Author: Joseph K. W. FungPublisher:
ISBN:
Category : Options (Finance)
Languages : en
Pages : 24
Book Description
The Intraday Pricing Efficiency of Hang Seng Index Options and Futures Markets
Author: Joseph K. W. FungPublisher:
ISBN:
Category : Options (Finance)
Languages : en
Pages : 24
Book Description
Volatility, Volume and Pricing Efficiency in the Stock Index Futures Market When the Underlying Cash Market Does Not Trade
Author: Yue-Cheong ChanPublisher:
ISBN:
Category :
Languages : en
Pages : 30
Book Description
This paper presents an event study of the trading of Hang Seng Index (HSI) futures contracts on the Hong Kong Futures Exchange (HKFE) after it begins to open fifteen minutes earlier and close fifteen minutes later than the underlying cash market, the Stock Exchange of Hong Kong (SEHK) in November 1998. The empirical results show that the extension of trading hours in the HKFE causes futures traders to shift their orders from other sessions of the day to the first 15-minute trading session preceding the opening in cash market. However, the increase in trading volume during the opening session does not bring any corresponding upsurge in return volatility. Instead, futures returns during the opening session are found to be relatively less volatile than before. In addition, the futures contract opening prices appear to have little change (or even reduction) in pricing errors when compared with the pre-extension period. These observations suggest that trading activities during the extended opening session of the futures market are dominated by the better-informed traders which help to speed up the price discovery process in the market. On the other hand, there are no notable changes in return volatility, trading volume and pricing efficiency in the last 15-minute trading session of the HKFE during the post-extension period.
Pricing Efficiency in a Thin Market with Competitive Market Makers
Author: Joseph K. W. FungPublisher:
ISBN:
Category :
Languages : en
Pages :
Book Description
Using a box spread arbitrage strategy, we examine the pricing efficiency of the emerging, thinly traded Hang Seng Index options market in Hong Kong, where market makers operate under a competitive open outcry system. In 20 months of tick-by-tick bid-ask quotes we find very few arbitrage opportunities. Our examination of the reporting time of quotes shows that in effect, all the apparent mispricings are deceptive and could be explained by stale quotes. The absence of real arbitrage opportunities supports the pricing rationality hypothesis in the Hong Kong options market.
Price-Forecasting Models for HANG SENG INDEX ^HSI Stock
Author: Ton Viet TaPublisher:
ISBN:
Category :
Languages : en
Pages : 98
Book Description
https: //www.dinhxa.com One-Week Free Trial (subject to change) Do you want to earn up to a 610% annual return on your money by two trades per day on HANG SENG INDEX ^HSI Stock? Reading this book is the only way to have a specific strategy. This book offers you a chance to trade ^HSI Stock at predicted prices. Eight methods for buying and selling ^HSI Stock at predicted low/high prices are introduced. These prices are very close to the lowest and highest prices of the stock in a day. All methods are explained in a very easy-to-understand way by using many examples, formulas, figures, and tables. The BIG DATA of the 7858 consecutive trading days (from October 12, 1987 to March 4, 2021) are utilized. The methods do not require any background on mathematics from readers. Furthermore, they are easy to use. Each takes you no more than 30 seconds for calculation to obtain a specific predicted price. The methods are not transient. They cannot be beaten by Mr. Market in several years, even until the stock doubles its current age. They are traits of Mr. Market. The reason is that the author uses the law of large numbers in the probability theory to construct them. In other words, you can use the methods in a long time without worrying about their change. The efficiency of the methods can be checked easily. Just compare the predicted prices with the actual price of the stock while referring to the probabilities of success which are shown clearly in the book (click the LOOK INSIDE button to read more information before buying this book). The book is very useful for Investors who have decided to buy the stock and keep it for a long time (as the strategy of Warren Buffett), or to sell the stock and pay attention to other stocks. The methods will help them to maximize profits for their decision. Day traders who buy and sell the stock many times in a day. Although each method is valid one time per day, the information from the methods will help the traders buy/sell the stock in the second time, third time or more in a day. Beginners to ^HSI Stock. The book gives an insight about the behavior of the stock. They will surely gain their knowledge of ^HSI Stock after reading the book. Everyone who wants to know about the U.S. stock market. https: //www.dinhxa.com includes a software (app) for stock price forecasting using the methods in this book. The software gives 114 predictions while this book gives 16. One-Week Free Trial (subject to change)
On the Effectiveness of the Hang Seng Index Futures Contracts in Hedging the Shanghai B-shares
Author: Jack S. K. ChangPublisher:
ISBN:
Category : Stock index futures
Languages : en
Pages : 14
Book Description
The Profitability of Hang Seng Index Arbitrage
Author: Yui LeeComparison of the Effectiveness of Hang Seng Index Futures and Hang Seng Index-linked Bond for Hedging the Risks of Stock Investment in the Hong Kong Stock Market
Author: Carol Ka Lok ChiuPublisher:
ISBN:
Category : Stock exchanges
Languages : en
Pages :
Book Description
Stock Index Options and Futures
Author: John MillersPublisher: McGraw-Hill Companies
ISBN:
Category : Business & Economics
Languages : en
Pages : 264
Book Description
Stock Index Futures
Author: Charles M.S. SutcliffePublisher: Routledge
ISBN: 1351148559
Category : Business & Economics
Languages : en
Pages : 534
Book Description
The global value of trading in index futures is about $20 trillion per year and rising and for many countries the value traded is similar to that traded on their stock markets. This book describes how index futures markets work and clearly summarises the substantial body of international empirical evidence relating to these markets. Using the concepts and tools of finance, the book also provides a comprehensive description of the economic forces that underlie trading in index futures. Stock Index Futures 3/e contains many teaching and learning aids including numerous examples, a glossary, essay questions, comprehensive references, and a detailed subject index. Written primarily for advanced undergraduate and postgraduate students, this text will also be useful to researchers and market participants who want to gain a better understanding of these markets.
Stock Index Futures
Author: Charles M.S. SutcliffePublisher: Routledge
ISBN: 1351148540
Category : Business & Economics
Languages : en
Pages : 844
Book Description
The global value of trading in index futures is about $20 trillion per year and rising and for many countries the value traded is similar to that traded on their stock markets. This book describes how index futures markets work and clearly summarises the substantial body of international empirical evidence relating to these markets. Using the concepts and tools of finance, the book also provides a comprehensive description of the economic forces that underlie trading in index futures. Stock Index Futures 3/e contains many teaching and learning aids including numerous examples, a glossary, essay questions, comprehensive references, and a detailed subject index. Written primarily for advanced undergraduate and postgraduate students, this text will also be useful to researchers and market participants who want to gain a better understanding of these markets.