English  |  正體中文  |  简体中文  |  全文筆數/總筆數 : 52064/87197 (60%)
造訪人次 : 8905227      線上人數 : 305
RC Version 7.0 © Powered By DSPACE, MIT. Enhanced by NTU Library & TKU Library IR team.
搜尋範圍 查詢小技巧:
  • 您可在西文檢索詞彙前後加上"雙引號",以獲取較精準的檢索結果
  • 若欲以作者姓名搜尋,建議至進階搜尋限定作者欄位,可獲得較完整資料
  • 進階搜尋
    請使用永久網址來引用或連結此文件: http://tkuir.lib.tku.edu.tw:8080/dspace/handle/987654321/23746

    題名: Regulatory changes and information competition: The case of Taiwan index futures
    作者: 謝文良;Hsieh, Wen-liang
    貢獻者: 淡江大學財務金融學系
    日期: 2004-04-01
    上傳時間: 2009-11-30 17:51:46 (UTC+8)
    出版者: John Wiley & Sons
    摘要: This article examines the cross-border competition in price discovery between the Taiwan Futures Exchange (TAIFEX) and the Singapore Exchange Derivatives Trading (SGX). We focused on the impact of market reforms on the information leadership of similar contracts traded on the two exchanges. Utilizing synchronized transaction data, it was found that reducing the futures transferring tax was the only policy change that enhanced TAIFEX's information role. Evidence supported the trading-cost hypothesis that a lower transaction cost is associated with better price discovery. A brief linkage between trading volume and price discovery was found when data were broken down into subperiods according to the relative volume of TAIFEX and SGX. Evidence suggested that the SGX's information advantage reported in previous research had diminished as the rival market progressed. It also indicated that exchanges seeking to improve information efficiency should adopt policies that will reduce transaction costs or increase trading volume.
    關聯: Journal of Futures Markets 24(4), pp.399-412
    DOI: 10.1002/fut.10122
    顯示於類別:[財務金融學系暨研究所] 期刊論文


    檔案 大小格式瀏覽次數



    DSpace Software Copyright © 2002-2004  MIT &  Hewlett-Packard  /   Enhanced by   NTU Library & TKU Library IR teams. Copyright ©   - 回饋