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Why Do Institutional Investors Use Reputable Brokers
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Book Synopsis Why Do Institutional Investors Use Reputable Brokers? by : Alex Frino
Download or read book Why Do Institutional Investors Use Reputable Brokers? written by Alex Frino and published by . This book was released on 2018 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: Using a unique dataset of Australian equity fund managers that spans 18.5 years, we examine why institutional traders may prefer more reputable full-service brokers to discount (or less reputable) brokers. In particular, we examine two possible determinants in this choice: execution ability and information. While top-tier brokers achieve more efficient trading costs for their clients, this is not the primary reason why institutional investors route their orders in this manner. Rather, their choice is driven by information value. We assert that the superior research offered by top-tier brokers distinguishes an institutional investors' broker channel. Our findings show that brokerage commissions are related to research services. We do not find any evidence that information-motivated trades, or that those trades executed by top-tier brokers yield higher percentage brokerage commissions.
Book Synopsis Managed Futures for Institutional Investors by : Galen Burghardt
Download or read book Managed Futures for Institutional Investors written by Galen Burghardt and published by John Wiley & Sons. This book was released on 2011-04-06 with total page 373 pages. Available in PDF, EPUB and Kindle. Book excerpt: A practical guide to institutional investing success Managed Futures for Institutional Investors is an essential guide that walks you through the important questions that need to be addressed before investing in this asset class and contains helpful direction for investors during the investing process. Backed by years of institutional experience, the authors reveal the opportunities offered by managed futures. They also include information on practices in the managed futures area and present the various analytical tools and building blocks required to use managed futures effectively. The book also contains insight on the issues that must be addressed when building and evaluating portfolios. Shows where to find data to evaluate managed futures and explains how managed futures are regulated Offers guidance on how to apply classic portfolio construction tools to managed futures Reveals how managed futures investments can help investors evaluate and meet risk, return, and liquidity objectives Managed Futures for Institutional Investors provides all the practical information to manage this type of investment well.
Book Synopsis Institutional Trading Motives and the Role of Brokers by : Munhee Han
Download or read book Institutional Trading Motives and the Role of Brokers written by Munhee Han and published by . This book was released on 2020 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation consists of two essays in financial economics. Two essays are in the areas of institutional investors and market mircrostructure. The first essay, included in Chapter 2, studies order submission strategies by institutional investors when trading on private information. By merging institutional daily transactions with original/confidential 13F filings, I separate informed trades from uninformed ones. Informed large orders tend to be split across more brokers and over more days. While same brokers tend to work uninformed large orders over multiple days, the brokers who facilitated early parts of broken-up informed orders rarely receive the remaining parts of the same orders on later days. Institutional investors also provide camouflage for their informed orders by mixing an informed order with other uninformed orders simultaneously sent to the same broker. As a result, a higher degree of shuffling a portfolio of orders is associated with a larger share of informed trading volume. The splitting and shuffling strategies designed to conceal informed trades from brokers and other market participants tend to lower institutional trading costs, especially on informed orders. The second essay, included in Chapter 3 and co-authored with Sanghyun (Hugh) Kim and Vikram Nanda, investigates how institutional brokerage networks of mutual funds can affect their trading performance, especially as measured by the return gap. We argue that institutional brokerage networks facilitate liquidity provision and mitigate price impact of large non-information motivated trades. Using commission payments, we map trading networks of mutual funds and brokers. We find central funds outperform peripheral funds, especially as measured by return gap. The outperformance is more pronounced when trading is primarily liquidity-driven. The centrality premium is strengthened by brokers’ incentives to generate greater revenues and their repeated interactions with funds. By merging daily transactions with quarterly holdings, we confirm that centrality premium is driven by reduced trading costs, rather than higher interim (intra-quarter) trading performance or profitable information from brokers.
