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Trading venue decision of private online investors

Trading venue decision of private online investors We investigate the drivers behind the use of alternative trading systems for a sample of self–directed online investors. The results show that the factors explicit transaction costs, trading times, awareness of alternative trading systems and degree of personal involvement in the transaction all exert a positive effect on an online investor's preferential use of alternative trading systems, whereas regulatory supervision exerts a negative effect. Additionally, we observe that the effect of trading times is significantly lower for investors with no experience of alternative trading systems and the effect of regulatory supervision is significantly lower for investors who trade leveraged products. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png International Journal of Electronic Finance Inderscience Publishers

Trading venue decision of private online investors

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Publisher
Inderscience Publishers
Copyright
Copyright © Inderscience Enterprises Ltd. All rights reserved
ISSN
1746-0069
eISSN
1746-0077
DOI
10.1504/IJEF.2012.048462
Publisher site
See Article on Publisher Site

Abstract

We investigate the drivers behind the use of alternative trading systems for a sample of self–directed online investors. The results show that the factors explicit transaction costs, trading times, awareness of alternative trading systems and degree of personal involvement in the transaction all exert a positive effect on an online investor's preferential use of alternative trading systems, whereas regulatory supervision exerts a negative effect. Additionally, we observe that the effect of trading times is significantly lower for investors with no experience of alternative trading systems and the effect of regulatory supervision is significantly lower for investors who trade leveraged products.

Journal

International Journal of Electronic FinanceInderscience Publishers

Published: Jan 1, 2012

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