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Determinants Of Trading Activity On The Single Stock Futures Market
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Book Synopsis Determinants of Trading Activity on the Single-stock Futures Market by : Jędrzej Białkowski
Download or read book Determinants of Trading Activity on the Single-stock Futures Market written by Jędrzej Białkowski and published by . This book was released on 2017 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: "A number of exchanges around the world have attempted to introduce single-stock futures, but only a few have succeeded. We argue that this situation can be attributed to the use of inadequate selection criteria for the underlyings. Therefore, our paper investigates the determinants of trading activity on the Eurex derivative exchange and looks beyond systematic reasons extensively examined in prior research. It is found that trading activity is higher for single-stock futures on stock characterized by low institutional ownership and high volume and volatility on the spot market. The mispricing between the spot and futures markets also attracts investors to the single-stock futures market. Moreover, factors such as the size of contract, tick size, and age of contract on a particular stock significantly contribute to the increase of open interest and traded volume. Furthermore, evidence is found that single-stock futures become more efficiently priced around an ex-dividend date for the underlying stock. This is due to dividend stripping trading which allows a reduction in the tax burden. Our findings have important implications for investors who have an interest in that segment of the derivatives market. These implications should also be taken into consideration by market regulators and tax authorities. Keywords: Happiness, Single-stock futures; Futures market efficiency; Listing selection, Short sale"--Page [ii].
Book Synopsis Determinants of Trading Activity on the Single-Stock Futures Market by : Jedrzej Pawel Bialkowski
Download or read book Determinants of Trading Activity on the Single-Stock Futures Market written by Jedrzej Pawel Bialkowski and published by . This book was released on 2019 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: A number of exchanges around the world have attempted to introduce single-stock futures, but only a few have succeeded. We argue that this situation can be attributed to the use of inadequate selection criteria for the underlyings. Therefore, our paper investigates the determinants of trading activity on the Eurex derivative exchange and looks beyond systematic reasons extensively examined in prior research. It is found that trading activity is higher for single-stock futures on stock characterized by low institutional ownership and high volume and volatility on the spot market. The mispricing between the spot and futures markets also attracts investors to the single-stock futures market. Moreover, factors such as the size of contract, tick size, and age of contract on a particular stock significantly contribute to the increase of open interest and traded volume. Furthermore, evidence is found that single-stock futures become more efficiently priced around an ex-dividend date for the underlying stock. This is due to dividend stripping trading which allows a reduction in the tax burden. Our findings have important implications for investors who have an interest in that segment of the derivatives market. These implications should also be taken into consideration by market regulators and tax authorities.
Book Synopsis The Complete Guide to Single Stock Futures by : Russell R. Wasendorf
Download or read book The Complete Guide to Single Stock Futures written by Russell R. Wasendorf and published by McGraw Hill Professional. This book was released on 2003-12-22 with total page 383 pages. Available in PDF, EPUB and Kindle. Book excerpt: Single stock futures are quickly becoming among the market's most important trading vehicles, and Russell Wasendorf's Peregrine Financial Group accounts for 20 to 50 percent of daily U.S. trading volume! In The Complete Guide to Single Stock Futures, Wasendorf provides traders with: Analyses of the latest rules and regulations How to apply technical and fundamental analysis • Best exchanges for trading Essential valuation techniques • And much more
Book Synopsis Single Stock Futures by : Patrick L. Young
Download or read book Single Stock Futures written by Patrick L. Young and published by John Wiley & Sons. This book was released on 2004-02-06 with total page 166 pages. Available in PDF, EPUB and Kindle. Book excerpt: Single Stock Futures are regarded by many as the ultimate derivative. Having finally made their US trading debut in November 2002, the market is set for explosive global growth during 2003 and 2004. Written by experienced traders, this is the first practical guide to this exciting new product as increasingly traded throughout the world.
Book Synopsis Single Stock Futures by : Kennedy Mitchell
Download or read book Single Stock Futures written by Kennedy Mitchell and published by John Wiley & Sons. This book was released on 2003 with total page 276 pages. Available in PDF, EPUB and Kindle. Book excerpt: Everything you need to know about Single Stock Futures "Single stock futures are an incredibly important new financial instrument for managing risk. Kennedy Mitchell provides an outstanding and easy-to-read explanation of these new products for either an expert futures user or for someone learning about futures markets for the first time." –Peter Borish, Senior Managing Director, OneChicago Although single stock futures may be a relatively new phenomenon in the United States, this instrument has been successfully traded for years in various overseas markets–leaving you, the individual and professional investor, to play catch-up. Exactly what are single stock futures? They are futures contracts, within the futures universe, that have shares of listed public companies as their underlying asset. In Single Stock Futures: An Investor’s Guide, author Kennedy Mitchell introduces you to single stock futures, explains how they function, and demonstrates the various ways they can be traded. This comprehensive guide clearly illustrates how investors–both individual and professional–can utilize single stock futures independently or as an application to add new dimensions to an investment portfolio. Single stock futures have the potential to improve the performance of professionals, novices, investors, and traders. Take this opportunity to find out how with Single Stock Futures: An Investor’s Guide.
