LEADER 04356nam 2200673 450 001 9910831090303321 005 20170809165418.0 010 $a1-119-19963-8 010 $a1-118-58044-3 035 $a(CKB)2480000000006866 035 $a(EBL)1120337 035 $a(OCoLC)829461577 035 $a(SSID)ssj0000446884 035 $a(PQKBManifestationID)12202517 035 $a(PQKBTitleCode)TC0000446884 035 $a(PQKBWorkID)10504476 035 $a(PQKB)10889062 035 $a(MiAaPQ)EBC1120337 035 $a(CaSebORM)9780470824887 035 $a(EXLCZ)992480000000006866 100 $a20160409h20102010 uy 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 10$aChasing the same signals $ehow black-box trading influences stock markets from Wall Street to Shanghai /$fBrian R. Brown 205 $a1st edition 210 1$aSingapore :$cWiley,$d2010. 210 4$dİ2010 215 $a1 online resource (238 p.) 225 1 $aWiley Trading 300 $aIncludes index. 311 $a0-470-82488-3 320 $aIncludes bibliographical references (p. 185-189) and index. 327 $aCover; Contents; Title page; Copyright page; Dedication; Acknowledgments; CHAPTER 1: The Canary in the Coal Mine; THE SIGNAL OF IMBALANCE; THE CROWDED TRADE EFFECT; THE BLACK-BOX PHENOMENON; THE EVOLUTION OF QUANTS; WHAT SIGNALS ARE THEY CHASING?; THE SAME SIGNALS; CHAPTER 2: The Automation of Trading; THE LEGEND OF DoCoMo MAN; COMPUTER-TO-COMPUTER TRADING; THE LIBERALIZATION OF U.S. EQUITY MARKETS; THE IMPACT OF TECHNOLOGY; A SYSTEMATIC INDUSTRY; CHAPTER 3: The Black-Box Philosophy; THE MARRIAGE OF SCIENCE AND ECONOMICS; THE CULTURAL DIVIDE; THE BLACK-BOX COMMUNITY; THE COMING OF AGE 327 $aCHAPTER 4: Finding the FootprintSTATISTICS AND ARBITRAGE; THE LAW OF LARGE NUMBERS; INSIDE THE ORDER BOOK; A GAME OF MILLISECONDS; LIQUIDITY PROVIDERS AND MARKET EFFICIENCY; CHAPTER 5: Disciples of Dispersion; ECONOMETRIC RESEARCH; MARKET-NEUTRAL STRATEGIES; WINNERS AND LOSERS; RISK FACTOR MODELS; THE LEVERAGE EFFECT; THE DISPERSION EFFECT; CHAPTER 6: The Arms Race; THE SUPPLIERS AND DEMANDERS OF LIQUIDITY; THE SIGNIFICANCE OF MARKET STRUCTURE; THE SIGNIFICANCE OF TRANSACTION COSTS; THE ERA OF ALGOS; THE FRAGMENTATION OF LIQUIDITY; THE LONG TAIL OF MARKET IMPACT 327 $aCHAPTER 7: The Game of High FrequencyTHE MOST ACTIVE INVESTORS; THE SPREAD; PREDATORS, SPECULATORS, OR INVESTORS; THE COMPETITION FOR LIQUIDITY; CHAPTER 8: The Russell Rebalance; THE RUSSELL RECONSTITUTION; THE IMPACT OF TRACKING RISK; THE GUARANTEED TRADE; THE RUSSELL EFFECT; THE CLOSING PRICE; CHAPTER 9: The Ecology of the Marketplace; THE CASH BUSINESS; TRENDS IN ORDER SEGMENTATION; BEST-EXECUTION MANDATES; THE EVOLUTION OF LIQUIDITY; CHAPTER 10: Globalization of Equity Markets; GLOBALIZATION OF TRADING STRATEGIES; THE GLOBAL LANDSCAPE; DIVERSITY OF EQUITY MICROSTRUCTURE; REGULATORY RISK 327 $aCHAPTER 11: An Adaptive IndustryTHE DECAY EFFECT; THE SEARCH FOR SIGNALS; ECONOMIC CHALLENGES; ADAPTIVE MACHINE THEORY; CHAPTER 12: Conclusion; Notes; Index 330 $aConventional wisdom suggests that markets are efficient, random walks and that stock prices rise and fall with the fundamentals of the company. How then have black-box traders prospered and how do they exploit market inefficiencies? Are their strategies on their last legs or will they adapt to the new landscape amidst the global financial crisis? Chasing the Same Signals is a unique chronicle of the black-box industry's rise to prominence and their influence on the market place. This is not a story about what signals they chase, but rather a story on how they chase and compete for the 410 0$aWiley trading. 606 $aElectronic trading of securities 606 $aInvestment analysis 606 $aStock exchanges 606 $aSpeculation 615 0$aElectronic trading of securities. 615 0$aInvestment analysis. 615 0$aStock exchanges. 615 0$aSpeculation. 676 $a332.632 676 $a332.6322 700 $aBrown$b Brian R.$01714567 801 0$bMiAaPQ 801 1$bMiAaPQ 801 2$bMiAaPQ 906 $aBOOK 912 $a9910831090303321 996 $aChasing the same signals$94108516 997 $aUNINA