Merging markets

被引：51

作者：

Arnold, T ^{[1
]}

Hersch, P

Mulherin, JH

Netter, J

机构：

[1] Indiana Univ, Bloomington, IN 47405 USA

[2] Wichita State Univ, Wichita, KS 67260 USA

[3] Penn State Univ, University Pk, PA 16802 USA

[4] Univ Georgia, Athens, GA 30602 USA

来源：

JOURNAL OF FINANCE | 1999年 / 54卷 / 03期

关键词：

D O I：

10.1111/0022-1082.00137

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We study the causes and effects of the competition for order flow by U.S. regional stock exchanges. We trace the origins of competition for order flow to a change in the role of regional exchanges from being venues for listing local securities to being more direct competitors for the order flow of NYSE listings. We study the way regionals competed for order flow, concentrating on a series of stock-exchange mergers that occurred in the midst of this transition of the regional exchanges. The merging exchanges attracted market share and experienced narrower bid-ask spreads.

引用

页码：1083 / 1107

页数：25

共 50 条

[1]

AHN H, 1998, J FINANCIAL MARKETS, V1, P51

[2] Do competing specialists and preferencing dealers affect market quality? [J].