Does Location Matter for Trading U.S. Stocks?
We examine the performance, behavior, and execution quality of high frequency electronic stock raders who are geographically dispersed throughout the U.S. Traders who are located in the New York City (financial center) area perform better than traders who are located outside of this area. Financial center traders engage in more aggressive trading strategies and, importantly, both their execution speeds and execution costs are lower than non-financial center traders. These findings lend support to recent remarks made by financial executives who claim traders ocated in the New York City area have a speed advantage for trading U.S. stocks electronically. We also find that the trading activities of financial center traders are more strongly correlated, and this suggests that financial center traders may (also) benefit from access to more extensive nformation flows.
国际会议
大连
英文
1-40
2008-07-02（万方平台首次上网日期，不代表论文的发表时间）