Book Synopsis Determinants of Trading Volume in Futures Markets by : Terrence F. Martell
Download or read book Determinants of Trading Volume in Futures Markets written by Terrence F. Martell and published by . This book was released on 1985 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Futures, Options Trading and Investing Book for Beginners and Beyond by : Neil Hoechlin
Download or read book Futures, Options Trading and Investing Book for Beginners and Beyond written by Neil Hoechlin and published by JNR via PublishDrive. This book was released on 2023-01-25 with total page 108 pages. Available in PDF, EPUB and Kindle. Book excerpt: WHY SOME PEOPLE ALMOST ALWAYS MAKE MONEY IN FUTURES AND OPTIONS Uncertainty and risk go hand in hand with money-making opportunities. Services, goods, and basic materials will probably undergo major price swings at one time or another during the next 20 years. The markets are volatile, and they will only keep increasing. The chances for sustainable trends that last for decades, and the way the stock market rallied in the ‘80s and ‘90s are now less likely than they were a few years ago. Trading options and futures is not gambling. It is speculating. It is also about gathering information, and making judgment calls on circumstances that are unfolding. Futures and options trading is a process of self-protection, and continuing education. What you will learn in this book The futures markets are resurging. They are also likely to be hot for many years, given the political landscape. The emergence of India and China as economic powers and consumers, and the changing world demographics, and the changing politics in the Middle East are likely to fuel the increasing prominence of these markets. This ebook will introduce you to these markets, and equip you with the necessary tools for: strong”Trading, analyzing, or simply gaining a better understanding of how money works, and impacts your daily life. strong”Getting started in improving your knowledge on how markets work. strong”Learning that time is on your side in bond and stock markets, but your enemy in the futures and options markets. strong”Remembering that measuring your return of money is more important than the return on your money.Investors in the past could afford to buy and hold stocks or mutual funds for a long time. Today, the world calls for a trader. The futures and options markets, despite the high risk involved, offer some of the best profit-making opportunities during volatile times. You need to get ready to work as a trader, a geopolitical analyst, an expert in the oil markets, and a money manager. You will learn to keep up with news on economy, weekly oil supply trends, disruptions in oil supply, weather patterns, and the stock market, both in the micro and macro universe. As a futures and options trader, you need to do the same with your contract. You must also learn to pay attention to time factors, especially the expiration dates and how much time you have left to decide whether to exercise your option. Always remember that successful traders: strong”Design a solid plan, follow it, and make adjustments to fit changing conditionsstrong”See trading as a businessstrong”Are disciplined in both their professional and personal livesstrong”Understand the game they are playing, including the risksstrong”Accept that they will make mistakesstrong”Learn from their mistakesstrong”Never trade without having an exit strategystrong”Never risk money that they cannot afford to losestrong”Never allow a bad trade to result in a margin callYou may see yourself as a dummy in the world of futures and options markets. After reading this ebook, however, you will learn how trading options and futures is done, and how to stay in the game for as long as you want. You will realize that the more knowledge you have, the better you can position yourself in the game, and play with confidence. Download this book now!
Book Synopsis Migration of Trading and the Introduction of Single Stock Futures on the Underlying U.S. Stocks by : André Gygax
Download or read book Migration of Trading and the Introduction of Single Stock Futures on the Underlying U.S. Stocks written by André Gygax and published by . This book was released on 2009 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study investigates where liquidity and informed trading takes place following the introduction of single stock futures (SSF) contracts on the OneChicago futures exchange. Specifically, we analyze the size and composition of proportional spreads for two sets of stocks, those that have single stock futures contracts and a matched control sample that does not have such contracts. We find that, after controlling for changes in spread determinants, the average proportional spreads, on average, decrease significantly after SSF are introduced. For NYSE stocks, while the average daily trading volume in the cash market is reduced by 389,000 shares, we find a corresponding increase in the average percentage of the adverse selection component in the spread of the cash asset. This pattern indicates a migration of liquidity trading to the SSF market as fund managers appear to adjust their portfolio positions in the secondary SSF market rather than in the primary stock market.
Book Synopsis The Market Microstructure of Stock Futures and Equity Options by : Bouchra Benzennou
Download or read book The Market Microstructure of Stock Futures and Equity Options written by Bouchra Benzennou and published by . This book was released on 2017 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis An Empirical Examination of Information, Differences of Opinion, and Trading Activity by : Hendrik Bessembinder
Download or read book An Empirical Examination of Information, Differences of Opinion, and Trading Activity written by Hendrik Bessembinder and published by . This book was released on 1994 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Single Stock Futures for Small Speculators by : Noble DraKoln
Download or read book Single Stock Futures for Small Speculators written by Noble DraKoln and published by . This book was released on 2003-09-01 with total page 284 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis What Does Volume Reveal by : Renato Martins
Download or read book What Does Volume Reveal written by Renato Martins and published by . This book was released on 2013 with total page 11 pages. Available in PDF, EPUB and Kindle. Book excerpt: A single stock future is a relatively new type of exchange-traded derivative that has become popular in some of the emerging financial markets. In order to uncover any information effect of trading volume, a cogent question to ask is whether a relationship exists between the volume of trade on the underlying stock and the number of its single stock futures contracts traded. In this paper, we have explored the bi-variate relationship between trading volume of some of the most liquid individual stocks, as well as the single stock futures traded on those stocks in the fast emerging Indian market. Our findings indicate that a significant relationship exists between the trading volumes of the straight stocks and the single stock futures on them.
