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Securities Markets and Their Efficiency

Hendrik S. Houthakker and Peter J. Williamson

in The Economics of Financial Markets

Published in print:
1996
Published Online:
November 2003
ISBN:
9780195044072
eISBN:
9780199832958
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/019504407X.003.0005
Subject:
Economics and Finance, Financial Economics

The discussion in this chapter begins with an analysis of central trading places, which looks at the economics of securities trading and the rationale for brokers and central trading places (with ... More


Revenue Potential of the Tobin Tax for Development Finance: A Critical Appraisal

Machiko Nissanke

in New Sources of Development Finance

Published in print:
2004
Published Online:
January 2005
ISBN:
9780199278558
eISBN:
9780191601590
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0199278555.003.0004
Subject:
Economics and Finance, Development, Growth, and Environmental

The principal objective here is to assess the potential of currency transactions taxes (CTTs) – the celebrated Tobin tax – to raise revenues that can be used for developmental purposes. Thus, though ... More


International Financial Stability and Market Efficiency as a Global Public Good

Stephany Griffith‐Jones

in Providing Global Public Goods: Managing Globalization

Published in print:
2003
Published Online:
November 2003
ISBN:
9780195157406
eISBN:
9780199832965
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0195157400.003.0018
Subject:
Economics and Finance, Public and Welfare

Examines the global public goods of financial stability and market efficiency by focusing on one of their main elements, the international financial architecture, and the question of how far it ... More


Deconstructing and Reconceptualizing Market Abuse

EMILIOS AVGOULEAS

in The Mechanics and Regulation of Market Abuse: A Legal and Economic Analysis

Published in print:
2005
Published Online:
January 2010
ISBN:
9780199244522
eISBN:
9780191715105
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199244522.003.0003
Subject:
Law, Competition Law

The identification of the link between insider dealing and market manipulation and the exploration of their conceptual and causal relationship with ‘bubbles’ and corporate governance failures should ... More


Internalisation under the MiFID: Regulatory Overreaching or Landmark in Investor Protection?

Johannes Köndgen and Erik Theissen

in Investor Protection in Europe: Corporate Law Making, The MiFID and Beyond

Published in print:
2006
Published Online:
January 2009
ISBN:
9780199202911
eISBN:
9780191707964
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199202911.003.0009
Subject:
Law, Company and Commercial Law

This chapter sums up the economic fundamentals of internalised stock trading and attempts to make a case for regulation. It then sketches the current practice of internalisation in Germany, with ... More


Security Analysis

Hendrik S. Houthakker and Peter J. Williamson

in The Economics of Financial Markets

Published in print:
1996
Published Online:
November 2003
ISBN:
9780195044072
eISBN:
9780199832958
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/019504407X.003.0007
Subject:
Economics and Finance, Financial Economics

In Ch. 5, it was stated that security analysis is consistent with market efficiency because it interprets the news that reaches the market from firms and other sources. This chapter discusses in more ... More


Understanding Financial Market Failures

RAJ AGGARWAL

in International Finance: A Survey

Published in print:
2012
Published Online:
May 2013
ISBN:
9780199754656
eISBN:
9780199979462
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199754656.003.0028
Subject:
Economics and Finance, Financial Economics, International

Most industrialized countries suffered a major breakdown of financial markets and systems during the period 2007 to 2009. This chapter reviews the causes and consequences of this financial market ... More


Spontaneous Economic Order: Its Beneficial Nature

Roland Kley

in Hayek's Social and Political Thought

Published in print:
1994
Published Online:
October 2011
ISBN:
9780198279167
eISBN:
9780191684289
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780198279167.003.0005
Subject:
Political Science, Political Theory

This chapter considers Friedrich A. Hayek's claim about the inherently beneficial character of spontaneous economic order. Hayek does not confine himself to an explanatory perspective, merely giving ... More


A Model of Investor Sentiment

Andrei Shleifer

in Inefficient Markets: An Introduction to Behavioral Finance

Published in print:
2000
Published Online:
November 2003
ISBN:
9780198292272
eISBN:
9780191596933
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198292279.003.0005
Subject:
Economics and Finance, Financial Economics

Studies how investors form their beliefs. It begins with an overview of some of the empirical violations of market efficiency that recent models of investor sentiment try to address. It then presents ... More


Market Disciplines

Paul Johnson

in Liberty and Authority in Victorian Britain

Published in print:
2006
Published Online:
October 2011
ISBN:
9780199271337
eISBN:
9780191699511
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199271337.003.0009
Subject:
History, British and Irish Modern History

The Victorian economy was a market economy like no other — bigger, faster, richer, and more encompassing than man had previously seen. The tentacles of the market spread to every town and village, to ... More


Theory

Onnig H. Dombalagian

in Chasing the Tape: Information Law and Policy in Capital Markets

Published in print:
2015
Published Online:
September 2015
ISBN:
9780262028622
eISBN:
9780262324298
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262028622.003.0002
Subject:
Economics and Finance, Financial Economics

