Nasdaq Trading Halts: The Impact of Market Mechanisms on Prices, Trading Activity, and Execution Costs

2000 ◽  
Author(s):  
William G. Christie ◽  
Shane A. Corwin ◽  
Jeffrey H. Harris
Keyword(s):  
Trading Activity ◽  
Market Mechanisms ◽  
Execution Costs ◽  
Trading Halts ◽  
The Impact

Nasdaq Trading Halts: The Impact of Market Mechanisms on Prices, Trading Activity, and Execution Costs

2002 ◽  
Vol 57 (3) ◽  
pp. 1443-1478 ◽  
Author(s):  
William G. Christie ◽  
Shane A. Corwin ◽  
Jeffrey H. Harris
Keyword(s):  
Trading Activity ◽  
Market Mechanisms ◽  
Execution Costs ◽  
Trading Halts ◽  
The Impact

Do Stock Markets Catch the Flu?

2013 ◽  
Vol 48 (3) ◽  
pp. 979-1000 ◽  
Author(s):  
Brian C. McTier ◽  
Yiuman Tse ◽  
John K. Wald
Keyword(s):  
United States ◽  
New York ◽  
New York City ◽  
Stock Markets ◽  
The United States ◽  
Trading Activity ◽  
Market Makers ◽  
International Data ◽  
The Impact ◽  
Bid Ask Spreads

AbstractWe examine the impact of influenza on stock markets. For the United States, a higher incidence of flu is associated with decreased trading, decreased volatility, decreased returns, and higher bid-ask spreads. Consistent with the flu affecting institutional investors and market makers, the decrease in trading activity and volatility is primarily driven by the incidence of influenza in the greater New York City area. However, the effect of the flu on bid-ask spreads and returns is related to the incidence of flu nationally. International data confirm our findings of a decrease in trading activity and returns when flu incidence is high.

The New Economic Policy and Permanent Migration in Zhejiang Province, China

1997 ◽  
Vol 6 (1) ◽  
pp. 103-134 ◽  
Author(s):  
Xiushi Yang
Keyword(s):  
Economic Policy ◽  
Positive Impact ◽  
Economic Reforms ◽  
Zhejiang Province ◽  
New Economic Policy ◽  
Market Mechanisms ◽  
Permanent Migration ◽  
The Impact

This article examines the impact of economic reforms on the volume and characteristics of permanent migration in Zhejiang Province, China. The data suggest that the new economic policy induced a surge in permanent migration during the post-reform years. Such positive impact of the reform on permanent migration has started to fade away in 1985, as government relaxed its control over residence. Moreover, market mechanisms started playing a more important role in employment, exchange, and consumption. The data also suggest that the new economic policy has particularly favored the better educated, and thereby increased educational differentials between permanent migrants and nonmigrants. For all other characteristics examined, the results show consistently that post-reform migrants are less differentiated from nonmigrants than their pre-reform counterparts.

scholarly journals Transactions Volume, Exchange Direction and Asymmetry of Volatility in Emerging Market: Evidence From Tunisian Stock Exchange

2020 ◽  
Vol 11 (6) ◽  
pp. 318
Author(s):  
Jaber Yasmina
Keyword(s):  
Stock Market ◽  
Financial Market ◽  
Stock Exchange ◽  
Emerging Market ◽  
Explanatory Power ◽  
Trading Activity ◽  
Auto Correlation ◽  
The Asymmetry ◽  
The Impact ◽  
The Relationship

This study is an attempt to explain the relationship between intraday return and volume in Tunisian Stock Market. Indeed, former researches avow that the trading activity have the main explanatory power for volatility. However, most theories measure the activity of transactions through the size of exchange or the number of transactions. Nevertheless, these components are not aware enough of the importance of the direction of exchange when explaining the phenomenon of asymmetry of volatility. In the most of studies, the technique “Augmented Tick Test” (ATT) is employed so as to identify the direction of exchange. Such technique is adapted for the markets directed by orders like the Tunisian financial market. Again, this paper shows that the impact of the direction of exchange differs according to the market trend. In other words, if the returns are positive, the transactions of sale (of purchase) generate a decrease (increase) of volatility; whereas, they induce an increase (drop) of volatility if returns are negative. This result stresses the significance of exchange direction in explaning the asymmetry of volatility. Moreover, throughout this study, one may affirm that “Herding trades” are at the origin of the increase of volatility, while the “Contrarian trades” reduce volatility. Similarly, the identification of the direction of exchange enables us to affirm that the transactions of the initiates are characterized by the absence of returns auto- correlation; whereas, the transactions carried out by uninformed investors present an auto- correlation of the returns. In fact, the sign of this correlation varies according to transaction direction.

scholarly journals The changing landscape of economy: social and technological progress in explaining the informational efficiency of capital markets

2020 ◽  
Vol 14 (1) ◽  
pp. 940-952
Author(s):  
Iuliana Ursu
Keyword(s):  
Market Efficiency ◽  
Capital Markets ◽  
Technological Progress ◽  
Bayesian Model Averaging ◽  
Negative Impact ◽  
Efficient Market Hypothesis ◽  
Social Progress ◽  
Informational Efficiency ◽  
Market Mechanisms ◽  
The Impact

