<?xml version="1.0" encoding="utf-8"?>
<export-example>
  <doc>
    <id>13</id>
    <completedYear>2004</completedYear>
    <publishedYear/>
    <thesisYearAccepted/>
    <language>eng</language>
    <pageFirst/>
    <pageLast/>
    <pageNumber/>
    <edition/>
    <issue/>
    <volume/>
    <type>doctoralthesis</type>
    <publisherName/>
    <publisherPlace/>
    <creatingCorporation/>
    <contributingCorporation/>
    <belongsToBibliography>0</belongsToBibliography>
    <completedDate>2007-01-22</completedDate>
    <publishedDate>--</publishedDate>
    <thesisDateAccepted>2004-12-14</thesisDateAccepted>
    <title language="eng">Empirical Evidence on Economic and Financial Aspects of Intensive Insider Trading</title>
    <abstract language="eng">This thesis contributes to the literature by providing new insights into the patterns and market implications of insider trading. The inferences presented here are based on the insider trading reports filed with the Polish Securities and Exchange Commission and the New Zealand Exchange. First, the empirical inquiry examines the undue transaction profits accruing to supervisory and executive boards members, and their next of kin. Second, a hypothesis that an aggregate insider trading index can be used to formulate forecasts about future stock market development and macroeconomic fluctuations is tested. Third, the assertion that insider trading promotes more accurate pricing of assets is verified against the actual data. Last, it is argued that the presence of informed trading in the market increases the volume-induced return autocorrelation.</abstract>
    <identifier type="urn">urn:nbn:de:kobv:521-opus-00139</identifier>
    <identifier type="opus3-id">13</identifier>
    <author>Tomasz Piotr Wisniewski</author>
    <subject>
      <language>deu</language>
      <type>swd</type>
      <value>Polen</value>
    </subject>
    <subject>
      <language>deu</language>
      <type>swd</type>
      <value>Aktienmarkt</value>
    </subject>
    <subject>
      <language>deu</language>
      <type>swd</type>
      <value>Insidergeschäft</value>
    </subject>
    <subject>
      <language>deu</language>
      <type>swd</type>
      <value>Asymmetrische Information</value>
    </subject>
    <subject>
      <language>deu</language>
      <type>swd</type>
      <value>Kapitalmarkteffizienz</value>
    </subject>
    <subject>
      <language>deu</language>
      <type>uncontrolled</type>
      <value>Polen</value>
    </subject>
    <subject>
      <language>deu</language>
      <type>uncontrolled</type>
      <value>Aktienmarkt</value>
    </subject>
    <subject>
      <language>deu</language>
      <type>uncontrolled</type>
      <value>Insidergeschäft</value>
    </subject>
    <subject>
      <language>deu</language>
      <type>uncontrolled</type>
      <value>Asymmetrische Information</value>
    </subject>
    <subject>
      <language>deu</language>
      <type>uncontrolled</type>
      <value>Kapitalmarkteffizienz</value>
    </subject>
    <subject>
      <language>eng</language>
      <type>uncontrolled</type>
      <value>Insider Trading</value>
    </subject>
    <subject>
      <language>eng</language>
      <type>uncontrolled</type>
      <value>Market Efficiency</value>
    </subject>
    <subject>
      <language>eng</language>
      <type>uncontrolled</type>
      <value>Asymmetric Information</value>
    </subject>
    <collection role="ddc" number="330">Wirtschaft</collection>
    <collection role="open_access" number=""/>
    <collection role="institutes" number="">Wirtschaftswissenschaftliche Fakultät</collection>
    <thesisPublisher>Europa-Universität Viadrina Frankfurt</thesisPublisher>
    <thesisGrantor>Europa-Universität Viadrina Frankfurt</thesisGrantor>
    <file>https://opus4.kobv.de/opus4-euv/files/13/wisniewski.tomasz.pdf</file>
  </doc>
  <doc>
    <id>12</id>
    <completedYear>2004</completedYear>
    <publishedYear/>
    <thesisYearAccepted/>
    <language>eng</language>
    <pageFirst/>
    <pageLast/>
    <pageNumber/>
    <edition/>
    <issue/>
    <volume/>
    <type>doctoralthesis</type>
    <publisherName/>
    <publisherPlace/>
    <creatingCorporation/>
    <contributingCorporation/>
    <belongsToBibliography>0</belongsToBibliography>
    <completedDate>2007-01-22</completedDate>
    <publishedDate>--</publishedDate>
    <thesisDateAccepted>2004-07-09</thesisDateAccepted>
    <title language="eng">Institutional Trading, Trading Mechanisms and Equity Market Integration: Essays on the Polish Stock Market</title>
