Save 50% on Print Books, eBooks & Journals in Medicine! Browse now >>

ebs-Forschung, Schriftenreihe der EUROPEAN BUSINESS SCHOOL Schloß Reichartshausen

Informed Traders as Liquidity Providers

Evidence from the German Equity Market

Authors: Hachmeister, Alexandra

Buy this book

eBook $74.99
price for USA
  • ISBN 978-3-8350-9577-9
  • Digitally watermarked, DRM-free
  • Included format: PDF
  • ebooks can be used on all reading devices
  • Immediate eBook download after purchase
Softcover $99.00
price for USA
  • ISBN 978-3-8350-0755-0
  • Free shipping for individuals worldwide
  • Usually dispatched within 3 to 5 business days.
About this book

Most 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.

About the authors

Dr. Alexandra Hachmeister promovierte bei Prof. Dr. Dirk Schiereck am Stiftungslehrstuhl Bank- und Finanzmanagement der European Business School, Oestrich-Winkel. Sie ist derzeit als Mitarbeiterin der Deutsche Börse AG tätig.

Table of contents (1 chapters)

Buy this book

eBook $74.99
price for USA
  • ISBN 978-3-8350-9577-9
  • Digitally watermarked, DRM-free
  • Included format: PDF
  • ebooks can be used on all reading devices
  • Immediate eBook download after purchase
Softcover $99.00
price for USA
  • ISBN 978-3-8350-0755-0
  • Free shipping for individuals worldwide
  • Usually dispatched within 3 to 5 business days.
Loading...

Services for this Book

Recommended for you

Loading...

Bibliographic Information

Bibliographic Information
Book Title
Informed Traders as Liquidity Providers
Book Subtitle
Evidence from the German Equity Market
Authors
Series Title
ebs-Forschung, Schriftenreihe der EUROPEAN BUSINESS SCHOOL Schloß Reichartshausen
Series Volume
66
Copyright
2007
Publisher
Deutscher Universitätsverlag
Copyright Holder
Gabler Verlag | Springer Fachmedien Wiesbaden GmbH, Wiesbaden
eBook ISBN
978-3-8350-9577-9
DOI
10.1007/978-3-8350-9577-9
Softcover ISBN
978-3-8350-0755-0
Edition Number
1
Number of Pages
XVI, 179
Topics