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  • About
  • The Global ETD Search service is a free service for researchers to find electronic theses and dissertations. This service is provided by the Networked Digital Library of Theses and Dissertations.
    Our metadata is collected from universities around the world. If you manage a university/consortium/country archive and want to be added, details can be found on the NDLTD website.
41

Pricing and market performance of first new common stock issues

McLaughlin, James Edward January 1966 (has links)
Thesis (M.B.A.)--Boston University / PLEASE NOTE: Boston University Libraries did not receive an Authorization To Manage form for this thesis or dissertation. It is therefore not openly accessible, though it may be available by request. If you are the author or principal advisor of this work and would like to request open access for it, please contact us at open-help@bu.edu. Thank you. / 2031-01-01
42

Closing price manipulation and the integrity of stock exchanges

Putniņš, Tālis J. January 2010 (has links)
Doctor of Philosophy (PhD) / Allegations of market manipulation abound in the popular press, particularly during the recent financial turmoil. However, many aspects of manipulation are poorly understood. The purpose of this thesis is to enhance our understanding of market manipulation by providing empirical evidence on the prevalence, effects and determinants of closing price manipulation. The first issue examined in this thesis is the prevalence of closing price manipulation. This thesis uses a hand collected sample of prosecuted closing price manipulation cases from US and Canadian stock exchanges, and methods that explicitly model the incomplete and non-random detection of manipulation. The results suggest that approximately 1.1% of closing prices are manipulated. For every prosecuted closing price manipulation there are approximately 300 instances of manipulation that remain undetected or not prosecuted. Closing price manipulation is more prevalent on larger exchanges than smaller ones, but is detected at a higher rate on small exchanges. Second, this thesis examines the effects of closing price manipulation. Using a sample of prosecution cases, this thesis finds that closing price manipulation is associated with large day-end returns, subsequent return reversals, increases in day-end spreads and increases in day-end trading activity. At the broader level of market quality, this thesis provides evidence from a laboratory experiment that closing price manipulation decreases both price accuracy and liquidity. Even the mere possibility of manipulation decreases liquidity and increases trading costs. The third issue analysed in this thesis is the determinants of closing price manipulation and its detection. Estimating an empirical model of manipulation and detection, this thesis finds that the likelihood of closing price manipulation is increased by smaller regulatory budgets, greater information asymmetry, mid to low levels of liquidity, month-end days and lower volatility. Manipulation is more likely to be detected when regulatory budgets are larger and when the manipulation causes abnormal trading characteristics. Further evidence from laboratory experiments suggests that regulation helps restore price accuracy by deterring some manipulation and making remaining manipulation less aggressive. These experiments also show that regulation has an insignificant effect on liquidity because participants in regulated markets still face relatively high uncertainty about the presence of manipulators. This thesis also examines how closing price manipulation is conducted and how other market participants respond. It develops an index of closing price manipulation that can be used to study manipulation in markets or time periods in which prosecution data are not available. It also provides a tool for the detection of manipulation, which can be used by regulators in automated surveillance systems. Finally, this thesis has implications for economic efficiency and policy. Closing price manipulation is significantly more prevalent than the number of prosecution cases suggests. Further, it harms both pricing accuracy and liquidity and therefore undermines economic efficiency. The prevalence of closing price manipulation can be reduced by increasing regulatory budgets, improving the accuracy of market surveillance systems by using the detection tools developed in this thesis, structuring markets such that participants are better able to identify manipulation, and implementing closing mechanisms that are difficult to manipulate. These actions would enhance market integrity and economic efficiency.
43

