Download or read book Essays on equity prices and market structures written by Juan Wu and published by . This book was released on 2007 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Essays on Financial Market Structure and Design written by Mr. Haoxiang Zhu and published by . This book was released on 2012 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: In this doctoral dissertation, I study financial market structure and design, namely how institutional features of financial markets affect price discovery, liquidity, search behavior, efficiency, and welfare. This dissertation consists of three chapters. The first chapter studies dark pools and price discovery. Dark pools are equity trading systems that do not publicly display orders. Orders in dark pools are matched within the exchange bid-ask spread without a guarantee of execution. Because informed traders tend to have common information regarding the asset value, they are more likely to cluster on the heavy side of the market and therefore face a lower execution probability in the dark pool, relative to uninformed traders. Consequently, exchanges are more attractive to informed traders, whereas dark pools are more attractive to uninformed traders. Under natural conditions, adding a dark pool alongside an exchange concentrates price-relevant information into the exchange and improves price discovery. The second chapter offers a dynamic model of opaque over-the-counter markets. I build a theoretical model of OTC markets, in which a seller searches for an attractive price by visiting multiple buyers, one at a time. The buyers do not observe contacts, quotes, or trades elsewhere in the market. A repeat contact with a buyer reveals the seller's reduced outside options and worsens the price offered by the revisited buyer. When the asset value is uncertain and common to all buyers, a visit by the seller suggests that other buyers could have quoted unattractive prices and thus worsens the visited buyer's inference regarding the asset value. This chapter is now published at the Review of Financial Studies, Volume 25, Issue 4, April 2012. The third chapter studies settlement auctions for credit default swaps (CDS). This chapter is the joint work with Songzi Du, a fellow Doctoral Candidate at the Graduate School of Business, Stanford University. We find that the one-sided design of CDS auctions used in practice gives CDS buyers and sellers strong incentives to distort the final auction price, in order to maximize payoffs from existing CDS positions. Consequently, these auctions tend to overprice defaulted bonds conditional on an excess supply and underprice defaulted bonds conditional on an excess demand. We propose a double auction to mitigate this price bias. We find the predictions of our model on bidding behavior to be consistent with data on CDS auctions.
Download or read book Equity Markets written by Robert Alan Schwartz and published by HarperCollins Publishers. This book was released on 1988 with total page 570 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Tiered Market Structures written by Kevin D. Broom and published by . This book was released on 2009 with total page 220 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation consists of two essays examining tiered market structures. We focus on the June 2006 restructuring of the NASDAQ Stock Exchange where the listing environment changed from two to three tiers, creating a top tier with the highest listing standards for any exchange in the world. The first essay examines market quality. Theoretical motivation indicates that different listing and disclosure requirements could result in different levels of information production across tiers, and thus different market quality characteristics. While we do find cross-sectional evidence of market quality differences, we do not find evidence of market quality changes when firms change tiers. Within the NASDAQ trading environment, this result is consistent with a visibility effect, where better (lesser) known stocks are more (less) liquid due to higher levels of investor participation. With the exception of increased effective spreads as firms drop to a lower tier, no other short-term changes in market quality appear to result from firms adhering to new listing standards, when controlling for disclosure standards. The second essay examines any reputation effect resulting from NASDAQ's tiered structure. Theoretical motivation indicates that exchanges choose listing and disclosure standards to maximize the combination of its reputation value and the value of cash flows from listing and trading fees. We find that NASDAQ's 2006 restructuring did not appear to enhance its reputation, either directly or indirectly. The restructuring did not result in any positive announcement effect for NASDAQ firms. Further, we find little evidence to support any announcement effects as firms cross into new tiers. Lastly, we find that the restructuring does not appear to have helped NASDAQ become more competitive in the marketplace for attracting new initial public offerings.
Download or read book The New Stock Market written by Merritt B. Fox and published by Columbia University Press. This book was released on 2019-01-08 with total page 612 pages. Available in PDF, EPUB and Kindle. Book excerpt: The U.S. stock market has been transformed over the last twenty-five years. Once a market in which human beings traded at human speeds, it is now an electronic market pervaded by algorithmic trading, conducted at speeds nearing that of light. High-frequency traders participate in a large portion of all transactions, and a significant minority of all trade occurs on alternative trading systems known as “dark pools.” These developments have been widely criticized, but there is no consensus on the best regulatory response to these dramatic changes. The New Stock Market offers a comprehensive new look at how these markets work, how they fail, and how they should be regulated. Merritt B. Fox, Lawrence R. Glosten, and Gabriel V. Rauterberg describe stock markets’ institutions and regulatory architecture. They draw on the informational paradigm of microstructure economics to highlight the crucial role of information asymmetries and adverse selection in explaining market behavior, while examining a wide variety of developments in market practices and participants. The result is a compelling account of the stock market’s regulatory framework, fundamental institutions, and economic dynamics, combined with an assessment of its various controversies. The New Stock Market covers a wide range of issues including the practices of high-frequency traders, insider trading, manipulation, short selling, broker-dealer practices, and trading venue fees and rebates. The book illuminates both the existing regulatory structure of our equity trading markets and how we can improve it.
Download or read book Essays on Capital Structure and Trade Financing written by Klaus Hammes and published by Department of Economics School of Economics and Commercial Law Go. This book was released on 2003 with total page 188 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Antitrust Paradox written by Robert Bork and published by . This book was released on 2021-02-22 with total page 536 pages. Available in PDF, EPUB and Kindle. Book excerpt: The most important book on antitrust ever written. It shows how antitrust suits adversely affect the consumer by encouraging a costly form of protection for inefficient and uncompetitive small businesses.