This chapter considers the theoretical aims of information regulation and the arguments for and against regulatory intervention in the information production chain. It relates the conceptual ... More


Positive Feedback Investment Strategies

Andrei Shleifer

in Inefficient Markets: An Introduction to Behavioral Finance

Published in print:
2000
Published Online:
November 2003
ISBN:
9780198292272
eISBN:
9780191596933
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198292279.003.0006
Subject:
Economics and Finance, Financial Economics

Expands the idea that rational arbitrage not only may be limited in bringing about market efficiency but may actually generate price bubbles and make markets less efficient. It begins by presenting ... More


Excessive Speculation in Foreign Exchange Markets

Hersh Shefrin

in Beyond Greed and Fear: Understanding Behavioral Finance and the Psychology of Investing

Published in print:
2002
Published Online:
November 2003
ISBN:
9780195161212
eISBN:
9780199832996
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0195161211.003.0021
Subject:
Economics and Finance, Financial Economics

Foreign exchange traders engage in excessive speculation, stemming from heuristic‐driven bias. In particular, foreign exchange traders seem to overreact, bet on trends, and are overconfident. ... More


The Most Important Thing Is … Understanding Market Efficiency (and Its Limitations)

Howard Marks

in The Most Important Thing Illuminated: Uncommon Sense for the Thoughtful Investor

Published in print:
2013
Published Online:
November 2015
ISBN:
9780231162845
eISBN:
9780231530798
Item type:
chapter
Publisher:
Columbia University Press
DOI:
10.7312/columbia/9780231162845.003.0002
Subject:
Economics and Finance, Financial Economics

This chapter considers an important need for successful investing: understanding market efficiency and its limitations. The 1960s saw the emergence of a new theory of finance and investing, a body of ... More


Market Efficiency, Rational Expectations, and Financial Innovation

Michael Haliassos

in Financial Innovation: Too Much or Too Little?

Published in print:
2013
Published Online:
January 2015
ISBN:
9780262018296
eISBN:
9780262305495
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262018296.003.0011
Subject:
Economics and Finance, Financial Economics

This chapter draws from the author's past research and related literature to highlight the important linkages between the real economy and financial markets. Factors such as GDP growth, default risk ... More


The Most Important Thing Is … Understanding Market Efficiency (and Its Limitations)

Howard Marks

in The Most Important Thing: Uncommon Sense for the Thoughtful Investor

Published in print:
2011
Published Online:
November 2015
ISBN:
9780231153683
eISBN:
9780231527095
Item type:
chapter
Publisher:
Columbia University Press
DOI:
10.7312/columbia/9780231153683.003.0002
Subject:
Economics and Finance, Financial Economics

This chapter looks at a vital prerequisite for successful investing: understanding market efficiency and its limitations. The 1960s saw the emergence of a new theory of finance and investing, a body ... More


Lessons Learned: The Texas Experience

Ross Baldick and Hui Niu

in Electricity Deregulation: Choices and Challenges

Published in print:
2005
Published Online:
February 2013
ISBN:
9780226308562
eISBN:
9780226308586
Item type:
chapter
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226308586.003.0005
Subject:
Economics and Finance, Econometrics

This chapter discusses lessons that can be learned from the experience of the Electric Reliability Council of Texas (ERCOT). It explains that ERCOT is a bilateral market and rather than serving as ... More


Does Immigration Grease the Wheels of the Labor Market?

George J. Borjas and Barry R. Chiswick

in Foundations of Migration Economics

Published in print:
2019
Published Online:
May 2019
ISBN:
9780198788072
eISBN:
9780191830068
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780198788072.003.0019
Subject:
Economics and Finance, Public and Welfare, Development, Growth, and Environmental

This chapter argues that immigration greases the wheels of the labor market by injecting into the economy a group of persons who are very responsive to regional differences in economic opportunities. ... More


Predictability of Asset Returns and the Efficient Market Hypothesis

M. Hashem Pesaran

in Time Series and Panel Data Econometrics

Published in print:
2015
Published Online:
March 2016
ISBN:
9780198736912
eISBN:
9780191800504
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780198736912.003.0007
Subject:
Economics and Finance, Econometrics

The efficient market hypothesis (EMH) evolved in the 1960s from the random walk theory of asset prices. There now exist many different versions of the EMH, and this chapter provides a simple ... More


Naked Open-Market Manipulation and Its Effects

Merritt B. Fox, Lawrence R. Glosten, and Gabriel V. Rauterberg

in Global Algorithmic Capital Markets: High Frequency Trading, Dark Pools, and Regulatory Challenges

Published in print:
2018
Published Online:
January 2019
ISBN:
9780198829461
eISBN:
9780191867972
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780198829461.003.0008
Subject:
Economics and Finance, Financial Economics

More than 80 years after US federal law first addressed stock market manipulation, there is still dispute about manipulation law’s foundational principles; this chapter aims to provide clarity by ... More


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