Why do foreign firms leave US equity markets?
... exchange listings were affected adversely by SOX at all seems to depend on the benchmark used. For some benchmarks, there is a negative wealth effect of SOX for foreign listed firms as well as for deregistering firms, but for other benchmarks there is no such effect. A reasonable assessment of the ...
... exchange listings were affected adversely by SOX at all seems to depend on the benchmark used. For some benchmarks, there is a negative wealth effect of SOX for foreign listed firms as well as for deregistering firms, but for other benchmarks there is no such effect. A reasonable assessment of the ...
Heat Waves, Meteor Showers, and Trading Volume: An Analysis of
... for their comments and suggestions. We also thank Natalia Millan for research assistance. The views expressed here are those of the authors= and not necessarily those of the Federal Reserve Bank of New York, the Federal Reserve Bank of San Francisco, or the Federal Reserve System. ...
... for their comments and suggestions. We also thank Natalia Millan for research assistance. The views expressed here are those of the authors= and not necessarily those of the Federal Reserve Bank of New York, the Federal Reserve Bank of San Francisco, or the Federal Reserve System. ...
Francesca`s Holdings CORP (Form: 8-K, Received
... Prospectus, and, except in each case as would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, has been duly qualified as a foreign corporation for the transaction of business and is in good standing under the laws of each other jurisdiction in which i ...
... Prospectus, and, except in each case as would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, has been duly qualified as a foreign corporation for the transaction of business and is in good standing under the laws of each other jurisdiction in which i ...
A monthly effect in stock returns - DSpace@MIT
... t-statistics (i.e., the significant positive return periods clustered in the first half of trading months, and significant negative return periods ...
... t-statistics (i.e., the significant positive return periods clustered in the first half of trading months, and significant negative return periods ...
High frequency trading: assessing the impact on market
... market making firms to quantitative hedge funds and their practices include a range of activities such as pseudo market-making and statistical arbitrage (“stat-arb”) trading. Though many of these trading approaches derive from strategies that have always existed in markets, the speed with which they ...
... market making firms to quantitative hedge funds and their practices include a range of activities such as pseudo market-making and statistical arbitrage (“stat-arb”) trading. Though many of these trading approaches derive from strategies that have always existed in markets, the speed with which they ...
XX June 2010 - Providence Resources
... impacted the sentiment of institutional investors, and the number of primary issues of new equity has declined since a recent peak in 2012 and the quantum of funds raised on the LSE for E&Ps has been in decline since a recent peak of 2013. Nevertheless, despite ongoing caution, it is clear that some ...
... impacted the sentiment of institutional investors, and the number of primary issues of new equity has declined since a recent peak in 2012 and the quantum of funds raised on the LSE for E&Ps has been in decline since a recent peak of 2013. Nevertheless, despite ongoing caution, it is clear that some ...
Why were there fire sales of mortgage
... effects from a market-wide impact of fire sales we investigate whether the RMBS market exhibited characteristics that are associated with fire sales (Shleifer and Vishny (2009)). If knowledgeable investors have capital so that they can exploit discrepancies between market prices and fundamental val ...
... effects from a market-wide impact of fire sales we investigate whether the RMBS market exhibited characteristics that are associated with fire sales (Shleifer and Vishny (2009)). If knowledgeable investors have capital so that they can exploit discrepancies between market prices and fundamental val ...
Quote Stuffing - Mississippi State University`s College of Business
... cancellations, and executions. The authors find that HFT improves market quality by decreasing short-term volatility, spreads, and depth of the order book. Contrary to the aforementioned empirical studies, Hirschey (2013) shows that HFT may increase trading costs for non-high frequency traders, and ...
... cancellations, and executions. The authors find that HFT improves market quality by decreasing short-term volatility, spreads, and depth of the order book. Contrary to the aforementioned empirical studies, Hirschey (2013) shows that HFT may increase trading costs for non-high frequency traders, and ...
Intraday Periodicity Adjustments of Transaction Duration and Their
... substantially and ranges from 7360 to 14591, while the average duration per trade ranges from 1.6 seconds to 3.18 seconds. While the number of trades with the same time stamp are quite abundant for large-cap stocks, they are less frequent for small-cap stocks. We would also mention that there is som ...
... substantially and ranges from 7360 to 14591, while the average duration per trade ranges from 1.6 seconds to 3.18 seconds. While the number of trades with the same time stamp are quite abundant for large-cap stocks, they are less frequent for small-cap stocks. We would also mention that there is som ...
Does Supply Curve Inelasticity Explain Abnormal Long
... long-run returns from the repurchase trades themselves. We examine three alternative explanations for the source of the returns: 1) supply curve inelasticity; 2) asymmetric information—firms trade on their insider information; and 3) signaling—the mandatory public announcement of firms’ repurchase t ...
