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... Chakrabarty and Chaudhuri (2001:9) found that even if credit allocation in the rural sector is at a subsidized rate, the benefit of the subsidy is extracted by moneylenders. Cooperatives, whether formed exclusively for credit, agricultural or marketing purposes, also intervene in facilitating access ...
... Chakrabarty and Chaudhuri (2001:9) found that even if credit allocation in the rural sector is at a subsidized rate, the benefit of the subsidy is extracted by moneylenders. Cooperatives, whether formed exclusively for credit, agricultural or marketing purposes, also intervene in facilitating access ...
Derivatives and Volatility on Indian Stock Markets
... (namely Dax index) on which derivative products are not introduced. This study shows that unlike the findings by Antoniou and Holmes (1995) for the London Stock Exchange (LSE), the introduction of index future, per se, has actually reduced the stock price volatility. Bologna and Covalla also found t ...
... (namely Dax index) on which derivative products are not introduced. This study shows that unlike the findings by Antoniou and Holmes (1995) for the London Stock Exchange (LSE), the introduction of index future, per se, has actually reduced the stock price volatility. Bologna and Covalla also found t ...
Derivatives Trading and Its Impact on the Volatility of NSE, India
... Derivatives trading in the stock market have been a subject of enthusiasm of research in the field of finance the most desired instruments that allow market participants to manage risk in the modern securities trading are known as derivatives. The derivatives are defined as the future contracts whos ...
... Derivatives trading in the stock market have been a subject of enthusiasm of research in the field of finance the most desired instruments that allow market participants to manage risk in the modern securities trading are known as derivatives. The derivatives are defined as the future contracts whos ...
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... trading in these characteristically low volume periods that also include the added risk of becoming involved in the delivery process. Trading in the March contract is analyzed during January and March (the expiration month). The May contract has one observation period-the expiration month. May is al ...
... trading in these characteristically low volume periods that also include the added risk of becoming involved in the delivery process. Trading in the March contract is analyzed during January and March (the expiration month). The May contract has one observation period-the expiration month. May is al ...
Trading and Returns under Periodic Market Closures
... investors hold on to their closing positions from the previous trading period despite their desire to trade as new information arrives. Consequently, investors optimally adjust their trading strategies during the trading period (in anticipation of and following market closures), which gives rise to ...
... investors hold on to their closing positions from the previous trading period despite their desire to trade as new information arrives. Consequently, investors optimally adjust their trading strategies during the trading period (in anticipation of and following market closures), which gives rise to ...
Using Markets to Inform Policy: The Case of the Iraq War
... border on March 19, the June Saddam traded at 95, suggesting that traders placed a 5 percent probability on Saddam holding out. For simplicity, we do not make the small adjustment implied by this probability.9 Saddam Securities trade on Tradesports.com, an on-line betting exchange.10 Tradesports is ...
... border on March 19, the June Saddam traded at 95, suggesting that traders placed a 5 percent probability on Saddam holding out. For simplicity, we do not make the small adjustment implied by this probability.9 Saddam Securities trade on Tradesports.com, an on-line betting exchange.10 Tradesports is ...
Towards a General Theory of the Stock Market
... to be something that the proponents of the EMH have effectively challenged. (3) Bubbles in share prices sometimes occur. A ‘bubble’ occurs when a share price is above its fundamental value, but rises in price since it is bought by agents who expect to resell it at a yet higher price. So equations (1 ...
... to be something that the proponents of the EMH have effectively challenged. (3) Bubbles in share prices sometimes occur. A ‘bubble’ occurs when a share price is above its fundamental value, but rises in price since it is bought by agents who expect to resell it at a yet higher price. So equations (1 ...
The impact of dark trading and visible fragmentation on market quality
... Finally, our paper is related to the literature on algorithmic trading,6 i.e. the use of computer programs to manage and execute trades in electronic limit order books. Algorithmic trading has strongly increased over time, and has drastically affected the trading environment (Hendershott and Riordan ...