Download or read book Who Gets What and why written by Alvin E. Roth and published by Houghton Mifflin Harcourt. This book was released on 2015 with total page 275 pages. Available in PDF, EPUB and Kindle. Book excerpt: A Nobel laureate reveals the often surprising rules that govern a vast array of activities -- both mundane and life-changing -- in which money may play little or no role. If you've ever sought a job or hired someone, applied to college or guided your child into a good kindergarten, asked someone out on a date or been asked out, you've participated in a kind of market. Most of the study of economics deals with commodity markets, where the price of a good connects sellers and buyers. But what about other kinds of "goods," like a spot in the Yale freshman class or a position at Google? This is the territory of matching markets, where "sellers" and "buyers" must choose each other, and price isn't the only factor determining who gets what. Alvin E. Roth is one of the world's leading experts on matching markets. He has even designed several of them, including the exchange that places medical students in residencies and the system that increases the number of kidney transplants by better matching donors to patients. In Who Gets What -- And Why, Roth reveals the matching markets hidden around us and shows how to recognize a good match and make smarter, more confident decisions.
Download or read book Interaction and Market Structure written by Domenico Delli Gatti and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 302 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is a collection of essays which examine how the properties of aggregate variables are influenced by the actions and interactions of heterogenous individuals in different economic contexts. The common denominator of the essays is a critique of the representative agent hypothesis. If this hypothesis were correct, the behaviour of the aggregate variable would simply be the reproduction of individual optimising behaviour. In the methodology of the hard sciences, one of the achievements of the quantum revolution has been the rebuttal of the notion that aggregate behaviour can be explained on the basis of the behaviour of a single unit: the elementary particle does not even exist as a single entity but as a network, a system of interacting units. In this book, new tracks in economics which parallel the developments in physics mentioned above are explored. The essays, in fact are contributions to the analysis of the economy as a complex evolving system of interacting agents.
Download or read book Public Policy Financial Economics Essays In Honor Of Professor George G Kaufman For His Lifelong Contributions To The Profession written by Douglas D Evanoff and published by World Scientific. This book was released on 2018-03-08 with total page 313 pages. Available in PDF, EPUB and Kindle. Book excerpt: The central goal of this volume was to assemble outstanding scholars and policymakers in the field of financial markets and institutions and have them articulate significant market developments in their particular areas of expertise during the past few decades.Not just a celebratory volume, Public Policy and Financial Economics selected internationally recognized financial economists who have worked with Professor Kaufman during his years of scholarly research, and have a combined mastery of specialized financial markets themes and, very importantly, knowledge of public policies in the areas. All 15 chapters offer unique, innovative, and exciting expositions of several critical topics in financial economics.
Download or read book Essays in Derivatives written by Don M. Chance and published by John Wiley & Sons. This book was released on 2011-07-05 with total page 403 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the updated second edition of Don Chance’s well-received Essays in Derivatives, the author once again keeps derivatives simple enough for the beginner, but offers enough in-depth information to satisfy even the most experienced investor. This book provides up-to-date and detailed coverage of various financial products related to derivatives and contains completely new chapters covering subjects that include why derivatives are used, forward and futures pricing, operational risk, and best practices.
Download or read book Post Keynesian Essays from Down Under Volume I Essays on Keynes Harrod and Kalecki written by G. Harcourt and published by Springer. This book was released on 2016-04-29 with total page 375 pages. Available in PDF, EPUB and Kindle. Book excerpt: Joseph Halevi, Geoff Harcourt, Peter Kriesler and J. W. Nevile bring together a collection of their most influential papers on post-Keynesian thought. Their work stresses the importance of the underlying institutional framework, of the economy as a historical process and, therefore, of path determinacy. In addition, their essays suggest the ultimate goal of economics is as a tool to inform policy and make the world a better place, with better being defined by an overriding concern with social justice. Volume I analyses the contributions of Keynes, Harrod and Kalecki.
Download or read book Dissertation Abstracts International written by and published by . This book was released on 2008 with total page 732 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Essentials of Economics in Context written by Neva Goodwin and published by Taylor & Francis. This book was released on 2024-09-25 with total page 611 pages. Available in PDF, EPUB and Kindle. Book excerpt: Essentials of Economics in Context is specifically designed to meet the requirements of a one-semester introductory economics course that provides coverage of both microeconomic and macroeconomic foundations. It addresses current economic challenges, paying specific attention to issues of inequality, globalization, unpaid work, technology, financialization, and the environment, making the text a genuine 21st-century introduction to economics. Aspects of history, institutions, gender, ethics, and ecology are integrated throughout the text, and economic analysis is presented within broader themes of human well-being, and social and environmental sustainability. Theoretical expositions in the text are kept close to reality by integrating numerous real-world examples and by presenting the material in the recognized accessible and engaging style of this experienced author team. Key features include: a brand-new chapter devoted entirely to economic inequality up-to-date discussions of the impacts of the COVID-19 pandemic on labor markets, inflation, and beyond an inclusive approach to economics, where the economy is analyzed within its social and environmental context (including a greater focus on topics outside of the United States) a focus on goals of human well-being, stability, and sustainability, instead of solely focusing on market activities This text is the ideal resource for one-semester introductory economics courses globally. The book's companion website is available at www.bu.edu/eci/essentials.
Download or read book written by Frank Joseph Shulman and published by Hong Kong University Press. This book was released on 2001-01-01 with total page 878 pages. Available in PDF, EPUB and Kindle. Book excerpt: A descriptively annotated, multidisciplinary, cross-referenced and extensively indexed guide to 2,395 dissertations that are concerned either in whole or in part with Hong Kong and with Hong Kong Chinese students and emigres throughout the world.
Download or read book The Economics of Imperfect Competition written by Joan Robinson and published by Springer. This book was released on 1969-07-01 with total page 359 pages. Available in PDF, EPUB and Kindle. Book excerpt:
