haku: @indexterm capital markets / yhteensä: 931
viite: 396 / 931
| Tekijä: | Schmidt, H. Treske, K. |
| Otsikko: | Komponenten der Geld-Brief-Spanne am deutschen Aktienmarkt |
| Lehti: | Zeitschrift für Betriebswirtschaft
1996 : VOL. 66:9, p. 1033-1056 |
| Asiasana: | COSTS STOCKS TRANSACTION COSTS CAPITAL MARKETS GERMANY |
| Kieli: | ger |
| Tiivistelmä: | The bid-ask spreads of the German DAX stocks in IBIS are decomposed into order processing costs, inventory holding costs and adverse selection costs. The adverse selection costs are specified more precisely than in existing studies. Moreover, the size of transactions is taken into account. The entire bid-ask spread for the few most actively traded stocks is very narrow and the inventory holding costs are quite important. However, for the other stocks the adverse selection costs are the most important component of significantly wider spreads. The results for different groups of market participants show extremely narrow spreads quoted by Kursmaklers. |
SCIMA