Book Synopsis A Tea Reader by : Katrina Avila Munichiello
Download or read book A Tea Reader written by Katrina Avila Munichiello and published by Tuttle Publishing. This book was released on 2017-03-21 with total page 256 pages. Available in PDF, EPUB and Kindle. Book excerpt: A Tea Reader contains a selection of stories that cover the spectrum of life. This anthology shares the ways that tea has changed lives through personal, intimate stories. Read of deep family moments, conquered heartbreak, and peace found in the face of loss. A Tea Reader includes stories from all types of tea people: people brought up in the tea tradition, those newly discovering it, classic writings from long-ago tea lovers and those making tea a career. Together these tales create a new image of a tea drinker. They show that tea is not simply something you drink, but it also provides quiet moments for making important decisions, a catalyst for conversation, and the energy we sometimes need to operate in our lives. The stories found in A Tea Reader cover the spectrum of life, such as the development of new friendships, beginning new careers, taking dream journeys, and essentially sharing the deep moments of life with friends and families. Whether you are a tea lover or not, here you will discover stories that speak to you and inspire you. Sit down, grab a cup, and read on.
Download or read book Hedge Fund Activism written by Alon Brav and published by Now Publishers Inc. This book was released on 2010 with total page 76 pages. Available in PDF, EPUB and Kindle. Book excerpt: Hedge Fund Activism begins with a brief outline of the research literature and describes datasets on hedge fund activism.
Book Synopsis The Stock Market Course by : George A. Fontanills
Download or read book The Stock Market Course written by George A. Fontanills and published by John Wiley & Sons. This book was released on 2002-02-28 with total page 464 pages. Available in PDF, EPUB and Kindle. Book excerpt: Avoid costly trading mistakes with this workbook that tests readers' investment knowledge No one enters the stock market in the hopes that they may actually lose money on their investments. Sadly, most do. Avoid expensive trading blunders with this hands-on workbook designed to test readers' investment savvy. Developed by a popular stock trading instructor, The Stock Market Course Workbook quizzes readers on their knowledge of the concepts presented in Fontanills's The Stock Market Course. Because mistakes are costly in the stock market, this accessible study guide provides readers with the opportunity to trade "fake money" before risking their real assets in the market. The invaluable lessons learned in this workbook could save readers thousands of dollars in investment mistakes.
Book Synopsis ESG and Responsible Institutional Investing Around the World: A Critical Review by : Pedro Matos
Download or read book ESG and Responsible Institutional Investing Around the World: A Critical Review written by Pedro Matos and published by CFA Institute Research Foundation. This book was released on 2020-05-29 with total page 80 pages. Available in PDF, EPUB and Kindle. Book excerpt: This survey examines the vibrant academic literature on environmental, social, and governance (ESG) investing. While there is no consensus on the exact list of ESG issues, responsible investors increasingly assess stocks in their portfolios based on nonfinancial data on environmental impact (e.g., carbon emissions), social impact (e.g., employee satisfaction), and governance attributes (e.g., board structure). The objective is to reduce exposure to investments that pose greater ESG risks or to influence companies to become more sustainable. One active area of research at present involves assessing portfolio risk exposure to climate change. This literature review focuses on institutional investors, which have grown in importance such that they have now become the largest holders of shares in public companies globally. Historically, institutional investors tended to concentrate their ESG efforts mostly on corporate governance (the “G” in ESG). These efforts included seeking to eliminate provisions that restrict shareholder rights and enhance managerial power, such as staggered boards, supermajority rules, golden parachutes, and poison pills. Highlights from this section: · There is no consensus on the exact list of ESG issues and their materiality. · The ESG issue that gets the most attention from institutional investors is climate change, in particular their portfolio companies’ exposure to carbon risk and “stranded assets.” · Investors should be positioning themselves for increased regulation, with the regulatory agenda being more ambitious in the European Union than in the United States. Readers might come away from this survey skeptical about the potential for ESG investing to affect positive change. I prefer to characterize the current state of the literature as having a “healthy dose of skepticism,” with much more remaining to be explored. Here, I hope the reader comes away with a call to action. For the industry practitioner, I believe that the investment industry should strive to achieve positive societal goals. CFA Institute provides an exemplary case in its Future of Finance series (www.cfainstitute.org/research/future-finance). For the academic community, I suggest we ramp up research aimed at tackling some of the open questions around the pressing societal goals of ESG investing. I am optimistic that practitioners and academics will identify meaningful ways to better harness the power of global financial markets for addressing the pressing ESG issues facing our society.
