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Equity Markets in Action: The Fundamentals of Liquidity, Market Structure & Trading + CD

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An in-depth look at the nature of market making and exchanges From theory to practicalities, this is a comprehensive, up-to-date handbook and reference on how markets work and the nuances of trading. It includes a CD with an interactive trading simulation.

Robert A. Schwartz, PhD (New York, NY), is Marvin M. Speiser Professor of Finance and University Distinguished Professor in the Zicklin School of Business, Baruch College, CUNY. Reto Francioni, PhD (Zurich, Switzerland), is President and Chairman of the Board of SWX, the Swiss Stock Exchange, and former co-CEO of Consors Discount Broker AG, Nuremberg.

Author(s): Robert A. Schwartz, Reto Francioni
Publisher: Wiley
Year: 2004

Language: English
Pages: 483

Equity Markets in Action......Page 4
Contents......Page 10
Preface......Page 12
CHAPTER 1 The Role of an Equity Market......Page 16
CHAPTER 2 From Information to Prices......Page 48
CHAPTER 3 Liquidity......Page 74
CHAPTER 4 What We Want from Our Markets......Page 96
CHAPTER 5 Institutional Order Flow......Page 129
CHAPTER 6 Order-Driven Markets......Page 171
CHAPTER 7 Intermediated Markets......Page 206
CHAPTER 8 The Evolving Scene in the United States......Page 228
CHAPTER 9 The Evolving Scene in Europe......Page 258
CHAPTER 10 Clearing and Settlement......Page 279
CHAPTER 11 Regulation......Page 306
CHAPTER 12 Simulated Trading......Page 357
APPENDIX A Prices and Returns......Page 376
APPENDIX B From Portfolio Decisions to Trading in a Frictionless Environment......Page 385
APPENDIX C Dimensions of Informational Efficiency......Page 427
APPENDIX D The Concept of Self-Regulation......Page 439
Selected Readings......Page 449
About the Authors......Page 464
About the CD-ROM......Page 466
Index......Page 469