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accounting standards and information: inferences from cross
... The relatively modest number of financial accounts that have been prepared under IAS limits empirical research that assesses it, and prior work has not typically distinguished between financial and non-financial firms. One recent example is a comparison by Ashbaugh and Olsson (2002) of IAS and U.S. ...
... The relatively modest number of financial accounts that have been prepared under IAS limits empirical research that assesses it, and prior work has not typically distinguished between financial and non-financial firms. One recent example is a comparison by Ashbaugh and Olsson (2002) of IAS and U.S. ...
Martingale Theory in Economics and Finance
... De…nition [E¢ cient Market Hypothesis] Suppose Pt is an asset price (e.g., stock price) and Xt = ln(Pt =Pt 1 ) Pt P t = ln(1 + Pt 1 Pt Pt 1 ...
... De…nition [E¢ cient Market Hypothesis] Suppose Pt is an asset price (e.g., stock price) and Xt = ln(Pt =Pt 1 ) Pt P t = ln(1 + Pt 1 Pt Pt 1 ...
The Impact of the French Securities Transaction Tax on Market
... the STT has a negative impact on traded volumes, but no statistically significant impact on market volatility. Moreover, they find no consistent evidence that traders avoid the tax by changing their location of trades. Unfortunately, these results are difficult to generalize because the STT in New Y ...
... the STT has a negative impact on traded volumes, but no statistically significant impact on market volatility. Moreover, they find no consistent evidence that traders avoid the tax by changing their location of trades. Unfortunately, these results are difficult to generalize because the STT in New Y ...
Question # 1 of 10 ( Start time: 06:20:13 PM ) Total Marks: 1
... Second Degree Price Discrimination This type of price discrimination occurs when a firm is trying to sell off any excess capacity it has remaining at a lower price than the normal published price. Examples of second degree price discrimination can be seen in any market where excess capacity needs to ...
... Second Degree Price Discrimination This type of price discrimination occurs when a firm is trying to sell off any excess capacity it has remaining at a lower price than the normal published price. Examples of second degree price discrimination can be seen in any market where excess capacity needs to ...
Risk and Return: Consumption Beta Versus Market Beta N. Gregory
... (OLS) to estimate equations such as (3). ~ l t h o ~ g hpothesis that the model is correctly specified, OLS, the coefficient estimates are consistent under very WLS, and GLS Produce consistent estimates. If general assumptions, the estimates are efficient the model is misspecified, however, then the ...
... (OLS) to estimate equations such as (3). ~ l t h o ~ g hpothesis that the model is correctly specified, OLS, the coefficient estimates are consistent under very WLS, and GLS Produce consistent estimates. If general assumptions, the estimates are efficient the model is misspecified, however, then the ...
MACD: A Sweet Anticipation by "Ed Seykota" MACD: Sweet
... The problem with regular moving averages is that they are slow. Notice on the 40-day cycle chart that the crossover comes after the price peak. MACD attempts to compensate for this delay by anticipating crossovers. Rather than waiting for crossovers, MACD reacts when the averages begin to converge ( ...
... The problem with regular moving averages is that they are slow. Notice on the 40-day cycle chart that the crossover comes after the price peak. MACD attempts to compensate for this delay by anticipating crossovers. Rather than waiting for crossovers, MACD reacts when the averages begin to converge ( ...
Make and Take Fees in the US Equity Market
... traders change their quotes such that the effect of the fee is completely offset. Alternatively, Colliard and Foucault (2012) show that an increase in the total fee can be associated with increased trading activity due to heterogeneous patience across investors. With a fee increase, patient investo ...
... traders change their quotes such that the effect of the fee is completely offset. Alternatively, Colliard and Foucault (2012) show that an increase in the total fee can be associated with increased trading activity due to heterogeneous patience across investors. With a fee increase, patient investo ...
Chapter 01 Introduction to Financial Management
... A. Size of future cash flows only B. Size and timing of future cash flows only C. Timing and risk of future cash flows only D. Risk and size of future cash flows only E. Size, timing, and risk of future cash flows ...
... A. Size of future cash flows only B. Size and timing of future cash flows only C. Timing and risk of future cash flows only D. Risk and size of future cash flows only E. Size, timing, and risk of future cash flows ...
INTRODUCTION TO THE ECONOMICS AND MATHEMATICS OF
... Solution: Bonds are called risk-free securities because the future stream of payments promised to the holder of the security is known in advance. Nevertheless, as argued in Problem 2, there are some risks when holding bonds. In the case of stocks, not only the same sources of risk are present, but, ...
... Solution: Bonds are called risk-free securities because the future stream of payments promised to the holder of the security is known in advance. Nevertheless, as argued in Problem 2, there are some risks when holding bonds. In the case of stocks, not only the same sources of risk are present, but, ...
Wealth Transfers via Equity Transactions
... average is around 6%, while for equity repurchasers, it is around 1%. We also find that wealth transfers are particularly large for equity issuers with ex ante indicators of overpricing. For example, equity issuers in the lowest quintile of earnings-to-price ratio experience wealth transfers exceed ...