Book Synopsis Behavioral Finance by : Lucy F. Ackert
Download or read book Behavioral Finance written by Lucy F. Ackert and published by South Western Educational Publishing. This book was released on 2010 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The book begins by building upon the established, conventional principles of finance that you've have already learned in your principles course. The authors then move into psychological principles of behavioral finance, including heuristics and biases, overconfidence, emotion and social forces. You immediately see how human behavior influences the decisions of individual investors and professional finance practitioners, managers, and markets. You also gain a strong understanding of how social forces impact individuals' choices. The book clearly explains what behavioral finance indicates about observed market outcomes as well as how psychological biases potentially impact the behavior of managers. The book's solid academic approach provides opportunities for you to utilize theory and complete applications in every chapter as you learn the implications of behavioral finance on retirement, pensions, education, debiasing, and client management. The book spends a significant amount of time examining how today's practitioners can use behavioral finance to further their professional success.
Book Synopsis Essays on Single-stock Futures Trading by : Yoshiki Shimizu
Download or read book Essays on Single-stock Futures Trading written by Yoshiki Shimizu and published by . This book was released on 2019 with total page 101 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation consists of two essays that study the effects of single-stock futures (SSFs) trading on financial markets during the 2008-2009 financial crisis. In September 2008, the Securities and Exchange Commission (SEC) issued an emergency order to temporarily ban short selling of nearly 1,000 financial stocks. The literature found that the ban deteriorated valuations and market quality for banned stocks in stock and options markets. My first essay uses this short selling ban as an empirical setting to test the effects of SSFs trading on price discovery and market quality of banned stocks. I find that the short selling ban revived the trading activities of the SSFs market: SSFs trading volume increased significantly for banned stocks during the ban period. This result suggests that bearish investors and those with hedging demand migrated to the SSFs market to take short positions in banned stocks. Moreover, I show that SSFs trading contributed to price discovery of underlying banned stocks significantly more during the ban period. Finally, I show that SSFs trading helps improve market quality of banned stocks. While the strand of literature documents the negative effects of the ban on both price discovery and market quality, I find that SSFs trading helps mitigate those negative effects of the ban. In the second essay, I examine the effects of SSFs trading on options market quality during the short selling ban period. I analyze banned stocks with options and/or SSFs listings, and examine how SSFs trading affects options market quality during the ban period. I measure options market quality as the bid-ask spread relative to optionality variable and the likelihood of put-call parity violations. While the literature documents a significant deterioration in these measures during the ban period, I show that SSFs trading helps improve the options spreads and reduce the likelihood of the violations. These findings contribute to the literature by establishing the link between options and SSFs markets and also by documenting that the SSFs market plays an important role in today's financial markets.
Book Synopsis Securities and Futures by : United States. General Accounting Office
Download or read book Securities and Futures written by United States. General Accounting Office and published by . This book was released on 1986 with total page 128 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Diversification and Portfolio Management of Mutual Funds by : G. Gregoriou
Download or read book Diversification and Portfolio Management of Mutual Funds written by G. Gregoriou and published by Springer. This book was released on 2015-12-17 with total page 446 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book addresses the importance of diversification for reducing volatility of investment portfolios. It shows how to improve investment efficiency, and explains how international diversification reduces overall risk while enhancing performance. This book is a crucial tool for any investor looking to improve the profit gain from their investment.
Book Synopsis An Analysis of Single Stock Futures, Dividend Predictions, and Short-sale Ban Effects on Market Pricing by : Steven P. Yost
Download or read book An Analysis of Single Stock Futures, Dividend Predictions, and Short-sale Ban Effects on Market Pricing written by Steven P. Yost and published by . This book was released on 2010 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper focuses on the analysis of the U.S. single stock futures market. First, the study finds that average mispricing in futures contracts can be explained by categorical variables including security type, contract type, and an interaction between the two variables. Furthermore, evidence is also found that the market is efficient in predicting dividend changes from one hundred days prior to the declaration date. Moreover, it is found that along with substantially higher volume during the three weeks of the no short sale ban in 2008, there is evidence of greater mispricing among financial securities in the futures market when comparing the post three week ban period to the ban interval itself. However, I detect no evidence of greater mispricing for the pre-interval period against the ban interval.
