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An Analysis Of Brokers Trading With Applications To Order Flow Internalization And Off Exchange Block Sales
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Book Synopsis An analysis of brokers' trading, with applications to order flow internalization and off-exchange block sales by : Sugato Chakravarty
Download or read book An analysis of brokers' trading, with applications to order flow internalization and off-exchange block sales written by Sugato Chakravarty and published by . This book was released on 1998 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis A General Analysis of Brokers' Trading, with Applications to Order Flow Internalization and Off-Exchange Block Sales by : Sugato Chakravarty
Download or read book A General Analysis of Brokers' Trading, with Applications to Order Flow Internalization and Off-Exchange Block Sales written by Sugato Chakravarty and published by . This book was released on 1998 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: We study a variety of issues related to brokers' trading. In our model, multiple informed traders and noise traders trade through multiple brokers. Brokers may trade with their customers in the same transaction (simultaneous dual trading) or trade after their customers in a separate transaction (consecutive dual trading). With a fixed number of traders, and relative to consecutive dual trading, informed and noise traders are worse off, brokers are better off, and market depth is lower in the simultaneous dual trading market. When we endogenize the number of brokers, informed and noise traders choose one (all) broker(s) in the simultaneous (consecutive) dual trading market. If the entry cost is low, more informed traders enter the simultaneous dual trading market and market depth may be higher relative to consecutive dual trading. If the entry cost is high, consecutive dual trading is better. We study order flow internalization by broker-dealers, and show that, in the free entry equilibrium, internalization hurts retail customers and market quality; and that it is likely to be more prevalent in thin markets with few informed traders. Finally, we examine off-exchange block sales and find that, compared to exchange transactions, they are more liquid but less informative.
Book Synopsis A general model of brokers' trading, with applications to order flow internalization, insider trading and off-exchange block sales by : Sugato Chakravarty
Download or read book A general model of brokers' trading, with applications to order flow internalization, insider trading and off-exchange block sales written by Sugato Chakravarty and published by . This book was released on 1997 with total page 55 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis A General Model of Brokers' Trading, with Applications to Order Flow Internalization, Insider Trading and Oo-exchange Block Sales by : Sugato Chakravarty
Download or read book A General Model of Brokers' Trading, with Applications to Order Flow Internalization, Insider Trading and Oo-exchange Block Sales written by Sugato Chakravarty and published by . This book was released on 1997 with total page 55 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis A Model of Brokers? Trading, with Applications to Order Flow Internalization, Insider Trading and Off-Exchange Stock Sales by : Sugato Chakravarty
Download or read book A Model of Brokers? Trading, with Applications to Order Flow Internalization, Insider Trading and Off-Exchange Stock Sales written by Sugato Chakravarty and published by . This book was released on 1997 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Multiple informed traders and noise traders pay fees to trade through multiple brokers. Brokers may trade with their customers in the same transaction (called simultaneous dual trading) or trade after their customers in a separate transaction (called consecutive dual trading). Since brokers? fees are competitively determined, they are indifferent between simultaneous and consecutive dual trading. If the number of brokers exceeds the number of informed traders, then informed traders prefer consecutive dual trading, and allocate their orders to one broker. If the number of brokers is less than the number of informed traders, informed traders prefer simultaneous dual trading in markets with many brokers and informed traders and allocate their orders to all available brokers. Noise traders always prefer consecutive dual trading, and market depth and price informativeness are always higher with consecutive dual trading. We use our model to study order flow internalization by broker-dealers. Finally, interpreting brokers as follow-on traders, we discuss off-exchange stock sales and explain certain puzzling results related to insider trading events.
Book Synopsis Stock Market Liquidity by : François-Serge Lhabitant
Download or read book Stock Market Liquidity written by François-Serge Lhabitant and published by John Wiley & Sons. This book was released on 2008-01-09 with total page 502 pages. Available in PDF, EPUB and Kindle. Book excerpt: Brings together today's best financial minds across the world to discuss the issue of liquidity in today's markets. It is often proxied by trade-based measures (such as trading volume, frequency of trading, dollar value of shares trade, etc), order based measures and price impact measures.
Book Synopsis A Model of Broker's Trading, with Applications to Order Flow Internalization by : Sugato Chakravarty
Download or read book A Model of Broker's Trading, with Applications to Order Flow Internalization written by Sugato Chakravarty and published by . This book was released on 2001 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Paper written by and published by . This book was released on 1998 with total page 574 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Research Update written by and published by . This book was released on 1977 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Contents of Recent Economics Journals by :
Download or read book Contents of Recent Economics Journals written by and published by . This book was released on 1998-12-31 with total page 396 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Stealth Trading by : Sugato Chakravarty
Download or read book Stealth Trading written by Sugato Chakravarty and published by . This book was released on 2000 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Evolution of Online Financial Trading Systems: E-Service Innovations in the Brokerage Sector by : Ada Scupola
Download or read book Evolution of Online Financial Trading Systems: E-Service Innovations in the Brokerage Sector written by Ada Scupola and published by IGI Global. This book was released on 2009 with total page 22 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Fed in Print written by and published by . This book was released on 1997 with total page 76 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Trading and Exchanges by : Larry Harris
Download or read book Trading and Exchanges written by Larry Harris and published by OUP USA. This book was released on 2003 with total page 664 pages. Available in PDF, EPUB and Kindle. Book excerpt: Focusing on market microstructure, Harris (chief economist, U.S. Securities and Exchange Commission) introduces the practices and regulations governing stock trading markets. Writing to be understandable to the lay reader, he examines the structure of trading, puts forward an economic theory of trading, discusses speculative trading strategies, explores liquidity and volatility, and considers the evaluation of trader performance. Annotation (c)2003 Book News, Inc., Portland, OR (booknews.com).
Book Synopsis Brokers and Order Flow Leakage by : Andrea Barbon
Download or read book Brokers and Order Flow Leakage written by Andrea Barbon and published by . This book was released on 2017 with total page 57 pages. Available in PDF, EPUB and Kindle. Book excerpt: Using trade-level data, we study whether brokers play a role in spreading order flow information. We focus on large portfolio liquidations, which result in temporary drops in stock prices, and identify the brokers that intermediate these trades. We show that these brokers' best clients tend to predate on the liquidating funds: at the beginning of the fire sale, they sell their holdings in the liquidated stocks, to then cover their positions once asset prices start recovering. The predatory trades generate at least 50 basis points over ten days and cause the liquidation costs for the distressed fund to almost double. These results suggest a role of brokers in fostering predatory behavior and raise a red flag for regulators. Moreover, our findings highlight the trade-off between slow execution and potential information leakage in the decision of optimal trading speed.
Book Synopsis The Handbook of Electronic Trading by : Joseph Rosen
Download or read book The Handbook of Electronic Trading written by Joseph Rosen and published by . This book was released on 2009-06-18 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides a comprehensive look at the challenges of keeping up with liquidity needs and technology advancements. It is also a sourcebook for understandable, practical solutions on trading and technology.
Book Synopsis Aanwinsten van de Centrale Bibliotheek (Queteletfonds) by : Bibliothèque centrale (Fonds Quetelet)
Download or read book Aanwinsten van de Centrale Bibliotheek (Queteletfonds) written by Bibliothèque centrale (Fonds Quetelet) and published by . This book was released on 1999 with total page 830 pages. Available in PDF, EPUB and Kindle. Book excerpt:
