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Author : Yuhchang Hwang
Publisher :
ISBN 13 :
Total Pages : 184 pages
Book Rating : 4.:/5 (29 download)
Download or read book Informed Trading with Information Sharing written by Yuhchang Hwang and published by . This book was released on 1987 with total page 184 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Alexandra Hachmeister
Publisher : Springer Science & Business Media
ISBN 13 : 3835095773
Total Pages : 188 pages
Book Rating : 4.8/5 (35 download)
Download or read book Informed Traders as Liquidity Providers written by Alexandra Hachmeister and published by Springer Science & Business Media. This book was released on 2007-11-03 with total page 188 pages. Available in PDF, EPUB and Kindle. Book excerpt: Alexandra Hachmeister’s thesis empirically analyzes and positively answers the question whether informed traders provide liquidity in an open limit order book. The analyses include a detailed market description of the German equity market, a new methodological approach for the identification of informed traders as well as the analysis of the individual liquidity providing and demanding behavior of the identified informed traders.
Author : Heather Elise Tookes
Publisher :
ISBN 13 :
Total Pages : 592 pages
Book Rating : 4.E/5 ( download)
Download or read book Information, Trading and Product Market Interactions written by Heather Elise Tookes and published by . This book was released on 2003 with total page 592 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Woon K. Wong
Publisher :
ISBN 13 :
Total Pages : 33 pages
Book Rating : 4.:/5 (129 download)
Download or read book Informed Trading and Liquidity in the Shanghai Stock Exchange written by Woon K. Wong and published by . This book was released on 2008 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: Dufour and Engle (J. Finance (2000) 2467) find evidence of increased presence of informed traders when the NYSE markets are most active. No such evidence, however, can be found by Manganelli (J. Financial Markets (2005) 377) for the infrequently traded stocks. This article investigates the issue of informed trading and its relation to liquidity in Shanghai Stock Exchange. Consistent with the hypothesis that information-based trade exists for all stocks, our findings suggest an increased presence of informed trading in both liquid and illiquid stocks when markets are active. Moreover, for the actively traded stocks, our results support the price formation model of Foster and Viswanathan (Rev. Financial Studies (1990) 593) that activities of informed traders deter uninformed investors from trading, thereby reducing market liquidity.
Author : Yaseen Alhaj-Yaseen
Publisher :
ISBN 13 :
Total Pages : 38 pages
Book Rating : 4.:/5 (13 download)
Download or read book Informed Trading, Information Asymmetry, and the Chinese B-Share Discount Puzzle written by Yaseen Alhaj-Yaseen and published by . This book was released on 2016 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this study, we intend to address the question of whether local traders in the Chinese A- and B-markets are better informed than foreign traders or not? We employ a rational expectation model with heterogeneous agents in order to analyze the dynamic relationship between trading volume and stock returns' autocorrelation that can spillover between both markets. Consistent with Chan et al. (2008), we find local traders to be better informed than foreign traders in China's equity markets. At the same time, we find that the A-market was the source of all important information that determines future price movements, during the pre-liberalization period.
Author : ZhiMing Zhang
Publisher :
ISBN 13 :
Total Pages : 302 pages
Book Rating : 4.3/5 ( download)
Download or read book Market Making and Informed Trading in a Noisy Financial Market written by ZhiMing Zhang and published by . This book was released on 1992 with total page 302 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : James Dow
Publisher :
ISBN 13 :
Total Pages : 36 pages
Book Rating : 4.:/5 (318 download)
Download or read book Informed Trading, Investment, and Welfare written by James Dow and published by . This book was released on 1997 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Yuxin Sun
Publisher :
ISBN 13 :
Total Pages : 50 pages
Book Rating : 4.:/5 (13 download)
Download or read book Informed Trading and the Price Impact of Block Trades written by Yuxin Sun and published by . This book was released on 2016 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: Using high frequency data from the London Stock Exchange (LSE), we investigate the relationship between informed trading and the price impact of block trades on intraday and inter-day basis. Price impact of block trades is stronger during the first hour of trading; this is consistent with the hypothesis that information accumulates overnight during non-trading hours. Furthermore, private information is gradually incorporated into prices despite heightened trading frequency. Evidence suggests that informed traders exploit superior information across trading days, and stocks with lower transparency exhibit stronger information diffusion effects when traded in blocks, thus informed block trading facilitates price discovery.
