The impact of market liquidity in times of stress on corporate bond
... corporate debt markets. First, it helps establish that both issuer and issue characteristics matter for an asset’s liquidity. The fact that first issues, issues by private firms and issues into the 144a (private) market are all more expensive suggests that information problems are priced at issuance ...
... corporate debt markets. First, it helps establish that both issuer and issue characteristics matter for an asset’s liquidity. The fact that first issues, issues by private firms and issues into the 144a (private) market are all more expensive suggests that information problems are priced at issuance ...
Price Impact of Block Trades in the Saudi Stock Market
... of stocks from the decision of large traders to initiate buy or sell trades. The information effect uses the identity of traders and the size of the transaction as proxies for the information content of the trade. A permanent price change is expected to be associated with informed trading which subs ...
... of stocks from the decision of large traders to initiate buy or sell trades. The information effect uses the identity of traders and the size of the transaction as proxies for the information content of the trade. A permanent price change is expected to be associated with informed trading which subs ...
the efficient market hypothesis in developing
... raised for the purposes of industry for both the local and central government (Armstrong, 1957).The market essentially provides a mechanism for garnering capital from savers and channelling it to the system‟s investors such that this becomes a way that the lion‟s share of the economy‟s savings flow ...
... raised for the purposes of industry for both the local and central government (Armstrong, 1957).The market essentially provides a mechanism for garnering capital from savers and channelling it to the system‟s investors such that this becomes a way that the lion‟s share of the economy‟s savings flow ...
What have the Capital Markets ever done for us?
... and sell different assets in the secondary market, and help companies, investors, governments and individuals manage their risk. • Issuers: these are the users of capital. Companies use the capital markets to raise funds to invest in their business that they can’t borrow from banks, to manage their ...
... and sell different assets in the secondary market, and help companies, investors, governments and individuals manage their risk. • Issuers: these are the users of capital. Companies use the capital markets to raise funds to invest in their business that they can’t borrow from banks, to manage their ...
financial deepening in indonesia
... Hong Kong, South Korea, Chile and South Africa. On this basis, we shortlisted 40 initiatives that would need to be executed in Indonesia, which cover not just bond markets, equity markets, Foreign Exchange (FX) markets and money markets, but also overarching initiatives across the legal and tax fiel ...
... Hong Kong, South Korea, Chile and South Africa. On this basis, we shortlisted 40 initiatives that would need to be executed in Indonesia, which cover not just bond markets, equity markets, Foreign Exchange (FX) markets and money markets, but also overarching initiatives across the legal and tax fiel ...
How Quickly Do Markets Learn? Private Information Dissemination
... Our study makes a distinct contribution to the vast literature on information and asset pricing by making usually unobservable private information the subject of empirical tests, complementing the common approaches that rely on transaction and order flow information (for a comprehensive survey, see ...
... Our study makes a distinct contribution to the vast literature on information and asset pricing by making usually unobservable private information the subject of empirical tests, complementing the common approaches that rely on transaction and order flow information (for a comprehensive survey, see ...
Currency Trader
... base. And the partnership is more than just the CME displaying its market data on Reuters terminals, as some in the industry previously thought. The two organizations have agreed to electronically connect their foreign exchange networks: the eFX futures contracts traded on CME’s Globex electronic tr ...
... base. And the partnership is more than just the CME displaying its market data on Reuters terminals, as some in the industry previously thought. The two organizations have agreed to electronically connect their foreign exchange networks: the eFX futures contracts traded on CME’s Globex electronic tr ...
Trading Volume, Price Autocorrelation and Volatility
... and a risky asset. The riskless asset is assumed to have an infinitely elastic supply and the supply of the risky asset is random. Let x1 and x2 denote the random per capita supplies of the risky asset at dates 1 and 2, respectively5 . The interest rate of riskless asset is simplified to be 0 and it ...
... and a risky asset. The riskless asset is assumed to have an infinitely elastic supply and the supply of the risky asset is random. Let x1 and x2 denote the random per capita supplies of the risky asset at dates 1 and 2, respectively5 . The interest rate of riskless asset is simplified to be 0 and it ...
