The aim of this thesis is to contribute to the existing empirical literature by investigating the strategic behavior of informed and uninformed traders under the light of recent developments. We observe their actual current behavior at financial markets and try to assess whether existing theoretical arguments and assumptions are still valid in the world today, or the newly available rich data samples provide new answers to old questions that researchers have not been able to answer before.
Inhaltsverzeichnis (Table of Contents)
- INTRODUCTION
- MOTIVATION
- OVERVIEW AND ORGANIZATION
- THE STRUCTURE OF THE GERMAN EQUITY MARKET
- GENERAL OVERVIEW
- TRADING VENUES
- Screen-based Trading at Xetra
- Floor-based trading at the Frankfurt Stock Exchange
- INTERMEDIARIES AND MARKET ACCESS
- INTERNATIONAL COMPARISON OF GERMAN EQUITY MARKET
- MARKET QUALITY OF FLOOR TRADING WHEN SCREEN TRADING CLOSES EARLY
- INTRODUCTION
- RELATED LITERATURE AND TESTABLE HYPOTHESES
- DATA
Frequently Asked Questions
What is the focus of the market microstructure study?
The thesis investigates the strategic behavior of informed and uninformed traders in modern financial markets using rich data samples.
How is the German equity market structured?
It consists of screen-based trading at Xetra and floor-based trading at the Frankfurt Stock Exchange, each with different mechanisms.
What happens to floor trading when screen trading closes early?
The study analyzes the market quality and liquidity of floor trading during these specific time windows to test theoretical hypotheses.
What are intermediaries in the context of Xetra?
They are market participants who provide liquidity and facilitate access to the electronic trading platform for other investors.
Why is the behavior of informed traders significant?
Informed traders possess non-public information; their strategies impact price discovery and overall market efficiency.
- Citation du texte
- Dr. Christian Voigt (Auteur), 2008, Selected Essays on Market Microstructure, Munich, GRIN Verlag, https://www.grin.com/document/115219
