haku: @author Ahn, H. / yhteensä: 5
viite: 4 / 5
| Tekijä: | Ahn, H. Cao, C. Choe, H. |
| Otsikko: | Decimalization and competition among stock markets: evidence from the Toronto Stock Exchange cross-listed securities |
| Lehti: | Journal of Financial Markets
1998 : APR, VOL. 1:1, p. 51-87 |
| Asiasana: | STOCK MARKETS STOCK EXCHANGES JAPAN |
| Kieli: | eng |
| Tiivistelmä: | The authors study the impact of Toronto Stock Exchange (TSE) decimalization on the competition for order flows. For TSE stocks cross-listed on the NYSE/AMEX, spreads decrease by 27% on the TSE and do not change on the NYSE/AMEX. For TSE stocks cross-listed on Nasdaq, spreads decline by 16% and 8% on the TSE and Nasdaq, respectively. However, order flow does not migrate from U.S. markets to the TSE. The results indicate that the savings in TSE transaction costs do not offset the benefits of trading on the NYSE/AMEX, and that Nasdaq dealers might not operate as efficiently as perfect competition warrants. |
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