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Call Auction Transparency And Market Liquidity, Evidence From The Shanghai Stock Exchange, Gary G. Tian, Dionigi Gerace, Alex Frino
Call Auction Transparency And Market Liquidity, Evidence From The Shanghai Stock Exchange, Gary G. Tian, Dionigi Gerace, Alex Frino
Faculty of Commerce - Papers (Archive)
This paper examines the impact of pre-trade information transparency in pre-open call auction on market liquidity on the Shanghai Stock Exchange (SHSE). We examine the natural experiment affected by the Shanghai Stock Exchange in July 2006 when it changed its pre-open auction algorithm from an entirely black box into a limited transparent system with a closed order book. We find that the increase in pre-trade information transparency coincides with a statistically significant reduction in spread at the best quotes. The reduction in spread persists even after controlling for known determinants of depth. Furthermore, there is also evidence of a statistically …
Segmenting The Senior Travel Market By Means Of Travel Motivation - Insights From A Mature Market (Switzerland), Philipp E. Boksberger, Christian Laesser
Segmenting The Senior Travel Market By Means Of Travel Motivation - Insights From A Mature Market (Switzerland), Philipp E. Boksberger, Christian Laesser
Faculty of Commerce - Papers (Archive)
The paper reports on the segmentation of Swiss senior travellers on the basis of their travel motivation. Switzerland is considered a mature market which is why this country serves as a role model for future travel behaviour. In contrast to previous studies, which identified up to six clusters, the results reveal that in the case analysed there are three clusters. Two of them partially represent a life cycle concept: TIME HONOURED BON VIVANTS (phase 1; towards the end of a professional life), and GRIZZLED EXPLORERS (phase 2; from the start of a retired life). These two segments are complemented by …
Empirical Analysis Of The Uae Stock Market Volatility, Sami Khedhiri, Naeem Muhammad
Empirical Analysis Of The Uae Stock Market Volatility, Sami Khedhiri, Naeem Muhammad
Faculty of Commerce - Papers (Archive)
Financial market volatility of developed economies have been studied extensively since the 1987 stock market crash as well as the volatility of the East Asian stock markets after the East Asian financial crisis. However the volatility characteristics of the financial markets in the Middle East are far from being thoroughly analysed despite their tremendous growth in recent years. The purpose of this paper is twofold. First, we investigate the volatility characteristics of the UAE stock markets measured by fat tail, volatility clustering, and leverage effects, in order to explore a parsimonious model for the UAE stock market and predict its …
The Impact Of Knowledge Management Infrastructure On Organisational Competitiveness In A Confucian-Socialist Market Economy, Thi Nguyet Q. Nguyen, Philip A. Neck, Thanh Hai Nguyen
The Impact Of Knowledge Management Infrastructure On Organisational Competitiveness In A Confucian-Socialist Market Economy, Thi Nguyet Q. Nguyen, Philip A. Neck, Thanh Hai Nguyen
Faculty of Commerce - Papers (Archive)
The critical role of knowledge management (KM) in achieving and sustaining a competitive advantage (CA) has been strongly emphasised in the extant literature. However, most previous studies were conceptually grounded and empirically examined in advanced, developed and newly industrialised countries and from a large company perspective. Meanwhile, little attempt has been made to address the relative importance of different factors constituting the organisational KM infrastructure capability in the context of Asian emerging, less developed countries such as Vietnam where a socialist market economy, a Confucian culture and a majority of small and medium sized enterprises currently exist. By adopting a …
Predicting Packaged Holiday Purchases: The Case Of A Mature Market (Switzerland), Christian Laesser
Predicting Packaged Holiday Purchases: The Case Of A Mature Market (Switzerland), Christian Laesser
Faculty of Commerce - Papers (Archive)
Tour operators in Europe and Switzerland face multiple challenges. Yet, against all expectations, they more or less manage to maintain their overall market share. This paper explores why this is so by exploring determinants which predict packaged holiday purchases (as opposed to independent travel) by means of a binary logistic regression. The case is a mature outbound market — Switzerland. The results somewhat contrast with previous research, and reveal that choosing a packaged holiday cannot be predicted by socio-demographics, but rather by a given travel situation. Lack of familiarity with the destination, small travel groups, the travel motivations diversion/experience of …