| dc.contributor.advisor | 郭維裕 | zh_TW |
| dc.contributor.author (作者) | 陶俐安 | zh_TW |
| dc.creator (作者) | 陶俐安 | zh_TW |
| dc.date (日期) | 2006 | en_US |
| dc.date.accessioned | 14-九月-2009 09:49:23 (UTC+8) | - |
| dc.date.available | 14-九月-2009 09:49:23 (UTC+8) | - |
| dc.date.issued (上傳時間) | 14-九月-2009 09:49:23 (UTC+8) | - |
| dc.identifier (其他 識別碼) | G0094933034 | en_US |
| dc.identifier.uri (URI) | https://nccur.lib.nccu.edu.tw/handle/140.119/31338 | - |
| dc.description (描述) | 碩士 | zh_TW |
| dc.description (描述) | 國立政治大學 | zh_TW |
| dc.description (描述) | 國際經營管理碩士班(IMBA) | zh_TW |
| dc.description (描述) | 94933034 | zh_TW |
| dc.description (描述) | 95 | zh_TW |
| dc.description.abstract (摘要) | 新興國家股票市場市場微結構之探討 | zh_TW |
| dc.description.abstract (摘要) | Emerging markets has being more attractive for investors recently. Moreover, information on these markets is limited especially in the case of Panama. In order to provide investors with information on how to trade in this market, we introduce the trading and communication system of Bolsa de Valores de Panamá. By analyzing the volatility and trading volume of stocks during a period of three months, we conclude that the continuous market might not be suitable for this stock exchange and that government and the private sector should work strategically to increase the liquidity and participants within this market. | en_US |
| dc.description.abstract (摘要) | ABSTRACT I ACKNOWLEDGEMENTS II CHAPTER 1 1 1.1 INTRODUCTION 1 1.2 LITERATURE REVIEW 3 CHAPTER 2 6 2.1 TRADING 6 2.1.1 THE BUY AND SELLING SIDE OF THE MARKET 6 2.1.2 ORDER TYPE 6 2.2 MICROSTRUCTURE OF MARKETS 7 2.2.1 CALL VERSUS CONTINUOUS MARKET 9 2.2.2 EXECUTION SYSTEMS 9 2.2.3 COMMUNICATION SYSTEMS 10 2.2.4 CLEARING, SETTLEMENT, AND PAYMENT 12 2.2.4.1 ORGANIZATIONAL FORM 14 2.2.4.2 RELATIONSHIP WITH PARTICIPANTS 14 2.2.4.3 IMMOBILIZED OR DEMATERIALIZED SECURITIES 15 2.2.4.4 COMPANY OWNERSHIP 15 2.2.4.5 BALANCE SHEET STRENGTH 16 2.2.4.6 PRODUCTS AND SERVICES 17 2.2.4.7 PROCESS AND TECHNOLOGY 17 2.3 FACTORS AFFECTING THE MICROSTRUCTURE OF MARKETS 18 2.3.1 REASONS FOR PEOPLE TO TRADE 19 2.3.3 TRANSACTION COSTS 22 2.3.4 TYPE OF RISKS 23 2.3.5 INSTITUTIONALIZATION 25 2.3.6 COMPETITION 25 2.3.7 INFORMED TRADERS 26 2.4 TRANSPARENCY 26 2.5 POLICY 27 3.1 COUNTRY PROFILE 29 3.3 MICROSTRUCTURE OF PANAMA STOCK MARKET (BOLSA DE VALORES DE PANAMA) 35 3.3.1 MARKET SIZE AND TRADING VOLUME 36 3.3.2 TRADING HOURS AND TRADING DAYS 37 3.3.3 TRANSACTION FEES (BROKERAGES FEES AND OTHER TRANSACTION COSTS) 38 3.4 METHODOLOGY AND DESCRIPTION OF THE DATA 48 CHAPTER 4 50 4.1 RESULTS 50 4.2 DISCUSSION 53 4.3 CONCLUSION AND SUGGESTIONS 59 REFERENCES 61 APPENDIX 1 66 LIST OF TABLES Table 1 Advantages and disadvantages of types of company ownership 16 Table 2 Degree of Automation in the Price Discovery Process 22 Table 3 Panama Data Profile 29 Table 4 Panama Data Profile (II part) 30 Table 5 Market Size (as of December 2005) 36 Table 6 Market Size – Part II (as of December 2005) 37 Table 7 Trading hours