کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
5085318 | 1477941 | 2010 | 4 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
Does screen trading weather the weather? A note on cloudy skies, liquidity, and computerized stock markets
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موضوعات مرتبط
علوم انسانی و اجتماعی
اقتصاد، اقتصادسنجی و امور مالی
اقتصاد و اقتصادسنجی
پیش نمایش صفحه اول مقاله
![عکس صفحه اول مقاله: Does screen trading weather the weather? A note on cloudy skies, liquidity, and computerized stock markets Does screen trading weather the weather? A note on cloudy skies, liquidity, and computerized stock markets](/preview/png/5085318.png)
چکیده انگلیسی
This paper tests for the presence of a weather effect on liquidity in a screen-based electronic stock market. The Exchange Liquidity Measure XLM enables us to separate the effect of cloudy skies on liquidity provided by market makers from this effect on liquidity naturally in the market. The empirical evidence suggests that cloudy skies correspond with high natural liquidity levels and low liquidity injected by market makers. This result is consistent with findings for floor-based stock trading and with the hypothesis that market makers add less value in markets with high natural liquidity.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: International Review of Financial Analysis - Volume 19, Issue 2, March 2010, Pages 77-80
Journal: International Review of Financial Analysis - Volume 19, Issue 2, March 2010, Pages 77-80
نویسندگان
Christiane Goodfellow, Dirk Schiereck, Tatjana Verrier,