Informed and Uninformed Trading in an Electronic, Order-Driven Environment

Paul Brockman and Dennis Y Chung

The Financial Review, 2000, vol. 35, issue 2, 125-46

Abstract: The purpose of our study is to investigate the trading behavior of informed and uninformed investors in a screen-based, order-driven environment. As more and more exchanges conduct trading through electronic limit-order books, it is increasingly important to analyze consequent trading behavior and its impact on the liquidity provision process. We examine one of the largest electronic, order-driven markets in the world, the Stock Exchange of Hong Kong. Our findings show that the interaction of informed and uninformed traders plays a significant role in determining corporate liquidity. Copyright 2000 by MIT Press.

Date: 2000
References: Add references at CitEc
Citations: View citations in EconPapers (16)

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:bla:finrev:v:35:y:2000:i:2:p:125-46

Ordering information: This journal article can be ordered from
http://www.blackwell ... bs.asp?ref=0732-8516

Access Statistics for this article

The Financial Review is currently edited by Cynthia J. Campbell and Arnold R. Cowan

More articles in The Financial Review from Eastern Finance Association Contact information at EDIRC.
Bibliographic data for series maintained by Wiley Content Delivery ().