Haoxiang Zhu
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View metadata, citation and similar papers at core.ac.uk brought to you by CORE provided by University of Liverpool Repository E AESTIMATIO, THE IEB INTERNATIONAL JOURNAL OF FINANCE , 2017. : 8-25 DOI:10.5605/IEB.14.1 L 14 C © 2017 AESTIMATIO , THE IEB INTERNATIONAL JOURNAL OF FINANCE I T R A H C R Herd behaviour: A E S E R A survey Kallinterakis, Vasileios Gregoriou, Greg N. ̈ RECEIVED : 6 JUNE 2016 ̈ ACCEPTED : 17 FEBRUARY 2017 Abstract This paper presents a survey of the extant research on herding, from both a theoretical and an empirical perspective. Theoretical research provides valuable insights into the key motives underlying investors’ tendencies to herd, while empirical evidence confirms the presence of herding – to varying degrees – internationally, both at the market level and for specific investor types. In future research there should be a greater focus on empirically testing herding intent, herding dynamics at high frequencies and other (non- equity) asset classes, who follows whom in the stock market, and whether herding can be profitably exploited. Keywords: Herding, Informational cascades, Institutional herding, Behavioural finance. JEL classification: G02, G10. 2 Please cite this article as: Kallinterakis, V. and Gregoriou, G.N. (2017). Herd behaviour: A survey, AESTIMATIO, The IEB International Journal of Finance, 14 , pp. 8-25. doi: 10.5605/IEB.14.1 Kallinterakis, V. PhD is Senior Lecturer in Finance at the University of Liverpool Management School (UK), Chatham Building, Chatham Street, Liverpool L69 7ZH, United Kingdom. Email: [email protected]. Gregoriou, G.N. PhD is Professor of Finance at the School of Business and Economics at State University of New York (Plattsburgh), 101 Broad Street, Plattsburgh, NY, 12901, USA. -
Companies That Made a Full-Time O Er to One Or More MSOR/IE Students
Companies that made a full-time oer to one or more MSOR/IE students who graduated in October 2019 or February 2020 26% Data Science & Business Analytics Firms include: Amazon, Wayfair, 360i, AccrueMe LLC, Amadeus, American Express, Amherst Holdings, Aretove Technologies, Barclays, BNP Paribas, Capgemini, Cubesmart, DIA Associates, Expedia, Goldenberry, LLC, Intellinum Analytics Inc, Jellysmack, Kalo Inc, LGO Markets, Ly, Mediacom, NBCUniversal Media, LLC, Neuberger Berman, PepsiCo, Amazon, Robinhood, Shareablee, State Administration of Foreign Exchange, Swiss Re, Two Sigma, Whiterock AI Titles include: Big Data Analyst, Business Analyst, Business Intelligence Analyst, Credit Risk Analyst, Data Analyst, Data Engineer, Data Scientist, Insight Analyst, Investment Analytics Analyst, Quant Researcher/Developer, Quantitative Analytics Associate, Research Analyst and Solutions Engineer 20% Quantitative Research Firms include: Citi, Goldman Sachs, Aflac Global Investments, American Express, Arrowstreet Capital, CME Group, Credit Agricole, Credit Suisse, Deutsche Bank, Global A.I., Jp Morgan Chase, Krane Funds Advisors, New York International Capital, PingAn Technology Inc., Puissance Capital, Rayens Capital, SG Americas Securities LLC, Shanghai Kingstar Soware Technology Co., Ltd., Vidrio FInancial, Wolfe Research Titles include: Analyst, Applied Quantitative Research & Development, Associate Vice President, CFR Senior Analyst, Consumer & Investment Management Senior Analyst, Data Modeling Analyst, FICC Strategic Analyst, Investment Analyst, Markets Quantitative Analyst, Post Trade & Optimization Services Quant Risk Manager, Quantitative Analyst, Quantitative Associate, Quantitative Strategist, Quantitative Strategist Associate, Quantitative Strategy & Modeling, Risk Appetite Model & Methodology Analyst, Securitization Quant, Sell Side M&A Investment Banking Analyst and Treasury/CIO Senior Associate 19% Engineering & Technology Firms include: Alibaba, Amazon, Anheuser-Busch InBev, AntX LLC, Baco SA,Beijing Huahui Shengshi Energy Technology Co. -
Capital Markets
