Trading Volume With Private Valuations (Classic Reprint)
Language: English
Published by Forgotten Books, 2018
- Softcover
- New
Seller: Forgotten Books, London, United KingdomForgotten Books
AbeBooks seller since June 2, 2021
Condition: New
US$ 17.83
Quantity: Over 20 available
Add to basketItem description from seller
Print on Demand. This book delves into the intricate relationship between investors, risk, transaction costs, and trading volume. The author provides a unique lens to examine the theory of market volume, arguing that unlike in complete markets, heterogeneous preferences alone cannot explain trading volume in real markets. To solve this conundrum, the author explores the impact of heterogeneous valuations as opposed to heterogeneous information. The book is both theoretically rich and empirically grounded. It utilizes the unique nature of trading motives around the distribution of cash dividends, where trading results from differential valuations rather than differences in opinion or information. In doing so, the book uncovers how an increase in risk or transaction costs can reduce trading volume. It also demonstrates the significant role that non-systematic risk plays in determining the volume of trade. Furthermore, the book highlights that trading volume is positively related to the degree of heterogeneity and the incentives of various groups to engage in trading. Rich with insights and practical applications, this book is an essential resource for scholars, practitioners, and policymakers seeking a deeper understanding of market volume and its implications for investment strategies and market dynamics. This book is a reproduction of an important historical work, digitally reconstructed using state-of-the-art technology to preserve the original format. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in the book.…
Seller Inventory # 9781332596089_0
- Title
- Trading Volume With Private Valuations (Classic Reprint)
- Author
- Roni Michaely
- Publisher
- Forgotten Books
- Publication year
- 2018
- Condition
- New
- Book Type
- print-on-demand item
- Binding
- Paperback
- Language
- English
- ISBN 10
- 1332596088
- ISBN 13
- 9781332596089
- Seller catalogs
- Business Investment
Explore how tax rules and investor differences drive trading around ex-dividend days. This study builds a theory of how heterogeneity in valuations, risk, and trading costs shapes volume and behavior in the stock market.
Using dividend events as a test bed, the book shows why tax effects, risk hedging, and transaction costs influence who trades and when. It combines theory with empirical evidence from a long-span dataset, offering a clear view of market dynamics beyond information differences.
- How tax treatment creates valuation gaps that market participants trade on.
- How risk and hedging options interact with transaction costs to shape volume.
- Evidence that higher dividend yields and lower trading costs amplify abnormal ex-day activity.
- Implications for investors and traders considering hedges and execution choices around dividends.
Ideal for readers of finance, market microstructure, and behavioral investment research.
"Synopsis" may belong to another edition of this title.
Forgotten Books
London, United Kingdom
AbeBooks seller since June 2, 2021
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Forgotten Books’ Classic Reprint Series utilizes the latest technology to regenerate facsimiles of historically important writings. Careful attention has been made to accurately preserve the original format of each page whilst digitally enhancing the quality of the aged text.
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