دانلود مقاله ISI انگلیسی شماره 50721
ترجمه فارسی عنوان مقاله

پیامدهای کاهش حجم تیک در ترتیب اجرای فروش استقراضی

عنوان انگلیسی
Implications of a Reduction in Tick Size on Short-Sell Order Execution ☆
کد مقاله سال انتشار تعداد صفحات مقاله انگلیسی
50721 2002 24 صفحه PDF
منبع

Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)

Journal : Journal of Financial Intermediation, Volume 11, Issue 1, January 2002, Pages 37–60

ترجمه کلمات کلیدی
فروش استقراضی
کلمات کلیدی انگلیسی
short-sellingRule 10a-1Uptick Ruleminimum price variationtick sizequote jumpingexecution quality
پیش نمایش مقاله
پیش نمایش مقاله  پیامدهای کاهش حجم تیک در ترتیب اجرای فروش استقراضی

چکیده انگلیسی

The U.S. Securities and Exchange Commission is committed to having exchanges fully implement decimal pricing by April 9, 2001, and is also considering revising the Uptick Rule. We consider the likely impact of the pending smaller tick size associated with decimalization on the efficacy of this rule by examining the execution quality of NYSE short-sell orders immediately before and after the tick size was reduced from 1/8th to 1/16th in 1997. We conclude that, in general, short market orders will receive better execution after decimalization, but at-the-quote limit orders will receive worse execution, and suggest revisions to the Rule. Journal of Economic Literature Classification Numbers: G18, K22.