English  |  正體中文  |  简体中文  |  Post-Print筆數 : 27 |  Items with full text/Total items : 109927/140876 (78%)
Visitors : 45968227      Online Users : 255
RC Version 6.0 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.
Scope Tips:
  • please add "double quotation mark" for query phrases to get precise results
  • please goto advance search for comprehansive author search
    •  Adv. Search
    Home ‧ Login ‧ Upload ‧ Help ‧ About ‧ Administer Goto mobile version


    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/4164


    Title: 備兌型認購權證的價格發現功能(2/2)
    Other Titles: An Empirical Study of the Price Discovery Function of Covered Warrants (II)
    Authors: 周行一
    Keywords: 認購權證;交易行為;流動性;搶帽者
    Derivative warrant;Trading behavior;Liquidity;Scalper
    Date: 2000
    Issue Date: 2007-04-18 16:42:01 (UTC+8)
    Publisher: 臺北市：國立政治大學財務管理學系
    Abstract: 本論文探討認購權證發行券商的次級市場交易行為，本文的特殊資料庫讓本文有機會探討這個過去無法研究的問題，本文發現發行券商是認購權證次級市場的主要流動性供給者，也對標的股票的流動性有重要的幫助。發行券商的交易行為比較像搶帽者，而非部位交易者或指定造市者。發行券商的主要獲利來源為發行期間收取的權利金，但是在次級市場的交易卻賠錢，因此，雖然一般人認為發行券商收取的權利金過高，但是卻可增加券商在次級市場提供流動性的意願。本文亦發現勸商的次級市場交易對權證及標的股票的價格有顯著的影響。
    This paper studies the trading behavior of derivative warrant issuers on the Taiwan Stock Exchange. We use a unique dataset that allows us to explore this issue. The issuers are the major liquidity providers on the warrant market. In addition, the issue of warrant also helps increase the liquidity of the underlying. The issuers trade mainly like scalpers rather than position traders or designated market makers. The premium the warrant issuers collect before the start of secondary market trading is the main source of their profits. In general, they lose money from trading on the secondary market. Our finding provides a new insight on the regulation of market maker`s (underwriter`s) profit. If we allow liquidity providers to charge a high price for their services, the market liquidity could enhance. The trading of the warrant issuers have significant impacts on the price of warrants and the underlying.
    Description: 核定金額：566300元
    Data Type: report
    Appears in Collections:[財務管理學系] 國科會研究計畫

    Files in This Item:

    File Description SizeFormat
    892416H004083.pdf174KbAdobe PDF21437View/Open


    All items in 政大典藏 are protected by copyright, with all rights reserved.


    社群 sharing

    著作權政策宣告 Copyright Announcement
    1.本網站之數位內容為國立政治大學所收錄之機構典藏，無償提供學術研究與公眾教育等公益性使用，惟仍請適度，合理使用本網站之內容，以尊重著作權人之權益。商業上之利用，則請先取得著作權人之授權。
    The digital content of this website is part of National Chengchi University Institutional Repository. It provides free access to academic research and public education for non-commercial use. Please utilize it in a proper and reasonable manner and respect the rights of copyright owners. For commercial use, please obtain authorization from the copyright owner in advance.

    2.本網站之製作，已盡力防止侵害著作權人之權益，如仍發現本網站之數位內容有侵害著作權人權益情事者，請權利人通知本網站維護人員(nccur@nccu.edu.tw)，維護人員將立即採取移除該數位著作等補救措施。
    NCCU Institutional Repository is made to protect the interests of copyright owners. If you believe that any material on the website infringes copyright, please contact our staff(nccur@nccu.edu.tw). We will remove the work from the repository and investigate your claim.
    DSpace Software Copyright © 2002-2004  MIT &  Hewlett-Packard  /   Enhanced by   NTU Library IR team Copyright ©   - Feedback