Competition between stock exchanges and optimal trading

V.L. van Kervel

Research output: ThesisDoctoral Thesis

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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.
Original languageEnglish
QualificationDoctor of Philosophy
Awarding Institution
  • Tilburg University
Supervisors/Advisors
  • Degryse, Hans, Promotor
  • de Jong, Frank, Promotor
Award date25 Jan 2013
Place of PublicationTilburg
Publisher
Print ISBNs9789056683412
Publication statusPublished - 2013

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Stock exchange
Traders
Information asymmetry
Trading activity
Deadline
Optimal strategy
Friction
Financial markets
Trading strategies
Liquidity
Market competition
Interaction

Cite this

van Kervel, V. L. (2013). Competition between stock exchanges and optimal trading. Tilburg: CentER, Center for Economic Research.
van Kervel, V.L.. / Competition between stock exchanges and optimal trading. Tilburg : CentER, Center for Economic Research, 2013. 184 p.
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van Kervel, VL 2013, 'Competition between stock exchanges and optimal trading', Doctor of Philosophy, Tilburg University, Tilburg.

Competition between stock exchanges and optimal trading. / van Kervel, V.L.

Tilburg : CentER, Center for Economic Research, 2013. 184 p.

Research output: ThesisDoctoral Thesis

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AB - 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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van Kervel VL. Competition between stock exchanges and optimal trading. Tilburg: CentER, Center for Economic Research, 2013. 184 p. (CentER Dissertation Series).