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The purpose of this paper is to present new empirical evidence on global trends in equity‐related transaction costs and trading volume, as well as to highlight recent research in international market microstructure.

Estimates of brokerage commissions, indirect trading costs, and trading volume are obtained from a comprehensive institutional investor database. Quarterly data are used to compute trends in transaction costs and trading volume, as well as shifts in trading between mature and emerging markets.

The results indicate a steady decline in brokerage commissions around the world but indirect trading costs appear to have reached a plateau. The fastest growth in trading volume can be found in the emerging markets of South America but the USA leads the way in terms of the steepest reductions in transaction costs.

The paper relies on one source of transaction cost estimates over a relatively short period (March 2005‐December 2007).

The paper provides comprehensive and current empirical evidence on important trends in international market microstructure.

The trading expenses encountered domestically and across borders have a detrimental influence on global trade. Higher trade costs hamper trade and limit the benefits of trade liberalisation. The current research applies Novy's micro-founded trade cost measure (2013) to estimate global trade costs connected with Afghanistan, along with the factors that influence trade costs. Based on the investigation, trade in agriculture costs is significantly higher compared to the non-agricultural. As a consequence, focusing on agricultural trade facilitation would be advantageous.

Furthermore, enhancing and expediting trade facilities in trading areas are top priorities for government intervention to reduce trade costs. Focusing on free trade agreements and better shipment communication with trade partners increases transportation routes efficiently, cutting time and other expenses. The study proposes that the World Trade Organization's trade facilitation agreement be effectively implemented, administrative burdens at entry points minimised, non-tariff barriers (NTBs) be simplified and harmonised and soft infrastructures be established utilising current technologies.

The purpose of this study is to examine the impact of position adjusted turnover ratio on mutual fund performance.

The author calculates position adjusted turnover ratio in the same three steps as Edelen et al. (2013). Position adjusted turnover ratio is intended to be a trading cost proxy that captures both fund trading volume and per-trade costs. A metric of eight Morningstar performance measures is utilized.

Results show that funds with a higher position adjusted turnover ratio tend to have a lower risk-adjusted performance, such as indicated by both Sharpe and Sortino ratios, and even though these funds may have a higher annualized return.

The sample selection process is subject to a survival bias. Also, this study utilizes Morningstar performance measures rather than the widely used factors models.

This study examines the impact of invisible costs from fund trading. These findings encourage fund managers to take strategic steps to reduce the overall invisible cost impact to improve fund performance.

Few studies have investigated fund trading cost measured by position adjusted turnover ratio and its impact on fund performance. Further, this study contributes to current literature by using eight Morningstar fund performance variables, which are practitioner-oriented and are accessible by investors.

Aim of the present monograph is the economic analysis of the role of MNEs regarding globalisation and digital economy and in parallel there is a reference and examination of some legal aspects concerning MNEs, cyberspace and e‐commerce as the means of expression of the digital economy. The whole effort of the author is focused on the examination of various aspects of MNEs and their impact upon globalisation and vice versa and how and if we are moving towards a global digital economy.

The simplest way to think about compliance is: “tell me what I have to do to satisfy the basic requirements.” Compliance would be done “by the book” when the right piece of documentation is created, reviewed, and carefully filed. Indeed, this seems consistent with the definition found in The American Heritage Dictionary: “The act of complying with a wish, request, or demand; acquiescence; in medicine, willingness to follow a prescribed course of treatment.” The second definition in American Heritage is even less venturesome: “A disposition or tendency to yield to the will of others.”

Most current modeling approaches identify very small gains from trade reform. In this chapter, we examine recent developments in the literature to assess whether standard modeling approaches are mis-specifying, understating, or overstating the gains from trade reform. Key areas where the impacts of trade barrier reduction appear to be understated include the measurement of barriers; the aggregation of these barriers; process productivity gains, particularly those resulting from reallocation of resources between firms; product quality improvements and expansion of product variety; factor supply; and investment of gains from trade.

Time-cost trade-off is normal conduct in construction projects when projects are expectedly late for delivery. Existing research on time-cost trade-off strategic management mostly focused on the technical calculation towards the optimal combination of activities to be accelerated, while the managerial aspects are mostly neglected. This paper aims to understand the managerial efforts necessary to prepare construction projects ready for an upcoming trade-off implementation.

A preliminary list of critical factors was first identified from the literature and verified by a Delphi survey. Quantitative data was then collected by a questionnaire survey to first shortlist the preliminary factors and quantify the predictive model with different machine learning algorithms, i.e. k-nearest neighbours (kNN), radial basis function (RBF), multiplayer perceptron (MLP), multinomial logistic regression (MLR), naïve Bayes classifier (NBC) and Bayesian belief networks (BBNs).

