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| Author: | Madureira, L. Underwood, S. |
| Title: | Information, sell-side research, and market making |
| Journal: | Journal of Financial Economics
2008 : NOV, VOL. 90:2, p. 105-126 |
| Index terms: | investment banks information research selling trading stock markets prices liquidity USA |
| Language: | eng |
| Abstract: | This study explores the impact of research on the liquidity provided by the bank's market maker (henceforth as: m-m/s). Based on a large sample of Nasdaq firms, it is shown that m-m/s. whose banks provide research coverage (herein as: cvrg.) provide more liquidity and contribute more to price discovery than do m-m/s. without such research cvrg. Finally, such "affiliated" m-m/s. are shown to be less affected by uncertainty following earnings announcements. |
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