Challenges of Investing in Emerging Capital Markets: Integration vs. Segmentation
... have been growing at roughly triple the rate of developed economies and currently account for around half of total world GDP measured at purchasing-power parity. This paper attempts to shed light on the characteristics of emerging markets with a particular focus on emerging market equities. Aided by ...
... have been growing at roughly triple the rate of developed economies and currently account for around half of total world GDP measured at purchasing-power parity. This paper attempts to shed light on the characteristics of emerging markets with a particular focus on emerging market equities. Aided by ...
An economic and financial exploratory
... payment and the setting of interest rates). Households are supposed to maximize their (homogenous) utility, firms to maximize profits, and the network structures among the agents are considered as being irrelevant. The uncertainty of the future is modelled via the occurrence of random shocks affecting ...
... payment and the setting of interest rates). Households are supposed to maximize their (homogenous) utility, firms to maximize profits, and the network structures among the agents are considered as being irrelevant. The uncertainty of the future is modelled via the occurrence of random shocks affecting ...
document - TradingFloor.com
... The portfolio is rebalanced every month, thus the holding period is dynamic in the sense that a stock will be re-elected to our portfolio if it still is among the 15 most promising stocks based on the combined score. A stock that increases far more in price relative to other value stocks will probab ...
... The portfolio is rebalanced every month, thus the holding period is dynamic in the sense that a stock will be re-elected to our portfolio if it still is among the 15 most promising stocks based on the combined score. A stock that increases far more in price relative to other value stocks will probab ...
Execution Policy of UniCredit Bank Austria AG
... who will, as a rule, also have access to their local stock exchanges. In such cases, Bank shall, however, be subject to the principles of order execution of the financial intermediary in question. Therefore, execution directly on the stock exchange cannot be guaranteed by Bank, which means that Bank ...
... who will, as a rule, also have access to their local stock exchanges. In such cases, Bank shall, however, be subject to the principles of order execution of the financial intermediary in question. Therefore, execution directly on the stock exchange cannot be guaranteed by Bank, which means that Bank ...
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 ...
A Model of Excess Volatility in Large Markets
... out and each trader’s in‡uence on prices (i.e., price impact) will be negligible.1 But on the other hand, it seems natural that coordination e¤ects will be larger when there are many traders. Moreover coordination is more di¢ cult to sustain precisely when many traders interact anonymously. In large ...
... out and each trader’s in‡uence on prices (i.e., price impact) will be negligible.1 But on the other hand, it seems natural that coordination e¤ects will be larger when there are many traders. Moreover coordination is more di¢ cult to sustain precisely when many traders interact anonymously. In large ...
NBER WORKING PAPER SERIES QUANTITATIVE IMPLICATION OF A DEBT-DEFLATION
... When the economy’s debt is “sufficiently high,” an adverse productivity shock of standard magnitude has an effect that it does not have in other states of nature: it triggers margin calls on domestic agents. How high debt needs to be for this to occur is an endogenous outcome of the analysis. If the ...
... When the economy’s debt is “sufficiently high,” an adverse productivity shock of standard magnitude has an effect that it does not have in other states of nature: it triggers margin calls on domestic agents. How high debt needs to be for this to occur is an endogenous outcome of the analysis. If the ...
Understanding Managed Futures
... Understanding short selling Shorting, or short selling, is the practice of selling an asset not currently owned and then repurchasing it at a later date in a process known as covering. If the value of the asset drops in the intervening period, the seller will profit as s/he will be able to buy the a ...
... Understanding short selling Shorting, or short selling, is the practice of selling an asset not currently owned and then repurchasing it at a later date in a process known as covering. If the value of the asset drops in the intervening period, the seller will profit as s/he will be able to buy the a ...
Sharedeal - Danske Bank
... act as agent, through a sub-custodian, broker or market maker and may choose the currency in which the transaction is settled. Clause 2 sets out details of our Order Execution Policy which enables us to act in your best interests when transmitting orders to Danske Bank A/S for execution. We shall ch ...