    <abstract language="eng">The launch of financial reforms in Central and Eastern Europe (CEE) at the beginning of the 1990s stimulated increased interest of investors and academics in the newly-born stock markets of this region. Most of the existing studies, however, consider a group of the CEE markets, stressing their commonalities and discarding the fact that though these markets started at approximately the same time, due to the different starting conditions and reform paths, nowadays they differ considerably in terms of size and significance for domestic economies. In the present thesis, we focus on the Polish stock market, as it is considered to be an example of consistent and successful financial market reforms. There are, however, several important features pertaining to the institutional and regulation aspects of the Polish stock market that may impact formation of equity prices, which nevertheless failed to attract the interest of the researchers so far. Some of these features are common with other emerging markets, which makes the results of our study interesting to a broader international audience. This thesis consists of four separate self-contained essays. They extend four streams of the empirical literature on the developing European stock markets: investment behavior of institutional investors; impact of institutional demand on individual and aggregate stock prices; effects of trading mechanism regulation on stock return autocorrelation and volatility; predictability of stock returns due to long-run relationships between developing European and mature markets. Some of the results of the present research appear to challenge findings documented in the previous literature and question the extant policies, thus suggesting areas for future research.</abstract>
    <identifier type="urn">urn:nbn:de:kobv:521-opus-00125</identifier>
    <identifier type="opus3-id">12</identifier>
    <author>Svitlana Voronkova</author>
    <subject>
      <language>deu</language>
      <type>swd</type>
      <value>Polen</value>
    </subject>
    <subject>
      <language>deu</language>
      <type>swd</type>
      <value>Aktienmarkt</value>
    </subject>
    <subject>
      <language>deu</language>
      <type>swd</type>
      <value>Anlagepolitik</value>
    </subject>
    <subject>
      <language>deu</language>
      <type>swd</type>
      <value>Institutioneller Anleger</value>
    </subject>
    <subject>
      <language>deu</language>
      <type>swd</type>
      <value>Mikrostrukturtheorie &lt;Kapitalmarkttheorie&gt;</value>
    </subject>
    <subject>
      <language>deu</language>
      <type>uncontrolled</type>
      <value>Polen</value>
    </subject>
    <subject>
      <language>deu</language>
      <type>uncontrolled</type>
      <value>Aktienmarkt</value>
    </subject>
    <subject>
      <language>deu</language>
      <type>uncontrolled</type>
      <value>Anlagepolitik</value>
    </subject>
    <subject>
      <language>deu</language>
      <type>uncontrolled</type>
      <value>Institutioneller Anleger</value>
    </subject>
    <subject>
      <language>deu</language>
      <type>uncontrolled</type>
      <value>Mikrostrukturtheorie &lt;Kapitalmarkttheorie&gt;</value>
    </subject>
    <subject>
      <language>eng</language>
      <type>uncontrolled</type>
      <value>Financial Markets</value>
    </subject>
    <subject>
      <language>eng</language>
      <type>uncontrolled</type>
      <value>Stock Returns</value>
    </subject>
    <subject>
      <language>eng</language>
      <type>uncontrolled</type>
      <value>Emerging Markets</value>
    </subject>
    <collection role="ddc" number="330">Wirtschaft</collection>
    <collection role="open_access" number=""/>
    <collection role="institutes" number="">Wirtschaftswissenschaftliche Fakultät</collection>
    <thesisPublisher>Europa-Universität Viadrina Frankfurt</thesisPublisher>
    <thesisGrantor>Europa-Universität Viadrina Frankfurt</thesisGrantor>
    <file>https://opus4.kobv.de/opus4-euv/files/12/voronkova.svitlana.pdf</file>
  </doc>
  <doc>
    <id>10</id>
    <completedYear>2004</completedYear>
    <publishedYear/>
    <thesisYearAccepted/>
    <language>eng</language>
    <pageFirst/>
    <pageLast/>
    <pageNumber/>
    <edition/>
    <issue/>
    <volume/>
    <type>doctoralthesis</type>
    <publisherName/>
    <publisherPlace/>
    <creatingCorporation/>
    <contributingCorporation/>
    <belongsToBibliography>0</belongsToBibliography>
    <completedDate>2007-01-22</completedDate>
    <publishedDate>--</publishedDate>
    <thesisDateAccepted>2004-12-14</thesisDateAccepted>
    <title language="eng">Trading Systems, Volatility, and the Regulation of Stock Markets: An Investigation of the Microstructure of the Warsaw Stock Exchange</title>
    <title language="deu">Handelssysteme, Volatilität und die Regulierung von Aktienmärkten: Eine Untersuchung der Mikrostruktur der Warschauer Börse</title>
