Papers by Majd Iskandrani
We examine the impact of ownership structure on the firm’s trading activity and secondary market ... more We examine the impact of ownership structure on the firm’s trading activity and secondary market liquidity. Our empirical results show that insider, large shareholders and blockholders take potential trading activity off the table relative to institutional investors and impair the firm’s market liquidity. These adverse liquidity effects appear, however, once we control for trading activity. Our findings suggest that insider, large shareholders and blockholders are detrimental to the firm’s market liquidity because of their positive impact on adverse selection costs of market liquidity - information friction effect. Nevertheless, we conclude that institutional investors have a positive impact on real friction of market liquidity. Our results suggest that the relative frequent of trading explore the positive relation between institutional investors and market liquidity. Furthermore, we propose and support the hypothesis that the identity of insider (executive and non- executive board ...
This study investigates the impact of applying the Electronic Trading System (ETS) which implemen... more This study investigates the impact of applying the Electronic Trading System (ETS) which implemented on market
liquidity, and stock prices behavior in Amman Stock Exchange (ASE) before and after its implementation on 26th
March, 2000. Our data consist of closing prices and trading volume for 38 companies over the period from 1st
January, 1996 to 31st December, 2004. We conduct an event study for the monthly relative means of ‘trading
volume' as a proxy for liquidity. Additionally, stock price behavior is examined through conducting an event study
for the stock return. The findings of this research can be summarized as follows. First, market liquidity is
significantly influenced by the electronic trading. The trading volume which is higher on an automated trading
system than on a floor trading system. Second the impact of electronic trading shows a negative abnormal return.
Keywords: Electronic Trading, Liquidity, Stock Price Behavior, Amman Stock Exchange.
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Papers by Majd Iskandrani
liquidity, and stock prices behavior in Amman Stock Exchange (ASE) before and after its implementation on 26th
March, 2000. Our data consist of closing prices and trading volume for 38 companies over the period from 1st
January, 1996 to 31st December, 2004. We conduct an event study for the monthly relative means of ‘trading
volume' as a proxy for liquidity. Additionally, stock price behavior is examined through conducting an event study
for the stock return. The findings of this research can be summarized as follows. First, market liquidity is
significantly influenced by the electronic trading. The trading volume which is higher on an automated trading
system than on a floor trading system. Second the impact of electronic trading shows a negative abnormal return.
Keywords: Electronic Trading, Liquidity, Stock Price Behavior, Amman Stock Exchange.
liquidity, and stock prices behavior in Amman Stock Exchange (ASE) before and after its implementation on 26th
March, 2000. Our data consist of closing prices and trading volume for 38 companies over the period from 1st
January, 1996 to 31st December, 2004. We conduct an event study for the monthly relative means of ‘trading
volume' as a proxy for liquidity. Additionally, stock price behavior is examined through conducting an event study
for the stock return. The findings of this research can be summarized as follows. First, market liquidity is
significantly influenced by the electronic trading. The trading volume which is higher on an automated trading
system than on a floor trading system. Second the impact of electronic trading shows a negative abnormal return.
Keywords: Electronic Trading, Liquidity, Stock Price Behavior, Amman Stock Exchange.