Book Synopsis Investor and Industry Perspectives on Investment Advisers and Broker-Dealers by : Angela A. Hung
Download or read book Investor and Industry Perspectives on Investment Advisers and Broker-Dealers written by Angela A. Hung and published by Rand Corporation. This book was released on 2008-03-12 with total page 151 pages. Available in PDF, EPUB and Kindle. Book excerpt: In theory, financial professionals are relatively distinct: A broker-dealer conducts transactions in securities on behalf of itself and others; and an investment adviser provides advice to others regarding securities. Different laws regulate each type of professional, but boundaries have blurred. This report examines current business practices and investor understanding of each type.
Book Synopsis Ins and Outs of Institutional Investing by : Dean LeBaron
Download or read book Ins and Outs of Institutional Investing written by Dean LeBaron and published by . This book was released on 1976 with total page 200 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Institutional Equities and the Broker Dealer by : Michael Green
Download or read book Institutional Equities and the Broker Dealer written by Michael Green and published by CreateSpace. This book was released on 2014-11-01 with total page 158 pages. Available in PDF, EPUB and Kindle. Book excerpt: Have you ever wanted to know what an investment bank is? Have you ever wondered how the broker dealer fits into an investment bank and what it does? Have you ever wanted to know more about stocks and the products related to stocks that broker dealers offer to clients and why clients buy these products? If so this book is what you need. Written for the investing public, people new to the investment banking industry, as well as for those working in the industry; this book covers the following:* It opens with a general explanation of what investment banks are and what they do.* Then it covers the main business lines and how they are structured and how they relate to one another.* Using this background, we look at the work flow involved in making a typical equity trade.* Finally, we cover the main equity products offered by the broker dealer division of an investment bank in detail. This is the main focus of this book.
Book Synopsis The Relevance of Broker Networks for Information Diffusion in the Stock Market by : Marco Di Maggio
Download or read book The Relevance of Broker Networks for Information Diffusion in the Stock Market written by Marco Di Maggio and published by . This book was released on 2017 with total page 74 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper shows that the network of relationships between brokers and institutional investors shapes the information diffusion in the stock market. We exploit trade-level data to show that central brokers gather information by executing informed trades, which is then leaked to their best clients. We show that after large informed trades, a significantly higher volume of other institutional investors execute similar trades through the same broker, allowing them to capture higher returns in the first few days after the initial trade. In contrast, we find that when the informed asset manager is affiliated with the broker, such imitation does not occur. Similarly, we show that the clients of the broker employed by activist investors to execute their trades tend to buy the same stocks just before the filing of the 13D. This evidence also suggests that an important source of alpha for fund managers is the access to better connections rather than superior skill.
Book Synopsis The Political Economy of Financial Regulation by : Emilios Avgouleas
Download or read book The Political Economy of Financial Regulation written by Emilios Avgouleas and published by Cambridge University Press. This book was released on 2019-01-31 with total page 531 pages. Available in PDF, EPUB and Kindle. Book excerpt: Examines the law and policy of financial regulation using a combination of conceptual analysis and strong empirical research.
Book Synopsis The Philadelphia Stock Exchange and the City It Made by : Domenic Vitiello
Download or read book The Philadelphia Stock Exchange and the City It Made written by Domenic Vitiello and published by University of Pennsylvania Press. This book was released on 2010-04-14 with total page 272 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Philadelphia Stock Exchange and the City It Made recounts the history of America's first stock exchange and the ways it shaped the growth and decline of the city around it. Founded in 1790, the Philadelphia Stock Exchange, its member firms, and the companies they financed had profound impacts on the city's place in the world economy. At its start, the exchange and its members helped spur the development of the early United States, its financial sector, and its westward expansion. During the nineteenth century, they invested in making Philadelphia the center of industrial America, raising capital for the railroads and coal mines that connected cities to one another and built a fossil fuel-based economy. After financing the Civil War, they underwrote the growth of the modern metropolis, its transportation infrastructure, utility systems, and real estate development. At the turn of the twentieth century, stagnation of the exchange contributed to Philadelphia's loss of power in the national and world economy. This original interpretation of the roots of deindustrialization holds important lessons for other cities that have declined. The exchange's revival following World War II is a remarkable story, but it also illustrates the limits of economic development in postindustrial cities. Unlike earlier eras, the exchange's fortunes diverged from those of the city around it. Ultimately, it became part of a larger, global institution when it merged with NASDAQ in 2008. Far more than a history of a single institution, The Philadelphia Stock Exchange and the City It Made traces the evolving relationship between the exchange and the city. For people concerned with cities and their development, this study offers a long-term history of the public-private partnerships and private sector-led urban development popular today. More generally, it traces the networks of firms and institutions revealed by the securities market and its participants. Herein lies a critical and understudied part of the history of metropolitan economic development.
