Is a Stock Exchange a Computer Solution?

2011 ◽  
Vol 3 (1) ◽  
pp. 1-15 ◽  
Author(s):  
Fabian Muniesa
Keyword(s):  
Financial Markets ◽  
North American ◽  
Stock Exchange ◽  
Single Point ◽  
Price Formation ◽  
Computer Solution ◽  
Call Auction ◽  
Definition Of

The paper examines, through a case study on the Arizona Stock Exchange, how computerization challenged the definition of the stock exchange in the context of North-American financial markets in the 1990’s. It analyses exchange automation in terms of trials of explicitness: the computational formulation of what an exchange is calls for a detailed explication of the (variable, often conflicting and unanticipated) processes and properties of price formation. The paper focuses in particular on the argument of the concentration of liquidity in one single point, which was central to the development of the Arizona Stock Exchange (an electronic call auction). It then asks what kind of revolution is the ‘explicitness revolution’ in the design of allocation mechanisms.

Is a Stock Exchange a Computer Solution?

2013 ◽  
pp. 117-132 ◽  
Author(s):  
Fabian Muniesa
Keyword(s):  
Financial Markets ◽  
North American ◽  
Stock Exchange ◽  
Single Point ◽  
Price Formation ◽  
Computer Solution ◽  
Call Auction ◽  
Definition Of

The paper examines, through a case study on the Arizona Stock Exchange, how computerization challenged the definition of the stock exchange in the context of North-American financial markets in the 1990’s. It analyses exchange automation in terms of trials of explicitness: the computational formulation of what an exchange is calls for a detailed explication of the (variable, often conflicting and unanticipated) processes and properties of price formation. The paper focuses in particular on the argument of the concentration of liquidity in one single point, which was central to the development of the Arizona Stock Exchange (an electronic call auction). It then asks what kind of revolution is the ‘explicitness revolution’ in the design of allocation mechanisms.

The Effects of Bankruptcy on the Predictability of Price Formation Processes on Warsaw’s Stock Market

e-Finanse ◽  
2016 ◽  
Vol 12 (1) ◽  
pp. 32-42
Author(s):  
Paweł Fiedor ◽  
Artur Hołda
Keyword(s):  
Stock Returns ◽  
Stock Exchange ◽  
Large Body ◽  
Structural Complexity ◽  
Price Formation ◽  
Formation Processes ◽  
Before And After ◽  
History Of ◽  
Definition Of ◽  
Window Approach

AbstractIn this study we investigate how bankruptcy affects the market behaviour of prices of stocks on Warsaw’s Stock Exchange. As the behaviour of prices can be seen in a myriad of ways, we investigate a particular aspect of this behaviour, namely the predictability of these price formation processes. We approximate their predictability as the structural complexity of logarithmic returns. This method of analysing predictability of price formation processes using information theory follows closely the mathematical definition of predictability, and is equal to the degree to which redundancy is present in the time series describing stock returns. We use Shannon’s entropy rate (approximating Kolmogorov-Sinai entropy) to measure this redundancy, and estimate it using the Lempel-Ziv algorithm, computing it with a running window approach over the entire price history of 50 companies listed on the Warsaw market which have gone bankrupt in the last few years. This enables us not only to compare the differences between predictability of price formation processes before and after their filing for bankruptcy, but also to compare the changes in predictability over time, as well as divided into different categories of companies and bankruptcies. There exists a large body of research analysing the efficiency of the whole market and the predictability of price changes en large, but only a few detailed studies analysing the influence of external stimulion the efficiency of price formation processes. This study fills this gap in the knowledge of financial markets, and their response to extreme external events.

scholarly journals Social policies, financial markets and the multi-scalar governance of affordable housing in Toronto

Urban Studies ◽  
2019 ◽  
Vol 57 (13) ◽  
pp. 2628-2645
Author(s):  
Beibei Zhang
Keyword(s):  
Financial Markets ◽  
Affordable Housing ◽  
Low Income ◽  
Policy Documents ◽  
Housing Needs ◽  
Nuanced Understanding ◽  
Definition Of ◽  
Relationship Of ◽  
Low Income Households

While housing has been a central object of financialisation, questions regarding how multi-scalar states shape the financialisation of housing remain under-researched. I address this knowledge gap through a case study of the financialisation of affordable housing in Toronto. By analysing pertinent policy documents, I examine the roles and relationship of the federal, provincial and local states in the financialisation of affordable housing. Two findings are highlighted. (1) Although policies from all levels of government show traits of financialisation – in terms of both the connection between social policy and financial markets, and financialised ideologies prevailing in policy discourses, the extent and pattern of the manifestation of financialisation are distinct. This research thus calls for a nuanced understanding of the state’s role in the financialisation of housing from a multi-scalar perspective. (2) Affordable housing policies usually do not give an explicit definition of ‘affordable’. By scrutinising the policy specifications, I found that the target group is mainly moderate-income, rather than low-income, households. It will be increasingly difficult for low-income households to meet their housing needs.

scholarly journals The Impact of Social Knowledge on the Efficiency of the Financial Markets: A Case Study on the Erbil Stock Exchange

2021 ◽  
Vol 9 (4) ◽  
pp. 362-377
Author(s):  
Susan Omer Othman Nanakali ◽  
Dilshad Aziz Agha ◽  
Mustafa Farooq Othman
Keyword(s):  
Stock Market ◽  
Financial Markets ◽  
Stock Exchange ◽  
Hypothesis Test ◽  
Social Knowledge ◽  
Test Results ◽  
Factor Analyses ◽  
Monthly Income ◽  
The Impact

