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| Tekijä: | Montalvo, J. G. |
| Otsikko: | Liquidity and market makers: a pseudo-experimental analysis with ultrahigh frequency data |
| Lehti: | European Journal of Finance
2003 : AUG, VOL. 9:4, p. 358-378 |
| Asiasana: | Market research Securities Stock exchanges Liquidity |
| Vapaa asiasana: | Market makers Ordered probit model |
| Kieli: | eng |
| Tiivistelmä: | An analysos is given of the effect of market makers on liquidity using a transaction-level database. For this purpose, the focus is on a financial market where a change in regulations created explicitly the category of market maker in 1997 and that is used to construct a pseudo-experiment. The results show that liquidity, measured in this way, has not been affected by the introduction of the market makers. |
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