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| Author: | Smith, B.F. Turnbull, A.S. White, R.W. |
| Title: | Upstairs market for principal and agency trades: analysis of adverse information and price effects |
| Journal: | Journal of Finance
2001 : OCT, VOL. 56:5, p. 1723-1746 |
| Index terms: | ADVERSE SELECTION AGENCIES PRICES |
| Freeterms: | UPSTAIRS MARKET |
| Language: | eng |
| Abstract: | This paper directly tests the hypothesis that upstairs intermediation lowers adverse selection costs. The authors find upstairs market makers effectively screen out information-motivated orders and execute large liquidity-motivated orders at a lower cost than the downstairs market. |
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