Does market structure matter?
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We document that bid-ask spreads and volatitility decrease for stocks that moved from Nasdaq to the New York Stock Exchange (NYSE), even after the 1997 market reforms. Somewhat surprising in light of these reforms, the spread reductions are most apparent for stocks where Nasdaq liquidity providers round quotations most often. However, spreads, volatility, and trading activity are determined jointly in equilibrium, implying that simple before versus after comparisons equation framework to overcome this problem and find that decreasses in average bid-ask spreads are attributable to market structure, while reductions in volatility anad trading volume can be attributed to changes in other endogenous and exogenous variables, including the spread reduction.
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Poskitt, Russell (2013)Purpose – This paper aims to examine how issue spreads are determined in the New Zealand commercial paper market both before and after the onset of the global financial crisis. Design/methodology/approach – This paper ...
Corrigendum to “Interactions in droplet and particle system of near unity size ratio” [Chem. Eng. Sci. 170 (2017) 154–175] (S0009250917302415) (10.1016/j.ces.2017.03.059))Mitra, S.; Evans, G.; Doroodchi, E.; Pareek, Vishnu; Joshi, J. (2018)The authors regret that in the above referenced article, there is an error in the Fig. 4b from Section 3.1 titled Transient interaction of droplet on particle at cold state that occurred unintentionally. Fig. 4b presents ...
Bessembinder, H.; Rath, Subhrendu (2008)We document that bid-ask spreads decrease substantially for stocks that moved from Nasdaq to the NYSE between 1996 and 2000, and that spread reductions continued to be observed after the 1997 market reforms. Somewhat ...