Financial Intermediation Chains in a Search Market
... Our paper belongs to the recent literature that analyzes over-the-counter (OTC) markets in the search framework developed by Duffie, Garleanu, and Pedersen (2005). This framework has been extended to include risk-averse agents (Duffie, Garleanu, and Pedersen (2007)), unrestricted asset holdings (Lag ...
... Our paper belongs to the recent literature that analyzes over-the-counter (OTC) markets in the search framework developed by Duffie, Garleanu, and Pedersen (2005). This framework has been extended to include risk-averse agents (Duffie, Garleanu, and Pedersen (2007)), unrestricted asset holdings (Lag ...
TERRA 2000 - Pardee Center for International Futures
... GDP per capita by cross-sectional estimation and is also price responsive. Some calories from meat, also related to GDP per capita, but additionally to initial (cultural) patterns. ...
... GDP per capita by cross-sectional estimation and is also price responsive. Some calories from meat, also related to GDP per capita, but additionally to initial (cultural) patterns. ...
Option Trading, Reference Prices, and Volatility Kelley Bergsma
... a new setting for testing of the well-known disposition effect. A few studies document a traditional disposition effect in derivatives, including executive stock option grants, futures, and bank-issued warrants (Heath, Huddart, and Lang 1999; Coval and Shumway 2005; Choe and Eom 2009; Schmitz and W ...
... a new setting for testing of the well-known disposition effect. A few studies document a traditional disposition effect in derivatives, including executive stock option grants, futures, and bank-issued warrants (Heath, Huddart, and Lang 1999; Coval and Shumway 2005; Choe and Eom 2009; Schmitz and W ...
Dodging Robin Hood: Responses to France and Italy`s
... for differences1 , which bypass the need for direct asset trading by cash settling net capital gains. A large lock-in effect could dramatically reduce the fiscal revenues obtained through such a measure. Further, one could expect FTTs to be especially conducive to diversion of financial activity acr ...
... for differences1 , which bypass the need for direct asset trading by cash settling net capital gains. A large lock-in effect could dramatically reduce the fiscal revenues obtained through such a measure. Further, one could expect FTTs to be especially conducive to diversion of financial activity acr ...
Primary Market Design: Direct Mechanisms And Markets
... the securities to investors. In Treasury auctions, investors submit bids for securities that are priced and allocated according to explicit rules. In many IPO markets underwriters employ bookbuilding methods to solicit indications of interest from investors. Like auctions, bookbuilding procedures ca ...
... the securities to investors. In Treasury auctions, investors submit bids for securities that are priced and allocated according to explicit rules. In many IPO markets underwriters employ bookbuilding methods to solicit indications of interest from investors. Like auctions, bookbuilding procedures ca ...
Fundamental indexation: an active value strategy in disguise
... characteristics should therefore be able to beat fundamental indexation strategies, not just historically but also in the future. Furthermore, it is important to realize that fundamental indexation is solely trying to benefit from the value premium, which happens to be just one particular well-known ...
... characteristics should therefore be able to beat fundamental indexation strategies, not just historically but also in the future. Furthermore, it is important to realize that fundamental indexation is solely trying to benefit from the value premium, which happens to be just one particular well-known ...
Investor Sentiment and Chinese A
... on Chinese stock anomalies and the role of investor sentiment should be tremendous. Although the Chinese economy has been developing at a fast pace and is large in scale, Hu (1999) argues that it is very different between the Chinese stock market and that of other countries, especially in terms of t ...
... on Chinese stock anomalies and the role of investor sentiment should be tremendous. Although the Chinese economy has been developing at a fast pace and is large in scale, Hu (1999) argues that it is very different between the Chinese stock market and that of other countries, especially in terms of t ...
Chapter 2 -- The Business, Tax, and Financial Environments
... than 12 months sold by banks. 3. Banker’s Acceptance. It is a time draft drawn on and accepted by bank for import-export transactions. ...
... than 12 months sold by banks. 3. Banker’s Acceptance. It is a time draft drawn on and accepted by bank for import-export transactions. ...
The Effect of Credit Risk on Stock Returns
... Basu (1977) finds that Price-to-Earnings ratio, due to exaggerated investor expectations, are indicators of future investment performance. The low Price-to-Earnings portfolios have, on average, higher returns than the high Price-to-Earnings portfolios. As a consequence, Basu argues that publicly ava ...
... Basu (1977) finds that Price-to-Earnings ratio, due to exaggerated investor expectations, are indicators of future investment performance. The low Price-to-Earnings portfolios have, on average, higher returns than the high Price-to-Earnings portfolios. As a consequence, Basu argues that publicly ava ...
ch03 - Finance
... • Two random variables that are perfectly positively correlated have a correlation coefficient of +1.0 • Two random variables that are perfectly negatively correlated have a correlation coefficient of –1.0 ...
... • Two random variables that are perfectly positively correlated have a correlation coefficient of +1.0 • Two random variables that are perfectly negatively correlated have a correlation coefficient of –1.0 ...
