Liquidity Provision And The Organizational Form of NYSE Specialist Firms  

Oleh:

Deli, Daniel N. ; Coughenour, Jay F.

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Journal of Finance (EBSCO) vol. 57 no. 2 (2002), page 841-870.
Topik: liquidity; studies; liquidity; organizational structure; stock exchanges; statistical analysis; capitalization; spread; securities trading; stock brokers
Fulltext: p 841.pdf (358.08KB)

Ketersediaan

Perpustakaan Pusat (Semanggi) Nomor Panggil: JJ88.5 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

Lihat Detail Induk

Isi artikel

We examine the influence of NYSE specialist firm organizational form on the nature of liquidity provision. We compare closely held firms whose specialists provide liquidity with their own capital to widely held firms whose specialists provide liquidity with diffusely owned capital. We argue that specialists using their own capital have a greater incentive and ability to reduce adverse selection costs, but face a greater cost of capital. Differences in the proportion of spreads due to adverse selection costs, large trade frequency, the sensitivity between depth and spreads, and price stabilization support this argument.

Opini Anda

Klik untuk menuliskan opini Anda tentang koleksi ini!

Kembali