Chapter 2 Securities Markets and Transactions
... Secondary markets • The secondary markets or the aftermarket, is the market in which securities are traded after they have been issued. Unlike the primary market, secondary market transactions don’t involve the corporation that issued the securities • The secondary market permits an investor to sel ...
... Secondary markets • The secondary markets or the aftermarket, is the market in which securities are traded after they have been issued. Unlike the primary market, secondary market transactions don’t involve the corporation that issued the securities • The secondary market permits an investor to sel ...
Twitter Volume Spikes: Analysis and Application in Stock Trading
... We expect that the number of tweets concerning a stock increases sharply when people show particular interests in the stock. One such occasion is company earnings dates, when a company releases earnings reports to inform public their performance during the past time period (most companies release an ...
... We expect that the number of tweets concerning a stock increases sharply when people show particular interests in the stock. One such occasion is company earnings dates, when a company releases earnings reports to inform public their performance during the past time period (most companies release an ...
Maker-Taker Pricing Effects on Market Quotations
... for stocks often trading at one-tick spreads. These results are important to practitioners, regulators, and academics. Practitioners are interested because access fees and liquidity rebates are often large components of overall transaction costs, especially for small trades in low price stocks. For ...
... for stocks often trading at one-tick spreads. These results are important to practitioners, regulators, and academics. Practitioners are interested because access fees and liquidity rebates are often large components of overall transaction costs, especially for small trades in low price stocks. For ...
Candlestick Patterns
... The length of the shadow should not be excessively long, especially when viewed at the end of a bullish trend. ...
... The length of the shadow should not be excessively long, especially when viewed at the end of a bullish trend. ...
A Model of Excess Volatility in Large Markets
... Excess volatility –price movements not easily explained by changes in fundamentals –seems prevalent in modern stock markets (West 1988, Shiller 2003, 2014). Moreover, extreme episodes of excess volatility, such as bubbles and crises, are observed even in markets with a very large number of traders. ...
... Excess volatility –price movements not easily explained by changes in fundamentals –seems prevalent in modern stock markets (West 1988, Shiller 2003, 2014). Moreover, extreme episodes of excess volatility, such as bubbles and crises, are observed even in markets with a very large number of traders. ...
How are stock prices a!ected by the location of trade?
... The classical "nance paradigm predicts that an asset's price is una!ected by its location of trade. If international "nancial markets are perfectly integrated, then a given set of risky cash #ows has the same value and risk characteristics when its trade is redistributed across markets and investors ...
... The classical "nance paradigm predicts that an asset's price is una!ected by its location of trade. If international "nancial markets are perfectly integrated, then a given set of risky cash #ows has the same value and risk characteristics when its trade is redistributed across markets and investors ...
Longshots, Overconfidence and Efficiency on the Iowa Electronic Market
... models in predicting payoffs, then the markets are not efficient. These features make using the IEM well suited for studying the longshot and overconfidence biases because of similarities between IEM contracts and racetrack bets. In addition, many structural features of the IEM more closely resemble ...
... models in predicting payoffs, then the markets are not efficient. These features make using the IEM well suited for studying the longshot and overconfidence biases because of similarities between IEM contracts and racetrack bets. In addition, many structural features of the IEM more closely resemble ...
Issues in assessing trade execution costs
... assessing the reasons for their systematic variation is important to individual investors, portfolio managers, those evaluating brokerage firm or financial market performance, and corporate managers considering where to list their shares. Interest in measuring trading costs appears to have increased i ...
... assessing the reasons for their systematic variation is important to individual investors, portfolio managers, those evaluating brokerage firm or financial market performance, and corporate managers considering where to list their shares. Interest in measuring trading costs appears to have increased i ...
Volume and Liquidity After Cross
... distribution of trading and in adjustment towards equilibrium. To guide the analysis, we review the possible reasons why foreign investors may wish to trade shares of cross-listed companies. Since trading can arise either from non-informational motives (such as risk diversification) or from the info ...
... distribution of trading and in adjustment towards equilibrium. To guide the analysis, we review the possible reasons why foreign investors may wish to trade shares of cross-listed companies. Since trading can arise either from non-informational motives (such as risk diversification) or from the info ...
Agenda: Business Overview NYSE / Euronext Merger Market
... Group, Inc. (“NYSE Group”) cautions readers that any forward-looking information is not a guarantee of future performance and that actual results could differ materially from those contained in the forward-looking information. Such forward-looking statements include, but are not limited to, statemen ...
... Group, Inc. (“NYSE Group”) cautions readers that any forward-looking information is not a guarantee of future performance and that actual results could differ materially from those contained in the forward-looking information. Such forward-looking statements include, but are not limited to, statemen ...
Internationalization of Stock Markets: Potential Problems for United
... shareholders when the corporations in which they own stock list and offer equity securities on stock exchanges in foreign countries. In some ways, the Comment is in search of a question. It must be noted at the outset that no case law and very little commentary currently exist on this topic.' Conseq ...
... shareholders when the corporations in which they own stock list and offer equity securities on stock exchanges in foreign countries. In some ways, the Comment is in search of a question. It must be noted at the outset that no case law and very little commentary currently exist on this topic.' Conseq ...
Using Prediction Markets to Track Information Flows
... period (in the US, approximately once every 90 days), and we are able to use these office moves to show that our results are not simply the result of like‐minded individuals being seated together. Other forms of proximity mattered too. Google employees who had worked concurrently on the same pro ...
... period (in the US, approximately once every 90 days), and we are able to use these office moves to show that our results are not simply the result of like‐minded individuals being seated together. Other forms of proximity mattered too. Google employees who had worked concurrently on the same pro ...
