Effects of Market Reform on the Trading Costs and Depths of Nasdaq Stocks  

Oleh:

Barclay, Michael J. ; Christie, William G. ; Harris, Jeffrey H. ; Kandel, Eugene ; Schultz, Paul

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Journal of Finance (EBSCO) vol. 54 no. 1 (Feb. 1999), page 1-34.
Fulltext: p 1.pdf (641.86KB)

Ketersediaan

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

Lihat Detail Induk

Isi artikel

The relative merits of dealer versus auction markets have been a subject of significant and sometimes contentious debate. On January 20, 1997, the Securities and Exchange Commission began implementing reforms that would permit the public to compete directly with Nasdaq dealers by submitting binding limit orders. Additionally, superior quotes placed by Nasdaq dealers in private trading venues began to be displayed in the Nasdaq market. We measure the impact of these new rules on various measures of performance, including trading costs and depths. Our results indicate that quoted and effective spreads fell dramatically without adversely affecting market quality.

Opini Anda

Klik untuk menuliskan opini Anda tentang koleksi ini!

Kembali