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FIN American Capital Markets
- 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.
- 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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