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| Author: | Naik, N. Y. Yadav, P. K. |
| Title: | Do dealer firms manage inventory on a stock-by-stock or a portfolio basis? |
| Journal: | Journal of Financial Economics
2003 : AUG, VOL. 69:2, p. 325-353 |
| Index terms: | Stock markets Inventory control Portfolio investment |
| Language: | eng |
| Abstract: | The authors find that ordinary inventories best explain dealer firms' quote placement strategy, which dealer firm executes trades, and the quality of execution offered to the trades. The findding is consistent with decentralized nature of market-making where individual dealers focus on the position risk of stocks managed y them and not the position risks of stocks managed by other dealers in the firm. |
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