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Three Essays On Trading Behavior
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Book Synopsis Three Essays on Trading Behavior by : Adam Daniel Clark-Joseph
Download or read book Three Essays on Trading Behavior written by Adam Daniel Clark-Joseph and published by . This book was released on 2013 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation analyzes trading behavior in financial markets from multiple perspectives. In chapter 1, "Exploratory Trading," I investigate the mechanisms underlying high-frequency traders' capacity to profitably anticipate price movements. I develop a model of how a trader could gather valuable private information by using her own orders in an exploratory manner to learn about market conditions. The model's predictions are borne out empirically, and I find that this "exploratory trading" model helps to resolve several central open questions about high-frequency trading. Chapters 2 and 3 focus on the trading behavior of individuals. Chapter 2, "Foundations of the Disposition Effect: Experimental Evidence," (co-authored with Johanna Mollerstrom), presents and analyzes results from a laboratory experiment intended to examine if and how "regret aversion"--aversion to admitting mistakes--affects people's trading decisions. Although the experimental results resolve little about regret aversion specifically, they reveal some novel and unexpected effects, most importantly that subjects radically changed their trading decisions when they were compelled to devote a minimal amount of extra attention. In chapter 3, "Price Targets," I analyze how rational investors who privately observe information of indeterminate quality use prices to learn about whether or not their private information is valuable. I derive implications about trading behavior that not only help to explain a variety of empirical puzzles, but also generate several new testable predictions. Although these three essays differ considerably in methodology and focus, they all address the same basic issue of understanding the foundations of trading behavior.
Book Synopsis Three Essays on Market Structure and Trading Behavior by : Hao-Chen Liu
Download or read book Three Essays on Market Structure and Trading Behavior written by Hao-Chen Liu and published by . This book was released on 2007 with total page 334 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Three Essays on Asset Price and Trading Behavior by : Jiaqi Jin
Download or read book Three Essays on Asset Price and Trading Behavior written by Jiaqi Jin and published by . This book was released on 2015 with total page 392 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Three Essays on the Trading Behavior of Market Participants by : Orkunt Mesut Dalgic
Download or read book Three Essays on the Trading Behavior of Market Participants written by Orkunt Mesut Dalgic and published by . This book was released on 2003 with total page 348 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Three Essays on High Frequency Financial Econometrics and Individual Trading Behavior by :
Download or read book Three Essays on High Frequency Financial Econometrics and Individual Trading Behavior written by and published by . This book was released on 2008 with total page 398 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Three Essays on the Trading Behaviour of Individual Investors by : Yaodong Liu
Download or read book Three Essays on the Trading Behaviour of Individual Investors written by Yaodong Liu and published by . This book was released on 2021 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Three Essays on Structured Financial Products, Investors' Trading Behavior and Issuers' Dynamic Hedging by : Georg Christoph Fischer
Download or read book Three Essays on Structured Financial Products, Investors' Trading Behavior and Issuers' Dynamic Hedging written by Georg Christoph Fischer and published by . This book was released on 2018 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Towards a Better Understanding of Liquidity, Trading Behavior, and Stock Returns by : Wenjin Kang
Download or read book Towards a Better Understanding of Liquidity, Trading Behavior, and Stock Returns written by Wenjin Kang and published by . This book was released on 2004 with total page 330 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Three Essays on Trading and Banking by : William Paul Spurlin
Download or read book Three Essays on Trading and Banking written by William Paul Spurlin and published by . This book was released on 2011 with total page 256 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation consists of three essays. The first essay, Short Sales in the NYSE Batch Open and NASDAQ Opening Cross, examines opening-trade short volume's relation to short volume for the rest of the trading day and to overnight, previous-day, and same-day price changes. We find that short volume in the batch open and opening cross increases with short volume for the rest of the day, with previous-day, open-to-close price changes, and with overnight price changes for S & P 500 stocks. Batch-open short volume increases with overnight price changes, and it increases (does not decrease) for firms making positive (negative) overnight earnings announcements. Opening-cross short volume increases with close-to-close, previous-day price changes and is negatively related to same-day price changes. Our second essay, Short Sales around Open-Market Repurchase Announcements, studies short selling of a firm's stock during the five days after it announces an open-market repurchase. We conclude that a firm may be able to mislead normally-informed investors about its quality by announcing an open-market repurchase. Next, we conclude that open-market repurchase size does not possess positive signaling attributes. Lastly, we conclude that short sellers do not predict the repurchasing behavior of firms announcing an open-market repurchase. The third essay, Profit Efficiency and Big Bank Presence in Rural Markets, studies the effect of big-bank presence on the profitability of rural one-market banks. We find that a small rural bank shows decreased profit efficiency and increased return on assets due to higher loan income when it competes with at least one big bank. If multiple big banks are competing with a small rural bank, the small bank shows a smaller decrease in profit efficiency and a smaller increase in return on assets due to a smaller increase in loan income than if it competes with one big bank. From these results, we conclude that big banks choose to remain in rural markets where they possess some degree of market power, enabling them to earn higher returns while operating less efficiently, but market power is restricted when more than one big bank is present in a rural market.
