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Competition on The Nasdaq And The Impact of Recent Market Reforms
Oleh:
Weston, James P.
Jenis:
Article from Journal - ilmiah internasional
Dalam koleksi:
The Journal of Finance (EBSCO) vol. 55 no. 6 (2000)
,
page 2565-2598.
Topik:
MARKETS
;
securities markets
;
spread
;
securities regulations
;
stock exchanges
;
studies
;
competition
Fulltext:
p 2565.pdf
(165.12KB)
Ketersediaan
Perpustakaan Pusat (Semanggi)
Nomor Panggil:
JJ88.3
Non-tandon:
1 (dapat dipinjam: 0)
Tandon:
tidak ada
Lihat Detail Induk
Isi artikel
This paper examines the effect of recent market reforms on the competitive structure of the nasdaq. Our results show that changes in inventory and information costs cannot expalin the post - reform decrease in bid - ask spreads. We interpret this as evidence that the reforms have reduced nasdaq dealers' rents. Additionally, we find that the difference between NYSE and nasdaq spreads have been greatly diminished with the new rules. Further, the reforms have resulted in an exit, ceteris paribus, from the industry for market making. Overall, oru results provide strong evidenc ethat the reforms have improved competiiton on the nasdaq.
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