search query: @freeterm Ordered probit model / total: 1
reference: 1 / 1
« previous | next »
Author: | Montalvo, J. G. |
Title: | Liquidity and market makers: a pseudo-experimental analysis with ultrahigh frequency data |
Journal: | European Journal of Finance
2003 : AUG, VOL. 9:4, p. 358-378 |
Index terms: | Market research Securities Stock exchanges Liquidity |
Freeterms: | Market makers Ordered probit model |
Language: | eng |
Abstract: | An analysos is given of the effect of market makers on liquidity using a transaction-level database. For this purpose, the focus is on a financial market where a change in regulations created explicitly the category of market maker in 1997 and that is used to construct a pseudo-experiment. The results show that liquidity, measured in this way, has not been affected by the introduction of the market makers. |
« previous | next »
SCIMA