... long-run returns from the repurchase trades themselves. We examine three alternative explanations for the source of the returns: 1) supply curve inelasticity; 2) asymmetric information—firms trade on their insider information; and 3) signaling—the mandatory public announcement of firms’ repurchase t ...
NORTHWEST BIOTHERAPEUTICS INC (Form: 8-K
... Capital Fund II, L.P. (“Toucan”). The loan accrues interest at 10% per year, matures on September 7, 2006, and the principal and interest is convertible into capital stock of the Company, generally at Toucan’s option, prior to repayment. The principal and interest on the loan is currently convertibl ...
... Capital Fund II, L.P. (“Toucan”). The loan accrues interest at 10% per year, matures on September 7, 2006, and the principal and interest is convertible into capital stock of the Company, generally at Toucan’s option, prior to repayment. The principal and interest on the loan is currently convertibl ...
Transfer Shares
... Share capital must remain at minimum level as stipulated by the DMCC Rules and Regulations. Minimum share capital per shareholder is AED 10,000 and minimum share capital for a DMCC company in total is AED 50,000. ...
... Share capital must remain at minimum level as stipulated by the DMCC Rules and Regulations. Minimum share capital per shareholder is AED 10,000 and minimum share capital for a DMCC company in total is AED 50,000. ...
An Empirical Analysis of the Limit Order Book and the Order
... state of the book, and influences the subsequent evolution of the order book and trading activity in the market. The Paris Bourse offers a particularly appropriate testing ground for examining these issues because 1) it relies solely upon order placement, 2) time and price priority is strictly enfor ...
... state of the book, and influences the subsequent evolution of the order book and trading activity in the market. The Paris Bourse offers a particularly appropriate testing ground for examining these issues because 1) it relies solely upon order placement, 2) time and price priority is strictly enfor ...
payments and securities clearance and settlement systems in
... September 2004, the World Bank launched the Commonwealth of Independent States Payments and Securities Settlement Initiative (CISPI). The CISPI aims to assess and strengthen payments and securities systems in the Commonwealth of Independent States with a view to improving their safety, efficiency an ...
... September 2004, the World Bank launched the Commonwealth of Independent States Payments and Securities Settlement Initiative (CISPI). The CISPI aims to assess and strengthen payments and securities systems in the Commonwealth of Independent States with a view to improving their safety, efficiency an ...
Liquidity and the Law of One Price: The Case of the Futures/Cash
... impact of large trades, the effective spread associated with such trades. The central results continue to hold for this measure. They also continue to hold for an alternative basis obtained using the S&P500 index future and either the underlying cash index or the corresponding SPIDER (the exchange t ...
... impact of large trades, the effective spread associated with such trades. The central results continue to hold for this measure. They also continue to hold for an alternative basis obtained using the S&P500 index future and either the underlying cash index or the corresponding SPIDER (the exchange t ...
Hedge Funds and the Technology Bubble
... in 1999. Nevertheless, a coordinated move by all hedge funds might change investor sentiment and thereby trigger a crash. However, this coordination is difficult in Abreu and Brunnermeier’s timing game, because there is a dispersion of opinion about when the stock market will peak. Our finding that ...
... in 1999. Nevertheless, a coordinated move by all hedge funds might change investor sentiment and thereby trigger a crash. However, this coordination is difficult in Abreu and Brunnermeier’s timing game, because there is a dispersion of opinion about when the stock market will peak. Our finding that ...
NBER WORKING PAPER SERIES A MARKET BASED SOLUTION TO PRICE EXTERNALITIES:
... that particular environment here. Others propose regulation of international capital flows, Korinek (2010), and taxation, Jeanne and Korinek (2010). On the flip side, so to speak, Hart and Zingales (2113) study an economy where markets for the forward sale of labor are precluded, due to human capita ...
... that particular environment here. Others propose regulation of international capital flows, Korinek (2010), and taxation, Jeanne and Korinek (2010). On the flip side, so to speak, Hart and Zingales (2113) study an economy where markets for the forward sale of labor are precluded, due to human capita ...
Stop-loss orders and price cascades in currency markets
... kurtosis," or kurtosis higher than the value of three associated with the normal distribution. 7 Existing research on excess kurtosis in currency markets has primarily focused on its statistical origins (Westerfield (1977); Andersen et al. (2001)). In addressing instead the economic origins of exces ...
... kurtosis," or kurtosis higher than the value of three associated with the normal distribution. 7 Existing research on excess kurtosis in currency markets has primarily focused on its statistical origins (Westerfield (1977); Andersen et al. (2001)). In addressing instead the economic origins of exces ...
The synchronized and long-lasting structural change on
... debate among academics, asset managers, investment banks, and policy makers. The debate reflects several developments over the last decade. First, large developing economies have experienced a rapid and steady growth, boosting the global demand for primary commodities. Second, large supply shocks li ...