AbstractIn today’s ever-changing landscape of economy, one of the fundamental problems remains whether market mechanisms are functioning in an efficient way, and which are the variables impacting those levels of efficiency. The main objectives of the present paper are to contribute to a better understanding of market mechanisms, by testing the Efficient market hypothesis on its weak form at a macroeconomic level, and to assess the impact of technological and social progress, measured through different variables, on markets informational efficiency. We use an adapted version of L. Kristoufek si M. Vosvrda (L. Kristoufek, M. Vosvrda, 2013, 184) methodology for Efficiency Index, based on long term memory (using 2 estimators), fractal dimension (using 11 estimators), and entropy (estimated through the approximate entropy), in order to assess the levels of efficiency for 20 market indices from both developed and emerging or frontier economies, from the Eurasia region. Further on, by using the Bayesian Model Averaging (BMA), we study the impact of technological and social progress on markets informational efficiency. Main results of the study reveal the existence of a market dynamics characterized by areas with distinctive levels of “informational efficiency”, within both developed and emerging economies, encompassing a non-negligible link between past and present, persistence or anti-persistence, and a high data complexity. Moreover, while studying the relationship between market efficiency and social and technological progress, we observe that variables such as Government Effectiveness, or Control of Corruption, have a positive impact on the levels of efficiency of capital markets, while most of the technological progress estimators (amongst which Computer, communications and other services (% of commercial service exports), or Individuals using the Internet (% of population)), have a negative impact, translated into a decrease of informational market efficiency on the short run (the rise of high frequency trading).

The Impact of the Transformation of Age Structure on Economic Growth

2016 ◽  
Vol 04 (04) ◽  
pp. 1650031 ◽  
Author(s):  
Wen ZHAO ◽  
Xuyang ZHU
Keyword(s):  
Economic Growth ◽  
Age Structure ◽  
Capital Accumulation ◽  
Technological Progress ◽  
Participation Rate ◽  
Market Mechanisms ◽  
Economic Growth Rate ◽  
Intergenerational Redistribution ◽  
Labor Remuneration ◽  
The Impact

The impact of the transformation of the age structure of the population on economic growth is governed by a strict law. In 12 economies under the authors’ observation, the contribution from the rejuvenation of the population to economic growth is basically 6% — the Chinese Mainland makes a contribution of 6.3%. The rejuvenation of the population has stimulated economic growth, but its contribution is very small compared with the contributions from capital accumulation and technological progress. According to international experience, in the case of addressing the transformation of the age structure of the population, relying on intergenerational redistribution will exert a great negative economic impact, while reducing the intensity of that redistribution and relying on market mechanisms to adjust the level of labor remuneration can increase the employment rate and the labor participation rate, thus raising the economic growth rate to the greatest extent.

The Effect of Culture and Product Categories on the Level of Use of Buy-It-Now (BIN) Auctions by Sellers

2010 ◽  
pp. 98-112
Author(s):  
Kevin K.W. Ho ◽  
Byungjoon Yoo ◽  
Seunghee Yu ◽  
Kar Yan Tam
Keyword(s):  
Conceptual Model ◽  
Positive Impact ◽  
Power Distance ◽  
Cultural Dimensions ◽  
Business Strategies ◽  
Market Mechanisms ◽  
Product Categories ◽  
Level Of Use ◽  
Negative Impacts ◽  
The Impact

While previous studies on buy-it-now (BIN) auctions focus on the impact of BIN format on economic performances, our study focuses on factors that affect the level of use of BIN auctions by sellers. We propose a conceptual model where culture and product categories are two important factors on the level of use of BIN auctions. Our empirical investigation shows that the level of use of BIN auctions can be explained by the Hofstede Cultural Dimensions. While power distance brings a positive impact, uncertainty avoidance and individualism bring negative impacts on the level of use of BIN auctions by sellers of different countries. Our result also shows that the level of use of BIN auctions by sellers increases with the ease of judging product quality. Our results provide valuable insights for marketplace operators to refine their business strategies and market mechanisms for expanding their businesses to overseas markets.

scholarly journals Transforming Rehabilitation: The micro-physics of (market) power

2019 ◽  
Vol 22 (1) ◽  
pp. 108-126
Author(s):  
Matt Tidmarsh
Keyword(s):  
Market Power ◽  
Unintended Consequences ◽  
Disciplinary Power ◽  
Market Mechanisms ◽  
England And Wales ◽  
Probation Service ◽  
The Impact

This paper explores the impact of the introduction of competition and profit to the probation service in England and Wales following the implementation of the Transforming Rehabilitation reforms. The paper adapts the ideas advanced in Foucault’s Discipline and Punish to draw similarities between the characteristics of ‘disciplinary institutions’ and a micro-physics of (market) power in probation under Transforming Rehabilitation. It utilises Foucault’s ‘instruments’ of disciplinary power – hierarchical observation, normalising judgement, and the examination – as lenses through which to highlight the unintended consequences of the installation of market techniques within the service. The paper argues that the constraints peculiar to instilling decentralising market mechanisms that were presented as a means to liberate practitioners and reduce reoffending have entrenched further the centralising tendencies associated with managerialism.

The impact of salient political and economic news on the trading activity

2001 ◽  
Vol 9 (3) ◽  
pp. 195-217 ◽  
Author(s):  
Yue-cheong Chan ◽  
Andy C.W Chui ◽  
Chuck C.Y Kwok
Keyword(s):  
Trading Activity ◽  
Economic News ◽  
The Impact
Sign in / Sign up

Export Citation Format

Share Document