U.S. DEPARTMENT OF THE TREASURY A Financial System That Creates Economic Opportunities Capital Markets OCTOBER 2017 U.S. DEPARTMENT OF THE TREASURY A Financial System That Creates Economic Opportunities Capital Markets Report to President Donald J. Trump Executive Order 13772 on Core Principles for Regulating the United States Financial System Steven T. Mnuchin Secretary Craig S. Phillips Counselor to the Secretary Staff Acknowledgments Secretary Mnuchin and Counselor Phillips would like to thank Treasury staff members for their contributions to this report. The staff’s work on the report was led by Brian Smith and Amyn Moolji, and included contributions from Chloe Cabot, John Dolan, Rebekah Goshorn, Alexander Jackson, W. Moses Kim, John McGrail, Mark Nelson, Peter Nickoloff, Bill Pelton, Fred Pietrangeli, Frank Ragusa, Jessica Renier, Lori Santamorena, Christopher Siderys, James Sonne, Nicholas Steele, Mark Uyeda, and Darren Vieira. iii A Financial System That Creates Economic Opportunities • Capital Markets Table of Contents Executive Summary 1 Introduction 3 Scope of This Report 3 Review of the Process for This Report 4 The U.S. Capital Markets 4 Summary of Issues and Recommendations 6 Capital Markets Overview 11 Introduction 13 Key Asset Classes 13 Key Regulators 18 Access to Capital 19 Overview and Regulatory Landscape 21 Issues and Recommendations 25 Equity Market Structure 47 Overview and Regulatory Landscape 49 Issues and Recommendations 59 The Treasury Market 69 Overview and Regulatory Landscape 71 Issues and Recommendations 79 -
Phi Beta Kappa Number
Phi Beta Kappa Number ~ DECEMRER, 1918 I 3 --/ Sigtna Kappa Triangle VOL. XIII DECEMBER, 1918 NO. 1 ... , ~' • 'Ev KTJP p.ta ooo~.. OFFICIAL PUBLICATION OF SIGMA KAPPA SORORITY PHI BETA KAPPA NUMBER GEORGE BANTA, Official Printer and Publisher 450 to 454 Ahnaip St., Menasha, Wlsconein. TRIANGLE DIRECTORY Editor-in-chief MRS. FRANCIS MARSHALL WIGMORE c!o The Orland Register, Orland, Cal. Chapter Editor FRITZI NEUMANN 701 A St. S. E., Washington, D. C. Alumnm Editor FLORENCE SARGENT CARLL South China, Maine . Exchange Editor MABEL GERTRUDE MATTOON 127 N. Malabar St., Huntington Park, Cal. Contributing Editor GRACE COBURN SMITH 2137 Bancroft St., Washington, D. C. Circulation Manager HATTIE MAY BAKER 24 Sunset Road, West Somerville, Mass. All communications r egarding subscriptions should be sent direct to Miss Baker. SIGMA KAPPA TRIANGLE is issued m December, March, June, and September. All chapters, active and alumnre, must send all manuscript to their respective editors (at the addresses given above) on or before the Fifteenth of October, J anuary, April, and July. Price $1.25 per annum. Single copies 35 cents. Entered as second-cia s matter October 15, 1910, at the postoffice at Menasha, Wis., under the act of March 3, 1879. Acceptance for mailing at special rate of postage provided f or in section 1103, Act of October 3, 1917, authorized, .July 31, 1918. SIGMA KAPPA SORORITY Founded at Colby College in 1874 FOUNDERS MRS. L. D. CARVER, nee Mary Caffrey Lowe, 26 Gurney St., Cam bridge, Mass. ELIZABETH GORHAM HOAG (deceased). MRS. J. B. PIERCE, nee Ida M. Fuller, 201 Linwood Blvd., Kansas City, Mo. -
Providing the Regulatory Framework for Fair, Efficient and Dynamic European Securities Markets
ABOUT CEPS Founded in 1983, the Centre for European Policy Studies is an independent policy research institute dedicated to producing sound policy research leading to constructive solutions to the challenges fac- Competition, ing Europe today. Funding is obtained from membership fees, contributions from official institutions (European Commission, other international and multilateral institutions, and national bodies), foun- dation grants, project research, conferences fees and publication sales. GOALS •To achieve high standards of academic excellence and maintain unqualified independence. Fragmentation •To provide a forum for discussion among all stakeholders in the European policy process. •To build collaborative networks of researchers, policy-makers and business across the whole of Europe. •To disseminate our findings and views through a regular flow of publications and public events. ASSETS AND ACHIEVEMENTS • Complete independence to set its own priorities and freedom from any outside influence. and Transparency • Authoritative research by an international staff with a demonstrated capability to analyse policy ques- tions and anticipate trends well before they become topics of general public discussion. • Formation of seven different research networks, comprising some 140 research institutes from throughout Europe and beyond, to complement and consolidate our research expertise and to great- Providing the Regulatory Framework ly extend our reach in a wide range of areas from agricultural and security policy to climate change, justice and home affairs and economic analysis. • An extensive network of external collaborators, including some 35 senior associates with extensive working experience in EU affairs. for Fair, Efficient and Dynamic PROGRAMME STRUCTURE CEPS is a place where creative and authoritative specialists reflect and comment on the problems and European Securities Markets opportunities facing Europe today. -