... Finally, our paper is related to the literature on algorithmic trading,6 i.e. the use of computer programs to manage and execute trades in electronic limit order books. Algorithmic trading has strongly increased over time, and has drastically affected the trading environment (Hendershott and Riordan ...
markets work in war
... The analysis of break points undertaken here does not identify historical facts, but rather the acquisition and assessment of information relevant for bondholders. Wartime events are evaluated with respect to what the likelihood is that they affect the probability of having the government bonds corr ...
... The analysis of break points undertaken here does not identify historical facts, but rather the acquisition and assessment of information relevant for bondholders. Wartime events are evaluated with respect to what the likelihood is that they affect the probability of having the government bonds corr ...
Measuring and Modeling Execution Cost and Risk
... however, are disconnected from transaction costs faced in practice since they neglect any notion of risk. Specifically, a buy order could be filled by submitting a market order and paying a price near the ask. Alternatively, the order could be submitted as a limit order and either execute at a bette ...
... however, are disconnected from transaction costs faced in practice since they neglect any notion of risk. Specifically, a buy order could be filled by submitting a market order and paying a price near the ask. Alternatively, the order could be submitted as a limit order and either execute at a bette ...
Before The - Maryland Public Service Commission
... to hedge the value of gas storage inventory to provide new services and pricing alternatives to its customers ...
... to hedge the value of gas storage inventory to provide new services and pricing alternatives to its customers ...
High frequency trading: assessing the impact on market
... that hit US equities markets on 6 May 2010, wiping 650 points off the Dow in half an hour, has been in part attributed to practices of high-frequency traders. 3 While regulators make use of formal consultation processes to help them make decisions about whether to authorise a given market design cha ...
... that hit US equities markets on 6 May 2010, wiping 650 points off the Dow in half an hour, has been in part attributed to practices of high-frequency traders. 3 While regulators make use of formal consultation processes to help them make decisions about whether to authorise a given market design cha ...
Market E¢ciency and Price Formation when Dealers are Asymmetrically Informed ¤ R. Calcagno
... quotes makes di¢cult for the informed dealer to exploit his advantage without revealing it, but it makes easier for him to in‡uence uninformed agents. What is the net e¤ect on the informational e¢ciency of the market? How can a market maker with exclusive private information optimally exploit his in ...
... quotes makes di¢cult for the informed dealer to exploit his advantage without revealing it, but it makes easier for him to in‡uence uninformed agents. What is the net e¤ect on the informational e¢ciency of the market? How can a market maker with exclusive private information optimally exploit his in ...
Eighths, sixteenths, and market depth: changes in tick
... cause su$cient changes in the cumulative depth to increase costs for larger orders while still reducing costs for smaller ones. As Lee et al. (1993) note, any study of liquidity provision must examine the changes in both prices and depths. Moreover, Harris (1994) notes that to address properly wheth ...
... cause su$cient changes in the cumulative depth to increase costs for larger orders while still reducing costs for smaller ones. As Lee et al. (1993) note, any study of liquidity provision must examine the changes in both prices and depths. Moreover, Harris (1994) notes that to address properly wheth ...
Trading Rules and Practices
... the change in taxation differences of ordinary income and capital gains. They conclude that the effects are more likely to be a short-term trading effect than a tax clientele effect. Booth and Johnston (1984) extend the work of Lakonishok and Vermaelen (1983) and investigate the ex-dividend day beha ...
... the change in taxation differences of ordinary income and capital gains. They conclude that the effects are more likely to be a short-term trading effect than a tax clientele effect. Booth and Johnston (1984) extend the work of Lakonishok and Vermaelen (1983) and investigate the ex-dividend day beha ...
NASDAQ Composite Index® Methodology
... The NASDAQ Composite Index is a market capitalization-weighted index. The value of the Index equals the aggregate value of the Index share weights, also known as the Index Shares, of each of the Index Securities multiplied by each such security’s Last Sale Price 1, and divided by the divisor of the ...
