haku: @author Barclay, M. J. / yhteensä: 9
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| Tekijä: | Barclay, M. J. |
| Otsikko: | Bid-ask spreads and the avoidance of odd-eighth quotes on Nasdaq: An examination of exchange listings |
| Lehti: | Journal of Financial Economics
1997 : JUL, VOL. 45:1, p. 35-60 |
| Asiasana: | SECURITIES MARKET ECONOMY EXCHANGE RATES |
| Kieli: | eng |
| Tiivistelmä: | There are some potential explanations for the observation that bid-ask spreads are higher on Nasdaq than on the NYSE: Spreads on Nasdaq are competitive and reflect the higher cost of market making for Nasdaq securities; spreads on Nasdaq are supra-competitive because on inefficient market structure or institutional practices that suppress the incentives for price competition; spreads on Nasdaq are supra-competitive because of implicit or explicit collusion by Nasdaq market makers. In this study the evidence is inconsistent with the argument that spreads on Nasdaq are competitive. The study holds all security-specific characteristics constant by examining the same securities before and after listing on the NYSE or Amex. |
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