The Quants Run Wall Street Now - WSJ 5/24/17, 11:08 AM
The QuantsTHE Run Wall Street Now - WSJ QUANTS RUN5/24/17, 11:08 AM WALL STREET SHARE NOW For decades, investors imagined a time when data-driven traders would dominate financial markets. That day has arrived. https://www.wsj.com/articles/the-quants-run-wall-street-now-1495389108 Page 1 of 14 The Quants Run Wall Street Now - WSJ 5/24/17, 11:08 AM BY GREGORY ZUCKERMAN AND BRADLEY HOPE Alexey Poyarkov, a former gold-medal winner of the International Mathematical Olympiad for high-school students, spent most of his early career honing algorithms ? at technology companies such as Microsoft Corp. , where he helped make the Bing search engine smarter at ferreting out pornography. Last year, a bidding war for Mr. Poyarkov broke out among hedge-fund heavyweights Renaissance Technologies LLC, Citadel LLC and TGS Management Co. When it was over, he went to work at TGS in Irvine, Calif., and could earn as much as $700,000 in his first year, say people familiar with the contract. The Russian-born software engineer, who declined to comment, as did the hedge funds, had almost no financial experience. What TGS wanted was his wizardry at designing algorithms, sets of rules used to power calculations and problem- solving, which in the investment world can quickly parse data and decide what to buy and sell, often with little human involvement. Up and down Wall Street, algorithmic-driven trading WSJ PODCAST and the quants who use sophisticated statistical models to find attractive trades are taking over the The Quants: Today’s Kings investment world. -
Skin Or Skim? Inside Investment and Hedge Fund Performance
Skin or Skim?Inside Investment and Hedge Fund Performance∗ Arpit Guptay Kunal Sachdevaz September 7, 2017 Abstract Using a comprehensive and survivor bias-free dataset of US hedge funds, we docu- ment the role that inside investment plays in managerial compensation and fund per- formance. We find that funds with greater investment by insiders outperform funds with less “skin in the game” on a factor-adjusted basis, exhibit greater return persis- tence, and feature lower fund flow-performance sensitivities. These results suggest that managers earn outsize rents by operating trading strategies further from their capac- ity constraints when managing their own money. Our findings have implications for optimal portfolio allocations of institutional investors and models of delegated asset management. JEL classification: G23,G32,J33,J54 Keywords: hedge funds, ownership, managerial skill, alpha, compensation ∗We are grateful to our discussant Quinn Curtis and for comments from Yakov Amihud, Charles Calomiris, Kent Daniel, Colleen Honigsberg, Sabrina Howell, Wei Jiang, Ralph Koijen, Anthony Lynch, Tarun Ramado- rai, Matthew Richardson, Paul Tetlock, Stijn Van Nieuwerburgh, Jeffrey Wurgler, and seminar participants at Columbia University (GSB), New York University (Stern), the NASDAQ DRP Research Day, the Thirteenth Annual Penn/NYU Conference on Law and Finance, Two Sigma, IRMC 2017, the CEPR ESSFM conference in Gerzensee, and the Junior Entrepreneurial Finance and Innovation Workshop. We thank HFR, CISDM, eVestment, BarclaysHedge, and Eurekahedge for data that contributed to this research. We gratefully acknowl- edge generous research support from the NYU Stern Center for Global Economy and Business and Columbia University. yNYU Stern School of Business, Email: [email protected] zColumbia Business School, Email: [email protected] 1 IIntroduction Delegated asset managers are commonly seen as being compensated through fees imposed on outside investors. -
Staff Report on Algorithmic Trading in U.S. Capital Markets
