Thesis (Ph. D.)--University of Hong Kong, 2002. / Includes bibliographical references (215-226).

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This thesis comprises three essays on market microstructure, focusing on the issues of insider trading, asymmetric information and market liquidity. The first essay examines the effects of the mandatory disclosure regulations on the trading behavior of informed traders. Specifically, we compare the (perfect Bayesian) equilibrium when disclosure is mandatory to the equilibrium when insiders do not have to disclose their trades. We show that under mandatory disclosure the market becomes more efficient and more liquid, making the uninformed traders unambiguously better off. We also show that in order to conceal part of his information, under mandatory disclosure the insider may trade against his information, and, at the same time, add a random---"noise"---component to his trade order. As a result, insiders may end up buying (selling) when his information indicates the asset is overvalued (undervalued). This provides a rationale for contrarian trading. / The second essay examines trading behavior, price behavior and the informational efficiency and the informativeness of the price process in the equilibrium of a strategic trading game when some investors receive information before others. We show that the early informed investor may trade against his information to maintain his information superiority over the market. Under some conditions, subsequent price changes are positively correlated. We also find that the price process is less efficient and less informative than would be the case where there is no late-informed trader. / The third essay analyzes the infra-day behavior of market liquidity of the Toronto Stock Exchange which uses a computerized limit-order trading system. Along with previous studies, we show that the U-shaped infra-day pattern of spread does not depend on the market architecture. In addition, we confirm that bid-ask spread and market depth are two dimensions of market liquidity. Liquidity providers use both dimensions to deal with adverse selection problems. We also examine how price volatility and trading volume affect market liquidity. Price volatility is inversely related to market liquidity but trading volume is directly related to liquidity. High trading volume implies high liquidity trades and as a result, liquidity providers decrease (increase) ask (bid) price and/or increase depth at each quote.

An eddy covariance system and micrometeorological station was deployed at two locations along the coastline of Hudson Bay during the summers of 2005 and 2006 to document and to understand mass and energy fluxes in high-latitude intertidal and near-shore environments. Despite the proximity of these two zones, it was found that they exhibited distinctly different characteristics. The near-shore zone was a sink for CO2 with an average uptake of -0.11 μmol·m-2·s-1 and the intertidal zone tended to be a source of CO2 with an average efflux of 0.04 μmol·m-2·s-1 with considerable variability due to the action of the tides. Sensible heat fluxes in the near-shore zone tended to be small and negative and both latent and sensible heat fluxes were significantly enhanced in the intertidal zone. Significantly, increasing wind velocities did not appear to play a role in the enhancement of these fluxes and onshore winds were observed to be unusually dry. As such, key differences were observed that stood in contrast to the results and the conclusions of other flux studies conducted in similar high-latitude coastal-marine environments. It is suggested that these differences could only be understood in the context of the proximity of these areas of living and dead kelp, their respective differences in water depth and the occasional occurrence of a sea-breeze effect that may have implications for the observed fluxes in these areas.

An eddy covariance system and micrometeorological station was deployed at two locations along the coastline of Hudson Bay during the summers of 2005 and 2006 to document and to understand mass and energy fluxes in high-latitude intertidal and near-shore environments. Despite the proximity of these two zones, it was found that they exhibited distinctly different characteristics. The near-shore zone was a sink for CO2 with an average uptake of -0.11 μmol·m-2·s-1 and the intertidal zone tended to be a source of CO2 with an average efflux of 0.04 μmol·m-2·s-1 with considerable variability due to the action of the tides. Sensible heat fluxes in the near-shore zone tended to be small and negative and both latent and sensible heat fluxes were significantly enhanced in the intertidal zone. Significantly, increasing wind velocities did not appear to play a role in the enhancement of these fluxes and onshore winds were observed to be unusually dry. As such, key differences were observed that stood in contrast to the results and the conclusions of other flux studies conducted in similar high-latitude coastal-marine environments. It is suggested that these differences could only be understood in the context of the proximity of these areas of living and dead kelp, their respective differences in water depth and the occasional occurrence of a sea-breeze effect that may have implications for the observed fluxes in these areas.

Thesis(PhDBusinessandManagement)--University of South Australia, 2002.

Bibliography: leaves 403-420. / xviii, 420 leaves : ill. ; 30 cm. / Title page, contents and abstract only. The complete thesis in print form is available from the University Library. / Thesis (Ph.D.)--University of Adelaide, School of Economics, 2001

Thesis (Ph.D.)--The University of Utah, 2007. / Adviser: Hank Bessembinder. Includes bibliographical references.

Thesis (Ph.D.)--York University, 2006. Graduate Programme in Education. / Typescript. Includes bibliographical references (leaves 189-205). Also available on the Internet. MODE OF ACCESS via web browser by entering the following URL: http://gateway.proquest.com/openurl?url_ver=Z39.88-2004&res_dat=xri:pqdiss&rft_val_fmt=info:ofi/fmt:kev:mtx:dissertation&rft_dat=xri:pqdiss:NR19800

Thesis (LL. M.)--University of Toronto, 2005.