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Recursos bibliográficos en papel y digitales -
- libros, artículos de revistas,
ponencias de eventos, etc. -
» Resultado:
5 registros
| Registro 1 de 5 |
| Autor: |
Madhavan, Ananth - Sofianos, George |
| Título: |
An Empirical Analysis of NYSE Specialist Trading |
| Fuente: |
Journal of Financial Economics. v.48, n.2. Elsevier Science |
| Páginas: |
pp. 189-210 |
| Año: |
May 1998 |
| Resumen: |
This paper examines empirically the magnitude and determinants of dealer trading by NYSE marketmakers (specialists) across stocks and over time. Across stocks, specialist dealer trading varies widely and is inversely related to trading volume and proxies for off-exchange competition. Over time in an individual stock, specialists participate more actively as sellers (buyers) when holding long (short) inventory positions. These results suggest that dealers control their inventory positions by selectively timing the size and direction of their trades rather than by adjusting their quotes. Further, specialists participate more in smaller trades and when the bid-ask spread is wide. |
| Solicitar por: |
HEMEROTECA J + datos de Fuente |
| Registro 2 de 5 |
| Autor: |
Domowitz, Ian - Glen, Jack - Madhavan, Ananth - |
| Título: |
Market Segmentation and Stock Prices: Evidence from an Emerging Market |
| Fuente: |
Journal of Finance. v.52, n.3. American Finance Association |
| Páginas: |
pp. 1059-85 |
| Año: |
July 1997 |
| Resumen: |
The authors examine the relationship between stock prices and market segmentation induced by ownership restrictions in Mexico. The focus is on multiple classes of equity that differentiate between foreign and domestic traders, and between domestic individuals and institutions. Significant stock price premia are documented for shares not restricted to a particular investor group. The authors analyze the theoretical and empirical determinants of premia across firms and over time. In addition to economywide factors, segmentation reflects the relative scarcity of unrestricted shares. The results provide additional support for Rene Stulz and Walter Wasserfallen’s (1995) hypothesis that firms discriminate between investor groups with different demand elasticities. |
| Solicitar por: |
HEMEROTECA J + datos de Fuente |
| Registro 3 de 5 |
| Autor: |
Dutta, Prajit-K - Madhavan, Ananth - |
| Título: |
Competition and Collusion in Dealer Markets |
| Fuente: |
Journal of Finance. v.52, n.1. American Finance Association |
| Páginas: |
pp. 245-76 |
| Año: |
Mar. 1997 |
| Resumen: |
This article develops a game-theoretic model to analyze marketmakers’ intertemporal pricing strategies. The authors show that dealers who adopt noncooperative pricing strategies may set bid-ask spreads above competitive levels. This form of ’implicit collusion’ differs from explicit collusion, where dealers cooperate to fix prices. Price discreetness or asymmetric information are not required for collusion to occur. Rather, institutional arrangements that restrict access to the order flow are important determinants of the ability to collude because they reduce dealers’ incentives to compete on price. Public policy efforts to increase interdealer competition should focus on such restrictions. |
| Solicitar por: |
HEMEROTECA J + datos de Fuente |
| Registro 4 de 5 |
| Autor: |
Keim, Donald-B - Madhavan, Ananth - |
| Título: |
Transactions Costs and Investment Style: An Inter-exchange Analysis of Institutional Equity Trades |
| Fuente: |
Journal of Financial Economics. v.46, n.3. Elsevier Science |
| Páginas: |
pp. 265-92 |
| Año: |
Dec. 1997 |
| Resumen: |
This paper examines the magnitude and determinants of transactions costs for a sample of institutional traders with different investment styles. Using order-level data for recent equity transactions totaling $83 billion, the authors find that trading costs are economically significant and increase with trade difficulty. In addition, costs vary with trader-specific factors such as investment style and order submission strategy, as well as stock-specific factors such as exchange listing. The authors find evidence that institutional trades in exchange-listed stocks have lower costs than in comparable NASDAQ stocks. |
| Solicitar por: |
HEMEROTECA J + datos de Fuente |
| Registro 5 de 5 |
| Autor: |
Keim, Donald-B - Madhavan, Ananth - |
| Título: |
Anatomy of the Trading Process: Empirical Evidence on the Behavior of Institutional Traders |
| Fuente: |
Journal of Financial Economics. v.37, n.3. Elsevier Science |
| Páginas: |
pp. 371-98 |
| Año: |
Mar. 1995 |
| Resumen: |
This paper examines the behavior of institutional traders. The authors use unique data on the equity transactions of twenty-one institutions of differing investment styles that provide a detailed account of the anatomy of the trading process. The data include information on the number of days needed to fill an order and types of order placement strategies employed. The authors analyze the motivations for trade, the determinants of trade duration, and the choice of order type. The analysis provides some support for the predictions made by theoretical models but suggests that these models fail to capture important dimensions of trading behavior. |
| Solicitar por: |
HEMEROTECA J + datos de Fuente |
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