Is a Stock Exchange a Computer Solution?: Explicitness, Algorithms and the Arizona Stock Exchange

نویسنده

  • Fabian Muniesa
چکیده

The paper examines, through a case study on the Arizona Stock Exchange, how computerization challenged the definition of the stock exchange in the context of North-American financial markets in the 1990’s. It analyses exchange automation in terms of trials of explicitness: the computational formulation of what an exchange is calls for a detailed explication of the (variable, often conflicting and unanticipated) processes and properties of price formation. The paper focuses in particular on the argument of the concentration of liquidity in one single point, which was central to the development of the Arizona Stock Exchange (an electronic call auction). It then asks what kind of revolution is the ‘explicitness revolution’ in the design of allocation mechanisms.

برای دانلود رایگان متن کامل این مقاله و بیش از 32 میلیون مقاله دیگر ابتدا ثبت نام کنید

ثبت نام

اگر عضو سایت هستید لطفا وارد حساب کاربری خود شوید

منابع مشابه

Stock Price Prediction using Machine Learning and Swarm Intelligence

Background and Objectives: Stock price prediction has become one of the interesting and also challenging topics for researchers in the past few years. Due to the non-linear nature of the time-series data of the stock prices, mathematical modeling approaches usually fail to yield acceptable results. Therefore, machine learning methods can be a promising solution to this problem. Methods: In this...

متن کامل

Comparison of Portfolio Optimization for Investors at Different Levels of Investors' Risk Aversion in Tehran Stock Exchange with Meta-Heuristic Algorithms

The gaining returns in line with risks is always a major concern for market play-ers. This study compared the selection of stock portfolios based on the strategy of buying and retaining winning stocks and the purchase strategy based on the level of investment risks. In this study, the two-step optimization algorithms NSGA-II and SPEA-II were used to optimize the stock portfolios. In order to de...

متن کامل

Explicitness, Algorithms and the Arizona Stock Exchange

The paper examines, through a case study on the Arizona Stock Exchange, how computerization challenged the definition of the stock exchange in the context of North-American financial markets in the 1990’s. It analyses exchange automation in terms of trials of explicitness: the computational formulation of what an exchange is calls for a detailed explication of the (variable, often conflicting a...

متن کامل

Machine learning algorithms for time series in financial markets

This research is related to the usefulness of different machine learning methods in forecasting time series on financial markets. The main issue in this field is that economic managers and scientific society are still longing for more accurate forecasting algorithms. Fulfilling this request leads to an increase in forecasting quality and, therefore, more profitability and efficiency. In this pa...

متن کامل

Predicting stock prices on the Tehran Stock Exchange by a new hybridization of Fuzzy Inference System and Fuzzy Imperialist Competitive Algorithm

Investing on the stock exchange, as one of the financial resources, has always been a favorite among many investors. Today, one of the areas, where the prediction is its particular importance issue, is financial area, especially stock exchanges. The main objective of the markets is the future trend prices prediction in order to adopt a suitable strategy for buying or selling. In general, an inv...

متن کامل

ذخیره در منابع من


  با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید

عنوان ژورنال:
  • IJANTTI

دوره 3  شماره 

صفحات  -

تاریخ انتشار 2011