NBER WORKING PAPER SERIES WHAT DOES FUTURES
... Economists have traditionally viewed futures prices as fully informative about future economic activity and asset prices and have remained silent on the role of open interest, or the amount of futures contracts outstanding (Samuelson, 1965; Grossman, 1977). The theory of backwardation implies that t ...
... Economists have traditionally viewed futures prices as fully informative about future economic activity and asset prices and have remained silent on the role of open interest, or the amount of futures contracts outstanding (Samuelson, 1965; Grossman, 1977). The theory of backwardation implies that t ...
Derivatives on RDX USD Index
... This publication is published for information purposes only and shall not constitute investment advice respectively does not constitute an offer, solicitation or recommendation to acquire or dispose of any investment or to engage in any other transaction. This publication is not intended for solicit ...
... This publication is published for information purposes only and shall not constitute investment advice respectively does not constitute an offer, solicitation or recommendation to acquire or dispose of any investment or to engage in any other transaction. This publication is not intended for solicit ...
Decimals and Liquidity: A study of the NYSE
... include stocks that have varying levels of daily trading activity, that trade on multiple exchanges, that are part of an index, that are underlying issues for multiplelisted options; and that may have corporate action pending. To avoid introducing confounding effects, we eliminate all preferred and ...
... include stocks that have varying levels of daily trading activity, that trade on multiple exchanges, that are part of an index, that are underlying issues for multiplelisted options; and that may have corporate action pending. To avoid introducing confounding effects, we eliminate all preferred and ...
PDF
... seasonality. Chen et al. (2010) found that exchange rates are very useful in forecasting future commodity prices but not vice versa. They also found positive relationship between exchange rate and international commodity prices. More recent studies consider a time period when China had already devel ...
... seasonality. Chen et al. (2010) found that exchange rates are very useful in forecasting future commodity prices but not vice versa. They also found positive relationship between exchange rate and international commodity prices. More recent studies consider a time period when China had already devel ...
As filed with the Securities and Exchange Commission on August 13
... our ability to secure sufficient funds to meet our cash needs for our operations and capacity expansion; our future business development, results of operations and financial condition; the fair value of our ordinary shares; ...
... our ability to secure sufficient funds to meet our cash needs for our operations and capacity expansion; our future business development, results of operations and financial condition; the fair value of our ordinary shares; ...
Interacting Limit Order Demand and Supply Curves
... product markets, demand elasticity depends on factors such as consumer preferences; while supply elasticity depends on factors such as production technologies and market power. In contrast, at least in the short-run, stock markets resemble a pure exchange economy: buyers become sellers and vice-vers ...
... product markets, demand elasticity depends on factors such as consumer preferences; while supply elasticity depends on factors such as production technologies and market power. In contrast, at least in the short-run, stock markets resemble a pure exchange economy: buyers become sellers and vice-vers ...
Everything You Need to Know About Investing • 1
... A: You want to try to have your cake and eat it too — start off by putting 1/3 as much money as you want to eventually invest into the top 5 or 6 stocks that you have done your homework on and want to invest in and put some more in after a few weeks in whatever stocks are rated highest at that point ...
... A: You want to try to have your cake and eat it too — start off by putting 1/3 as much money as you want to eventually invest into the top 5 or 6 stocks that you have done your homework on and want to invest in and put some more in after a few weeks in whatever stocks are rated highest at that point ...
Price Discovery and Trading After Hours
... preopen has the greatest amount of price discovery per trade. Second, during the postclose, when there is less informed trading and less price discovery than during the preopen, the majority of trades are with market makers. In contrast, the majority of trades and virtually all price discovery durin ...
... preopen has the greatest amount of price discovery per trade. Second, during the postclose, when there is less informed trading and less price discovery than during the preopen, the majority of trades are with market makers. In contrast, the majority of trades and virtually all price discovery durin ...
Disputation, August 4th, 2009, Ryan Riordan
... Is every use of technology good? How do we think about (evaluate) HFT? What are costs/benefits of those closest to the market? ...