Circular 2018/2 Duty to report securities transactions Duty to
... both when executed via a trading venue and when definitively allocated to clients. A direct placement to the client without booking to the nostro account requires only one report. The report on interal client allocations must be submitted before the close of trading on the following trading day at t ...
... both when executed via a trading venue and when definitively allocated to clients. A direct placement to the client without booking to the nostro account requires only one report. The report on interal client allocations must be submitted before the close of trading on the following trading day at t ...
Chapter 10 Some Lessons from Capital Market History Chapter
... • Efficient markets do not mean that you can’t make money • They do mean that, on average, you will earn a return that is appropriate for the risk undertaken, and there is not a bias in prices that can be exploited to earn excess returns • Market efficiency will not protect you from wrong choices if ...
... • Efficient markets do not mean that you can’t make money • They do mean that, on average, you will earn a return that is appropriate for the risk undertaken, and there is not a bias in prices that can be exploited to earn excess returns • Market efficiency will not protect you from wrong choices if ...
Locals, foreigners, and multi-market trading of equities: Intraday
... order. Specifically, we know whether each order is associated with a foreigner (almost certainly an institution), a Thai institution, a member of the stock exchange, or a Thai individual. Locals may benefit from better access to information about local companies, while foreign institutional investors ...
... order. Specifically, we know whether each order is associated with a foreigner (almost certainly an institution), a Thai institution, a member of the stock exchange, or a Thai individual. Locals may benefit from better access to information about local companies, while foreign institutional investors ...
The Treasury Bill Futures Market and Market Expectations of Interest
... for a particular commodity is utilized by market participants when determining the price at which they are willing to buy or sell futures contracts, If a trader projects that a commodity’s price will be different in the future than at the present time, he will buy or sell contracts for delivery of t ...
... for a particular commodity is utilized by market participants when determining the price at which they are willing to buy or sell futures contracts, If a trader projects that a commodity’s price will be different in the future than at the present time, he will buy or sell contracts for delivery of t ...
Longshots, Overconfidence and Efficiency on the Iowa Electronic Market
... date. Thus, prices can be compared to objective estimates of payoff probabilities (from multinomial logit models) to determine whether biases exist. At a given point in time, prices should be sufficient statistics for estimating payoff probabilities. This makes testing for efficiency simple. If addi ...
... date. Thus, prices can be compared to objective estimates of payoff probabilities (from multinomial logit models) to determine whether biases exist. At a given point in time, prices should be sufficient statistics for estimating payoff probabilities. This makes testing for efficiency simple. If addi ...
Strategic Challenges Facing HKEx
... Build liquidity for the products meeting the needs of our brokers and their clients ...
... Build liquidity for the products meeting the needs of our brokers and their clients ...
Procedure for Submission of Information and Reports to Closed
... 4.6. Information and reports shall be deemed submitted on a day on which they are received by the exchange provided that such information and reports meet requirements for their composition, form and format stated herein. 4.7. If there are no comments to the Registration Card and reports submitted ...
... 4.6. Information and reports shall be deemed submitted on a day on which they are received by the exchange provided that such information and reports meet requirements for their composition, form and format stated herein. 4.7. If there are no comments to the Registration Card and reports submitted ...
The Futures Market
... disadvantages of futures trading? B. Another market—the stock market—is a centralized market. However, it is completely different from the futures and cash markets. Futures markets trade contracts on commodities and financial products. • Stock markets are markets that trade shares of ownership in pu ...
... disadvantages of futures trading? B. Another market—the stock market—is a centralized market. However, it is completely different from the futures and cash markets. Futures markets trade contracts on commodities and financial products. • Stock markets are markets that trade shares of ownership in pu ...
Electronic Market-Makers: Empirical Comparison
... beliefs about the true value of the stock, and then it sets buy/ask prices based on these beliefs. The market-maker maintains a probability density estimate over the true price of the stock. There are two key steps involved in the market-making algorithm. The first is the computation of bid and ask ...
... beliefs about the true value of the stock, and then it sets buy/ask prices based on these beliefs. The market-maker maintains a probability density estimate over the true price of the stock. There are two key steps involved in the market-making algorithm. The first is the computation of bid and ask ...
An Empirical Analysis of the Limit Order Book and the Order
... order placement such as liquidity, priority, and information effects. To illustrate our results, we also present plots of bid and ask quotes and trades for a single stock on a given day. Our methods and substantive insights may be useful in studying a variety of alternative market structures. Becaus ...
... order placement such as liquidity, priority, and information effects. To illustrate our results, we also present plots of bid and ask quotes and trades for a single stock on a given day. Our methods and substantive insights may be useful in studying a variety of alternative market structures. Becaus ...
Chp 10 Slides File
... 6. Abuses in the IPO Market a. Spinning - occurs when the underwriter allocates shares from an IPO to corporate executives who may be considering an IPO or to another business that will require the help of a securities firm. b. Laddering - brokers encourage investors to place first-day bids for the ...
... 6. Abuses in the IPO Market a. Spinning - occurs when the underwriter allocates shares from an IPO to corporate executives who may be considering an IPO or to another business that will require the help of a securities firm. b. Laddering - brokers encourage investors to place first-day bids for the ...
What`s New - Global Financial Data
... financial assets. In real terms, between May 1918 and November 1922, German shares declined by 97%, a collapse even worse than that which occurred in the United States between 1929 and 1932. Even with a tenfold recovery between 1922 and 1929, the German stock index was still 29.6% below its level in ...
... financial assets. In real terms, between May 1918 and November 1922, German shares declined by 97%, a collapse even worse than that which occurred in the United States between 1929 and 1932. Even with a tenfold recovery between 1922 and 1929, the German stock index was still 29.6% below its level in ...