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| Tekijä: | Bessembinder, H. Kaufman, H. M. |
| Otsikko: | A cross-exchange comparison of execution costs and information flow for NYSE-listed stocks. |
| Lehti: | Journal of Financial Economics
1997 : DEC, VOL. 46:3, p. 293-319 |
| Asiasana: | STOCK EXCHANGES COSTS PROFIT SHARING FINANCIAL MARKET TRADING USA |
| Kieli: | eng |
| Tiivistelmä: | The authors examine execution costs for trades in NYSE issues completed on the NYSE, the NASD dealer market, and the regional stock exchanges during 1994. They find that effective bid-ask spreads, which measure market-making revenue net of losses to better-informed traders but gross of inventory or order-processing costs, are lower on the NYSE by a factor of two to three. This differential is attributable to the successful 'cream skimming' of uniformed trades by off-NYSE market makers. These findings reinforce existing concerns about whether orders are routed so as to receive the best possible execution. |
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