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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Bibliographic Details
Main Authors: WU, Chunchi, He, Yan
Format: text
Language:English
Published: Institutional Knowledge at Singapore Management University 2003
Subjects:
Online Access:https://ink.library.smu.edu.sg/lkcsb_research/792
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Institution: Singapore Management University
Language: English