Book Synopsis Securities Markets by : Richard J. Hillman (au)
Download or read book Securities Markets written by Richard J. Hillman (au) and published by DIANE Publishing. This book was released on 2005-11 with total page 122 pages. Available in PDF, EPUB and Kindle. Book excerpt: In early 2001, U.S. stock & option markets began quoting prices in decimal increments rather than fractions of a dollar. At the same time, the minimum price increment, or tick size, was reduced to a penny on the stock markets & to 10¢ & 5¢ on the option markets. Although many believe that decimal pricing has benefited small individual (retail) investors, concerns have been raised that the smaller tick sizes have made trading more challenging & costly for large institutional investors, including mutual funds & pension plans. The financial livelihood of market intermediaries may also have been negatively affected by the lower ticks. This report assesses the effect of decimal pricing on retail & institutional investors & on market intermediaries. Charts.
Book Synopsis The Delusions of Crowds by : William J. Bernstein
Download or read book The Delusions of Crowds written by William J. Bernstein and published by Grove Press. This book was released on 2021-02-23 with total page 491 pages. Available in PDF, EPUB and Kindle. Book excerpt: This “disturbing yet fascinating” exploration of mass mania through the ages explains the biological and psychological roots of irrationality (Kirkus Reviews). From time immemorial, contagious narratives have spread through susceptible groups—with enormous, often disastrous, consequences. Inspired by Charles Mackay’s nineteenth-century classic Memoirs of Extraordinary Popular Delusions and the Madness of Crowds, neurologist and author William Bernstein examines mass delusion through the lens of current scientific research in The Delusions of Crowds. Bernstein tells the stories of dramatic religious and financial mania in western society over the last five hundred years—from the Anabaptist Madness of the 1530s to the dangerous End-Times beliefs that pervade today’s polarized America; and from the South Sea Bubble to the Enron scandal and dot com bubbles. Through Bernstein’s supple prose, the participants are as colorful as their “desire to improve one’s well-being in this life or the next.” Bernstein’s chronicles reveal the huge cost and alarming implications of mass mania. He observes that if we can absorb the history and biology of this all-too-human phenomenon, we can recognize it more readily in our own time, and avoid its frequently dire impact.
Book Synopsis Empirical Market Microstructure by : Joel Hasbrouck
Download or read book Empirical Market Microstructure written by Joel Hasbrouck and published by Oxford University Press. This book was released on 2007-01-04 with total page 209 pages. Available in PDF, EPUB and Kindle. Book excerpt: The interactions that occur in securities markets are among the fastest, most information intensive, and most highly strategic of all economic phenomena. This book is about the institutions that have evolved to handle our trading needs, the economic forces that guide our strategies, and statistical methods of using and interpreting the vast amount of information that these markets produce. The book includes numerous exercises.
Book Synopsis Investor Relations for the Emerging Company by : Ralph A. Rieves
Download or read book Investor Relations for the Emerging Company written by Ralph A. Rieves and published by John Wiley & Sons. This book was released on 2002-02-21 with total page 236 pages. Available in PDF, EPUB and Kindle. Book excerpt: The definitive guide for CEOs, CFOs, and executives of newly public companies Learning to deal with investors, employees, media, regulators, and others once a company has gone public requires dedication and consistency. Investor Relations for the Emerging Company helps fledgling public company officers and directors prepare for the unique business task of convincing investors of their company's value. From describing the various organizations, institutions, mechanics and behaviors of capital markets to clarifying the requirements and best practices for reporting and disclosure, this book provides all the answers. CEOs, CFOs, and executives who must operate an effective investor relations program within the budget constraints of their newly listed company will use this book for years to come.
