Microstructure-Based Manipulation


Book Description

We examine how investors strategically spoof the stock market by placing orders with little chance of being executed, but which mislead other traders into thinking there is an imbalance in the order book. Using the complete intraday order and trade data of the Korea Exchange (KRX) in a custom data set identifying individual accounts, we find that investors strategically placed spoofing orders which, given the KRX's order-disclosure rule at the time, created the impression of a substantial order book imbalance, with the intent to manipulate subsequent prices. This manipulation, which made use of specific features of the market microstructure, is different from previously studied forms of manipulation, based on information or transactions. Roughly half of the spoofing orders were placed in conjunction with day trading. Stocks targeted for manipulation had higher return volatility, lower market capitalization, lower price level, and lower managerial transparency. We also find that spoofing traders achieved substantial extra profits. The frequency of spoofing orders decreased drastically after the KRX altered its order-disclosure rule.




Trading and Exchanges


Book Description

Focusing on market microstructure, Harris (chief economist, U.S. Securities and Exchange Commission) introduces the practices and regulations governing stock trading markets. Writing to be understandable to the lay reader, he examines the structure of trading, puts forward an economic theory of trading, discusses speculative trading strategies, explores liquidity and volatility, and considers the evaluation of trader performance. Annotation (c)2003 Book News, Inc., Portland, OR (booknews.com).




Micro-Nanorobotic Manipulation Systems and Their Applications


Book Description

Micro/Nano Robotics and Automation technologies have rapidly grown associated with the growth of Micro and Nanotechnologies. This book presents a summary of fundamentals in micro-nano scale engineering and the current state of the art of these technologies. “Micro-Nanorobotic Manipulation Systems and their Applications” introduces these advanced technologies from the basics and applications aspects of Micro/Nano-Robotics and Automation from the prospective micro/nano-scale manipulation. The book is organized in 9 chapters including an overview chapter of Micro/Nanorobotics and Automation technology from the historical view and important related research works. Further chapters are devoted to the physics of micro-nano fields as well as to material and science, microscopes, fabrication technology, importance of biological cell, and control techniques. Furthermore important examples, applications and a concise summary of Micro-Nanorobotics and Automation technologies are given.




Empirical Market Microstructure


Book Description

The interactions that occur in securities markets are among the fastest, most information intensive, and most highly strategic of all economic phenomena. This book is about the institutions that have evolved to handle our trading needs, the economic forces that guide our strategies, and statistical methods of using and interpreting the vast amount of information that these markets produce. The book includes numerous exercises.




Stock Price Manipulation, Market Microstructure and Asymmetric Information


Book Description

In recent years, there has been a large literature on how stock exchange specialists set prices when there are investors who know more about the stock than they do. An important assumption in this literature is that there are *liquidity traders* who are equally likely to buy or sell for exogenous reasons. It is plausible that some buyers have cash needs and are forced to sell their stock. However, buyers will usually be able to choose the time at which they trade. It will be optimal for them to minimize the probability of trading with informed investors by choosing an appropriate time to trade and clustering at that time. This asymmetry means that when liquidity buyers are not clustering, purchases are more likely to be by an informed trader than sales so the price movement resulting from a purchase is larger than for a sale. As a result, profitable manipulation by uninformed investors may occur. A model where the specialist takes account of the possibility of manipulation in equilibrium is presented.




Commodities


Book Description

Commodities: Markets, Performance, and Strategies provides a comprehensive view of commodity markets by describing and analyzing historical commodity performance, vehicles for investing in commodities, portfolio strategies, and current topics. It begins with the basics of commodity markets and various investment vehicles. The book then highlights the unique risk and return profiles of commodity investments, along with the dangers from mismanaged risk practices. The book also provides important insights into recent developments, including high frequency trading, financialization, and the emergence of virtual currencies as commodities. Readers of Commodities: Markets, Performance, and Strategies can gain an in-depth understanding about the multiple dimensions of commodity investing from experts from around the world. Commodity markets can be accessed with products that create unique risk and return dynamics for investors worldwide. The authors provide insights in a range of areas, from the economics of supply and demand for individual physical commodities through the financial products used to gain exposure to commodities. The book balances useful practical advice on commodity exposure while exposing the reader to various pitfalls inherent in these markets. Readers interested in a basic understanding will benefit as will those looking for more in-depth presentations of specific areas within commodity markets. Overall, Commodities: Markets, Performance, and Strategies provides a fresh look at the myriad dimensions of investing in these globally important markets.




Biochip Technology


Book Description

Biochip technology has experienced explosive growth in recent years and Biochip technology describes the basic manufacturing and fabrication processes and the current range of applications of these chips. Top scientists from the biochip industry and related areas explain the diverse applications of biochips in gene sequencing, expression monitoring, disease diagnosis, tumor examination, ligand assay and drug discovery.




Themes in Alternative Investments


Book Description

In an era where traditional investment paradigms are being constantly redefined by technological innovation and the global push towards sustainability, Themes in Alternative Investments emerges as a seminal volume designed to guide investors, finance professionals, and scholars through the complex terrain of non-traditional financial vehicles. This volume presents a thorough exploration of the interconnections between cutting-edge technology, dynamic market forces, and the intricate regulatory landscapes shaping the future of finance. With a spotlight on burgeoning investment mediums such as cryptocurrencies, non-fungible tokens (NFTs), private equity, and fine wine, it provides a critical analysis of the burgeoning domain of sustainable finance solutions amidst the digital revolution. The contributors to this volume undertake a meticulous examination of alternative investments, presenting a nuanced narrative that spans from the infamous Tuna Bonds scandal to the high-profile downfalls of Silicon Valley Bank and the FTX exchange. This narrative delves into the profound implications of technological advancements on market infrastructures, scrutinising the shifting contours of financial fraud and the paramount importance of robust regulatory frameworks in upholding market integrity. Themes in Alternative Investments not only dissects the allure and pitfalls of these emergent investment avenues but also casts a critical eye on the role of artificial intelligence in reshaping investment strategies and market operations. The discussion transcends the mere identification of opportunities and challenges, offering a deep dive into the mechanisms by which technology and AI are becoming pivotal in the detection and prevention of market manipulation and fraud. As the landscape of alternative investments expands, driven by investor appetite for innovation and higher yields, this volume serves as an indispensable resource. It equips stakeholders with the analytical tools and insights needed to discern the complexities of these investment strategies, navigate their risks, and harness the potential of financial markets evolving under the influence of digital transformation and sustainability imperatives.




Electromanipulation of Cells


Book Description

Electromanipulation of Cells is the first comprehensive, balanced overview of this dynamic discipline. Edited by leading authorities in the field, the book surveys state-of-the-art research as well as recent practical applications of electric field technologies.




Microstructural Modeling and Computational Homogenization of the Physically Linear and Nonlinear Constitutive Behavior of Micro-heterogeneous Materials


Book Description

Engineering materials show a pronounced heterogeneity on a smaller scale that influences the macroscopic constitutive behavior. Algorithms for the periodic discretization of microstructures are presented. These are used within the Nonuniform Transformation Field Analysis (NTFA) which is an order reduction based nonlinear homogenization method with micro-mechanical background. Theoretical and numerical aspects of the method are discussed and its computational efficiency is validated.