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International Stock Market Efficiency: A Non-Bayesian Time
... that a boom in one country’s stock market could be accompanied by a boom in another country’s stock market, while a drop in equity prices occurs simultaneously in many countries’ stock markets? Recent technological progress in the financial sector has enabled information and funds to be rapidly tran ...
... that a boom in one country’s stock market could be accompanied by a boom in another country’s stock market, while a drop in equity prices occurs simultaneously in many countries’ stock markets? Recent technological progress in the financial sector has enabled information and funds to be rapidly tran ...
Efficient Price Discovery in Stock Index Cash and Futures Markets
... prices nor the price discovery process. A more satisfactory specification may be built on the observation that these two characteristics are linked to two particular forms of the cointegration property of futures and cash prices, the error correction form (hereafter, ECM) and the common trend form. ...
... prices nor the price discovery process. A more satisfactory specification may be built on the observation that these two characteristics are linked to two particular forms of the cointegration property of futures and cash prices, the error correction form (hereafter, ECM) and the common trend form. ...
Financial Market Anomalies - Wharton Finance Department
... NYSE stocks identified as the biggest losers (winners) over a period of 3 to 5 years earn, on average, the highest (lowest) market-adjusted returns over a subsequent holding period of the same length of time, a phenomenon that does not seem to disappear when returns are adjusted for size and beta ri ...
... NYSE stocks identified as the biggest losers (winners) over a period of 3 to 5 years earn, on average, the highest (lowest) market-adjusted returns over a subsequent holding period of the same length of time, a phenomenon that does not seem to disappear when returns are adjusted for size and beta ri ...
evolution of stock markets and role of stock exchange
... of these markets are closed to foreign investors, but after 1994 these markets have progressively opened to the international investors. In the early 1990s, due to a wave of Liberalization, countries falling under Eastern Europe such as Hungary and Poland opened their market to attract foreign inves ...
... of these markets are closed to foreign investors, but after 1994 these markets have progressively opened to the international investors. In the early 1990s, due to a wave of Liberalization, countries falling under Eastern Europe such as Hungary and Poland opened their market to attract foreign inves ...
Momentum-Value in Options
... Option contracts provide substantial market exposure to the underlying asset, (1) without using leverage and (2) with loss limited to the option premium paid. Investors, facing leverage and/or valueat-risk constraints, might be willing to pay a premium for these benefits, therefore bidding up impli ...
... Option contracts provide substantial market exposure to the underlying asset, (1) without using leverage and (2) with loss limited to the option premium paid. Investors, facing leverage and/or valueat-risk constraints, might be willing to pay a premium for these benefits, therefore bidding up impli ...
The impact of the Credit Crunch on the Sterling Corporate Bond
... invest proceeds, replace redeemed bonds, and pay out cash to the fund’s investors). While there is an element of speculative trading by these institutional investors, this does not represent their major investment objective. Generally bond markets remain as intermediated markets in contrast to equit ...
... invest proceeds, replace redeemed bonds, and pay out cash to the fund’s investors). While there is an element of speculative trading by these institutional investors, this does not represent their major investment objective. Generally bond markets remain as intermediated markets in contrast to equit ...
Can the CFTC and SEC Work Together to Prevent Another Madoff?
... investor redemption demands.11 Allan Horwich, a senior lecturer of securities litigation at Northwestern University Law School, says Madoff was able to keep his scheme going for so long by paying promised returns.12 “By meeting the demands of insistent investors, Madoff was able to deflect any suspi ...
... investor redemption demands.11 Allan Horwich, a senior lecturer of securities litigation at Northwestern University Law School, says Madoff was able to keep his scheme going for so long by paying promised returns.12 “By meeting the demands of insistent investors, Madoff was able to deflect any suspi ...
Slide 1
... Index), Global Real Estate (S&P Global ex US REIT Index), International Developed Large, Small, and Value (MSCI World ex USA, ex USA Small, and ex USA Value Indexes [net div.]), Emerging Markets Large, Small, and Value (MSCI Emerging Markets, Emerging Markets Small, and Emerging Markets Value Indexe ...
... Index), Global Real Estate (S&P Global ex US REIT Index), International Developed Large, Small, and Value (MSCI World ex USA, ex USA Small, and ex USA Value Indexes [net div.]), Emerging Markets Large, Small, and Value (MSCI Emerging Markets, Emerging Markets Small, and Emerging Markets Value Indexe ...
