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» Resultado: 2 registros
| Registro 1 de 2 | |
| Autor: | Kandel, Eugene - Marx, Leslie-M - |
| Título: | Payments for Order Flow on Nasdaq |
| Fuente: | Journal of Finance. v.54, n.1. American Finance Association |
| Páginas: | pp. 35-66 |
| Año: | Feb. 1999 |
| Resumen: | The authors present a model of Nasdaq that includes the two ways in which marketmakers compete for order flow: quotes and direct payments. Brokers in their model can execute small trades through a computerized system, preferencing arrangements with marketmakers, or vertical integration into market making. The comparative statics in the authors’ model differ from those of the traditional model of dealer markets, which does not capture important institutional features of Nasdaq. They also show that the empirical evidence is inconsistent with the traditional model, which suggests that preferencing and vertical integration are important components in understanding Nasdaq. |
| Solicitar por: | HEMEROTECA J + datos de Fuente |
| Registro 2 de 2 | |
| Autor: | Kandel, Eugene - Marx, Leslie-M - |
| Título: | Nasdaq Market Structure and Spread Patterns |
| Fuente: | Journal of Financial Economics. v.45, n.1. Elsevier Science |
| Páginas: | pp. 61-89 |
| Año: | July 1997 |
| Resumen: | Because of its institutional features, the Nasdaq market does not fit the standard competitive model. The authors construct a model that reflects the distinguishing characteristics of the Nasdaq market. This model implies that, in dealer markets with a minimum price increment, competition among marketmakers does not necessarily drive spreads down to the level of marginal cost. Using this result, the authors provide an explanation for the odd-eighth avoidance documented in W. G. Christie and P. H. Schultz (1994). They show that marketmakers can use odd-tick avoidance as a coordination device to increase spreads. Evidence from Nasdaq supports the authors’ hypotheses. |
| Solicitar por: | HEMEROTECA J + datos de Fuente |
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