Author: Dong LouPublisher:
ISBN:
Category :
Languages : en
Pages :
Book Description
Informed Trading in Government Bond Markets
Author: Dong LouInformed Trading in Hybrid Bond Markets
Author: Siri ValsethPublisher:
ISBN:
Category :
Languages : en
Pages : 22
Book Description
I study the impact of pretrade transparency on trading activity in an environment where dealers, informed and uninformed alike, can choose between an electronic limit order book (LOB) and an over-the-counter (OTC) market. By investigating bond dealers' choice in the hybrid Norwegian government bond market, I explore whether they adopt a trading strategy based on the perceived informativeness of their trades. The results imply that bond dealers act strategically to preserve the value of their information by choosing the immediacy of the LOB when trades contain information. This suggests that OTC trades are exposed to a leakage of information to other dealers.
Informed Trading in a Corporate Bond Market
Author: Denis LapitskiPublisher:
ISBN:
Category : Corporate bonds
Languages : en
Pages : 102
Book Description
Informed Trading and Its Implications for Corporate Bond Pricing
Author: Xing ZhouInformed and Strategic Order Flow in the Bond Markets
Author: Paolo PasquarielloPublisher:
ISBN:
Category : Government securities
Languages : en
Pages : 56
Book Description
The Microstructure of Government Securities Markets
Author: Mr.Peter DattelsPublisher: International Monetary Fund
ISBN:
Category : Business & Economics
Languages : en
Pages : 106
Book Description
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.
Informed Trading and the Dynamics of Client-dealer Connections in Corporate Bond Markets
Author: Robert CzechDeveloping Government Bond Markets: A Handbook
Author: Publisher: World Bank Publications
ISBN: 9780821349557
Category : Business & Economics
Languages : en
Pages : 452
Book Description
This handbook is a comprehensive and authoritative reference for both senior policymakers—those responsible for the development of government bond markets in their own countries—and all individuals responsible for guiding the market development process at the operational level—those who have a substantial need to understand the policy issues involved.
How the Bond Market Works
Author: Robert ZipfPublisher: Prentice Hall Press
ISBN:
Category : Business & Economics
Languages : en
Pages : 276
Book Description
How the Bond Market Works provides all the insight and guidance you need to benefit from this popular investment vehicle. First published in 1988, this popular guide has gone into 10 sell-out printings.
Market Liquidity
Author: Thierry FoucaultPublisher: Oxford University Press
ISBN: 0197542069
Category : Capital market
Languages : en
Pages : 531
Book Description
"The process by which securities are traded is very different from the idealized picture of a frictionless and self-equilibrating market offered by the typical finance textbook. This book offers a more accurate and authoritative take on this process. The book starts from the assumption that not everyone is present at all times simultaneously on the market, and that participants have quite diverse information about the security's fundamentals. As a result, the order flow is a complex mix of information and noise, and a consensus price only emerges gradually over time as the trading process evolves and the participants interpret the actions of other traders. Thus, a security's actual transaction price may deviate from its fundamental value, as it would be assessed by a fully informed set of investors. The book takes these deviations seriously, and explains why and how they emerge in the trading process and are eventually eliminated. The authors draw on a vast body of theoretical insights and empirical findings on security price formation that have come to form a well-defined field within financial economics known as "market microstructure." Focusing on liquidity and price discovery, the book analyzes the tension between the two, pointing out that when price-relevant information reaches the market through trading pressure rather than through a public announcement, liquidity may suffer. It also confronts many striking phenomena in securities markets and uses the analytical tools and empirical methods of market microstructure to understand them. These include issues such as why liquidity changes over time and differs across securities, why large trades move prices up or down, and why these price changes are subsequently reversed, and why we observe temporary deviations from asset fair values"--