TRADING VOLUME TREND AS THE INVESTOR`S SENTIMENT
... of investors to trade. It is a better sentiment measure than the level of trading volume for the following reasons: First, it reflects the movement of overconfident investors on the market in the framework of Baker and Stein (2004). Second, the sentiment literature suggests that the formation of inv ...
... of investors to trade. It is a better sentiment measure than the level of trading volume for the following reasons: First, it reflects the movement of overconfident investors on the market in the framework of Baker and Stein (2004). Second, the sentiment literature suggests that the formation of inv ...
Lincoln Financial Securities Corporation (LFS) Brokerage
... The Brokerage Trading/Execution Fees listed above will apply for Mutual Funds unless otherwise specified. In lieu of charges on individual transactions, certain CWA investment programs will assess a flat or asset-based custody and execution charges that are bundled into the total program fee. The to ...
... The Brokerage Trading/Execution Fees listed above will apply for Mutual Funds unless otherwise specified. In lieu of charges on individual transactions, certain CWA investment programs will assess a flat or asset-based custody and execution charges that are bundled into the total program fee. The to ...
designated market makers - The New York Stock Exchange
... • DMMs are core liquidity providers – DMMs are dedicated market makers that provide liquidity in a given NYSE or NYSE MKT security by assuming risk and displaying quotes in the exchange limit order book. In 2015, DMMs accounted for about 12% of liquidity adding volume in NYSE-listed securities, on ...
... • DMMs are core liquidity providers – DMMs are dedicated market makers that provide liquidity in a given NYSE or NYSE MKT security by assuming risk and displaying quotes in the exchange limit order book. In 2015, DMMs accounted for about 12% of liquidity adding volume in NYSE-listed securities, on ...
Recommendations
... The investment bank must have guidelines specifying when employees outside Corporate Finance and Debt Capital may be involved in actual corporate finance and debt capital activities. Moreover, the investment bank must have guidelines specifying how employees should act if they obtain inside informat ...
... The investment bank must have guidelines specifying when employees outside Corporate Finance and Debt Capital may be involved in actual corporate finance and debt capital activities. Moreover, the investment bank must have guidelines specifying how employees should act if they obtain inside informat ...
Regulator Use of Market Data to Improve the Identification of Bank
... banks and that higher costs should be justified by higher benefits, such as a comparable reduction in the expected cost of failure. Regulators have a responsibility to balance the need to limit the expected cost of failure against the need to minimize oversight costs, especially for well-run institu ...
... banks and that higher costs should be justified by higher benefits, such as a comparable reduction in the expected cost of failure. Regulators have a responsibility to balance the need to limit the expected cost of failure against the need to minimize oversight costs, especially for well-run institu ...
frequently asked questions (faqs)
... bonds guidelines have been issued on June 12, 2015 by RBI and SEBI: Option-A: A GoI security of face value Rs. 100 with semi-annual coupon with residual maturity between 4 and 8 years for 5 year tenor bucket, 8 and 11 years for 10 year tenor bucket and 11 and 15 years for 15 year tenor bucket as o ...
... bonds guidelines have been issued on June 12, 2015 by RBI and SEBI: Option-A: A GoI security of face value Rs. 100 with semi-annual coupon with residual maturity between 4 and 8 years for 5 year tenor bucket, 8 and 11 years for 10 year tenor bucket and 11 and 15 years for 15 year tenor bucket as o ...
List of KASE internal documents and amendments to KASE internal
... with the term before maturity over 1,460 days were defined based on the data of auctions on offering and/or additional offering of such GS, which did not allow considering the secondary market structure at their valuation, and led to overestimation or underestimation of some securities of this type; ...
... with the term before maturity over 1,460 days were defined based on the data of auctions on offering and/or additional offering of such GS, which did not allow considering the secondary market structure at their valuation, and led to overestimation or underestimation of some securities of this type; ...
Catching falling knives: speculating on market overreaction
... Market participants have invested a lot in the acquisition of information over the past decades, using in particular the new tools offered by computerization. There is widespread agreement that markets have become more efficient as a result, in the sense that it has become more difficult to forecast ...
... Market participants have invested a lot in the acquisition of information over the past decades, using in particular the new tools offered by computerization. There is widespread agreement that markets have become more efficient as a result, in the sense that it has become more difficult to forecast ...
International Derivatives Brochure
... SSFs are traded on an exchange, in South Africa’s case, the JSE. They are standardised contracts with set specifications regarding size, expiry dates and tick movement (the minimum upward or downward movement in the price of a security). Investors are required to pay an initial margin (‘good faith’ ...