... act as agent, through a sub-custodian, broker or market maker and may choose the currency in which the transaction is settled. Clause 2 sets out details of our Order Execution Policy which enables us to act in your best interests when transmitting orders to Danske Bank A/S for execution. We shall ch ...
esma_priips_euronext_reply_form_jan_29
... not become a counterparty to the retail investor (or anyone for that matter) committing to any payouts. In reality, regulated markets have no relation at all with the end investor as trading in the products occurs between members of the regulated market, i.e. MiFID licensed investment firms. These f ...
... not become a counterparty to the retail investor (or anyone for that matter) committing to any payouts. In reality, regulated markets have no relation at all with the end investor as trading in the products occurs between members of the regulated market, i.e. MiFID licensed investment firms. These f ...
Medicine Hat-based financial advisor fined $70000 for
... branch of CIBC World Markets Inc., an IIROC-regulated firm. Mr. Kunz is currently a Registered Representative at the Medicine Hat branch of CIBC World Markets Inc., an IIROCregulated firm. ...
... branch of CIBC World Markets Inc., an IIROC-regulated firm. Mr. Kunz is currently a Registered Representative at the Medicine Hat branch of CIBC World Markets Inc., an IIROCregulated firm. ...
stock market extremes - Towneley Capital Management
... In 1994, we commissioned Dr. H. Nejat Seyhun, Professor of Finance and Chairman of the Finance Department at the University of Michigan, to perform a comprehensive study of the effect of daily and monthly market fluctuations on portfolio performance. In measuring the effect of those fluctuations, Dr ...
... In 1994, we commissioned Dr. H. Nejat Seyhun, Professor of Finance and Chairman of the Finance Department at the University of Michigan, to perform a comprehensive study of the effect of daily and monthly market fluctuations on portfolio performance. In measuring the effect of those fluctuations, Dr ...
Are Directors Dealings Informative?
... In the past decade, the use of directors’ dealings reports in stock analysis has become common practice among financial professionals. The rationale behind it is that substantial information asymmetries exist between company insiders and outside investors.1 Since insiders are involved in the day-to ...
... In the past decade, the use of directors’ dealings reports in stock analysis has become common practice among financial professionals. The rationale behind it is that substantial information asymmetries exist between company insiders and outside investors.1 Since insiders are involved in the day-to ...
documento de trabajo 99-05
... simple technical trading rule profits cannot be explained away by the popular statistical models of stock index returns. Levich and Thomas (1993) use the same bootstrap simulation technique to provide evidence on the profitability and statistical significance of technical trading rules in the foreig ...
... simple technical trading rule profits cannot be explained away by the popular statistical models of stock index returns. Levich and Thomas (1993) use the same bootstrap simulation technique to provide evidence on the profitability and statistical significance of technical trading rules in the foreig ...
stock market transactions
... When investors place an order, they may consider purchasing the stock on margin; in that case, they use cash along with funds borrowed from their broker to make the purchase. The Federal Reserve imposes margin requirements, which represent the minimum proportion of funds that must be covered with ca ...
... When investors place an order, they may consider purchasing the stock on margin; in that case, they use cash along with funds borrowed from their broker to make the purchase. The Federal Reserve imposes margin requirements, which represent the minimum proportion of funds that must be covered with ca ...
The Stock Trader
... would never want to be a stockbroker. But at the time, I thought it was the most prestigious job in the world. Why? Because I thought that a stockbroker was the closest person to the stock market. I had no idea back then that a stockbroker was really a salesmen - or that technology would afford me t ...
... would never want to be a stockbroker. But at the time, I thought it was the most prestigious job in the world. Why? Because I thought that a stockbroker was the closest person to the stock market. I had no idea back then that a stockbroker was really a salesmen - or that technology would afford me t ...
Trading room
A trading room gathers traders operating on financial markets. The trading room is also often called the front office. The terms ""dealing room"" and ""trading floor"" are also used, the latter being inspired from that of an open outcry stock exchange. As open outcry is gradually replaced by electronic trading, the trading room gets the only living place that is emblematic of the financial market. It is also the likeliest place within the financial institution where the most recent technologies are implemented before being disseminated in its other businesses.