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Tai Tran
15 November 2012
Agenda
• Market structure
• Trading
  – Trading techniques
  – Strategy
• How to pick good stocks
  – Academic
  – Industry practice
  – Portfolio management
• Case study
• Q&A
Market Structure
The typical flow of order




  Stock                        Stock
Brokerage   Stock Exchange   Brokerage
  Firm                         Firm
How to pick a good stock broker
•   Track record
•   Network
•   Trading system
•   The company, not the broker
•   A practice for your due diligence skill
Stock Exchanges
Investor                                    Trader

 More focused on long-term goals             More focused on short-term profits

                                             Use different techniques including shorts
 Usually buy and hold
                                             & derivatives

 Usually want to participate in corporate    Most likely aim at profits from stock price
 governance                                  movement
Trading
Trading Orders
Limit Order         B/S             Ticker   Price

                Matching priority
                • Price
                • Time


Market Order        B/S             Ticker
                Matching priority
                                               Why do
                • Time
                                               people
     Order racing                            submit MO?
Trading costs

           •Brokerage commission
Explicit
           •Exchange fee
  costs
           •Tax
           •Bid-offer spread
Implicit
           •Market impact
  costs
           •Opportunity cost
Out of ninety-
                thousand stocks
                  on the New
                   York Stock
                   Exchange

How to pick good stocks
Academic
• From Investment course
• Multivariate models
Factors

   Correlation with index portfolio
                                                         Dividend yield

                  Momentum

        Size                          Book to market ratio
                                                                Credit trustworthy
Asset growth
                                                 Leverage

                            Product life cycle
                                                        Industry growth
      Price on earning

                                                  Quality of information disclosure
                  Cash ratio
Fundamental Analysis
• Look into the firm's financial statement,
  management, future business prospects
• Analyze macroeconomics, industry, competitors
• Forecast future stock price using KPI as input
Technical Analysis
• Believes that stock prices move in patterns. Try to
  identify the pattern in near future. Primarily
  concern price & volume.
High-frequency trading
• Use sophisticated trade automation. Trade on rapid
  basis.
• Monitors the market for unusual movement, then
  captures the opportunities.
• Best for arbitrage.
Case study
Now, pick a
stock and we'll
    analyze
   together
RMIT Vietnam Finance Club - Online Stock Trading Workshop
Bibliography
• Bodie, Kane, Marcus, 'Investments', 9e, McGrawHill, 2011
• Frino, Segara, 'Trade Execution, Arbitrage and Dealing in Australia', Pearson
  Prentice Hall, Sydney, Australia, 2008
• Lewis, 'The Big Short: Inside the Doomsday Machine', W. W. Norton &
  Company, 2011
• Taleb, 'Fooled by Randomness: The Hidden Role of Chance in Life and in the
  Markets', Random House, 2008
• Holtahusen, R., Leftwich, R., and D. Mayers, 1987, The effect of large block
  transactions on security prices: A Cross sectional analysis , Journal of
  Financial Economics 26, 237-267
• Chan, L.K.C., and J. Lakonishok, 1993, Institutional Trades and Stock Price
  Behaviour, Journal of Financial Economics 33, 173-199
• Admati, A.R., and P.Pfleiderer, 1988, A theory of intraday patterns: Volume
  and price variability, Review of Financial Studies 1, 3-40
• Chan, K.C., W.G. Christie and P.H. Schultz, 1995, Market Structure and
  Intraday Pattern of bid Ask Spreads for NASDAQ Securities, Journal of
  Business 68, 35-60

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RMIT Vietnam Finance Club - Online Stock Trading Workshop

  • 2. Agenda • Market structure • Trading – Trading techniques – Strategy • How to pick good stocks – Academic – Industry practice – Portfolio management • Case study • Q&A
  • 4. The typical flow of order Stock Stock Brokerage Stock Exchange Brokerage Firm Firm
  • 5. How to pick a good stock broker • Track record • Network • Trading system • The company, not the broker • A practice for your due diligence skill
  • 7. Investor Trader More focused on long-term goals More focused on short-term profits Use different techniques including shorts Usually buy and hold & derivatives Usually want to participate in corporate Most likely aim at profits from stock price governance movement
  • 9. Trading Orders Limit Order B/S Ticker Price Matching priority • Price • Time Market Order B/S Ticker Matching priority Why do • Time people Order racing submit MO?
  • 10. Trading costs •Brokerage commission Explicit •Exchange fee costs •Tax •Bid-offer spread Implicit •Market impact costs •Opportunity cost
  • 11. Out of ninety- thousand stocks on the New York Stock Exchange How to pick good stocks
  • 12. Academic • From Investment course • Multivariate models
  • 13. Factors Correlation with index portfolio Dividend yield Momentum Size Book to market ratio Credit trustworthy Asset growth Leverage Product life cycle Industry growth Price on earning Quality of information disclosure Cash ratio
  • 14. Fundamental Analysis • Look into the firm's financial statement, management, future business prospects • Analyze macroeconomics, industry, competitors • Forecast future stock price using KPI as input
  • 15. Technical Analysis • Believes that stock prices move in patterns. Try to identify the pattern in near future. Primarily concern price & volume.
  • 16. High-frequency trading • Use sophisticated trade automation. Trade on rapid basis. • Monitors the market for unusual movement, then captures the opportunities. • Best for arbitrage.
  • 18. Now, pick a stock and we'll analyze together
  • 20. Bibliography • Bodie, Kane, Marcus, 'Investments', 9e, McGrawHill, 2011 • Frino, Segara, 'Trade Execution, Arbitrage and Dealing in Australia', Pearson Prentice Hall, Sydney, Australia, 2008 • Lewis, 'The Big Short: Inside the Doomsday Machine', W. W. Norton & Company, 2011 • Taleb, 'Fooled by Randomness: The Hidden Role of Chance in Life and in the Markets', Random House, 2008 • Holtahusen, R., Leftwich, R., and D. Mayers, 1987, The effect of large block transactions on security prices: A Cross sectional analysis , Journal of Financial Economics 26, 237-267 • Chan, L.K.C., and J. Lakonishok, 1993, Institutional Trades and Stock Price Behaviour, Journal of Financial Economics 33, 173-199 • Admati, A.R., and P.Pfleiderer, 1988, A theory of intraday patterns: Volume and price variability, Review of Financial Studies 1, 3-40 • Chan, K.C., W.G. Christie and P.H. Schultz, 1995, Market Structure and Intraday Pattern of bid Ask Spreads for NASDAQ Securities, Journal of Business 68, 35-60