Premium listing segments and information based trading in Brazil
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Redalyc
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| Formato: | Artículo científico |
| Lenguaje: | en |
| Publicado: |
Consejo Latinoamericano de Escuelas de Administración
2010
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| _version_ | 1876441523270189056 |
|---|---|
| author | Claudio Henrique Barbedo |
| author_facet | Claudio Henrique Barbedo |
| contents | Premium listing segments and information based trading in Brazil Claudio Henrique Barbedo Eduardo Camilo da Silva Ricardo Pereira Câmara Leal Administración y Contabilidad Microstructure corporate govern probability of informed trading Non-traditional listing rules based on corporate governance practices may ensure investors a higher level of protection and reduce expropriation of minority shareholders. We investigate how listing levels that are different according to corporate governance practices, a natural experiment provided by the Brazilian stock exchange (Bovespa), and liquidity levels are associated to the probability of informed trading (PIN) using the number of intraday buy and sell orders. We find that PIN is lower in stricter corporate governance practices listing levels, after controlling for liquidity. Greater liquidity is associated to a lower PIN due, particularly, to the presence of non-informed investors. ance, Brazil. 2010 artículo científico 1012-8255 https://www.redalyc.org/articulo.oa?id=71615503003 en http://www.redalyc.org/revista.oa?id=716 Academia. Revista Latinoamericana de Administración application/pdf Consejo Latinoamericano de Escuelas de Administración Academia. Revista Latinoamericana de Administración (Perú) Num.45 |
| format | Artículo científico |
| id | redalyc_71615503003 |
| institution | Redalyc |
| language | en |
| publishDate | 2010 |
| publisher | Consejo Latinoamericano de Escuelas de Administración |
| spellingShingle | Premium listing segments and information based trading in Brazil Claudio Henrique Barbedo Administración y Contabilidad Microstructure corporate govern probability of informed trading Premium listing segments and information based trading in Brazil Claudio Henrique Barbedo Eduardo Camilo da Silva Ricardo Pereira Câmara Leal Administración y Contabilidad Microstructure corporate govern probability of informed trading Non-traditional listing rules based on corporate governance practices may ensure investors a higher level of protection and reduce expropriation of minority shareholders. We investigate how listing levels that are different according to corporate governance practices, a natural experiment provided by the Brazilian stock exchange (Bovespa), and liquidity levels are associated to the probability of informed trading (PIN) using the number of intraday buy and sell orders. We find that PIN is lower in stricter corporate governance practices listing levels, after controlling for liquidity. Greater liquidity is associated to a lower PIN due, particularly, to the presence of non-informed investors. ance, Brazil. 2010 artículo científico 1012-8255 https://www.redalyc.org/articulo.oa?id=71615503003 en http://www.redalyc.org/revista.oa?id=716 Academia. Revista Latinoamericana de Administración application/pdf Consejo Latinoamericano de Escuelas de Administración Academia. Revista Latinoamericana de Administración (Perú) Num.45 |
| title | Premium listing segments and information based trading in Brazil |
| topic | Administración y Contabilidad Microstructure corporate govern probability of informed trading |
| url | https://www.redalyc.org/articulo.oa?id=71615503003 |