Essays On Single Stock Futures Trading PDF Download
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| Author | : Cuyler Lawrence Strong |
| Publisher | : |
| Total Pages | : 141 |
| Release | : 2020 |
| Genre | : Options (Finance) |
| ISBN | : |
Download Essays on Single-Stock Futures and Options Markets Book in PDF, ePub and Kindle
These two essays demonstrate the important role that derivative markets play in assimilating information into financial markets. In the first essay I use the 2008 short-selling ban to examine the impact of single-stock futures (SSFs) trading on options market quality. I show that there is a substitution effect between options trading and SSFs trading during the ban period. In addition, my results show that SSFs trading had a significant effect in narrowing the bid-ask spreads of options contracts. Moreover, compared to stocks without SSFs, stocks with SSFs were less likely to violate put-call parity during the ban period. My results suggest that SSFs trading helps mitigate the negative effect of the short-selling ban on options market quality documented in the literature.In the second essay I look at information flows through large option trades. The motivation comes from CNBC's "Halftime Report" which regularly covers unusual option activity, i.e., those abnormally large trades, and recommend investors to follow the "smart money". I investigate the impact of the CNBC coverage on underlying stock prices and whether investors can indeed profit by following the "smart money". I document an immediate spike in trading volume and abnormal returns at the time of the CNBC coverage, and evidence that the unusual option trades are informative of stock prices around the coverage. However, I also document a significant reversal in underlying stock prices following the CNBC coverage. Using the same criteria advocated by the CNBC commentators, I identify unusual option activities for a large sample of stocks without CNBC coverage. I confirm that the unusual option trades significantly predict underlying stock returns, but find no evidence of reversal in underlying stock prices. My findings suggest that the CNBC coverage of unusual option activity has a destabilizing effect on underlying stock prices and investors cannot profit by simply following the CNBC reporting on the "smart money".
| Author | : Yoshiki Shimizu |
| Publisher | : |
| Total Pages | : 101 |
| Release | : 2019 |
| Genre | : |
| ISBN | : |
Download Essays on Single-stock Futures Trading Book in PDF, ePub and Kindle
This dissertation consists of two essays that study the effects of single-stock futures (SSFs) trading on financial markets during the 2008-2009 financial crisis. In September 2008, the Securities and Exchange Commission (SEC) issued an emergency order to temporarily ban short selling of nearly 1,000 financial stocks. The literature found that the ban deteriorated valuations and market quality for banned stocks in stock and options markets. My first essay uses this short selling ban as an empirical setting to test the effects of SSFs trading on price discovery and market quality of banned stocks. I find that the short selling ban revived the trading activities of the SSFs market: SSFs trading volume increased significantly for banned stocks during the ban period. This result suggests that bearish investors and those with hedging demand migrated to the SSFs market to take short positions in banned stocks. Moreover, I show that SSFs trading contributed to price discovery of underlying banned stocks significantly more during the ban period. Finally, I show that SSFs trading helps improve market quality of banned stocks. While the strand of literature documents the negative effects of the ban on both price discovery and market quality, I find that SSFs trading helps mitigate those negative effects of the ban. In the second essay, I examine the effects of SSFs trading on options market quality during the short selling ban period. I analyze banned stocks with options and/or SSFs listings, and examine how SSFs trading affects options market quality during the ban period. I measure options market quality as the bid-ask spread relative to optionality variable and the likelihood of put-call parity violations. While the literature documents a significant deterioration in these measures during the ban period, I show that SSFs trading helps improve the options spreads and reduce the likelihood of the violations. These findings contribute to the literature by establishing the link between options and SSFs markets and also by documenting that the SSFs market plays an important role in today's financial markets.
| Author | : Russell R. Wasendorf |
| Publisher | : McGraw Hill Professional |
| Total Pages | : 383 |
| Release | : 2003-12-22 |
| Genre | : Business & Economics |
| ISBN | : 0071442987 |
Download The Complete Guide to Single Stock Futures Book in PDF, ePub and Kindle
Single stock futures are quickly becoming among the market's most important trading vehicles, and Russell Wasendorf's Peregrine Financial Group accounts for 20 to 50 percent of daily U.S. trading volume! In The Complete Guide to Single Stock Futures, Wasendorf provides traders with: Analyses of the latest rules and regulations How to apply technical and fundamental analysis • Best exchanges for trading Essential valuation techniques • And much more
| Author | : Kennedy Mitchell |
| Publisher | : John Wiley & Sons |
| Total Pages | : 276 |
| Release | : 2003 |
| Genre | : Business & Economics |
| ISBN | : 9780471267621 |
Download Single Stock Futures Book in PDF, ePub and Kindle
Everything you need to know about Single Stock Futures "Single stock futures are an incredibly important new financial instrument for managing risk. Kennedy Mitchell provides an outstanding and easy-to-read explanation of these new products for either an expert futures user or for someone learning about futures markets for the first time." –Peter Borish, Senior Managing Director, OneChicago Although single stock futures may be a relatively new phenomenon in the United States, this instrument has been successfully traded for years in various overseas markets–leaving you, the individual and professional investor, to play catch-up. Exactly what are single stock futures? They are futures contracts, within the futures universe, that have shares of listed public companies as their underlying asset. In Single Stock Futures: An Investor’s Guide, author Kennedy Mitchell introduces you to single stock futures, explains how they function, and demonstrates the various ways they can be traded. This comprehensive guide clearly illustrates how investors–both individual and professional–can utilize single stock futures independently or as an application to add new dimensions to an investment portfolio. Single stock futures have the potential to improve the performance of professionals, novices, investors, and traders. Take this opportunity to find out how with Single Stock Futures: An Investor’s Guide.
