Spread Depth And Order Flow Patterns Of Warrants And Their Underlying Stocks On The Stock Exchange Of Thailand PDF Download
Are you looking for read ebook online? Search for your book and save it on your Kindle device, PC, phones or tablets. Download Spread Depth And Order Flow Patterns Of Warrants And Their Underlying Stocks On The Stock Exchange Of Thailand PDF full book. Access full book title Spread Depth And Order Flow Patterns Of Warrants And Their Underlying Stocks On The Stock Exchange Of Thailand.
Author | : Charlie Charoenwong |
Publisher | : |
Total Pages | : 48 |
Release | : 2013 |
Genre | : |
ISBN | : |
Download Spread, Depth, and Order Flow Patterns of Warrants and Their Underlying Stocks on the Stock Exchange of Thailand Book in PDF, ePub and Kindle
This study compared the trading characteristics of warrants and their underlying stocks. The Stock Exchange of Thailand provided a good platform for comparing the trading characteristics of warrants and their underlying stocks because both these securities are traded in the same market venue and have identical trading rules. Hence, the impact of trading protocol on intraday variation and an informed trader's decision to buy warrants or stocks was controlled. The paper found that they have a similar downward sloping pattern of spreads, adverse selection component, and liquidity immediacy, U-shaped for volatility and trading volume, and upward-sloping for depth and market order ratio. After controlling for the intraday patterns, spreads are positively associated with liquidity immediacy and negatively related to the market order ratio and total depth. The results indicate that the market structure does affect the intraday pattern of trading characteristics.
Author | : Arnat Leemakdej |
Publisher | : |
Total Pages | : 36 |
Release | : 2007 |
Genre | : |
ISBN | : |
Download Warrant Pricing and Listing in an Emerging Market Book in PDF, ePub and Kindle
This study proposes a more complete model to pricing warrant by taking into account the expected cash infusion when warrants are exercised. The model can be extended to pricing the warrant of levered firm. In addition, the paper suggests an alternative test to examine the impact of warrant listing on volatility of the underlying stocks. The alternative test can avoid the bias from change in capital structure of the sample. This bias partly explains contradicting empirical results found in previous literature. Using daily data during 1994 to 1997 of warrants listed on the Stock Exchange of Thailnd, it finds that there exists the impact which helps stabilizing the volatility of underlying stock and pull down stock price.
Author | : Niclas Hagelin |
Publisher | : |
Total Pages | : |
Release | : 2003 |
Genre | : |
ISBN | : |
Download The Impact of Warrant Introductions on the Underlying Stocks, with a Comparison to Stock Options Book in PDF, ePub and Kindle
This paper investigates the impact of warrant and stock option introductions on the Swedish market. To our knowledge, this is the first attempt to investigate the impact of warrant introductions. The results suggest that warrant introductions have no real effect on the underlying stock. The evidence indicates, on average, that no significant impact occurs on the price, bid-ask spread, volatility, trading volume, or number of actual trading days of the underlying stocks in the year following the warrant introduction. This is in contrast to earlier evidence from stock option introductions and may be explained by the more complex nature of warrants. This indicates that (1) decreased liquidity caused by a diversion of trade from the stock to the warrant is nonexistent and (2) volatility estimates for valuation purposes, before the actual introduction, can be approximated by historical estimates. Furthermore, the introduction of stock options, in contrast to warrants, is found to have a positive effect on the underlying stocks. Volatility and bid-ask spreads are found to decrease, while results regarding changes in trading volumes are more uncertain. Finally, we note that the failure to document any impact from warrant introductions can be a result of infrequent trading in the warrants themselves. Therefore, a similar study performed on a more liquid warrant market would be of interest.
Author | : Mr.Peter Dattels |
Publisher | : International Monetary Fund |
Total Pages | : 106 |
Release | : 1995-11 |
Genre | : Business & Economics |
ISBN | : |
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This paper applies the “market microstructure” literature to the specific features of government securities markets and draws implications for the strategy to develop government securities markets. It argues for an active role of the authorities in fostering the development of efficient market structures.
Author | : Joseph Rosen |
Publisher | : |
Total Pages | : 0 |
Release | : 2009-06-18 |
Genre | : Electronic trading of securities |
ISBN | : 9780981464602 |
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This book provides a comprehensive look at the challenges of keeping up with liquidity needs and technology advancements. It is also a sourcebook for understandable, practical solutions on trading and technology.