... Is every use of technology good? How do we think about (evaluate) HFT? What are costs/benefits of those closest to the market? ...
The Impact of the French Securities Transaction Tax on Market
... analyze STT change in 1989 in Japan. His control group consists of 22 Japanese ADRs and he finds a negative impact on volumes. Pomeranets and Weaver (2012) analyze nine changes in the New York state STT between 1932 and 1981 that affected stocks traded on the New York Stock Exchange. They find that ...
... analyze STT change in 1989 in Japan. His control group consists of 22 Japanese ADRs and he finds a negative impact on volumes. Pomeranets and Weaver (2012) analyze nine changes in the New York state STT between 1932 and 1981 that affected stocks traded on the New York Stock Exchange. They find that ...
Evidence about Bubble Mechanisms: Precipitating Event
... trading volumes explain warrant prices during the bubble. In contrast, most previous empirical research on bubbles has relied on aggregate market data such as prices, returns, and trading volumes or turnover (for example, Hong and Stein 2007, Mei, Scheinkman, and Xiong 2009, and Xiong and Yu 2011), ...
... trading volumes explain warrant prices during the bubble. In contrast, most previous empirical research on bubbles has relied on aggregate market data such as prices, returns, and trading volumes or turnover (for example, Hong and Stein 2007, Mei, Scheinkman, and Xiong 2009, and Xiong and Yu 2011), ...
Price Discovery in Iran Gold Coin Market
... assets have been identified in the literature. The first approach focuses on the lead-lag relationship between the prices of domestic markets, or between different securities. For example, Stoll and Whaley (1990) and Chan (1992) examined information transmission between the stock index and index fut ...
... assets have been identified in the literature. The first approach focuses on the lead-lag relationship between the prices of domestic markets, or between different securities. For example, Stoll and Whaley (1990) and Chan (1992) examined information transmission between the stock index and index fut ...
UNITED STATES DISTRICT COURT DISTRICT OF MINNESOTA
... Dakota Plains to enter into a series of consulting agreements with a shell company formed by defendant SHERMETA, including an agreement dated October 2011. This October 2011 consulting agreement called for defendant SHERMETA’s shell company, Napa Properties, LLC, to “provide consulting services . . ...
... Dakota Plains to enter into a series of consulting agreements with a shell company formed by defendant SHERMETA, including an agreement dated October 2011. This October 2011 consulting agreement called for defendant SHERMETA’s shell company, Napa Properties, LLC, to “provide consulting services . . ...
NBER WORKING PAPER SERIES MEAN REVERSION IN STOCK PRICES: EVIDENCE AND IMPLICATIONS
... price variation is due to transitory factors, this will generate negative autocorrelations at some lags and yield a variance ratio below one. The variance ratio is closely related to earlier tests based on estimated ...
... price variation is due to transitory factors, this will generate negative autocorrelations at some lags and yield a variance ratio below one. The variance ratio is closely related to earlier tests based on estimated ...
Participating convertible preferred stock in venture capital
... contracts use convertible preferred stock and that in nearly half of those cases the stock is participating. In venture capital contracts, PCPs are structured in such a way that the allocation of cash flow rights varies depending on the type of exit. The two most common types of exit observed in ven ...
... contracts use convertible preferred stock and that in nearly half of those cases the stock is participating. In venture capital contracts, PCPs are structured in such a way that the allocation of cash flow rights varies depending on the type of exit. The two most common types of exit observed in ven ...
The Global Dilemma in Short Selling Regulation
... of the sale.19 Investors normally seek to make a profit from constantly fluctuating prices of securities that are traded on the markets.20 If investors believe that a company’s stock price will decline (e.g., due to the company’s announcement of lower than anticipated earnings), they will place them ...
... of the sale.19 Investors normally seek to make a profit from constantly fluctuating prices of securities that are traded on the markets.20 If investors believe that a company’s stock price will decline (e.g., due to the company’s announcement of lower than anticipated earnings), they will place them ...
