An analysis of Australian exchange traded options and warrants

Bertin, WJ; Fowler, P; Michayluk, D; Prather, L

An analysis of Australian exchange traded options and warrants

Bertin, WJ Fowler, P Michayluk, D

Prather, L

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Publication Type:: Journal Article
Citation:: Journal of Economics and Finance, 2010, 34 (2), pp. 150 - 172
Issue Date:: 2010-01-01

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Field	Value	Language
dc.contributor.author	Bertin, WJ	en_US
dc.contributor.author	Fowler, P	en_US
dc.contributor.author	Michayluk, D https://orcid.org/0000-0001-9020-0855	en_US
dc.contributor.author	Prather, L	en_US
dc.date.issued	2010-01-01	en_US
dc.identifier.citation	Journal of Economics and Finance, 2010, 34 (2), pp. 150 - 172	en_US
dc.identifier.issn	1055-0925	en_US
dc.identifier.uri	http://hdl.handle.net/10453/14050
dc.description.abstract	© Springer Science + Business Media, LLC 2009. This study focuses on the price discovery process in Australian option and warrant markets. Characterizing these two markets in terms of their cost structures and institutional features, we formally test competing price discovery hypotheses. The general findings indicate that the warrants market is the dominant market suggesting that their lower trading cost outweigh their less attractive institutional features. Additionally, we find that idiosyncratic differences among firms may result in a clientele effect thus providing justification for the coexistence of these seemingly redundant markets.	en_US
dc.relation.ispartof	Journal of Economics and Finance	en_US
dc.relation.isbasedon	10.1007/s12197-008-9052-4	en_US
dc.subject.classification	Finance	en_US
dc.title	An analysis of Australian exchange traded options and warrants	en_US
dc.type	Journal Article
utslib.citation.volume	2	en_US
utslib.citation.volume	34	en_US
utslib.for	1502 Banking, Finance and Investment	en_US
utslib.for	0104 Statistics	en_US
utslib.for	1402 Applied Economics	en_US
pubs.embargo.period	Not known	en_US
pubs.organisational-group	/University of Technology Sydney
pubs.organisational-group	/University of Technology Sydney/Faculty of Business
pubs.organisational-group	/University of Technology Sydney/Faculty of Business/Finance Discipline
utslib.copyright.status	closed_access
pubs.issue	2	en_US
pubs.publication-status	Published	en_US
pubs.volume	34	en_US

Abstract:

© Springer Science + Business Media, LLC 2009. This study focuses on the price discovery process in Australian option and warrant markets. Characterizing these two markets in terms of their cost structures and institutional features, we formally test competing price discovery hypotheses. The general findings indicate that the warrants market is the dominant market suggesting that their lower trading cost outweigh their less attractive institutional features. Additionally, we find that idiosyncratic differences among firms may result in a clientele effect thus providing justification for the coexistence of these seemingly redundant markets.

Please use this identifier to cite or link to this item:

http://hdl.handle.net/10453/14050