Closing price manipulation and the integrity of stock exchanges

Putniņš, Tālis J. January 2010 (has links)
Doctor of Philosophy (PhD) / Allegations of market manipulation abound in the popular press, particularly during the recent financial turmoil. However, many aspects of manipulation are poorly understood. The purpose of this thesis is to enhance our understanding of market manipulation by providing empirical evidence on the prevalence, effects and determinants of closing price manipulation. The first issue examined in this thesis is the prevalence of closing price manipulation. This thesis uses a hand collected sample of prosecuted closing price manipulation cases from US and Canadian stock exchanges, and methods that explicitly model the incomplete and non-random detection of manipulation. The results suggest that approximately 1.1% of closing prices are manipulated. For every prosecuted closing price manipulation there are approximately 300 instances of manipulation that remain undetected or not prosecuted. Closing price manipulation is more prevalent on larger exchanges than smaller ones, but is detected at a higher rate on small exchanges. Second, this thesis examines the effects of closing price manipulation. Using a sample of prosecution cases, this thesis finds that closing price manipulation is associated with large day-end returns, subsequent return reversals, increases in day-end spreads and increases in day-end trading activity. At the broader level of market quality, this thesis provides evidence from a laboratory experiment that closing price manipulation decreases both price accuracy and liquidity. Even the mere possibility of manipulation decreases liquidity and increases trading costs. The third issue analysed in this thesis is the determinants of closing price manipulation and its detection. Estimating an empirical model of manipulation and detection, this thesis finds that the likelihood of closing price manipulation is increased by smaller regulatory budgets, greater information asymmetry, mid to low levels of liquidity, month-end days and lower volatility. Manipulation is more likely to be detected when regulatory budgets are larger and when the manipulation causes abnormal trading characteristics. Further evidence from laboratory experiments suggests that regulation helps restore price accuracy by deterring some manipulation and making remaining manipulation less aggressive. These experiments also show that regulation has an insignificant effect on liquidity because participants in regulated markets still face relatively high uncertainty about the presence of manipulators. This thesis also examines how closing price manipulation is conducted and how other market participants respond. It develops an index of closing price manipulation that can be used to study manipulation in markets or time periods in which prosecution data are not available. It also provides a tool for the detection of manipulation, which can be used by regulators in automated surveillance systems. Finally, this thesis has implications for economic efficiency and policy. Closing price manipulation is significantly more prevalent than the number of prosecution cases suggests. Further, it harms both pricing accuracy and liquidity and therefore undermines economic efficiency. The prevalence of closing price manipulation can be reduced by increasing regulatory budgets, improving the accuracy of market surveillance systems by using the detection tools developed in this thesis, structuring markets such that participants are better able to identify manipulation, and implementing closing mechanisms that are difficult to manipulate. These actions would enhance market integrity and economic efficiency.
44

ELECTRICITY MARKET SIMULATOR

Ning, Zihan 08 February 2017 (has links)
No description available.
45

Black markets : empirical studies into the economic behaviour of the black market consumer : a thesis submitted in partial fulfilment of the requirements for the degree of Master of Arts in Psychology at the University of Canterbury /

Casola, Luca C. January 2007 (has links)
Thesis (M.A.)--University of Canterbury, 2007. / Typescript (photocopy). Includes bibliographical references (leaves 74-80). Also available via the World Wide Web.
46

Parallelimporte von Arzneimitteln Erfahrungen aus Skandinavien und Lehren für die Schweiz /

Poget, Cédric Julien. January 1900 (has links)
Zugl. Kurzfassung und Übersetzung von: Basel, Universiẗat, Diss., 2007 u. d. T.: Parallel Trade of Pharmaceuticals. / Description based on print version record. Includes bibliographical references.
47

Gedeckte Schuldverschreibungen in Deutschland und Grossbritannien Pfandbriefe und UK covered bonds im Rechtsvergleich /

Koppmann, Tobias. January 2009 (has links)
Diss. Humboldt-Univ. Berlin, 2008/2009. / Includes bibliographical references and index.
48

Essays on financial regulation

Naranjo, Mauricio. January 1995 (has links)
Thesis (Ph. D.)--University of California at Berkeley, 1995. / Includes bibliographical references.
49

Empirical studies on the effects of capital market liberalization in Korea and Japan

Kim, Jong Hwa. January 1994 (has links)
Thesis (Ph. D.)--University of Michigan, 1994. / Includes bibliographical references (leaves 120-124).
50

MAIN FOREIGN COMPANIES AND THEIR STRATEGY WITHIN THE CZECH CONSTRUCTION MARKET

Medek, Jan, Jirout, Martin, Drbal, Pavel January 2008 (has links)
<p>This study describes the behavior of four important international construction companies within the Czech construction market. The chosen companies are following: SKANSKA CS, STRABAG, HOCHTIEF CZ and OHL ZS. The theoretical part of this paper dissertates about various methods suitable for market analyses, such as strategic maps or Porter´s diagram and foreign market entry modes in general. </p><p>The practical part begins with the general description of the Czech construction market and its history. The SWOT analysis of the Czech construction market also anticipates the future development of the Czech construction market in following five years.</p><p>The next chapters are devoted to the detailed description of chosen companies. The history and profile of the chosen international concerns and of the traditional Czech companies are described in this chapter. This part also characterizes the takeovers of Czech companies by international concerns of SKANSKA CS, STRABAG, HOCHTIEF CZ and OHL ŽS and their following development on the Czech construction market.</p><p>From the detailed description, economic data with the most predicative significance were chosen. This data was subsequently compared in the penultimate part of the study. The Economic data such as sales, profit, return on sales, number of employees, sales on employee and growth of the companies are significant for the comparison. The graphs clearly show the development of the companies since 2000.</p><p>The results of the analyses are concluded in the last chapter, which also contains a suggestion for the possible future research.</p>

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