Author | : Marc Levinson |
Publisher | : The Economist |
Total Pages | : 250 |
Release | : 2018-07-24 |
Genre | : Business & Economics |
ISBN | : 1541742516 |
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The revised and updated 7th edition of this highly regarded book brings the reader right up to speed with the latest financial market developments, and provides a clear and incisive guide to a complex world that even those who work in it often find hard to understand. In chapters on the markets that deal with money, foreign exchange, equities, bonds, commodities, financial futures, options and other derivatives, the book examines why these markets exist, how they work, and who trades in them, and gives a run-down of the factors that affect prices and rates. Business history is littered with disasters that occurred because people involved their firms with financial instruments they didn't properly understand. If they had had this book they might have avoided their mistakes. For anyone wishing to understand financial markets, there is no better guide.
Author | : Jason Katzman |
Publisher | : Skyhorse Publishing Inc. |
Total Pages | : 385 |
Release | : 2011-03-23 |
Genre | : Business & Economics |
ISBN | : 1616081112 |
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Here is practical advice for anyone who wants to build their business by selling overseas. The International Trade Administration covers key topics such as marketing, legal issues, customs, and more. With real-life examples and a full index, A Basic Guide to Exporting provides expert advice and practical solutions to meet all of your exporting needs.
Author | : World Bank |
Publisher | : World Bank Publications |
Total Pages | : 241 |
Release | : 2019-11-21 |
Genre | : Business & Economics |
ISBN | : 1464814414 |
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Seventeen in a series of annual reports comparing business regulation in 190 economies, Doing Business 2020 measures aspects of regulation affecting 10 areas of everyday business activity.
Author | : Henry Mintzberg |
Publisher | : |
Total Pages | : 0 |
Release | : 2009 |
Genre | : |
ISBN | : |
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Synthesizes the empirical literature on organizationalstructuring to answer the question of how organizations structure themselves --how they resolve needed coordination and division of labor. Organizationalstructuring is defined as the sum total of the ways in which an organizationdivides and coordinates its labor into distinct tasks. Further analysis of theresearch literature is neededin order to builda conceptualframework that will fill in the significant gap left by not connecting adescription of structure to its context: how an organization actuallyfunctions. The results of the synthesis are five basic configurations (the SimpleStructure, the Machine Bureaucracy, the Professional Bureaucracy, theDivisionalized Form, and the Adhocracy) that serve as the fundamental elementsof structure in an organization. Five basic parts of the contemporaryorganization (the operating core, the strategic apex, the middle line, thetechnostructure, and the support staff), and five theories of how it functions(i.e., as a system characterized by formal authority, regulated flows, informalcommunication, work constellations, and ad hoc decision processes) aretheorized. Organizations function in complex and varying ways, due to differing flows -including flows of authority, work material, information, and decisionprocesses. These flows depend on the age, size, and environment of theorganization; additionally, technology plays a key role because of itsimportance in structuring the operating core. Finally, design parameters aredescribed - based on the above five basic parts and five theories - that areused as a means of coordination and division of labor in designingorganizational structures, in order to establish stable patterns of behavior.(CJC).
Author | : Stephane Hallegatte |
Publisher | : World Bank Publications |
Total Pages | : 227 |
Release | : 2015-11-23 |
Genre | : Business & Economics |
ISBN | : 1464806748 |
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Ending poverty and stabilizing climate change will be two unprecedented global achievements and two major steps toward sustainable development. But the two objectives cannot be considered in isolation: they need to be jointly tackled through an integrated strategy. This report brings together those two objectives and explores how they can more easily be achieved if considered together. It examines the potential impact of climate change and climate policies on poverty reduction. It also provides guidance on how to create a “win-win†? situation so that climate change policies contribute to poverty reduction and poverty-reduction policies contribute to climate change mitigation and resilience building. The key finding of the report is that climate change represents a significant obstacle to the sustained eradication of poverty, but future impacts on poverty are determined by policy choices: rapid, inclusive, and climate-informed development can prevent most short-term impacts whereas immediate pro-poor, emissions-reduction policies can drastically limit long-term ones.