Dr. P.V. Viswanath



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FIN American Capital Markets

  1. Read the following articles (can be downloaded from Blackboard). Pick any one article (discuss your choice with me), per group (about 5 students per group), and present a 15-20 minute overview of the article. The focus should be on how market structures have economic implications and how markets affect economic values.
    • Handa, Puneet; Robert Schwartz and Ashish Tiwari. 2004. "The Economic Value of a Trading Floor: Evidence from the American Stock Exchange," Journal of Business, v. 77, no. 2, pp. 331-355
    • Chung, Kee H.; and Chairat Chuwonganant. 2004. "Tick Size, Order Handling Rules, and Trading Costs," Financial Management, v. 33, no. 1, Spring, ppp. 47-62.
    • Masulis, Ronald; and Lakshmanan Shivakumar. 2004. "Does Market Structure affect the Immediacy of Stock Price Responses to News?" Journal of Financial and Quantitative Analysis, v. 37, no. 4, pp. 617-648.
    • Fong, Kingsley; Ananth Madhavan and Peter L. Swan. 2004. "Upstairs, Downstairs: Does the Upstairs Market Harm the Downstairs?" Working Paper,School of Banking and Finance, University of New South Wales, Sydney, NSW 2052 Australia.
    • Rajan, Raghuram G.; and Luigi Zingales. 1998. "Financial Dependence and Growth," The American Economic Review, v. 88, no. 3, pp. 559-586.
    • Levine, Ross; and Sara Zervos. 1998. "Stock Markets, Banks, and Economic Growth," The American Economic Review, Vol. 88, No. 3. (Jun., 1998), pp. 537-558.
  2. Alternatively, read the June 14th article in the Wall Street Journal, entitled "Eurex Futures Market Enters the Forex Fray," about the Eurex market. Research the issue and present a report on how the Eurex plans to compete with the CME and the NYBOT, as well as with the over-the-counter markets in the currency futures market.

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