haku: @author Smith, B.F. / yhteensä: 2
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| Tekijä: | Smith, B.F. Turnbull, A.S. White, R.W. |
| Otsikko: | Upstairs market for principal and agency trades: analysis of adverse information and price effects |
| Lehti: | Journal of Finance
2001 : OCT, VOL. 56:5, p. 1723-1746 |
| Asiasana: | ADVERSE SELECTION AGENCIES PRICES |
| Vapaa asiasana: | UPSTAIRS MARKET |
| Kieli: | eng |
| Tiivistelmä: | This paper directly tests the hypothesis that upstairs intermediation lowers adverse selection costs. The authors find upstairs market makers effectively screen out information-motivated orders and execute large liquidity-motivated orders at a lower cost than the downstairs market. |
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