The model's independent variable importance ranking revealed that the top challenges faced were the realism of contractual obligation, contractor planning and control and client management and monitoring. Among the tested machine learning algorithms, multilayer perceptron was demonstrated to be the most suitable in this case. This model accuracy reached 96.5% with the training dataset and 95.6% with an independent test dataset and could be used as the contingency approach for time-cost trade-offs.

The identified factor list contributed to the theoretical explanation of the failed implementation in general and practical managerial improvement to better avoid such failure. In addition, the established predictive model provided an ad-hoc early warning and diagnostic tool to better ensure time-cost implementation success.

The purpose of this paper is to attempt to expand the traditional economic effect analysis of export subsidy, which has previously ignored the incentive of export subsidies in terms of competition from re‐importation.

The paper performs a comparative static analysis based on the traditional welfare analysis of export subsidies by introducing different transportation costs and using small country model and large country model, respectively.

Compared with the traditional analysis, exporting countries that implement export subsidies suffer less welfare loss and induce intra‐industry trade of homogeneous products. Due to export subsidy policy incentives, transportation costs heavily influence trade patterns, trade volumes and welfare. Trade patterns evolve from unidirectional export to intra‐industry trade as transportation costs are reduced, with the main source of welfare loss coming from transportation costs. The distribution of export subsidies is biased when domestic transportation costs are high. Under low domestic transportation costs, inefficient intra‐industry trade would emerge as a result of export subsidy incentive.

The findings could be helpful to understand the impact of export subsidy policy on trade pattern, trade volumes and welfare when considering international and domestic transportation cost.

The paper emphasizes the incentive of export subsidy on re‐importation, and links it with transportation costs, which expand the traditional export subsidy analysis.

The purpose of this paper is to develop and test theory-driven hypothesis on trade costs’ effect of logistics performance (LP) and bureaucratic efficiency, primarily from SAARC (South Asian Association for Regional Cooperation) perspective.

The paper develops hypothesis based on the review of the literature and theory linking LP, trade costs and institutions. The authors test the hypothesis using secondary data sources: World Bank-UNESCAP trade costs database, World Bank Logistics Performance Index (LPI) and Political Risk Service's Political Risk Rating. Fixed-effect approach is used to test the hypothesis.

The influential role of bureaucratic quality on relationship between LPI and South Asian trade costs (inter-SAARC and intra-SAARC) is evident. The results also point out that bureaucratic quality also conditions the effect of different dimensions of LPI on South Asian trade costs. Further, it is found that bureaucratic inefficiency mitigates the effects of LPI on South Asia's trade costs with its proximate trading partners APEC (Asia–Pacific Economic Cooperation) and ASEAN (Association of Southeast Asia Nations).

The analysis is conducted using short span of data. With the availability of long span of data, the understanding of the relationship studies in this paper will improve.

The results suggests policymakers to improve bureaucratic efficiency for utilizing the full potential effect of LPI in deceasing trade costs. The study inspires businesses to act and advocate in favor of reforms in governance system.

This paper is among the first, which investigates the possibility that the relationship between LPI and trade costs depends on the bureaucratic efficiency. It provides a more detailed description of the LPI-trade costs relationship.

As of March 2021, the National Pension Service (NPS) is the world’s 3rd largest pension fund with 872.5tn won (KRW) in management. Recently, the NPS proposed a policy to gradually reduce the proportion of domestic stocks in the portfolio in the future. This change in the asset allocation strategy is related to the NPS’s exit strategy for domestic stocks. This study aims to examine the market impact cost asymmetry between buys and sells of the NPS and suggest a trading strategy for mitigating the market impact cost. The results are as follows. First, there is an asymmetry between buys and sells in the market impact cost of the NPS. The market impact cost of the NPS is gradually increasing over time. In particular, the market impact cost from selling has increased significantly in recent years. Second, past returns, volatility, liquidity and trading intensity can be found as external factors affecting the asymmetric market impact cost of the NPS. Although there is no difference between the buying and selling ratios of the NPS, the market impact cost from sells is relatively higher than that from buys. Third, after controlling for the order execution size of the NPS, the longer the trade execution period, the lower the market impact cost. This result implies that the strategy of splitting orders as a way to reduce the market impact cost is effective. The trading behavior of the NPS directly or indirectly affects other investors. If the sell of the NPS incurs excessive market impact cost, the negative impact on the stock price will be further exacerbated. Therefore, it is necessary for the NPS to reduce the market impact cost through split trading in executing orders in the domestic stock market. Findings of this study provide implications for countermeasures and long-term management strategies that can minimize the market impact cost of the NPS in the process of reducing the proportion of domestic stocks in the future.