or third editions. He had established a reputation as a controversialist and his oeuvre is certainly consistent with Seligman's generalisation that the ‘greater part of the economic literature’ between 1776 (the year of The Wealth of Nations) and 1817 consisted of ‘pamphlets dealing with current practical problems’ (Seligman, 1903, p. 336). Sharp had published on the conditions in West Africa, the illegality of the press-ganging of sailors, parliamentary reform, colonial law, frankpledge, a popular militia and public charities.

Of the 1,321 samples of cheese examined, 27 were found to be adulterated. These included samples of ordinary whole milk cheese, described as “cream cheese,” and samples of cheese made from skimmed milk and sold as “Cheshire.”

Chester Whitney Wright (1879–1966) received his A.B. in 1901, A.M. in 1902 and Ph.D. in 1906, all from Harvard University. After teaching at Cornell University during 1906–1907, he taught at the University of Chicago from 1907 to 1944. Wright was the author of Economic History of the United States (1941, 1949); editor of Economic Problems of War and Its Aftermath (1942), to which he contributed a chapter on economic lessons from previous wars, and other chapters were authored by John U. Nef (war and the early industrial revolution) and by Frank H. Knight (the war and the crisis of individualism); and co-editor of Materials for the Study of Elementary Economics (1913). Wright’s Wool-Growing and the Tariff received the David Ames Wells Prize for 1907–1908, and was volume 5 in the Harvard Economic Studies. I am indebted to Holly Flynn for assistance in preparing Wright’s biography and in tracking down incomplete references; to Marianne Johnson in preparing many tables and charts; and to F. Taylor Ostrander, as usual, for help in transcribing and proofreading.

The purpose of this paper is to investigate whether energy-efficient green buildings tend to provide net lease structures over gross lease ones. It then considers whether owners benefit by trading away operational savings in a net lease structure.

Empirical models of office leasing transactions in Sydney, Australia, with wider transferability supported by analysis of office rent data in the USA.

Labeled green buildings are approximately four to five times more likely than non-labeled buildings to use a net lease structure. However, despite receiving operational savings, tenants in net leases pay higher total occupancy costs (TOC), benefiting owners. On average, the increase in TOC paid by tenants in a net lease is equal to or greater than savings attributed to an eco-labeled building.

A full accounting of TOC in eco-labeled buildings suggests that net lease structures provide numerous benefits to owners that offset the loss of trading away operational savings.

The principal-agent market inefficiency, or “split incentive,” is a widely cited barrier to private investment in energy-efficient building technology. Here, a uniquely broad look at rental cash flows suggests its role as a barrier is exaggerated.