We develop a bid‐ask spread estimator from daily high and low prices. Daily high (low)
prices are almost always buy (sell) trades. Hence, the high–low ratio reflects both the stock's …

Does trader leverage drive equity market liquidity? We use the unique features of the margin
trading system in India to identify a causal relationship between traders' ability to borrow and …

This article attempts to explain the peculiar evolution of the topology of the Indian
interlocking directorates network during the periods of liberalization and corporate …

1. See Lee (1998, p. 4); Domowitz and Lee (1996). marginal cost of delivering quote and
trade data to further customers is also close to zero, once the data have been captured …

Indian economic policy witnessed a marked shift following a balance-ofpayments crisis in
1991. Prior to this, India had a “less developed country (LDC) style” composition of capital …

The efficiency, safety, and soundness of financial markets depend on the operation of core
infrastructure--exchanges, central counter-parties, and central securities depositories. How …

Strengthening institutions in spot and derivative markets for commodities is a necessary
ingredient of the liberalisation process in agriculture, and can impact upon the lives of …

The whole world wants to invest in India. But how to do this successfully? Written by two
Indian financial experts with a seasoned expert of the Chicago Mercantile Exchange, this …

In this paper, we review the changes which took place on India's equity and government
bond markets in the decade of the 1990s. In understanding these experiences, we focus on …

For a number of years we have been working towards the goal of automatically creating
auction mechanisms, using a range of techniques from evolutionary and multi-agent …