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| Tekijä: | Christie, W. Huang, R. |
| Otsikko: | Market structures and liquidity: a transactions data study of exchange listings |
| Lehti: | Journal of Financial Intermediation
1994 : JUN, VOL. 3:3, p. 300-326 |
| Asiasana: | LIQUIDITY MARKET STRUCTURE FINANCE |
| Kieli: | eng |
| Tiivistelmä: | This paper examines the change in trading costs for firms that choose to move from a dealer market to a specialist system. Using transactions data, the authors' empirical results reveal structurally induced average trading cost reductions of 4.7 (5.2) cents per share for firms that moved from the NASDA/NMS to the NYSE (AMEX) in 1990. For NYSE listed stocks, the trading cost reductions are equally divided between quote improvements and the routing of trades to the NYSE. |
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