When the underwriter is the market maker: an examination of trading in the initial public offering (IPO) aftermarket

Article Abstract:

The author examines the role of the underwriter in the initial public offering (IPO) aftermarket. Topics include market makers, inventory risks, and under pricing.

Management, Evaluation, Investment banks, Going public (Securities), Initial public offerings

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Upstairs market for principal and agency trades: analysis of adverse information and price effects

Article Abstract:

Research into upstairs market makers was conducted to determine to what extent they routed orders based on the perceived information content and whether they cannibalized the downstairs market. Research indicates that they do not cannibalize the downstairs market.

Securities Exchanges, Stock-exchange, Stock exchanges, Electronic trading (Securities), Online securities trading

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Careers and survival: competition and risk in the hedge fund and CTA industry

Article Abstract:

This paper investigates hedge fund and CTA volatility in light of hedge fund managers' concerns with both risk and returns. The success of a fund depends on its age, performance and excess volatility.

Commodity Exchanges, Hedge funds, Commodities industry

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