10 research outputs found
์ ์์ฃผ๋ฌธ์์ฅ์ ์ ๋ณด๋ด์ฉ
Thesis(doctoral)--์์ธ๋ํ๊ต ๋ํ์ :๊ฒฝ์ํ๊ณผ ๊ฒฝ์ํ์ ๊ณต,2005.Docto
Panasia Bank
๋ฏธ๊ตญ ๋ด์ ์ง์ฃผ Fort Lee์ ๋ณธ์ ์ ๋๊ณ ์๋ Panasia Bank๋ 1993๋
์ค๋ฆฝ๋ ํ๊ตญ๊ณ ๋ํฌ์ํ์ผ๋ก์ 2002๋
3์ ๋ด์ ์ง ์ฃผ์ 4๊ณณ์ ์ง์ , ํ์ค๋ฐ๋์ ์ง์ญ์ 2๊ฐ์ ์ง์ ์ ๋ณด์ ํ๊ณ ์๋ ์ง์ญ์ฌํ์ํ(Community Bank)์ด๋ค. 2002๋
ํ์ฌ ๋ฏธ๊ตญ๋ด์ ์ค๋ฆฝ๋ ํ์ธ์ํ๋ค์ ๋๋ถ๋ถ ํ๊ตญ ๊ต๋ฏผ๋ค์ด ๋ง์ด ์ด๊ณ ์๋ ์บ๋ฆฌํฌ๋์ ์ง์ญ์ ์์นํ๊ณ ์์ง๋ง, Panasia Bank๋ ๋ฏธ๊ตญ ๋๋ถ ์ฅฌ์ ์ง์ฃผ์์๋ ์ต์ด๋ก ์ค๋ฆฝ๋ ์์์๊ณ ๋ฏธ๊ตญ์ธ ๋์์ ์ง์ญ์ฌํ ์ํ์ ๊ฑด์คํ๊ฒ ์๋ฆฌ๋งค๊นํ ์ํ์ผ๋ก ํ๊ฐ๋ฐ๊ณ ์๋ค. Panasia Bank๋ 1999๋
๋์ ์ง์ฃผ๊ธ์ตํ์ฌ์ธ National Penn Bancshares, Inc๋ก๋ถํฐ ์ํ์ ๋ํ ํฉ๋ณ์ธ์์ ์๋ฅผ ์ ์ํ์ฌ ์ฑ๊ณต์ ์ผ๋ก ํฉ๋ณ์ ์ฐจ๋ฅผ ์๋ฃํจ์ ๋ฐ๋ผ ํ์ฌ๋ ์ด ํ์ฌ์ ์ํ์ฌ์ด๋ค. ๋ณธ ์ฌ๋ก์ฐ๊ตฌ์์๋ Panasia Bank๊ฐ ํ์ํ๊ธฐ๊น์ง์ ๋ฐฐ๊ฒฝ ๋ฐ ์ฐฝ์
์์ ๋์ , ์ฐฝ์
์์๋ถํฐ ํ์ฌ๊น์ง ์ฑ์ฅํด์จ ๊ณผ์ ๋ฑ์ ์๊ฐํ๋ฉฐ ์ฐฝ์
์์ฌ๊ฒฐ์ ๋ฐ ์ฐฝ์
๊ณผ์ ์์ ๋น๋ฉดํ ์ํ์ ๊ทน๋ณต, ํฅํ ์ํ ๊ฒฝ์์ ์์ด ์๋ก์ด ์ ํ์ ๊ณ๊ธฐ๊ฐ ๋ M&A์ ์์ ๋ํ ์ ๋ต์ ์์ฌ๊ฒฐ์ ์ ๊ฒํ ๋ฐ ๊ฒฐ๊ณผ์ ๋ํด์ ์ค๋ช
ํ๊ณ ์ ํ๋ค..
The Cost Order Aggressiveness
Using order data for 575 firms listed on Korea Stock Exchange, we examine that the
execution cost of order submission strategy and determinants of order type. We suggest the
evidence that investors in Korea Stock Exchange frequently submit the most passive order,
which is entered entirely into the limit-order book. This evidence is inconsistent with the
result that Bias-Hillion-Spatt (1995) and Griffiths-Smith-Turnbull-White (2000) suggested.
We also find that aggressive orders require a significant premium for immediacy of execution
while most passive orders have a negative price impact. The price impact of order type is
significantly related to the spread, relative order size and depth imbalance. Our results
indicate that an increase in spread positively influences the execution cost of aggressive order.
The execution cost of aggressive order is negatively associated with number of order
submitted and firm size, while positively associated with volatility and order size
The Cost Order Aggressiveness
Using order data for 575 firms listed on Korea Stock Exchange, we examine that the
execution cost of order submission strategy and determinants of order type. We suggest the
evidence that investors in Korea Stock Exchange frequently submit the most passive order,
which is entered entirely into the limit-order book. This evidence is inconsistent with the
result that Bias-Hillion-Spatt (1995) and Griffiths-Smith-Turnbull-White (2000) suggested.
We also find that aggressive orders require a significant premium for immediacy of execution
while most passive orders have a negative price impact. The price impact of order type is
significantly related to the spread, relative order size and depth imbalance. Our results
indicate that an increase in spread positively influences the execution cost of aggressive order.
The execution cost of aggressive order is negatively associated with number of order
submitted and firm size, while positively associated with volatility and order size