What Explains the Bid-Ask Spread Decline after Nasdaq Reforms?
This paper examines whether the decrease in bid2010ask spreads on Nasdaq after the 1997 reforms is due to a decrease in market2010making costs and/or an increase in market competition for order flows. Unlike previous studies, we jointly examine how competition and trading costs affect bid2010ask spr...
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Main Authors: | , |
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Format: | text |
Language: | English |
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Institutional Knowledge at Singapore Management University
2003
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Online Access: | https://ink.library.smu.edu.sg/lkcsb_research/792 |
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Institution: | Singapore Management University |
Language: | English |