Book Synopsis Three Essays on Informed Trading by : Frank Sensenbrenner
Download or read book Three Essays on Informed Trading written by Frank Sensenbrenner and published by . This book was released on 2013 with total page 230 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation consists of three essays examining the behavior of informed traders in financial markets and how they affect asset pricing. It examines informed traders' role in shaping securities prices in three ways. It examines whether on a macro and micro basis insider traders move prices to a different degree than non-insiders. In addition, it uses econometric methods to determine what exchange generates permanent price trends in UK shares. Lastly, it looks at another side effect of fragmentation - how a 'best execution' mandate and related market structure changes affect transactions costs in liquid UK, French, and German shares.These studies expand on current literature in various ways - extant insider trading literature has either primarily focused on daily price movement and volume or had consisted of case studies, the conclusions of which may be idiosyncratic and therefore unrepresentative of typical insider behavior. The new phenomenon of multilateral trading facilities (also known as electronic communications networks) and the proliferation of algorithmic or computer-mediated trading had not been examined in price discovery papers, due to their relative novelty. In addition, despite a bevy of literature offering informed insight into the impact of the European Union's Markets in Financial Instruments Directive (MiFID), there has been a dearth of empirical studies assessing its impact on European securities markets. Chapters 2 and 3 examine MiFID and computerized trading from two different perspectives: that of which trades lead to permanent prices, and that of transactions costs.The conclusions drawn in this dissertation will be of interest to regulators, market operators, and traders, as they offer insight into the impact of market structure and how it impacts informed traders who participate in them.
Book Synopsis Three Essays on the Behavior of Financial Market Participants by : Andrea Rossi (Ph. D. in finance)
Download or read book Three Essays on the Behavior of Financial Market Participants written by Andrea Rossi (Ph. D. in finance) and published by . This book was released on 2018 with total page 187 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the third chapter, coauthored with Itzhak Ben-David and Justin Birru, we study whether industry familiarity is an advantage in stock trading by exploring the trading patterns of industry insiders in their own personal portfolios. To do so, we identify accounts of industry insiders in a large data set provided by a retail discount broker. We find that insiders trade firms from their own industry more frequently. Furthermore, they earn abnormal returns exclusively when trading own-industry stocks, especially obscure stocks (small, low analyst coverage, high volatility). In a battery of tests, we find no evidence of the use of private information. The results are most consistent with the interpretation that industry familiarity is an advantage in stock trading.
Book Synopsis Three Essays on Trading Volume by : Youngseog Park
Download or read book Three Essays on Trading Volume written by Youngseog Park and published by . This book was released on 1990 with total page 218 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Behavioral Aspects of Financial Decision Making by : Emanuela Trifan
Download or read book Behavioral Aspects of Financial Decision Making written by Emanuela Trifan and published by Sudwestdeutscher Verlag Fur Hochschulschriften AG. This book was released on 2009 with total page 400 pages. Available in PDF, EPUB and Kindle. Book excerpt: The present work seeks for a deeper motivation of those financial market behaviors that remained unexplained by traditional economic theories. It is the result of some years of research in the areas of Behavioral Finance and Market Microstructure. The work undertakes the challenging task of quantifying "less-rational" aspects of financial decision-making, such as simplified trading rules, emotional reactions, and subjective perceptions and beliefs. To this purpose, not only are traditional models extended in order to account for behavioral elements, but also new models and measures are developed and tested by means of numerical simulations. Surprisingly, it appears that rational trading is not the only way to make money, and the presence of less-than-perfectly rational traders can be compatible with stable and efficient markets. Not only trading decisions but also investment decisions are highly sensitive to subjective attitudes. The work helps to identify several trading and investment strategies that ensure the success and survival of their users and maximize their risky holdings, respectively.
Book Synopsis Essays on trading behavior in financial markets and economic growth by : Wen-chieh Lei
Download or read book Essays on trading behavior in financial markets and economic growth written by Wen-chieh Lei and published by . This book was released on 2000 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Three Essays on Trading Volume by : Guohua Ma
Download or read book Three Essays on Trading Volume written by Guohua Ma and published by . This book was released on 2007 with total page 141 pages. Available in PDF, EPUB and Kindle. Book excerpt: Keywords. Trading Volume, Heterogeneous Beliefs, Disposition Effect, Informational Trading, Liquidity Trading
Book Synopsis Three Essays on Behavioral Approach to Futures Markets by : Yaqin Wang
Download or read book Three Essays on Behavioral Approach to Futures Markets written by Yaqin Wang and published by . This book was released on 2002 with total page 180 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Three Essays on Behavioral Finance by : Gabriele M. Lepori
Download or read book Three Essays on Behavioral Finance written by Gabriele M. Lepori and published by . This book was released on 2008 with total page 342 pages. Available in PDF, EPUB and Kindle. Book excerpt:
