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Trade Volume (trade + volume)
Selected AbstractsThe U.S. Share of Trading Volume in Cross-Listings: Evidence from Canadian StocksFINANCIAL REVIEW, Issue 1 2007Sanjiv Sabherwal G10; G14; G15 Abstract I analyze the firm-specific determinants of the U.S. share of trading volume for 126 U.S.-listed Canadian firms. I find that the U.S. share of volume is directly related to the mass of informed and liquidity traders in the United States relative to Canada, as proxied by relative analyst following, relative duration of listing, and the U.S. share of sales. Evidence also supports the market liquidity argument that the market with lower spreads and greater depths has greater volume. Finally, the U.S. share is directly related to the relative sensitivity of the stock's value to information in the United States. [source] Evidence and Implications of Increases in Trading Volume Around Exchange ListingsFINANCIAL REVIEW, Issue 2 2001Kishore Tandon G10 Abstract After controlling for market volume trends and differences in volume measurement between the Nasdaq and the exchanges, we find that mean trading volumes increase significantly for Nasdaq stocks that list on the Amex or the NYSE. Furthermore, stocks with low (high) pre-listing volume tend to realize the largest volume increases (decreases) as well as the best (worst) post-listing performance. Our results support the hypothesis that stocks with high past trading volumes tend to experience lower future returns, and shed new light on the nature and possible causes of poor post-listing stock performance. [source] Intra Day Bid-Ask Spreads, Trading Volume and Volatility: Recent Empirical Evidence from the London Stock ExchangeJOURNAL OF BUSINESS FINANCE & ACCOUNTING, Issue 5-6 2004Charlie X. Cai With the benefit of very high frequency (25 million 1 minute observations) and recent data (2001) for the UK, this paper explores a number of intra day patterns of stock market behaviour. More specifically, a distinct reverse J shaped bid-ask spread pattern is noted for SETS securities, a declining bid-ask spread pattern for non-SETS securities, a two hump pattern for trading volume and a U-shaped pattern for returns volatility for all securities. In terms of complementing the existing literature, the paper shows that differences in trading systems may affect the bid-ask spread patterns, while differences in market environments (i.e. US and UK markets) seems to affect the trading volume pattern. The paper suggests avenues for future research, in particular, the need to consider what factors are significant in determining intra day patterns for different trading systems and the need for additional cross-market comparisons to identify how institutional factors affect the behaviour of investors on an intra day basis. [source] Alien spider introductions to Europe supported by global tradeDIVERSITY AND DISTRIBUTIONS, Issue 2 2008Manuel Kobelt ABSTRACT Global trade is permanently ongoing and increases its volume every year. In this study, the occurrence of 87 unintentionally introduced spider species alien to Europe is analysed. The analysis includes (1) the introduction potential of six different origin areas of the world according to trade volume, area size, and geographical distance; (2) the body size of native and alien species; and (3) occurrence in or at buildings (synanthropic) or in natural habitats. We found the eastern Palearctic as the most influencing origin area with 44 introduced spider species to Europe. The eastern Palearctic and the Indomalayan provided a significantly higher number of introductions than expected, whereas the Nearctic, Neotropical, and Afrotropical provided a significantly lower number of introduced species than expected. This can be explained with their lower trade volume, smaller area, larger geographical distance to Europe, and stronger climate differences to Europe. Comparing the body size of introduced and native European spider species of the same family, we found for Theridiidae significantly larger alien spiders and for all other tested families a trend to a larger body size of alien species compared to the native spiders. The family affiliation of alien spiders is the most important factor for synanthropic occurrence in Europe. On the base of a very conservative estimation of spider species introductions to Europe combined with possible effects of climate change, we predict for the near future a permanent increase in the number of alien spider species in Europe. [source] Liquidity in Asset Markets With Search FrictionsECONOMETRICA, Issue 2 2009Ricardo Lagos We develop a search-theoretic model of financial intermediation in an over-the-counter market and study how trading frictions affect the distribution of asset holdings and standard measures of liquidity. A distinctive feature of our theory is that it allows for unrestricted asset holdings, so market participants can accommodate trading frictions by adjusting their asset positions. We show that these individual responses of asset demands constitute a fundamental feature of illiquid markets: they are a key determinant of trade volume, bid,ask spreads, and trading delays,the dimensions of market liquidity that search-based theories seek to explain. [source] Explaining trading volume in the euroINTERNATIONAL JOURNAL OF FINANCE & ECONOMICS, Issue 1 2006Janusz Brzeszczynski Abstract Following the introduction of the euro in 1999, daily trade volume began a downward trend until early 2002, after which daily volume started to trend upward. A model of weekly trades suggests that changes in momentum as well as the carry trade motives of interest differentials are significant explanatory factors. Daily data examination reveals that Fridays have lower activity, and Tuesdays greater activity than average. At the intradaily level, trading is very low before and after London business hours. Within the London business day, trade activity is higher in 5-min intervals when a ,big figure' is breached. This is consistent with stop-loss or take-profit motives for trading. Copyright © 2006 John Wiley & Sons, Ltd. [source] A Laboratory Investigation of Networked Markets,THE ECONOMIC JOURNAL, Issue 547 2010A. Cassar When contracts are not perfectly enforceable, can interpersonal networks improve market efficiency? We introduce certain exogenous networks into laboratory markets in which traders can cheat in ,international' but not in ,domestic' transactions. We examine four network configurations, one of which has the potential to achieve 100% efficiency. Theoretical upper bounds correctly predict the main qualitative trade patterns across our network configurations but overpredict observed efficiency. Our networks increase international trade volume, reduce domestic volume and divert high surplus transactions to international networks. [source] Asset Trading Volume with Dynamically Complete Markets and Heterogeneous AgentsTHE JOURNAL OF FINANCE, Issue 5 2003Kenneth L. Judd Trading volume of infinitely lived securities, such as equity, is generically zero in Lucas asset pricing models with heterogeneous agents. More generally, the end-of-period portfolio of all securities is constant over time and states in the generic economy. General equilibrium restrictions rule out trading of equity after an initial period. This result contrasts the prediction of portfolio allocation analyses that portfolio rebalancing motives produce nontrivial trade volume. Therefore, other causes of trade must be present in asset markets with large trading volume. [source] DO DEALERS INFER INFORMATION FROM ORDER FLOW?THE JOURNAL OF FINANCIAL RESEARCH, Issue 2 2007Bidisha Chakrabarty Abstract I examine strategic behavior among dealers in the NASDAQ market and document that there is a lead quote-setting dealer in each security and that the quotes posted by this leader are informative. Other dealers free-ride this information by following the lead quote-setting dealer. The lead dealer can be identified by two information signals: (1) percentage of time spent on the inside market (i.e., posting inside quotes), and (2) trade volume transacted. Dealers that free-ride the leader's quotes quickly update their posted quotes in the same direction as the leader's quote change. My findings suggest that directing trade to the lead dealer may be more advantageous than randomly routing trade. [source] Discrepancies in Reported Levels of International Wildlife TradeCONSERVATION BIOLOGY, Issue 6 2005ARTHUR G. BLUNDELL aduanas; CITES; especies en peligro; programa de aranceles armonizados Abstract:,The international wildlife trade is a principal cause of biodiversity loss, involving hundreds of millions of plants and animals each year, yet wildlife trade records are notoriously unreliable. We assessed the precision of wildlife trade reports for the United States, the world's largest consumer of endangered wildlife, by comparing data from the Convention on International Trade in Endangered Species of Wild Fauna and Flora (CITES) with U.S. Customs data. For both U.S. imports and exports, CITES and Customs reported substantially different trade volumes for all taxa in all years. Discrepancies ranged from a CITES-reported volume 376% greater than that reported by Customs (live coral imports, 2000) to a Customs' report 5202% greater than CITES (conch exports, 2000). These widely divergent data suggest widespread inaccuracies that may distort the perceived risk of targeted wildlife exploitation, leading to misallocation of management resources and less effective conservation strategies. Conservation scientists and practitioners should reexamine assumptions regarding the significance of the international wildlife trade. Resumen:,El comercio internacional de vida silvestre es una causa principal de la pérdida de biodiversidad, ya que involucra a cientos de millones de plantas y animales cada año; no obstante eso, los registros del comercio son notoriamente poco confiables. Evaluamos la precisión de los registros de comercio de vida silvestre de Estados Unidos, el mayor consumidor de vida silvestre en peligro en el mundo, mediante la comparación de datos del Convenio Internacional para el Comercio de Especies de Flora y Fauna Silvestre en Peligro (CITES) con datos de la Aduana de E.U.A. Tanto para importaciones como exportaciones, CITES y Aduana reportaron volúmenes de comercio de todos los taxa sustancialmente diferentes en todos los años. Las discrepancias abarcaron desde un volumen reportado por CITES 376% más grande que el reportado por la Aduana (importaciones de coral vivo, 2000) hasta un reporte de la Aduana 5202% mayor que el de CITES (exportaciones de caracol, 2000). Estos datos ampliamente divergentes sugieren imprecisiones generalizadas que pueden distorsionar el riesgo percibido por la explotación de vida silvestre, lo que conducirá a la incorrecta asignación de recursos para la gestión y a estrategias de conservación menos efectivas. Los científicos y profesionales de la conservación deberían reexaminar sus suposiciones respecto al significado del comercio internacional de vida silvestre. [source] The euro and the competitiveness of European firmsECONOMIC POLICY, Issue 57 2009Gianmarco I.P. Ottaviano SUMMARY EMU and competition Much attention has been paid to the impact of a single currency on actual trade volumes. Lower trade costs, however, matter over and beyond their effects on trade flows: as less productive firms are forced out of business by the tougher competitive conditions of international markets, economic integration fosters lower prices and higher average productivity. We assess the quantitative relevance of these effects calibrating a general equilibrium model using country, sector and firm-level empirical observations. The euro turns out to have increased the overall competitiveness of Eurozone firms, and the effects differ along interesting dimensions: they tend to be stronger for countries which are smaller or with better access to foreign markets, and for firms which specialize in sectors where international competition is fiercer and barriers to entry lower. , Gianmarco I.P. Ottaviano, Daria Taglioni and Filippo di Mauro [source] Can Comparative Advantage Explain the Growth of us Trade?,THE ECONOMIC JOURNAL, Issue 520 2007Alejandro Cuñat We present a dynamic comparative advantage model in which moderate reductions in import tariffs can generate sizable increases in trade volumes over time. A fall in tariffs has two effects. First, for given factor endowments, it raises the degree of specialisation, leading to a larger volume of trade in the short run. Second, it raises the factor price of each country's abundant factor, leading to diverging paths of relative factor endowments and a rising degree of specialisation. A simulation exercise shows that a fall in tariffs produces a disproportional increase in the trade share of output as in the data. [source] | |||||||||||||||||||||||||