and trading days 38 Table 8 BVP Brokerage fees and other costs 39 Table 9 Types of orders in BVP 40 Table 10 Comparison of the Panamanian Clearing and Settlement System to US 47 Table 11 Standard Deviation of the Sample 50 List of Figures Figure 1 Historical Trading Volume 1998-2006 33 Figure 2 Structure of Trading Volume by Type of Security 2002 - 2005 34 Figure 3 Stock Exchange Seats from 1998 - 2006 34 Figure 4 Trading Volume of the Sample 51 Figure 5 Trading Mechanism 56 | - |
| dc.description.tableofcontents | ABSTRACT I ACKNOWLEDGEMENTS II CHAPTER 1 1 1.1 INTRODUCTION 1 1.2 LITERATURE REVIEW 3 CHAPTER 2 6 2.1 TRADING 6 2.1.1 THE BUY AND SELLING SIDE OF THE MARKET 6 2.1.2 ORDER TYPE 6 2.2 MICROSTRUCTURE OF MARKETS 7 2.2.1 CALL VERSUS CONTINUOUS MARKET 9 2.2.2 EXECUTION SYSTEMS 9 2.2.3 COMMUNICATION SYSTEMS 10 2.2.4 CLEARING, SETTLEMENT, AND PAYMENT 12 2.2.4.1 ORGANIZATIONAL FORM 14 2.2.4.2 RELATIONSHIP WITH PARTICIPANTS 14 2.2.4.3 IMMOBILIZED OR DEMATERIALIZED SECURITIES 15 2.2.4.4 COMPANY OWNERSHIP 15 2.2.4.5 BALANCE SHEET STRENGTH 16 2.2.4.6 PRODUCTS AND SERVICES 17 2.2.4.7 PROCESS AND TECHNOLOGY 17 2.3 FACTORS AFFECTING THE MICROSTRUCTURE OF MARKETS 18 2.3.1 REASONS FOR PEOPLE TO TRADE 19 2.3.3 TRANSACTION COSTS 22 2.3.4 TYPE OF RISKS 23 2.3.5 INSTITUTIONALIZATION 25 2.3.6 COMPETITION 25 2.3.7 INFORMED TRADERS 26 2.4 TRANSPARENCY 26 2.5 POLICY 27 3.1 COUNTRY PROFILE 29 3.3 MICROSTRUCTURE OF PANAMA STOCK MARKET (BOLSA DE VALORES DE PANAMA) 35 3.3.1 MARKET SIZE AND TRADING VOLUME 36 3.3.2 TRADING HOURS AND TRADING DAYS 37 3.3.3 TRANSACTION FEES (BROKERAGES FEES AND OTHER TRANSACTION COSTS) 38 3.4 METHODOLOGY AND DESCRIPTION OF THE DATA 48 CHAPTER 4 50 4.1 RESULTS 50 4.2 DISCUSSION 53 4.3 CONCLUSION AND SUGGESTIONS 59 REFERENCES 61 APPENDIX 1 66 LIST OF TABLES Table 1 Advantages and disadvantages of types of company ownership 16 Table 2 Degree of Automation in the Price Discovery Process 22 Table 3 Panama Data Profile 29 Table 4 Panama Data Profile (II part) 30 Table 5 Market Size (as of December 2005) 36 Table 6 Market Size – Part II (as of December 2005) 37 Table 7 Trading hours and trading days 38 Table 8 BVP Brokerage fees and other costs 39 Table 9 Types of orders in BVP 40 Table 10 Comparison of the Panamanian Clearing and Settlement System to US 47 Table 11 Standard Deviation of the Sample 50 List of Figures Figure 1 Historical Trading Volume 1998-2006 33 Figure 2 Structure of Trading Volume by Type of Security 2002 - 2005 34 Figure 3 Stock Exchange Seats from 1998 - 2006 34 Figure 4 Trading Volume of the Sample 51 Figure 5 Trading Mechanism 56 | zh_TW |
| dc.language.iso | en_US | - |
| dc.source.uri (資料來源) | http://thesis.lib.nccu.edu.tw/record/#G0094933034 | en_US |
| dc.subject (關鍵詞) | 巴拿馬股市 | zh_TW |
| dc.title (題名) | 新興國家股票市場市場微結構之探討─以巴拿馬股市為例 | zh_TW |
| dc.title (題名) | Microstructure of Emerging Stock Markets: An Explorary Study of Panama Stock Exchange | en_US |
| dc.type (資料類型) | thesis | en |
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