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Going public in China : reverse mergers versus IPOs
Lee, Charles M. C.; Qu, Yuanyu; Shen, Tao - 2018 - This draft: July 17, 2018
We study firms that go public through reverse mergers (RMs) versus initial public offerings (IPOs) in China. Using a …. These results are in sharp contrast to the evidence on RMs from developed countries. We trace these differences to China …
Persistent link: https://www.econbiz.de/10011979947
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Price Discovery and Convergence in Fragmented Securities Markets
Clapham, Benjamin - 2016
This paper studies price discovery and price convergence in securities trading within a fragmented market environment where stocks are traded on multiple venues. Although alternative venues currently increase their market share, trading on these venues instantly dries out in case the dominant...
Persistent link: https://www.econbiz.de/10013004588
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Market Microstructure and the Risks of High-Frequency Trading
Aldridge, Irene - 2013
The current research assesses the risks commonly attributed to the presence of HFT in the context of different market structures deployed by the U.S. exchanges. In particular, we find that, by design, the so-called “normal” exchanges have the lowest market quality, including the highest...
Persistent link: https://www.econbiz.de/10013079007
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Volatility Control Mechanisms : The International Experience and the Evidence from Hong Kong
Chan, Kalok; Lam, F. Y. Eric; Valente, Giorgio; Wu, Siyuan - 2022
This working paper was written by Kalok Chan (Chinese University of Hong Kong Business School), F.Y. Eric Lam (Independent Researcher)*, Giorgio Valente (Hong Kong Institute for Monetary and Financial Research) and Siyuan Wu (Chinese University of Hong Kong Business School).Trading venues have...
Persistent link: https://www.econbiz.de/10013492074
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Trading Fees and Efficiency in Limit Order Markets
Colliard, Jean-Edouard - 2013
Competition among trading platforms has considerably reduced trading fees in stock markets. We show that this evolution is not necessarily beneficial to investors. Obviously it increases gains from trade when a trade happens. Less obviously, it can induce investors to post limit orders with a...
Persistent link: https://www.econbiz.de/10013093491
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MIFID, French Equity Markets Fragmentation and Intraday Volatilities : A Network Analysis
Bastidon, Cécile - 2018
The implementation of the MiFID Directive in November 2007 results in the end of monopolies of European stock exchanges. Thus it introduces trades fragmentation: listed securities are no longer solely traded in the market which first listed them, but also in other stock exchanges or trading...
Persistent link: https://www.econbiz.de/10012928878
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Overreacting Algorithms in Financial Markets
Gerner-Beuerle, Carsten; Zierahn, Lukas - 2022
One rationale for the regulation of algorithmic and high-frequency trading is the perception that algorithms are prone …-driven and order-driven markets. It observes that existing regulation and proposed reforms are generally not based on a … regulation should focus on the supply of liquidity through an appropriate design of the microstructure of markets, rather than …
Persistent link: https://www.econbiz.de/10013297213
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Naked short selling : the emperor's new clothes?
Yadav, Pradeep; Fotak, Veljko; Raman, Vikas - 2009
Regulation SHO was successful in curbing the impact of manipulative naked short selling, and this reduction in the impact of …
Persistent link: https://www.econbiz.de/10003919368
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Competition in Securities Markets : The Impact on Liquidity
Chlistalla, Michael - 2017
Competition for order flow is widely documented for U.S. markets, but is a relatively new phenomenon in European equities trading. Only with the Markets in Financial Instruments Directive, which went into effect in November 2007, did new trading venues emerge in Europe that for the first time...
Persistent link: https://www.econbiz.de/10012975961
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'Algorithmic Trading and Its Implications on Capital Markets'
Kannan, Sriram - 2016
Algorithmic trading is generally defined as using computer-generated algorithms to create and execute orders on marketplaces. Recently, such algo-trading strategies are increasingly being associated with the negative impact on capital markets – both from a technological as well as a business...
Persistent link: https://www.econbiz.de/10012977526