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Two-sided markets and intertemporal trade clustering: insights into trading motives
Sarkar, Asani; Schwartz, Robert A. - Federal Reserve Bank of New York - 2006
We show that equity markets are typically two-sided and that trades cluster in certain trading intervals for both NYSE and Nasdaq stocks under a broad range of conditions-news and non-news days, different times of the day, and a spectrum of trade sizes. By "two-sided" we mean that the arrivals...
Persistent link: https://www.econbiz.de/10005420484
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Prestigious stock exchanges: a network analysis of international financial centers
Cetorelli, Nicola; Peristiani, Stavros - Federal Reserve Bank of New York - 2009
In this paper, we use methods from social network analysis to assess the relative importance of financial centers around the world. Using data from virtually the entire universe of global equity activity, we present two sets of complete rankings for up to forty-five separate locations for the...
Persistent link: https://www.econbiz.de/10005078434
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Do stock price bubbles influence corporate investment?
Gilchrist, Simon; Himmelberg, Charles P.; Huberman, Gur - Federal Reserve Bank of New York - 2004
Building on recent developments in behavioral asset pricing, we develop a model in which an increase in the dispersion of investor beliefs under short-selling constraints predicts a "bubble," or a rise in a stock's price above its fundamental value. Our model predicts that managers respond to...
Persistent link: https://www.econbiz.de/10005420648
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Firm value and cross-listings: the impact of stock market prestige
Cetorelli, Nicola; Peristiani, Stavros - Federal Reserve Bank of New York - 2010
This study investigates the valuation impact of a firm’s decision to cross-list on a more (or less) prestigious stock exchange relative to its own domestic market. We use network analysis to derive broad market-based measures of prestige for forty-five country or regional stock exchange...
Persistent link: https://www.econbiz.de/10008676470
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Repo and securities lending
Adrian, Tobias; Begalle, Brian; Copeland, Adam; Martin, … - Federal Reserve Bank of New York - 2012
We provide an overview of data requirements necessary to monitor repurchase agreements (repos) and securities lending …
Persistent link: https://www.econbiz.de/10009421389
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Corporate governance of financial institutions
Mehran, Hamid; Mollineaux, Lindsay - Federal Reserve Bank of New York - 2012
We identify the tension created by the dual demands of financial institutions to be value-maximizing entities that also serve the public interest. We highlight the importance of information in addressing the public’s desire for banks to be safe yet innovative. Regulators can choose several...
Persistent link: https://www.econbiz.de/10010551298
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A preliminary assessment of the TALF
Dudley, William - Federal Reserve Bank of New York - 2009
Remarks at the Securities Industry and Financial Markets Association and Pension Real Estate Association's Public …
Persistent link: https://www.econbiz.de/10010724933
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Financial market turmoil: the Federal Reserve and the challenges ahead
Dudley, William - Federal Reserve Bank of New York - 2009
Remarks at the Council on Foreign Relations Corporate Conference 2009, New York City.
Persistent link: https://www.econbiz.de/10010725007
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Valuing the Treasury's Capital Assistance Program
Glasserman, Paul; Wang, Zhenyu - Federal Reserve Bank of New York - 2009
contingent claims framework in which to estimate market values of these CAP securities. The interaction between the competing … options held by the buyer and issuer of these securities creates a game between the two parties, and our approach captures …) launched together with the CAP. On average, we estimate that, compared to a market transaction, the CAP securities carry a net …
Persistent link: https://www.econbiz.de/10008636170