权证的上市对标的股票交易的影响  

The Effect of Warrant Listing on Bid Ask Spreads,Price Volatility,and Trading Activity of the Underlying Stocks

作　　者：吴军玲[1] 王艳[1] 汪继秀[1] 

机构地区：[1]华中师范大学数学与统计学学院,湖北武汉430079

出　　处：《湖北工业大学学报》2007年第1期48-50,53,共4页Journal of Hubei University of Technology

摘　　要：近年来,全球资本市场上各种衍生性金融商品不断推陈出新,国内市场参与者避险以及解决国有股流通等市场新需求的出现,使得认股权证成为我国证券市场衍生产品创新的品种之一,认股权证再次引起市场广泛关注.通过对已有权证上市的21只股票为样本,考察了权证上市后,这些股票的买卖价差、价格波动及交易活动的变化,以更好地了解权证的上市对股票市场的影响.Recently, various kinds of growing finance commodity are increasingly appearing in the whole world＇s capital market , and new demands including domestic marketrs participant escaping risk and the necessity of solving the circulation of state owned stocks are arising from the market, which makes warrants become one of the products in domestic innovation varieties of the derivate market. Once more warrants attract widespread attention. In order to better understand the effect of warrant listing to stocks market, this article takes the sample of twenty one stocks owing warrants for example, examining the changes in spreads, price volatility, and trading activity around warrant listing.

关 键 词：权证上市 买卖价差 价格波动 交易活动 

分 类 号：F830.91[经济管理—金融学]