Author : Nathan Bell
Publisher : Youcanprint
ISBN 13 :
Total Pages : 666 pages
Book Rating : 4.2/5 (23 download)
Download or read book Options Trading (3 Books in 1) written by Nathan Bell and published by Youcanprint. This book was released on 2021-08-25 with total page 666 pages. Available in PDF, EPUB and Kindle. Book excerpt: Have you been desiring to start trading different financial instruments like stocks and options but have been hesitant about it because you don't know where to start? And are you looking for a guide that will cover the A-Z in simple, step by step language that you can follow with ease and apply that information to profit from stocks and options trading, while keeping your exposure to risks low? If you've answered YES, keep reading… You Are About To Discover The Secrets That Successful Traders Don't Want To Share With The Unsuccessful Ones And How To Apply This Information To Profit From Stocks And Options Trading, Just Like The Pros! By virtue that you are reading this, it is clear you've across the concept of stock and options trading somewhere, got drawn to it and are curious to learn more about it so that you too can venture into trading stocks and options fully aware of how to go about it. It is also likely that you are scared of losing money as you begin this journey and are probably looking for answers to all the questions going through your mind… Where do you start as far as trading financial assets is concerned? What do you need to learn? How do you analyze the markets so as to make informed trading decisions? What are the dos and don'ts you need to be aware of? How do you mitigate your exposure to risks? Which broker should you use – what steps do you need to take to begin? If you have these and other related questions, this 3 in 1 book is for you so keep reading… In it, you will learn: • The basics of options, including what they are, how they work, their pricing, the categories and the lingo used in options trading • Why you should venture trading in options, including the risks that come with that • What makes a successful options trader • How to buy, sell or exercise options, including how to select the right options strategy • How to buy call or put options professionally • How to sell covered call options and naked call options like a pro • The ins and outs of options trading time frames • How to trade signals and avoid mistakes in options trading • How to choose the right trades • Powerful tips for success • How to find the perfect broker • How to figure out the market phases • The difference between call options and put options • How to manage your portfolio • How to make prudent trade exits • The options mistakes beginners make that you need to avoid • How the stock market works • How to know whether the stock market is for you • The myths about the stock market • How to become a successful stock market investor • How to make your first stock purchase • How to minimize losses and maximize gains • How to begin investing in stocks with $100 or less • How to turn your stock portfolio into a cash flow machine • How to trade momentum stocks • How to leverage the insider tricks that professional traders use • How to identify a stock that is just about to explode higher …And much, much more! Are you ready to get started on your journey to building a six-figure income by following the footsteps of the most successful traders, even if you are a complete beginner? This simple, practical and fun to read guide is here to guide you! Click Buy Now With 1-Click or Buy Now to get started!
Author : Henk Berkman
Publisher :
ISBN 13 :
Total Pages : 45 pages
Book Rating : 4.:/5 (13 download)
Download or read book Digital Insiders and Informed Trading Before Earnings Announcements written by Henk Berkman and published by . This book was released on 2019 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: While it is widely acknowledged that companies face increasing cybersecurity risk stemming from hackers stealing customer information, a relatively unknown cybersecurity risk is from information leakage and subsequent trading by digital insiders - hackers who target corporations to obtain non-public corporate information for illegal trading. We use a firm-specific measure of cybersecurity risk mitigation based on textual analysis of 10-Ks to proxy for the organization's ability to reduce the probability of digital insider trading. We find that a larger share of new earnings information is incorporated into prices prior to earnings announcements for firms with low cybersecurity risk mitigation scores. We also find that pre-announcement trading by short sellers is more predictive of earnings surprises for firms with low cybersecurity risk mitigation. Further, on days closer to earnings announcements, firms with relatively low cybersecurity risk mitigation scores experience a larger increase in bid-ask spreads, particularly the adverse selection component. These results suggest that weak cybersecurity risk mitigation provides opportunities for acquisition of private information and that trading by privately informed traders is more likely in stocks of firms with higher exposure to cybercrimes.
Author : Brian Roseman
Publisher :
ISBN 13 :
Total Pages : 47 pages
Book Rating : 4.:/5 (13 download)
Download or read book Passive Informed Trading Around Earnings Announcements written by Brian Roseman and published by . This book was released on 2018 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt: Using a sample of NASDAQ firms we investigate informed trading in the limit order book (LOB) prior to earnings announcements. Consistent with recent limit order theory, and in contrast to classic adverse selection models, we show that informed traders supply liquidity. Relative to a sample of low-shock announcements as a control, we find that for high-shock firms, the spread is lower, the correlation of bid and ask depth is higher, the implied cost of trading is lower, and the information share of component of the limit order book is higher, relative to low-shock earnings announcements.
