By H Kent Baker; Halil Kiymaz
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Additional info for Market microstructure in emerging and developed markets : price discovery, information flows, and transaction costs
In real-world financial markets, friction introduces transaction costs that include explicit costs, such as commissions and trading fees, and implicit costs, such as bid-ask spreads and market impact. Friction also induces errors in price discovery. Collectively, these realities manifest themselves in accentuated intraday price volatility. Accordingly, this section of the chapter focuses on intraday price volatility as a measure of market efficiency. In so doing, it pays particular attention to the first half hour of trading, an especially challenging part of the day from a price discovery perspective.
Listing on the Second National Market is an initial step to the First National Market for companies that do not initially meet its listing requirements Further, an Emerging Companies Market (ECM) has been established for very small, small, and medium-size companies that have yet to meet the requirements for the ISE Stock Market. Market advisor institutions have been established to support the small and medium-size companies. The IPO and transaction costs (collected by the ISE, CMB, and the Central Registry Agency) for ECM were reduced to 10 percent of the standard fees, and the ISE did not charge for ECM admission until the end of 2012.
This makes such firms vulnerable to external shocks and threatens the permanence of high, long-run growth rates. Companies must diversify their sources of funding. Unfortunately, many Turkish firms are not very aware of other funding opportunities in the capital markets. Advantages of Going Public An equity culture translates into a stronger macroeconomy, and the quality of the democracy in a country increases as unregistered economic activities decrease and companies become more transparent. The bottom line is simple.
Market microstructure in emerging and developed markets : price discovery, information flows, and transaction costs by H Kent Baker; Halil Kiymaz