... The NASDAQ Composite Index is a market capitalization-weighted index. The value of the Index equals the aggregate value of the Index share weights, also known as the Index Shares, of each of the Index Securities multiplied by each such security’s Last Sale Price 1, and divided by the divisor of the ...
The IOSCO Transparency Principle and Modelling the Bid
... begun to investigate the formation of a new market regime. This report investigates the current market liquidity and transparency for South African Government bonds. Based on the results of this investigation, the impact of changes to the current market regime is then discussed. The investigation wa ...
... begun to investigate the formation of a new market regime. This report investigates the current market liquidity and transparency for South African Government bonds. Based on the results of this investigation, the impact of changes to the current market regime is then discussed. The investigation wa ...
learning and evolution of trading strategies in limit order markets
... informed traders. Due to an information acquisition cost, traders choose buy or sell and order type by a trade-off among the information cost, private value, the expected order profit (the difference between expected transaction price and fundamental value), and pick-off risk. Hence trading strategi ...
... informed traders. Due to an information acquisition cost, traders choose buy or sell and order type by a trade-off among the information cost, private value, the expected order profit (the difference between expected transaction price and fundamental value), and pick-off risk. Hence trading strategi ...
Liquidity Risk and Asset Pricing
... possibility that liquidity might disappear from a market, and so not be available when it is needed, is a big source of risk to an investor. The ...
... possibility that liquidity might disappear from a market, and so not be available when it is needed, is a big source of risk to an investor. The ...
Bubbles
... problem. That is, as time t increases, the regressor explodes and the coefficient estimate relies primarily on the most recent data points. More precisely, the ratio of the information content of the most recent data point to the information content of all previous observations never goes to zero. T ...
... problem. That is, as time t increases, the regressor explodes and the coefficient estimate relies primarily on the most recent data points. More precisely, the ratio of the information content of the most recent data point to the information content of all previous observations never goes to zero. T ...
primary dealership in ghana
... engage in Repurchase Agreements in G-Secs with a Dealer. Dealer - An entity that stands ready and willing to buy a security for its own account (at its bid price) or sell from its own account (at its ask price). A firm acting as a principal in a securities transaction. Dutch Auction - An auction in ...
... engage in Repurchase Agreements in G-Secs with a Dealer. Dealer - An entity that stands ready and willing to buy a security for its own account (at its bid price) or sell from its own account (at its ask price). A firm acting as a principal in a securities transaction. Dutch Auction - An auction in ...
Prestigious Stock Exchanges - Federal Reserve Bank of New York
... understanding of global equity activity and allows for a superior assessment of the relative importance of the population of stock exchanges. Now, it is clear that in circumstances where most of the cross-listing flows are directed to just one stock exchange location, the statistics contained in th ...
... understanding of global equity activity and allows for a superior assessment of the relative importance of the population of stock exchanges. Now, it is clear that in circumstances where most of the cross-listing flows are directed to just one stock exchange location, the statistics contained in th ...
Why Has Swedish Stock Market Volatility Increased?
... where f is the log-likelihood function, rt is the vector of excess returns at time t and Φ is the vector of parameters to estimate. If the model is correctly specified, each element of h(t), is uncorrelated with all information in t-1. In particular, it should be uncorrelated with previous values of ...
... where f is the log-likelihood function, rt is the vector of excess returns at time t and Φ is the vector of parameters to estimate. If the model is correctly specified, each element of h(t), is uncorrelated with all information in t-1. In particular, it should be uncorrelated with previous values of ...
does anonymity matter in electronic limit order markets?1
... where traders can either post quotes (submit limit orders) or hit posted quotes (submit market orders). This development has spurred considerable interest in understanding the trading process in these markets. Although significant progress has been achieved, there are still many unresolved questions ...
... where traders can either post quotes (submit limit orders) or hit posted quotes (submit market orders). This development has spurred considerable interest in understanding the trading process in these markets. Although significant progress has been achieved, there are still many unresolved questions ...