Author : Arie Eskenazi Gozluklu
Publisher :
ISBN 13 :
Total Pages : 65 pages
Book Rating : 4.:/5 (13 download)
Download or read book Pre-Trade Transparency and Informed Trading written by Arie Eskenazi Gozluklu and published by . This book was released on 2015 with total page 65 pages. Available in PDF, EPUB and Kindle. Book excerpt: We use experimental asset markets to analyze trading under different transparency and information settings. We ጿind that both liquidity and informed traders use undisclosed orders to compete for liquidity provision. In opaque markets, traders increase aggressiveness to improve execution probability. Without information friction, opacity enhances liquidity, especially toward the end of trading, and is beneficial for liquidity traders. Under informed trading, adverse selection drives market outcomes mainly around news announcements. Monopolistic insiders exploit opacity at the expense of large liquidity traders. Opacity does not affect informational efficiency with a monopolistic insider, but value discovery is faster with shared informational rents.
Author : Jan Hanousek
Publisher :
ISBN 13 :
Total Pages : 36 pages
Book Rating : 4.:/5 (129 download)
Download or read book How Important is Informed Trading for the Bid-Ask Spread? Evidence from an Emerging Market written by Jan Hanousek and published by . This book was released on with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: The link between informed trading and the bid-ask spread has been the focus of abundant literature and some authors feared that a large amount of informed trading might lead to shutdown of markets. We explore this issue using data from the Czech Republic. Our estimates confirm that the share of informed trading and its variability is indeed high relative to developed markets, however, share of the adverse selection component is only 14% of the spread. Since the Czech Republic has been known in the financial community as being plagued by informed trading, our findings suggest that the relative importance of adverse selection as a determinant of the spread is generally low across markets.
Author : Ramazan Gencay
Publisher :
ISBN 13 :
Total Pages : 11 pages
Book Rating : 4.:/5 (129 download)
Download or read book Informed Trading in Electronic Foreign Exchange Market written by Ramazan Gencay and published by . This book was released on 2008 with total page 11 pages. Available in PDF, EPUB and Kindle. Book excerpt: We examine a recent high-frequency spot EUR-USD foreign exchange transaction data from an electronic foreign exchange market. Our framework is based on a continuous time sequential microstructure trade model which measures the market maker's beliefs directly. We present evidence of the strategic arrival of informed traders on a particular day-of-week, time-of-day and geographic location (market).
Author : Worapong Janyangyuen
Publisher :
ISBN 13 :
Total Pages : 39 pages
Book Rating : 4.:/5 (129 download)
Download or read book Cost of Informed Trading and Trader Type Exploration of Price Discovery by Trader Type written by Worapong Janyangyuen and published by . This book was released on 2008 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper examines the price whether the foreign investors are informed traders by investigating the degree of the contribution to price discovery classified by the size of the stocks. Our results show that the foreign investors account for a majority of price discovery in spite of less number of deal volume and deal value traded by the foreign investors. The information share estimates for foreign investors range from 30 percent to 68 percent which is higher than the information share of the local customers. After controlling for the volume traded and the number of transactions traded, the information share exhibits higher degree of price discovery from the foreign investors.
Author : Larry Harris
Publisher : CFA Institute Research Foundation
ISBN 13 : 1934667927
Total Pages : 94 pages
Book Rating : 4.9/5 (346 download)
Download or read book Trading and Electronic Markets: What Investment Professionals Need to Know written by Larry Harris and published by CFA Institute Research Foundation. This book was released on 2015-10-19 with total page 94 pages. Available in PDF, EPUB and Kindle. Book excerpt: The true meaning of investment discipline is to trade only when you rationally expect that you will achieve your desired objective. Accordingly, managers must thoroughly understand why they trade. Because trading is a zero-sum game, good investment discipline also requires that managers understand why their counterparties trade. This book surveys the many reasons why people trade and identifies the implications of the zero-sum game for investment discipline. It also identifies the origins of liquidity and thus of transaction costs, as well as when active investment strategies are profitable. The book then explains how managers must measure and control transaction costs to perform well. Electronic trading systems and electronic trading strategies now dominate trading in exchange markets throughout the world. The book identifies why speed is of such great importance to electronic traders, how they obtain it, and the trading strategies they use to exploit it. Finally, the book analyzes many issues associated with electronic trading that currently concern practitioners and regulators.
Author : Jan Hanousek
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (129 download)
Download or read book Informed Trading and the Bid-Ask Spread written by Jan Hanousek and published by . This book was released on 2003 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The bid-ask spread affects significantly the performance of financial markets. We explore the impact of informed trading on the composition of the bid-ask spread in high frequency data from the Czech equity market, which has been plagued by informed trading due to insufficient regulation and missing institutions. Our estimates suggest that the Czech market-maker based trading system is rather efficient in dealing with informed trading. Only 17% of the bid-ask spread is explained by informed trading, which corresponds roughly to the share of the adverse-selection component in developed markets. An explanation based on the difference between the posted and traded spreads is offered.