| Author | : Patrick L. Young |
| Publisher | : John Wiley & Sons |
| Total Pages | : 166 |
| Release | : 2004-02-06 |
| Genre | : Business & Economics |
| ISBN | : 0470869593 |
Download Single Stock Futures Book in PDF, ePub and Kindle
Single Stock Futures are regarded by many as the ultimate derivative. Having finally made their US trading debut in November 2002, the market is set for explosive global growth during 2003 and 2004. Written by experienced traders, this is the first practical guide to this exciting new product as increasingly traded throughout the world.
| Author | : Frank Partnoy |
| Publisher | : |
| Total Pages | : 8 |
| Release | : 2004 |
| Genre | : |
| ISBN | : |
Download Some Policy Implications of Single-Stock Futures Book in PDF, ePub and Kindle
On Dec. 15, 2000, Congress approved the use of single-stock futures. This essay analyzes some of the policy issues related to that approval. In particular, I discuss (1) the benefits and costs of margin rules applicable to single-stock futures, (2) the amendments to the securities laws to cover single-stock futures in areas such as insider trading and market manipulation, and (3) some potential benefits associated with the use of single-stock futures to avoid restrictions on shorting stock (e.g., the elimination of so-called quot;parent-subsidiaryquot; anomalies, as when 3Com was worth less than Palm even though 3Com owned 95 percent of Palm's stock).
| Author | : Noble DraKoln |
| Publisher | : |
| Total Pages | : 284 |
| Release | : 2003-09-01 |
| Genre | : Business & Economics |
| ISBN | : 9780966624564 |
Download Single Stock Futures for Small Speculators Book in PDF, ePub and Kindle
| Author | : Jacob Bernstein |
| Publisher | : Kaplan |
| Total Pages | : 189 |
| Release | : 2003 |
| Genre | : Business & Economics |
| ISBN | : 9780793157815 |
Download How to Trade the New Single Stock Futures Book in PDF, ePub and Kindle
Introduces Single Stock Futures (SSF) trading strategies, systems, and methods. This book uses language to explain the advantages and disadvantages of trading the new investment product. It provides an introduction to a new era in investing, which is the era of the Single Stock Future.
| Author | : Lind-Waldock |
| Publisher | : John Wiley & Sons |
| Total Pages | : 313 |
| Release | : 2006-06-12 |
| Genre | : Business & Economics |
| ISBN | : 0470097450 |
Download The Complete Guide to Futures Trading Book in PDF, ePub and Kindle
PRAISE FOR The Complete Guide to FUTURES TRADING "It does a good job of conveying, in a style that is clear to the layman, how the futures world works and what is required to succeed as a trader." —Financial Engineering News "This landmark book makes futures trading accessible to mainstream individual investors. As chief executive officer of the largest financial exchange in the world for trading futures and options, I can wholeheartedly recommend this volume for the reader who wants to learn the fundamentals of investing in futures." —From the Foreword by Craig S. Donohue, Chief Executive Officer, Chicago Mercantile Exchange "The Complete Guide to Futures Trading is the ultimate 'getting started' guide. The book leads you through an informative yet concise course with an A-to-Z explanation of how to trade futures successfully. eSignal has partnered with Lind-Waldock for more than a decade to provide futures traders with reliable, accurate, and actionable data. This is a much-needed and well-written resource for the new futures trader." —Chuck Thompson, President, eSignal "My hat is off to the authors of this extremely well-written and timely book about futures trading. If the experts are right that the next bull market will be in commodities, this guide will find a large audience among investors interested in diversifying beyond stocks and bonds. This guide does a terrific job of explaining the practical aspects of futures trading and will be of great use to anyone interested in using these instruments to participate in market trends." —John Damgard, President, Futures Industry Association
| Author | : Joe Duarte |
| Publisher | : John Wiley & Sons |
| Total Pages | : 370 |
| Release | : 2011-02-02 |
| Genre | : Business & Economics |
| ISBN | : 1118052552 |
Download Trading Futures For Dummies Book in PDF, ePub and Kindle
Explore single-stock futures, ETFs, and alternative energy futures Protect your assets and maximize your profits in this risky yet lucrative market Want to take advantage of the futures market? This plain-English guide gives you the surefire strategies you need to be a successful trader, with up-to-the-minute advice on the various types of futures, conducting research, finding a broker, entering and exiting positions, and minimizing your losses. You also get bearish and bullish strategies and tips for trading online. Discover how to: Understand trends in the global economy Use charting patterns and indicators Execute successful trades Set realistic goals Avoid common trading pitfalls Keep your downside risk under control
