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| Title: | 新興國家股票市場市場微結構之探討─以巴拿馬股市為例
Microstructure of Emerging Stock Markets: An Explorary Study of Panama Stock Exchange |
| Authors: | 陶俐安 |
| Contributors: | 郭維裕
陶俐安 |
| Keywords: | 巴拿馬股市 |
| Date: | 2006 |
| Issue Date: | 2009-09-14 09:49:23 (UTC+8) |
| Abstract: | 新興國家股票市場市場微結構之探討
Emerging markets has being more attractive for investors recently. Moreover, information on these markets is limited especially in the case of Panama. In order to provide investors with information on how to trade in this market, we introduce the trading and communication system of Bolsa de Valores de Panamá. By analyzing the volatility and trading volume of stocks during a period of three months, we conclude that the continuous market might not be suitable for this stock exchange and that government and the private sector should work strategically to increase the liquidity and participants within this market.
ABSTRACT I
ACKNOWLEDGEMENTS II
CHAPTER 1 1
1.1 INTRODUCTION 1
1.2 LITERATURE REVIEW 3
CHAPTER 2 6
2.1 TRADING 6
2.1.1 THE BUY AND SELLING SIDE OF THE MARKET 6
2.1.2 ORDER TYPE 6
2.2 MICROSTRUCTURE OF MARKETS 7
2.2.1 CALL VERSUS CONTINUOUS MARKET 9
2.2.2 EXECUTION SYSTEMS 9
2.2.3 COMMUNICATION SYSTEMS 10
2.2.4 CLEARING, SETTLEMENT, AND PAYMENT 12
2.2.4.1 ORGANIZATIONAL FORM 14
2.2.4.2 RELATIONSHIP WITH PARTICIPANTS 14
2.2.4.3 IMMOBILIZED OR DEMATERIALIZED SECURITIES 15
2.2.4.4 COMPANY OWNERSHIP 15
2.2.4.5 BALANCE SHEET STRENGTH 16
2.2.4.6 PRODUCTS AND SERVICES 17
2.2.4.7 PROCESS AND TECHNOLOGY 17
2.3 FACTORS AFFECTING THE MICROSTRUCTURE OF MARKETS 18
2.3.1 REASONS FOR PEOPLE TO TRADE 19
2.3.3 TRANSACTION COSTS 22
2.3.4 TYPE OF RISKS 23
2.3.5 INSTITUTIONALIZATION 25
2.3.6 COMPETITION 25
2.3.7 INFORMED TRADERS 26
2.4 TRANSPARENCY 26
2.5 POLICY 27
3.1 COUNTRY PROFILE 29
3.3 MICROSTRUCTURE OF PANAMA STOCK MARKET (BOLSA DE VALORES DE PANAMA) 35
3.3.1 MARKET SIZE AND TRADING VOLUME 36
3.3.2 TRADING HOURS AND TRADING DAYS 37
3.3.3 TRANSACTION FEES (BROKERAGES FEES AND OTHER TRANSACTION COSTS) 38
3.4 METHODOLOGY AND DESCRIPTION OF THE DATA 48
CHAPTER 4 50
4.1 RESULTS 50
4.2 DISCUSSION 53
4.3 CONCLUSION AND SUGGESTIONS 59
REFERENCES 61
APPENDIX 1 66
LIST OF TABLES
Table 1 Advantages and disadvantages of types of company ownership 16
Table 2 Degree of Automation in the Price Discovery Process 22
Table 3 Panama Data Profile 29
Table 4 Panama Data Profile (II part) 30
Table 5 Market Size (as of December 2005) 36
Table 6 Market Size – Part II (as of December 2005) 37
Table 7 Trading hours and trading days 38
Table 8 BVP Brokerage fees and other costs 39
Table 9 Types of orders in BVP 40
Table 10 Comparison of the Panamanian Clearing and Settlement System to US 47
Table 11 Standard Deviation of the Sample 50
List of Figures
Figure 1 Historical Trading Volume 1998-2006 33
Figure 2 Structure of Trading Volume by Type of Security 2002 - 2005 34
Figure 3 Stock Exchange Seats from 1998 - 2006 34
Figure 4 Trading Volume of the Sample 51
Figure 5 Trading Mechanism 56 |
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b. Manual de Tarifas. http://www.panabolsa.com/sys/upload/files/PDFs/pdfs_generales/Manual_Tarifas_Aprobado_por_CNV_2ag02modificado13mar06.pdf (viewed 11/05/2007).
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| Description: | 碩士
國立政治大學
國際經營管理碩士班(IMBA)
94933034
95 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0094933034 |
| Data Type: | thesis |
| Appears in Collections: | [國際經營管理英語碩士學程IMBA] 學位論文
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