... average is around 6%, while for equity repurchasers, it is around 1%. We also find that wealth transfers are particularly large for equity issuers with ex ante indicators of overpricing. For example, equity issuers in the lowest quintile of earnings-to-price ratio experience wealth transfers exceed ...
Article 81(1)
... – if indefinite be terminable on 2 years notice or one year if supplier pays compensation (mandated by law or special agreement) or whole/substantial part of network being reorganised ...
... – if indefinite be terminable on 2 years notice or one year if supplier pays compensation (mandated by law or special agreement) or whole/substantial part of network being reorganised ...
Investments
... 5. What is the reward-to-variability ratio for the equity fund in the previous problem? (a) 0.71 (b) 1.00 (c) 1.19 (d) 1.91 6. Which statement about portfolio diversification is correct? (a) proper diversification can reduce or eliminate systematic risk (b) diversification reduces the portfolio’s ex ...
... 5. What is the reward-to-variability ratio for the equity fund in the previous problem? (a) 0.71 (b) 1.00 (c) 1.19 (d) 1.91 6. Which statement about portfolio diversification is correct? (a) proper diversification can reduce or eliminate systematic risk (b) diversification reduces the portfolio’s ex ...
Traditional vs. Modern Food Systems? Insights from Vegetable
... The French Bourbon Group set up its first hypermarket in Bien Hoa City, 20km east of HCM City in 1998. Fresh produce was sourced solely through the state-owned packer and exporting company Vegfruco. The direct implantation of the French hypermarket model was a failure and merchandising methods have ...
... The French Bourbon Group set up its first hypermarket in Bien Hoa City, 20km east of HCM City in 1998. Fresh produce was sourced solely through the state-owned packer and exporting company Vegfruco. The direct implantation of the French hypermarket model was a failure and merchandising methods have ...
Asset Allocation Is King
... First, by running a series of rolling cross-sectional regression analyses (in which the return of each fund in question is regressed against its corresponding asset allocation policy) and graphing the residual error, the cross-sectional fund return dispersion, and the resulting R-squared at each poi ...
... First, by running a series of rolling cross-sectional regression analyses (in which the return of each fund in question is regressed against its corresponding asset allocation policy) and graphing the residual error, the cross-sectional fund return dispersion, and the resulting R-squared at each poi ...
2010 Flash Crash
![](https://commons.wikimedia.org/wiki/Special:FilePath/2010_flash_crash.jpg?width=300)
The May 6, 2010, Flash Crash also known as The Crash of 2:45, the 2010 Flash Crash or simply the Flash Crash, was a United States trillion-dollar stock market crash, which started at 2:32 and lasted for approximately 36 minutes. Stock indexes, such as the S&P 500, Dow Jones Industrial Average and Nasdaq 100, collapsed and rebounded very rapidly.The Dow Jones Industrial Average had its biggest intraday point drop (from the opening) up to that point, plunging 998.5 points (about 9%), most within minutes, only to recover a large part of the loss. It was also the second-largest intraday point swing (difference between intraday high and intraday low) up to that point, at 1,010.14 points. The prices of stocks, stock index futures, options and ETFs were volatile, thus trading volume spiked. A CFTC 2014 report described it as one of the most turbulent periods in the history of financial markets.On April 21, 2015, nearly five years after the incident, the U.S. Department of Justice laid ""22 criminal counts, including fraud and market manipulation"" against Navinder Singh Sarao, a trader. Among the charges included was the use of spoofing algorithms; just prior to the Flash Crash, he placed thousands of E-mini S&P 500 stock index futures contracts which he planned on canceling later. These orders amounting to about ""$200 million worth of bets that the market would fall"" were ""replaced or modified 19,000 times"" before they were canceled. Spoofing, layering and front-running are now banned.The Commodity Futures Trading Commission (CFTC) investigation concluded that Sarao ""was at least significantly responsible for the order imbalances"" in the derivatives market which affected stock markets and exacerbated the flash crash. Sarao began his alleged market manipulation in 2009 with commercially available trading software whose code he modified ""so he could rapidly place and cancel orders automatically."" Traders Magazine journalist, John Bates, argued that blaming a 36-year-old small-time trader who worked from his parents' modest stucco house in suburban west London for sparking a trillion-dollar stock market crash is a little bit like blaming lightning for starting a fire"" and that the investigation was lengthened because regulators used ""bicycles to try and catch Ferraris."" Furthermore, he concluded that by April 2015, traders can still manipulate and impact markets in spite of regulators and banks' new, improved monitoring of automated trade systems.As recently as May 2014, a CFTC report concluded that high-frequency traders ""did not cause the Flash Crash, but contributed to it by demanding immediacy ahead of other market participants.""Recent research shows that Flash Crashes are not isolated occurrences, but have occurred quite often over the past century. For instance, Irene Aldridge, the author of High-Frequency Trading: A Practical Guide to Algorithmic Strategies and Trading Systems, 2nd ed., Wiley & Sons, shows that Flash Crashes have been frequent and their causes predictable in market microstructure analysis.