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Full-Text Articles in Finance and Financial Management
Multi-Step Tokenization Of Automated Clearing House Payment Transactions, Privin Alexander
Multi-Step Tokenization Of Automated Clearing House Payment Transactions, Privin Alexander
USF Tampa Graduate Theses and Dissertations
Since its beginnings in 1974, the Automated Clearing House (ACH) network has grown into one of the largest, safest, and most efficient payment systems in the world. An ACH transaction is an electronic funds transfer between bank accounts using a batch processing system.
Currently, the ACH Network moves almost $43 trillion and 25 billion electronic financial transactions each year. With the increasing movement toward an electronic, interconnected and mobile infrastructure, it is critical that electronic payments work safely and efficiently for all users. ACH transactions carry sensitive data, such as a consumer's name, account number, tax identification number, account holder …
The Efficiency Of Liquidity Resiliency, Nathan Burton
The Efficiency Of Liquidity Resiliency, Nathan Burton
All Graduate Plan B and other Reports, Spring 1920 to Spring 2023
Using a VECM to estimate the dynamics of liquidity, in this case bid-ask spread, I run simulations for stocks of varying market capitalizations and find that lower market cap stocks require more orders to return to equilibrium spread following a shock, suggesting less efficiency of price discovery in lower cap stocks. Despite the greater number of order necessary for lower cap stocks, the return to equilibrium spread is still very fast, suggesting a relatively efficient market for NYSE and NASDAQ stocks in the upper three market cap quartiles.