Staff Report on Algorithmic Trading in U.S. Capital Markets As Required by Section 502 of the Economic Growth, Regulatory Relief, and Consumer Protection Act of 2018 This is a report by the Staff of the U.S. Securities and Exchange Commission. The Commission has expressed no view regarding the analysis, findings, or conclusions contained herein. August 5, 2020 1 Table of Contents I. Introduction ................................................................................................................................................... 3 A. Congressional Mandate ......................................................................................................................... 3 B. Overview ..................................................................................................................................................... 4 C. Algorithmic Trading and Markets ..................................................................................................... 5 II. Overview of Equity Market Structure .................................................................................................. 7 A. Trading Centers ........................................................................................................................................ 9 B. Market Data ............................................................................................................................................. 19 III. Overview of Debt Market Structure ................................................................................................. -
Download Scans
BIJDRAGEN EN MEDEDEELINGEN VAN HET HISTORISCH GENOOTSCHAT (GEVESTIGD TE UTRECHT) ----4-4,-*---- EEN EN VEERTIGSTE DEEL -----<;"Cr->C>---- AMSTERDAM JOHANNES MOLLER 1920 INHOUD. Bladz. VERSLIG VAN HET BESTUUR OVER HET DIENSTJAAR 1919. V BIJLAGEN VAN HET VERSLAG : A. NAAMLIJST DER LEDEN VAN HE r GENOOTSCHAP . XXV B. GENOOTSCHAPPEN ENZ., WAARMEDE HET GENOOTSCHAP IN BETREKKING START . XLV C. KASOVERZICHT VAN HET GENOOTSCHAP '1919 . LII D. LIJST DER, VAN JANUARI 1919 TOT JANUARI 1920 DOOR SCHENKING, RUILING EN AANKOOP VOOR HET GENOOTSCHAP VERKREGEN WERKEN. LIV E. JAARVERSLAG VAN DE CENTRALE COM.MISSIE VOOR DE HISTORISCH-STATISTISCHE KAARTEN VAN NEDER- LAND OVER 1919 .. LXXV VERHOOREN EN VONNISSEN DER WEDERDOOPERS, BETROKKEN BIJ DE AANSLAGEN OP AMSTERDAM, medegedeeld. door MEJ G. GROSHEIDE 1 EXTRACTEN UIT DE REKENINGEN VAN HET SCHOUTAMBACHT VAN HAARLEM BETREFFENDE WEDERDOOPERS (1535-1539), mede- gedeeld door DR. A. HULSHOF . 198 ALPHABETISCH REGISTER OP DE VERHOOREN DER WEDERDOOPERS TE AMSTERDAM EN TE HAARLEM, door Dr. A. HULSHOF. 221 BRIEF VAN DEN UTRECHTSCHEN BURGEMEESTER AERNT DIRCXSZ VAN LEIJDEN OVER ZIJNE ZENDING NAAR DEN PRINS VAN ORANJE (ANTWERPEN, 26 FEBR. 1579), medegedeeld door PROF. DR. P. J. BLOK. 232 VERSLAG VAN HET BESTUUR OVER HET DIENSTJAAR 1919. Het jaar 1919, waarover wij hieronder aan de leden van het Genootschap verslag uitbrengen, was er een van vele bezwaren en teleurstellingen. Niettemin ontbraken ook lichtpunten niet. Zoo bracht het geen wijziging in de samenstelling van het Bestuur, al dreigde een oogen- blik gevaar. Mochten de overige leden van het Bestuur bij den aanvang des jaars nog, zij het dan ook door een misverstand wat te laat, den Voorzitter gelukwenschen met de zeldzame omstandigheid van zijn 40-jarig lid- maatschap van hun college, in den zomer deelde hij ons merle, dat hij met het oog op zijn leeftijd ernstig overwoog, het voorzitter-, zoo al niet het lidmaatschap van het Bestuur neder te leggen. -
The Regulation of Investment Funds
Fordham Journal of Corporate & Financial Law Volume 16 Issue 1 Book 1 Article 1 2010 Symposium: The Regulation Of Investment Funds Andrew J. Donohue U.S. Securities and Exchange Commission Paul N. Roth Schulte Roth & Zabel LLP Mattew B. Siano Two Sigma Investments, LLC J.W. Verret George Mason University School of Law Follow this and additional works at: https://ir.lawnet.fordham.edu/jcfl Part of the Business Organizations Law Commons, and the Securities Law Commons Recommended Citation Andrew J. Donohue, Paul N. Roth, Mattew B. Siano, and J.W. Verret, Symposium: The Regulation Of Investment Funds, 16 Fordham J. Corp. & Fin. L. 1 (2011). Available at: https://ir.lawnet.fordham.edu/jcfl/vol16/iss1/1 This Conference Proceeding is brought to you for free and open access by FLASH: The Fordham Law Archive of Scholarship and History. It has been accepted for inclusion in Fordham Journal of Corporate & Financial Law