Prof. Dr. Dirk Schiereck; Alexandra Hachmeister Informed Traders as Liquidity Providers 9783835007550

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Автор: Prof. Dr. Dirk Schiereck; Alexandra Hachmeister
Название: Informed Traders as Liquidity Providers
ISBN: 9783835007550
Издательство: Springer
Классификация:

Финансы

ISBN-10: 3835007556
Обложка/Формат: Paperback
Страницы: 179
Вес: 0.33 кг.
Дата издания: 2007
Серия: Ebs-forschung, schriftenreihe der european business school schloss reichartshausen
Язык: English
Издание: 2007 ed.
Иллюстрации: Biography
Размер: 234 x 156 x 11
Читательская аудитория: Professional & vocational
Подзаголовок: Evidence from the german equity market
Ссылка на Издательство: Link
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Поставляется из: Германии
Описание: Today, the majority of large international stock exchanges operates electronic trading systems and abandons more and more floor trading which relies upon specialists and market makers. The preferred trading mechanism is the so-called open limit order book, which induces continuous double auction trading without any market participants designated to facilitate trading through their own trading activity. Trading in these market structures is considered the more attractive the smaller the spread between the highest buy and the lowest sell limit order, i.e. the more liquid a market is. This leads to the question which market participants are willing to enter buy and sell limit orders in the open limit order book to enable liquid trading. Traditional theoretical literature concludes that exclusively uninformed traders enter limit orders and provide liquidity while impatient informed traders enter liquidity-consuming market orders. Recent, primarily experimental studies question this rigid distinction. This is the starting point for Ms Hachmeisters thesis, when she analyzes - based upon an individually compiled extensive set of transaction data - informed traders order type choice.

Informed Traders as Liquidity Providers, Prof. Dr. Dirk Schiereck; Alexandra Hachmeister