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Competition between stock exchanges and optimal trading

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  • Kervel, V.L. van

    (Tilburg University)

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    Abstract

    This doctoral thesis focuses on two topics on trading in financial markets: competition between stock exchanges and optimal trading strategies. Chapter one analyzes the effect on the liquidity of a stock when it is traded on multiple trading venues, and distinguishes between competition from transparent and opaque venues. Chapter two demonstrates a strong interaction between the supply and demand of trading activity across trading venues. Chapter three focuses on the optimal strategy to trade a large amount of shares before a deadline. It studies the information asymmetry between informed and uninformed traders, and finds that splitting the large quantity into smaller parts may resolve this friction.

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    Bibliographic Info

    Paper provided by Tilburg University in its series Open Access publications from Tilburg University with number urn:nbn:nl:ui:12-5663709.

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    Length: 184
    Date of creation: 2013
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    Publication status: Published
    Handle: RePEc:ner:tilbur:urn:nbn:nl:ui:12-5663709

    Note: Dissertation
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    Web page: http://www.tilburguniversity.edu/

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