    <abstract language="eng">The present thesis is a microstructure study of the Warsaw Stock Exchange (WSE). In the first part, I find evidence in favor of the so-calles mixture of distributions hypothesis according to which the time-variant daily order flow translates into volatility persistence in stock returns. In part two, I show that the introduction of continuous trading on the WSE is neither accompanied by higher liquidity/price efficiency nor by persistent abnormal returns of continuously listed stocks upon transfers. The third part demonstrates that continuous trading became more attractive and liquidity in this system increased due to the appearance of a large number of institutional traders after the Polish pension reform. In the fourth and final part I show that price limits in the call auction system of the WSE constitute a costly regulation by causing excessive volatility on days after limit hits and positive autocorrelation in stock returns. I do not find significant advantages of this regulation.</abstract>
    <abstract language="deu">Die vorliegende Arbeit stellt eine Untersuchung der Mikrostruktur der Warschauer Börse (WSE) dar. Im ersten Abschnitt wird Evidenz für die sogenannte Mixture-of-Distributions-Hypothese gefunden, nach der ein tagesvariabler Informationsfluß für Volatilitätspersistenz in Aktienrenditen verantwortlich ist. Im zweiten Abschnitt wird gezeigt, daß die Einführung des kontinuierlichen Handels an der WSE nicht zu höherer Liquidität/Preiseffizienz und zu Überrenditen um den Transferzeitpunkt für in dem System gelistete Aktien führt. Der dritte Abschnitt analysiert, daß nach Auftreten einer großen Anzahl institutioneller Investoren nach der polnischen Rentenreform der kontinuierliche Handel an Attraktivität und Liquidität gewann. Im vierten und letzten Abschnitt wird gezeigt, daß Preislimits im Auktionssystem der WSE mit hohen Kosten in Form von exzessiver Volatilität nach Limittreffern und positiver Autokorrelation der Aktienrenditen einher gehen. Mögliche Vorteile bleiben unbestimmt.</abstract>
    <identifier type="urn">urn:nbn:de:kobv:521-opus-00104</identifier>
    <identifier type="opus3-id">10</identifier>
    <author>Harald Henke</author>
    <subject>
      <language>deu</language>
      <type>swd</type>
      <value>Warschau</value>
    </subject>
    <subject>
      <language>deu</language>
      <type>swd</type>
      <value>Börse</value>
    </subject>
    <subject>
      <language>deu</language>
      <type>swd</type>
      <value>Aktienmarkt</value>
    </subject>
    <subject>
      <language>deu</language>
      <type>swd</type>
      <value>Aktienrendite</value>
    </subject>
    <subject>
      <language>deu</language>
      <type>swd</type>
      <value>Volatilität</value>
    </subject>
    <subject>
      <language>deu</language>
      <type>swd</type>
      <value>Mikrostrukturtheorie &lt;Kapitalmarkttheorie&gt;</value>
    </subject>
    <subject>
      <language>deu</language>
      <type>uncontrolled</type>
      <value>Volatilität</value>
    </subject>
    <subject>
      <language>deu</language>
      <type>uncontrolled</type>
      <value>kontinuierlicher Handel</value>
    </subject>
    <subject>
      <language>deu</language>
      <type>uncontrolled</type>
      <value>Call-Auktion</value>
    </subject>
    <subject>
      <language>deu</language>
      <type>uncontrolled</type>
      <value>Preislimits</value>
    </subject>
    <subject>
      <language>deu</language>
      <type>uncontrolled</type>
      <value>polnischer Aktienmarkt</value>
    </subject>
    <subject>
      <language>eng</language>
      <type>uncontrolled</type>
      <value>Volatility</value>
    </subject>
    <subject>
      <language>eng</language>
      <type>uncontrolled</type>
      <value>continuous trading</value>
    </subject>
    <subject>
      <language>eng</language>
      <type>uncontrolled</type>
      <value>call auction</value>
    </subject>
    <subject>
      <language>eng</language>
      <type>uncontrolled</type>
      <value>price limits</value>
    </subject>
    <subject>
      <language>eng</language>
      <type>uncontrolled</type>
      <value>Polish stock market</value>
    </subject>
    <collection role="ddc" number="330">Wirtschaft</collection>
    <collection role="open_access" number=""/>
    <collection role="institutes" number="">Wirtschaftswissenschaftliche Fakultät</collection>
    <thesisPublisher>Europa-Universität Viadrina Frankfurt</thesisPublisher>
    <thesisGrantor>Europa-Universität Viadrina Frankfurt</thesisGrantor>
    <file>https://opus4.kobv.de/opus4-euv/files/10/henke.harald.pdf</file>
  </doc>
</export-example>
