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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