The Relation Between Stock Market Movements And NYSE Seat Prices  

Oleh:

Keim, Donald B. ; Madhavan, Ananth

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Journal of Finance (EBSCO) vol. 55 no. 6 (2000), page 2817-2840.
Topik: stock market; stock exchanges; prices; securities marrket; studies
Fulltext: p 2817.pdf (253.45KB)

Ketersediaan

Perpustakaan Pusat (Semanggi) Nomor Panggil: JJ88.3 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Isi artikel

Exchange seat prices are widely reported and followed as measures of market sentiment. This paper analysis the information content of NYSE seat prices using : 1. annual seat prices from 1869 to 1998 and 2. the complete record of trades, bids and offers for the seat market from 1973 to 1994. Seat market volumes have predictive power regarding future stock market returns, consistent with a model where seat market activity is a proxy for unobserved factors affecting expected returns, We find abnormally large price movements in seats prior to october 1987, consistent with the hypothesis that seat prices capture market sentiment.

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