000 02720nam a22003975i 4500
001 978-3-8350-9577-9
003 DE-He213
005 20161121231010.0
007 cr nn 008mamaa
008 100301s2007 gw | s |||| 0|eng d
020 _a9783835095779
_9978-3-8350-9577-9
024 7 _a10.1007/978-3-8350-9577-9
_2doi
050 4 _aHG1-HG9999
072 7 _aKFF
_2bicssc
072 7 _aBUS027000
_2bisacsh
082 0 4 _a332
_223
100 1 _aHachmeister, Alexandra.
_eauthor.
245 1 0 _aInformed Traders as Liquidity Providers
_h[electronic resource] :
_bEvidence from the German Equity Market /
_cby Alexandra Hachmeister.
264 1 _aWiesbaden :
_bDUV,
_c2007.
300 _aXVI, 179 p.
_bonline resource.
336 _atext
_btxt
_2rdacontent
337 _acomputer
_bc
_2rdamedia
338 _aonline resource
_bcr
_2rdacarrier
347 _atext file
_bPDF
_2rda
505 0 _aInstitutional Set-up and Academic Framework -- Institutional Setting -- Liquidity -- Informed Trading -- Informed Trading and Liquidity -- Empirical Analyses -- Research Design -- Market Description: Liquidity and Informed Trading -- Trader Classification -- Liquidity Demand and Supply Behavior of Informed Traders -- Résumé.
520 _aMost market places in today’s exchange industry operate on fully electronic trading systems. The predominant form of trading systems is the open limit order book pooling all buy and sell limit orders in one single order book. The attractiveness of an order book is determined by its liquidity. Consequently, liquidity is the competitive factor for an exchange. However, it is not the exchange that provides the liquidity but the limit orders standing in the order book. The question is: Who are these traders that provide liquidity on a voluntary basis? A high frequency transaction data set for the German equity market is the basis for Alexandra Hachmeister’s extensive empirical analysis. This includes a detailed market description of the German equity market, a new methodological approach for the identification of informed traders and finally the analysis of the individual liquidity providing and demanding behavior of the identified informed traders. Questioning the existing theoretical literature on liquidity provision in equity markets, she finds strong evidence for liquidity providing behavior of informed traders.
650 0 _aFinance.
650 1 4 _aFinance.
650 2 4 _aFinance, general.
710 2 _aSpringerLink (Online service)
773 0 _tSpringer eBooks
776 0 8 _iPrinted edition:
_z9783835007550
856 4 0 _uhttp://dx.doi.org/10.1007/978-3-8350-9577-9
912 _aZDB-2-SBE
950 _aBusiness and Economics (Springer-11643)
999 _c507047
_d507047