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Portfolio Monitoring: Security Characteristics »

Evaluating Market Quality

High quality securities markets are those that supply liquidity, transparency and assured completion.

Liquidity can be defined a number of ways:

  • Tightness (low bid/ask spread)
  • Depth (limited price impact from large trades)
  • Resiliency (rapid adjustments for discrepancies between market price and intrinsic value)

Transparency means access to quotes is quick, easy and inexpensive. It also requires that trade details (size and price) are rapidly disseminated to the public.

Assurity of completion simply means that the counterparties of a trade can be trusted to honor the trade.

For more information, see all articles on: Active Management, Institutional Investing, Investing in Stocks, Risk Management, Trading Execution

See also:
  • Choice of Performance Measure for Hedge Funds
  • Performance Attribution for Fixed Income Managers
  • Earnings Measures and Stock Return Momentum
  • The Portfolio Management Process
  • Evaluating Investment Manager Performance
    • Technical Analysis Explained : The Successful Investor's Guide to Spotting Investment Trends and Turning Points

    The Intelligent Investor: The Classic Text on Value Investing

    Financial Statement Analysis: A Practitioner's Guide, 3rd Edition

    Managing Investment Portfolios: A Dynamic Process (CFA Institute Investment Series)

    This entry was posted on Sunday, August 3rd, 2008 at 7:12 am and is filed under Active Management, Institutional Investing, Investing in Stocks, Risk Management, Trading Execution. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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    Portfolio Monitoring: Security Characteristics »
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