by an authorized editor of FLASH: The Fordham Law Archive of Scholarship and History. For more information, please contact [email protected]. SYMPOSIUM THE REGULATION OF INVESTMENT FUNDS* WELCOME DEAN WILLIAM MICHAEL TREANOR FORDHAM UNIVERSITY SCHOOL OF LAW AUDRA WHITE FORDHAM JOURNAL OF CORPORATE & FINANCIAL LAW MODERATOR JAMES JALIL THOMPSON HINE LLP PANELISTS ANDREW J. DONOHUE U.S. SECURITIES AND EXCHANGE COMMISSION PAUL N. ROTH SCHULTE ROTH & ZABEL LLP MATTHEW B. SIANO TWO SIGMA INVESTMENTS, LLC J.W. VERRET GEORGE MASON UNIVERSITY SCHOOL OF LAW HOLLAND WEST SHEARMAN & STERLING LLP * This symposium was held at Fordham University School of Law on February 19, 2010. It has been edited to remove minor, awkward, cadences of speech. -
Skin Or Skim? Inside Investment and Hedge Fund Performance
NBER WORKING PAPER SERIES SKIN OR SKIM? INSIDE INVESTMENT AND HEDGE FUND PERFORMANCE Arpit Gupta Kunal Sachdeva Working Paper 26113 http://www.nber.org/papers/w26113 NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138 July 2019 We would like to thank Jules Van Binsbergen, Maria Chaderina, Quinn Curtis, Nickolay Gantchev, Qiping Huang, Clemens Sialm, Lin Sun, and Sumudu Watugala (discussants). We have also benefited from discussions with Simona Abis, Yakov Amihud, Charles Calomiris, Alan Crane, Kent Daniel, Colleen Honigsberg, Sabrina Howell, Wei Jiang, Ralph Koijen, Anthony Lynch, Stijn Van Nieuwerburgh, Tarun Ramadorai, Matthew Richardson, Paul Tetlock, James Weston, and Jeffrey Wurgler, as well as seminar participants at Berkeley (Haas), Columbia University (GSB), New York University (Stern), University of Pennsylvania (Wharton), Rice University (Jones), Yale University (SOM), NBER Long-Term Asset Management, the NASDAQ DRP Research Day, the 13th Annual Penn/NYU Conference on Law and Finance, IRMC, the CEPR ESSFM conference in Gerzensee, the Junior Entrepreneurial Finance and Innovation Workshop, the Hedge Fund Research Symposium, the 10th Hedge Fund and Private Equity Conference, the University of Kentucky Finance Conference, FIRS, MFA, NFA, SFS Cavalcade, Two Sigma, Q Group. We thank HFR, CISDM, eVestment, BarclayHedge, and Eurekahedge for data that contributed to this research. We gratefully acknowledge generous research support from the NYU Stern Center for Global Economy and Business and Columbia University. We thank Billy Xu for excellent research assistance. See https://www.skinorskim.org for Form ADV data used in this paper. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research. -
Tussen Societas En Universitas De
Tussen societas en universitas De beursvennootschap en haar aandeelhouders in historisch perspectief Omslagontwerp: H2R+ creatieve communicatie bv ISBN 978-90-13-12042-4 ISBN 978-90-13-12043-1 (E-book) NUR 827-715 © 2014, J.M. de Jongh Alle rechten voorbehouden. Niets uit deze uitgave mag worden verveelvoudigd, opgeslagen in een geautomatiseerd gegevensbestand, of openbaar gemaakt, in enige vorm of op enige wijze, hetzij elektronisch, mechanisch, door fotokopieën, opnamen, of enige andere manier, zonder voor- afgaande schriftelijke toestemming van de uitgever. Voor zover het maken van kopieën uit deze uitgave is toegestaan op grond van artikel 16h t/m 16m Auteurswet jo. het Besluit van 27 november 2002, Stb. 575, dient men de daarvoor verschuldigde wettelijke vergoeding te voldoen aan de Stichting Reprorecht (Postbus 3051, 2130 KB Hoofddorp). No part of this book may be reproduced in any form, by print, photoprint, microfilm or any other means without written permission from the publisher. Kluwer BV legt de gegevens van abonnees vast voor de uitvoering van de (abonnements)- overeenkomst. De gegevens kunnen door Kluwer, of zorgvuldig geselecteerde derden, worden gebruikt om u te informeren over relevante producten en diensten. Indien u hier bezwaar tegen heeft, kunt u contact met ons opnemen. Op alle uitgaven van Kluwer zijn de algemene leveringsvoorwaarden van toepassing. Deze kunt u lezen op www.kluwer.nl of kunt u opvragen bij onze klantenservice. Tussen societas en universitas De beursvennootschap en haar aandeelhouders in historisch perspectief Between Societas and Universitas The listed company and its shareholders in historical perspective PROEFSCHRIFT ter verkrijging van de graad van doctor aan de Erasmus Universiteit Rotterdam op gezag van de Rector Magnificus prof.dr.