Purpose Liquidity is an important aspect of market efficiency. The purpose this paper threefold: first, aims to discuss indicators that provide information about liquidity in agricultural land markets. Second, reflect on determinants and analyze the relationship with prices. Third, conduct empirical analysis for Germany illustrates these concepts allows hypothesis testing. Design/methodology/ap...

This study is the first to investigate the renowned stock message board effect by controlling for both firm effects and board effects. Presently it is the most comprehensive study on how online stock discussion forums affect stock performance. More specifically, firm effects include firm size, earning growth rate, and media coverage intensity. Board effects include sentiment, number of messages...

Competition among stock exchanges has increased dramatically over the last decade. To attract trading volume, most exchanges introduced makertaker fees, an incentive scheme that rewards liquidity suppliers and charges liquidity demanders. Using a change in fees on the Toronto Stock Exchange, we analyze how the breakdown of trading fees between liquidity demanders and suppliers affects market ou...

Stock trading system to assist decision-making is an emerging research area and has great commercial potentials. Successful trading operations should occur near the reversal points of price trends. Traditional technical analysis, which usually appears as various trading rules, does aim to look for peaks and bottoms of trends and is widely used in stock market. Unfortunately, it is not convenien...

This paper provides evidence that intensified product market competition increases information asymmetry between corporate insiders and investors. I use volume and gains from insider trading as proxies for information asymmetry. I show that when a firm faces competitive threats insiders purchase and sell more stocks and their trading better predicts future stock returns and long-term profitabil...

We are the first to evaluate the impact of the trading floor closure on the corresponding efficiency of the stock price formation process on the Toronto Stock Exchange (TSX). Utilizing short-horizon return predictability as an inverse indicator of market efficiency, we demonstrate that while the switch to all electronic trading resulted in higher trading activity and lower trading costs, the in...

This paper proposes that electronic marketplaces for Web 3.0 can be described through three metaphors: “marketplaces where people are”, “marketplaces that are alive and engaging”, and “market places where information is valuable and useful”. The paper presents the core technologies that enable the perceivable reality of electronic marketplaces. It describes a demonstrable prototype of a Web-bas...

Two alternative trading mechanisms for securities markets are compared using laboratory experimentation and computer simulation. One mechanism is the floor-based specialist auction in place in most U.S. stock exchanges today, and the other is an electronic alternative employing automatic order matching. We conclude that transition from the established floor-based exchanges to potentially superi...