haku: @author Madhavan, A. / yhteensä: 15
viite: 12 / 15
| Tekijä: | Madhavan, A. |
| Otsikko: | Consolidation, fragmentation, and the disclosure of trading information |
| Lehti: | Review of Financial Studies
1995 : FALL, VOL. 8:3, p. 579-604 |
| Asiasana: | DISCLOSURE TRADE INFORMATION |
| Kieli: | eng |
| Tiivistelmä: | It is commonly believed that fragmented security markets have a natural tendency to consolidate. This article examines this belief, focusing on the effect of disclosing trading information to market participants. The author shows that large traders who place multiple trades can benefit from the absence of trade disclosure in a fragmented market, as can dealers who face less price competition than in a unified market. Consequently, a fragmented market need not coalesce into a single market unless trade disclosure is mandatory. |
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