This study was designed to investigate the factors that can have an impact on the efficiency of financial markets, and the Erbil Stock Exchange was chosen as a case study. The researchers sought to evaluate the level of social knowledge by concentrating on certain dimensions which have a direct influence on the public’s perspective regarding financial markets – namely religion, culture and economic awareness – and the number of people participating in the sale and purchase of stocks and shares. This study tested the hypotheses by applying some statistical analyses, and the outputs are detailed in the tables, figures and factors. According to the results, the efficiency of the stock market is affected by monthly income, culture and religion, and public experience. It was also found that there is no difference in perspective between men and women regarding investing in the stock market. This is supported by the hypothesis test results, which indicated that there is no correlation between gender and economic awareness, number of participators, culture, and religion. The results of the factor analyses show that there is a significant correlation between religion, culture, economic awareness and the number of people participating and social knowledge, and that these factors significantly affect the efficiency of the stock market.

Empowering Women Entrepreneurs Through Microfinance - A Case of Rural Bangladesh

2017 ◽  
Vol 3 (2) ◽  
pp. 7
Author(s):  
Saida Parvin
Keyword(s):  
Women's Empowerment ◽  
Assessment Tools ◽  
Women’S Empowerment ◽  
Case Study Method ◽  
Policy Makers ◽  
Theoretical Contribution ◽  
Donor Agencies ◽  
Definition Of ◽  
The Impact

Women’s empowerment has been at the centre of research focus for many decades. Extant literature examined the process, outcome and various challenges. Some claimed substantial success, while others contradicted with evidence of failure. But the success remains a matter of debate due to lack of empirical evidence of actual empowerment of women around the world. The current study aimed to address this gap by taking a case study method. The study critically evaluates 20 cases carefully sampled to include representatives from the entire country of Bangladesh. The study demonstrates popular beliefs about microfinance often misguide even the borrowers and they start living in a fabricated feeling of empowerment, facing real challenges to achieve true empowerment in their lives. The impact of this finding is twofold; firstly there is a theoretical contribution, where the definition of women’s empowerment is proposed to be revisited considering findings from these cases. And lastly, the policy makers at governmental and non-governmental organisations, and multinational donor agencies need to revise their assessment tools for funding.

Opportunities for improving the insider laws: A comparative analysis of the practice in the USA and Russia

2020 ◽  
Vol 26 (4) ◽  
pp. 796-814
Author(s):  
E.K. Ovakimyan
Keyword(s):  
Financial Markets ◽  
Insider Trading ◽  
Negative Impact ◽  
Business Environment ◽  
Market Manipulation ◽  
Insider Information ◽  
Analysis And Synthesis ◽  
The Usa ◽  
Legislative Perfection ◽  
Definition Of

Subject. The article examines the laws regulating insider trading. Objectives. The study outlines recommendations for refining Law On Countering the Illegal Use of Insider Information and Market Manipulation and Amendments to Some Legislative Acts of the Russian Federation, № 224-ФЗ of July 27, 2010. Methods. The methodological framework includes a general dialectical method, analysis and synthesis, induction and deductions, and some specific methods, such as comparative and formal logic analysis to specify the definition of insider information, structural logic and functional analysis to improve the mechanism for countering insider trading and market manipulation. Results. We discovered key drawbacks to be addressed so as to improve the business environment in Russia. Although the Russia laws mainly mirror the U.S. laws, they present a more extended list of terms concerning the insider information. I believe the legislative perfection should be continued. Conclusions and Relevance. The study helps apply the findings to outline a new legislative regulation or amend the existing ones, add a new mention on the course of financial markets to students’ books, develop new methods for detecting and countering and improving the existing ones. If all parties to insider relationships use the findings, they will prevent insider trading crimes in financial markets and (or) reduce the negative impact of such crimes on the parties.

The Rapid Iterative Test and Evaluation Method (RITE)

2018 ◽  
Author(s):  
Michael C. Medlock
Keyword(s):  
Evaluation Method ◽  
Test And Evaluation ◽  
Original Case ◽  
Definition Of

This chapter begins with a discussion of the philosophy and then definition of the RITE method. It then delves into the benefits of this method and provides practical notes on running RITE tests effectively. The chapter concludes with an overview of the original case study behind the 2002 article documenting this method.

Banking on Failure

2020 ◽  
Author(s):  
Richard S Collier
Keyword(s):  
Financial Markets ◽  
Financial Institutions ◽  
Current Position ◽  
Tax System ◽  
Number Of Factors ◽  
Tax Systems

This book seeks to explain why and how banks ‘game the system’. More specifically, its objective is to account for why banks are so often involved in cases of misconduct and why those cases often involve the exploitation of tax systems. To do this, a case study is presented in Part I of the book. This case study concerns a highly complex transaction (often referred to as ‘cum-ex’) designed to exploit a flaw at the intersection of the tax system and the financial markets settlements system. It was entered into by a very large number of banks and other financial institutions. A number of factors make the cum-ex transaction remarkable, including the sheer scale of the financial amounts involved, the large number of banks and financial institutions involved, the comprehensive failure of the controls infrastructure in this highly regulated sector, and the fact that authorities across Europe have found it so difficult to deal with the transaction. Part II of the book draws out the wider significance of cum-ex and what it tells us about modern banks and their interactions with tax systems. The account demonstrates why the exploitation of tax systems by banks is practically inevitable due to a variety of systemic features of the financial markets and of tax systems themselves. A number of possible responses to the current position are suggested in the final chapter.

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