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| Author: | Weston, J. P. |
| Title: | Competition on the Nasdaq and the impact of recent market reforms |
| Journal: | Journal of Finance
2000 : DEC, VOL. 55:6, p. 2565-2598 |
| Index terms: | Stock exchanges Stock markets Competitiveness USA |
| Language: | eng |
| Abstract: | This paper examines the effect of recent market reforms on the competitive structure of the Nasdaq. The results show that changes in inventory and information costs cannot explain the post-reform decrease in bid-ask spreads. The authors found that the difference between NYSE and Nasdaq spreads have ben greatly diminished with the new rules, and that the reforms have improved competition on the Nasdaq. |
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