... debate among academics, asset managers, investment banks, and policy makers. The debate reflects several developments over the last decade. First, large developing economies have experienced a rapid and steady growth, boosting the global demand for primary commodities. Second, large supply shocks li ...
stop-loss orders and price cascades in currency markets
... kurtosis," or kurtosis higher than the value of three associated with the normal distribution. 7 Existing research on excess kurtosis in currency markets has primarily focused on its statistical origins (Westerfield (1977); Andersen et al. (2001)). In addressing instead the economic origins of exces ...
... kurtosis," or kurtosis higher than the value of three associated with the normal distribution. 7 Existing research on excess kurtosis in currency markets has primarily focused on its statistical origins (Westerfield (1977); Andersen et al. (2001)). In addressing instead the economic origins of exces ...
The Role of Size and Book-to-Market Ratio as Proxies for
... and Marsh, 1999 and Schwert, 2002). Second, there are very few institutional investors that are expected to enhance market efficiency. Finally, there has been a lot of country-specific political and economic instability leading to frequent market upturns and downturns most of which are not caused by ...
... and Marsh, 1999 and Schwert, 2002). Second, there are very few institutional investors that are expected to enhance market efficiency. Finally, there has been a lot of country-specific political and economic instability leading to frequent market upturns and downturns most of which are not caused by ...
IPO Underpricing in a Simultaneous Equations Model of Supply and
... movement of IPOs under a supply and demand framework. In fact, Saudi IPOs possess unique characteristics. Saudi IPOs are offered exclusively to Saudi citizens (retailers) that make some partial identification of potential subscribers (demanders) for a particular IPO feasible. In other countries, el ...
... movement of IPOs under a supply and demand framework. In fact, Saudi IPOs possess unique characteristics. Saudi IPOs are offered exclusively to Saudi citizens (retailers) that make some partial identification of potential subscribers (demanders) for a particular IPO feasible. In other countries, el ...
Is the International Diversification Potential
... domestically traded stocks can span the risks of foreign markets. These stocks are no more expensive to acquire than domestic stocks. The foreign stocks traded on the New York Stock Exchange (NYSE) must also go through the same disclosure requirements as domestic companies, including provision of th ...
... domestically traded stocks can span the risks of foreign markets. These stocks are no more expensive to acquire than domestic stocks. The foreign stocks traded on the New York Stock Exchange (NYSE) must also go through the same disclosure requirements as domestic companies, including provision of th ...
Day Trading Skill 110523
... seven basis points); these same officials estimated the trade-weighted commission paid by market participants to be about 10 basis points. Taiwan also imposes a transaction tax on stock sales of 0.3 percent. ...
... seven basis points); these same officials estimated the trade-weighted commission paid by market participants to be about 10 basis points. Taiwan also imposes a transaction tax on stock sales of 0.3 percent. ...
Market Design with Blockchain Technology
... Historically, non-cash financial transactions have required banks or investment dealers to serve as “trusted third parties”. These third parties ensured that the counterparties of a transaction had the cash and the security. Blockchain technology instead allows true “end-investor”-to-“end-investor” ...
... Historically, non-cash financial transactions have required banks or investment dealers to serve as “trusted third parties”. These third parties ensured that the counterparties of a transaction had the cash and the security. Blockchain technology instead allows true “end-investor”-to-“end-investor” ...
Stock exchange
A stock exchange is an exchange or stock market where stock brokers and traders can buy and/or sell stocks (also called shares), bonds, and other securities. Stock exchanges may also provide facilities for issue and redemption of securities and other financial instruments, and capital events including the payment of income and dividends. Securities traded on a stock exchange include stock issued by listed companies, unit trusts, derivatives, pooled investment products and bonds. Stock exchanges often function as ""continuous auction"" markets, with buyers and sellers consummating transactions at a central location, such as the floor of the exchange.To be able to trade a security on a certain stock exchange, it must be listed there. Usually, there is a central location at least for record keeping, but trade is increasingly less linked to such a physical place, as modern markets use electronic networks, which gives them advantages of increased speed and reduced cost of transactions. Trade on an exchange is restricted to brokers who are members of the exchange. In recent years, various other trading venues, such as electronic communication networks, alternative trading systems and ""dark pools"" have taken much of the trading activity away from traditional stock exchanges.The initial public offering of stocks and bonds to investors is by definition done in the primary market and subsequent trading is done in the secondary market. A stock exchange is often the most important component of a stock market. Supply and demand in stock markets are driven by various factors that, as in all free markets, affect the price of stocks (see stock valuation).There is usually no obligation for stock to be issued via the stock exchange itself, nor must stock be subsequently traded on the exchange. Such trading may be off exchange or over-the-counter. This is the usual way that derivatives and bonds are traded. Increasingly, stock exchanges are part of a global securities market.