... SSFs are traded on an exchange, in South Africa’s case, the JSE. They are standardised contracts with set specifications regarding size, expiry dates and tick movement (the minimum upward or downward movement in the price of a security). Investors are required to pay an initial margin (‘good faith’ ...
(vcm) in the derivatives market
... (excluding prices of combo vs. combo trades, tailor-made combination trades and block trades), and this being a dynamic price, captures both the magnitude and speed of price changes of individual VCM Exchange Contracts. The VCM Monitoring Period starts at 9:30am for the derivatives market. The first ...
... (excluding prices of combo vs. combo trades, tailor-made combination trades and block trades), and this being a dynamic price, captures both the magnitude and speed of price changes of individual VCM Exchange Contracts. The VCM Monitoring Period starts at 9:30am for the derivatives market. The first ...
RBC Dain Rauscher Inc
... of exchange seats on the NYSE were offered shares of NYX stock and/or cash for each seat they owned. DRI elected the “all stock” option and received 169,398 shares of NYX. The company is restricted from selling these shares for up to three years. The shares were recorded at the estimated fair market ...
... of exchange seats on the NYSE were offered shares of NYX stock and/or cash for each seat they owned. DRI elected the “all stock” option and received 169,398 shares of NYX. The company is restricted from selling these shares for up to three years. The shares were recorded at the estimated fair market ...
Using Prediction Markets to Track Information Flows
... the answer turns out to be correct (and zero otherwise). Trade is conducted via a continuous double auction in each security. As on the IEM, short selling is not allowed; traders can instead exchange a Gooble for a complete set of securities and then sell the ones they choose. Likewise, they can ...
... the answer turns out to be correct (and zero otherwise). Trade is conducted via a continuous double auction in each security. As on the IEM, short selling is not allowed; traders can instead exchange a Gooble for a complete set of securities and then sell the ones they choose. Likewise, they can ...
What pieces of limit order book information are informative?
... Illiquid or infrequently traded stocks are negotiated through an auction-based trading system called Fixing. ...
... Illiquid or infrequently traded stocks are negotiated through an auction-based trading system called Fixing. ...
2.07 Clearing Rules Cash Market
... (1) Every exchange member that takes part in trading on the cash market of the Vienna Stock Exchange in its function as security exchange or in trading in the Third Market operated as a multilateral trading facility (MTF) by the exchange operating company and concludes trades through the electronic ...
... (1) Every exchange member that takes part in trading on the cash market of the Vienna Stock Exchange in its function as security exchange or in trading in the Third Market operated as a multilateral trading facility (MTF) by the exchange operating company and concludes trades through the electronic ...
Weak-form Market Efficiency of Shanghai Stock Exchange: An
... stock markets has received more attention. Harvey (1995) concludes that developed markets are more efficient than emerging markets and investors’ portfolios can obtain higher returns and lower risks in emerging markets. It is crucial for an investor to identify whether the market is efficient or not ...
... stock markets has received more attention. Harvey (1995) concludes that developed markets are more efficient than emerging markets and investors’ portfolios can obtain higher returns and lower risks in emerging markets. It is crucial for an investor to identify whether the market is efficient or not ...
IIIS Discussion Paper No. 304
... assets. The price of financial assets (e.g. share price) can be regarded as a comprehensive reflection of decisions made by investors. Hence, if investors from different countries share much common in behavioral habits and attitudes towards investing, it is likely that this similarity will result i ...
... assets. The price of financial assets (e.g. share price) can be regarded as a comprehensive reflection of decisions made by investors. Hence, if investors from different countries share much common in behavioral habits and attitudes towards investing, it is likely that this similarity will result i ...
Source Bloomberg Commodity Ex
... Counterparty risk: Through the Fund, investors are exposed to counterparty risk resulting from the use of derivatives to provide exposure to the index. In line with UCITS guidelines and Source policies, the exposure to any derivative counterparty is tightly controlled but the default of a derivative ...
... Counterparty risk: Through the Fund, investors are exposed to counterparty risk resulting from the use of derivatives to provide exposure to the index. In line with UCITS guidelines and Source policies, the exposure to any derivative counterparty is tightly controlled but the default of a derivative ...
Trading room
![](https://commons.wikimedia.org/wiki/Special:FilePath/RVS_Handelsraum.jpg?width=300)
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.