Eighths, sixteenths, and market depth: changes in tick
... stocks but would also lower quoted depth, because of a decrease in the marginal pro"tability of supplying liquidity. Harris further notes that the reduction in tick size would likely a!ect stocks even where the constraint is not binding: since the tick size represents the subsidy paid to liquidity p ...
... stocks but would also lower quoted depth, because of a decrease in the marginal pro"tability of supplying liquidity. Harris further notes that the reduction in tick size would likely a!ect stocks even where the constraint is not binding: since the tick size represents the subsidy paid to liquidity p ...
Maker-Taker Pricing Effects on Market Quotations
... executed. Many people now think that tick sizes are too small for some low priced actively traded securities, and the SEC is considering a pilot study which would permit a smaller tick for the most actively traded low price stocks. This paper examines how these securities trade. The results strongly ...
... executed. Many people now think that tick sizes are too small for some low priced actively traded securities, and the SEC is considering a pilot study which would permit a smaller tick for the most actively traded low price stocks. This paper examines how these securities trade. The results strongly ...
3. Inventory management – basic concepts
... materials shortage, protecting against strikes/natural disasters etc. Production economies may also lead to the manufacture of products at times other than when they are in demand. • Seasonal stock – form of speculative stock that involves accumulation of inventory before a seasonal period begins (o ...
... materials shortage, protecting against strikes/natural disasters etc. Production economies may also lead to the manufacture of products at times other than when they are in demand. • Seasonal stock – form of speculative stock that involves accumulation of inventory before a seasonal period begins (o ...
The IOSCO Transparency Principle and Modelling the Bid
... historical trade activity and pre-trade transparency is available through quotes provided by multiple primary dealers. Liquidity was measured and assessed via the bid-ask spread. Using the methods of Lee and Ready [1991], a trade classification algorithm was developed. Two estimates of the bid-ask s ...
... historical trade activity and pre-trade transparency is available through quotes provided by multiple primary dealers. Liquidity was measured and assessed via the bid-ask spread. Using the methods of Lee and Ready [1991], a trade classification algorithm was developed. Two estimates of the bid-ask s ...
Price Impact of Block Trades in the Saudi Stock Market
... semi-government entities (i.e. Pensions Fund and GOSI), foreign partners and other joint stock companies or wealthy families.6 At the end of 2008, the free floating stocks (excluding those held by major passive shareholders and government) available for trade represented 37% of the total stock outst ...
... semi-government entities (i.e. Pensions Fund and GOSI), foreign partners and other joint stock companies or wealthy families.6 At the end of 2008, the free floating stocks (excluding those held by major passive shareholders and government) available for trade represented 37% of the total stock outst ...
Stock Splits, Liquidity and Limit Orders
... orders around stock splits. Since public market orders often trade against public limit orders, an increased cost to one trader may be a savings to another. Thus, even though spreads increase following stock splits, the overall effect on execution costs is not clear. This is particularly true on the ...
... orders around stock splits. Since public market orders often trade against public limit orders, an increased cost to one trader may be a savings to another. Thus, even though spreads increase following stock splits, the overall effect on execution costs is not clear. This is particularly true on the ...
The ESOP Concept: Is Your Trucking Company A
... ▪ ESOP can only pay Fair Market Value ▫ Strategic premium might be gained by sale to industry participant or ‘roll-up’ buyer ...
... ▪ ESOP can only pay Fair Market Value ▫ Strategic premium might be gained by sale to industry participant or ‘roll-up’ buyer ...
MARKET SEGMENTATION AND THE COST OF CAPITAL IN
... Company. ADRs are registered with the SEC and trade like any other U.S. security. They are quoted and pay dividends in U.S. dollars. Companies have a choice of four types of ADR facilities: three levels of public offerings as well as private placement. Level I ADRs trade in the U.S. over-the-counter ...
... Company. ADRs are registered with the SEC and trade like any other U.S. security. They are quoted and pay dividends in U.S. dollars. Companies have a choice of four types of ADR facilities: three levels of public offerings as well as private placement. Level I ADRs trade in the U.S. over-the-counter ...
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.