A COMPARISON OF TRANSACTION COSTS BETWEEN COMPETITIVE MARKET MAKER AND SPECIALIST MARKET STRUCTURES

被引：39

作者：

NEAL, R

机构：

来源：

JOURNAL OF BUSINESS | 1992年 / 65卷 / 03期

关键词：

D O I：

10.1086/296573

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This study compares bid-ask spreads tor equity options in two market structures: the American Stock Exchange (AMEX) specialist structure and the Chicago Board Options Exchange (CBOE) competitive market maker structure. When trading volume is low, the specialist structure is associated with significantly smaller spreads. As volume rises, this difference appears to diminish. These results are consistent with those of Grossman and Miller.

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页码：317 / 334

页数：18

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