By Dennis Kundisch, Daniel Veit, Tim Weitzel, Christof Weinhardt

This ebook constitutes the court cases of the 4th overseas Workshop on firm purposes and prone within the Finance undefined, FinanceCom2008, held in Paris, France, on December thirteen, 2008. The workshop spans a number of disciplines, together with technical, monetary, sociological and behavioral sciences. The guiding subject matter of this workshop used to be interested in techniques within the monetary companies undefined, pushed via both new company versions or replaced rules. The 9 provided papers and the keynote speech have been conscientiously reviewed and chosen from a number of submissions. the themes coated are monetary markets and shoppers, service-oriented architectures, and rules and compliance.

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Additional resources for Enterprise Applications and Services in the Finance Industry: 4th International Workshop, FinanceCom 2008, Paris, France, December 13, 2008, Revised Papers ... Notes in Business Information Processing)

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18 basis points for small trades driven by the strongest reduction in effective spreads. This result is consistent with the strong negative impact of Hybrid on price impact for stocks in the fourth market capitalization quartile for all trade sizes combined. Price impact for trades above $100,000 is the only measure with a increasing coefficient. Altough it is statistically significant at the 10% level it is not as significant as most other measures. 6 Conclusion In this paper we study the effect of the introduction of the NYSE Hybrid Market on market quality.

Monetary figures are reported in US-Dollar. Statistical significance is denoted as ’***’ for the 1% level, ’**’ for the 5% level, and ’*’ for the 10% level. t-statistics are reported in parantheses below panel regressions’ coefficients. 4). All panel regression are calculated for 125 trading days before and after the introduction of the NYSE Hybrid Market. Almost all coefficients (Table 4) of spread measures, price impact, and per trade turnover for the entire sample are highly statistically significant.

Products are not standardized and strike prices, duration, underlyings, payoff profile, and multiplier all vary from product to product. They are constructed in order to attract retail investors that value variability, dynamic combinations of underlyings, and optically low prices. These characteristics actively dissuade institutional investors that typically value standard and therefore easily hedged products, low counterparty risk, liquidity, and volume. These market characteristics and general acceptance that large investors avoid these types of markets obviate the need to control for institutional investors’ influence in our dataset.

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