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| Author: | Bacidore, J.M. Sofianos, G. |
| Title: | Liquidity provision and specialist trading in NYSE-listed non-U.S. stocks |
| Journal: | Journal of Financial Economics
2002 : JAN, VOL. 63:1, p. 133-158 |
| Index terms: | ADVERSE SELECTION ASYMMETRIC INFORMATION LIQUIDITY STOCK EXCHANGES STOCK MARKETS USA |
| Language: | eng |
| Abstract: | The authors examine how the intrinsic differences between U.S. and non-U.S. stocks affect market participants and the market quality of non-U.S. stocks relative to U.S. stocks. Using proprietary data on NYSE specialist trading, the authors find that, all else equal, specialist closing inventory positions for non-U.S. stocks are closer to zero than U.S. stocks. |
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