The Profit of the S Curve - Rev
... best to make a profit - this represents the best chance for success. Although the individual trader must ultimately decide when to press the buy and sell buttons, I also believe that trading in a small group can be a significant learning experience, especially for those people who are just learning ...
... best to make a profit - this represents the best chance for success. Although the individual trader must ultimately decide when to press the buy and sell buttons, I also believe that trading in a small group can be a significant learning experience, especially for those people who are just learning ...
The concept of financial analysis
... The financial markets play a role in economic activity in terms of function, whether in developed countries or developing countries, they operate vessels to collect savings and employ them in the form of liquid investments in the financial and monetary market. Usually investors try to avoid risk in ...
... The financial markets play a role in economic activity in terms of function, whether in developed countries or developing countries, they operate vessels to collect savings and employ them in the form of liquid investments in the financial and monetary market. Usually investors try to avoid risk in ...
The Regulatory Sandbox Proposal – Mark Adams
... • The facilitative proposals – in detail • International comparison ...
... • The facilitative proposals – in detail • International comparison ...
CFA Institute
... portfolios. Development and construction companies are therefore excluded. The returns on these indexes reflect the returns on an underlying portfolio of real estate. Indexes are available for all countries having publicly listed property investment companies of sufficient size.4 The indexes can be ...
... portfolios. Development and construction companies are therefore excluded. The returns on these indexes reflect the returns on an underlying portfolio of real estate. Indexes are available for all countries having publicly listed property investment companies of sufficient size.4 The indexes can be ...
Pensions and Investments Trends in Emerging
... resulting in investments in strong companies and possibilities for superior returns with lower absolute risk. Emerging markets differ from developed markets in many favorable ways, including greater possibilities for alpha. Underpinning investments in this asset class are “companies that can grow th ...
... resulting in investments in strong companies and possibilities for superior returns with lower absolute risk. Emerging markets differ from developed markets in many favorable ways, including greater possibilities for alpha. Underpinning investments in this asset class are “companies that can grow th ...
chapter outline
... Assume you have $100,000 in savings. Create a portfolio of securities worth $100,000. Decide what financial instruments you would like to use, then find their current prices in the newspaper. Calculate your holdings of each security based on current prices. What objectives do you have for this portf ...
... Assume you have $100,000 in savings. Create a portfolio of securities worth $100,000. Decide what financial instruments you would like to use, then find their current prices in the newspaper. Calculate your holdings of each security based on current prices. What objectives do you have for this portf ...
Understanding Managed Futures
... one way to express that view is to buy an oil future. This reflects the expectation that the actual or spot price of oil on the future date will be higher than the price indicated by the oil future. In terms of the Managed Futures investment strategy, it is the view that is important, not the vehicl ...
... one way to express that view is to buy an oil future. This reflects the expectation that the actual or spot price of oil on the future date will be higher than the price indicated by the oil future. In terms of the Managed Futures investment strategy, it is the view that is important, not the vehicl ...
The importance of a well-diversified portfolio
... a challenge it is to anticipate which asset class (and ...
... a challenge it is to anticipate which asset class (and ...
Risk & Rates of Return
... Examine the relationship between Asset Risk and Return Understand the effect of diversification on the Risk and Return of a portfolio Determine an investor’s required rate of return on a security as a function of its risk ...
... Examine the relationship between Asset Risk and Return Understand the effect of diversification on the Risk and Return of a portfolio Determine an investor’s required rate of return on a security as a function of its risk ...
What do we know about high-frequency trading?
... overall trading intentions. It may break up its order into very small pieces, in order to look like relatively uninformed orders from retail investors. It may trade in dark pools or use hidden orders to avoid revealing its trading intentions. Most of the time the institution will use an algorithm to ...
... overall trading intentions. It may break up its order into very small pieces, in order to look like relatively uninformed orders from retail investors. It may trade in dark pools or use hidden orders to avoid revealing its trading intentions. Most of the time the institution will use an algorithm to ...
Resources for Entrepreneurship and Growth in Factors of Production
... Results are for the 466 non-metropolitan labor market areas in the contiguous 48 states. Firststage least square results are presented on the left hand side of the table and the second-stage results on the right hand side. First-stage results are largely consistent with those in the secondstage but ...
... Results are for the 466 non-metropolitan labor market areas in the contiguous 48 states. Firststage least square results are presented on the left hand side of the table and the second-stage results on the right hand side. First-stage results are largely consistent with those in the secondstage but ...
Stock trader
A stock trader or equity trader or share trader is a person or company involved in trading equity securities. Stock traders may be an agent, hedger, arbitrageur, speculator, stockbroker or investor. A stock investor is an individual or company who puts money to use by the purchase of equity securities, offering potential profitable returns, as interest, income, or appreciation in value (capital gains). This buy-and-hold long term strategy is passive in nature, as opposed to speculation, which is typically active in nature. Many stock speculators will trade bonds (and possibly other financial assets) as well. Stock speculation is a risky and complex occupation because the direction of the markets are generally unpredictable and lack transparency, also financial regulators are sometimes unable to adequately detect, prevent and remediate irregularities committed by malicious listed companies or other financial market participants. In addition, the financial markets are usually subjected to speculation.