메뉴 건너뛰기




Volumn 7, Issue 1, 2004, Pages 27-51

Specialist performance and new listing allocations on the NYSE: An empirical analysis

Author keywords

Allocation policy; Exchange listing; New York Stock Exchange; Performance; Specialist

Indexed keywords


EID: 0042514799     PISSN: 13864181     EISSN: None     Source Type: Journal    
DOI: 10.1016/S1386-4181(03)00017-X     Document Type: Article
Times cited : (9)

References (28)
  • 1
    • 0040455704 scopus 로고
    • A performance evaluation of New York Stock Exchange specialists
    • Barnea A. A performance evaluation of New York Stock Exchange specialists Journal of Financial and Quantitative Analysis 9 1974 511-535
    • (1974) Journal of Financial and Quantitative Analysis , vol.9 , pp. 511-535
    • Barnea, A.1
  • 3
  • 4
    • 0040833101 scopus 로고    scopus 로고
    • Quotes, order flow, and price discovery
    • Blume M.E. Goldstein M.A. Quotes, order flow, and price discovery Journal of Finance 52 1997 221-244
    • (1997) Journal of Finance , vol.52 , pp. 221-244
    • Blume, M.E.1    Goldstein, M.A.2
  • 5
    • 0010805785 scopus 로고    scopus 로고
    • Does the specialist matter? Differential liquidity costs and inter-security subsidization on the NYSE
    • Cao C. Choe H. Hatheway F. Does the specialist matter? Differential liquidity costs and inter-security subsidization on the NYSE Journal of Finance 52 1997 1615-1640
    • (1997) Journal of Finance , vol.52 , pp. 1615-1640
    • Cao, C.1    Choe, H.2    Hatheway, F.3
  • 6
    • 84944836521 scopus 로고
    • Information effects and the bid-ask spread
    • Copeland T.E. Galai D. Information effects and the bid-ask spread Journal of Finance 38 1983 1457-1469
    • (1983) Journal of Finance , vol.38 , pp. 1457-1469
    • Copeland, T.E.1    Galai, D.2
  • 7
    • 0039657045 scopus 로고    scopus 로고
    • Differences in trading behavior across NYSE specialist firms
    • Corwin S.A. Differences in trading behavior across NYSE specialist firms Journal of Finance 54 2 1999 721-745
    • (1999) Journal of Finance , vol.54 , Issue.2 , pp. 721-745
    • Corwin, S.A.1
  • 9
    • 0038909346 scopus 로고    scopus 로고
    • Bid-ask spreads with indirect competition among specialists
    • Gehrig T. Jackson M. Bid-ask spreads with indirect competition among specialists Journal of Financial Markets 1 1998 89-119
    • (1998) Journal of Financial Markets , vol.1 , pp. 89-119
    • Gehrig, T.1    Jackson, M.2
  • 10
    • 0000463443 scopus 로고
    • Insider trading, liquidity, and the role of the monopolist specialist
    • Glosten L.R. Insider trading, liquidity, and the role of the monopolist specialist Journal of Business 62 1989 211-235
    • (1989) Journal of Business , vol.62 , pp. 211-235
    • Glosten, L.R.1
  • 11
    • 0345401653 scopus 로고
    • Bid, ask and transaction prices in a specialist market with heterogeneously informed traders
    • Glosten L.R. Milgrom P.R. Bid, ask and transaction prices in a specialist market with heterogeneously informed traders Journal of Financial Economics 14 1985 71-100
    • (1985) Journal of Financial Economics , vol.14 , pp. 71-100
    • Glosten, L.R.1    Milgrom, P.R.2
  • 12
    • 0041293558 scopus 로고
    • LIMDEP Version 7.0 User's Manual (Econometric Software, Inc.)
    • Greene, W.H., 1995. LIMDEP Version 7.0 User's Manual (Econometric Software, Inc.).
    • (1995)
    • Greene, W.H.1
  • 13
    • 0004296209 scopus 로고    scopus 로고
    • Englewood Cliffs, NJ: Prentice Hall Third Edition
    • Greene W.H. Econometric Analysis Third Edition 1997 Prentice Hall Englewood Cliffs, NJ
    • (1997) Econometric Analysis
    • Greene, W.H.1
  • 14
    • 21344483536 scopus 로고
    • Minimum price variations, discrete bid-ask spreads, and quotation sizes
    • Harris L. Minimum price variations, discrete bid-ask spreads, and quotation sizes Review of Financial Studies 7 1994 149-178
    • (1994) Review of Financial Studies , vol.7 , pp. 149-178
    • Harris, L.1
  • 15
    • 0036787654 scopus 로고    scopus 로고
    • The impact of specialist firm acquisitions on market quality
    • Hatch B.C. Johnson S.A. The impact of specialist firm acquisitions on market quality Journal of Financial Economics 66 2002 139-167
    • (2002) Journal of Financial Economics , vol.66 , pp. 139-167
    • Hatch, B.C.1    Johnson, S.A.2
  • 16
    • 0001913087 scopus 로고
    • Optimal dealer pricing under transactions and return uncertainty
    • Ho T. Stoll H.R. Optimal dealer pricing under transactions and return uncertainty Journal of Financial Economics 9 1981 47-73
    • (1981) Journal of Financial Economics , vol.9 , pp. 47-73
    • Ho, T.1    Stoll, H.R.2
  • 17
    • 21144479472 scopus 로고
    • Price experimentation and security market structure
    • Leach J.C. Madhavan A. Price experimentation and security market structure Review of Financial Studies 6 1993 375-404
    • (1993) Review of Financial Studies , vol.6 , pp. 375-404
    • Leach, J.C.1    Madhavan, A.2
  • 18
    • 84977730741 scopus 로고
    • Inferring trade direction from intraday data
    • Lee C.M.C. Ready M. Inferring trade direction from intraday data Journal of Finance 46 1991 733-746
    • (1991) Journal of Finance , vol.46 , pp. 733-746
    • Lee, C.M.C.1    Ready, M.2
  • 19
    • 0042796283 scopus 로고    scopus 로고
    • NYSE Information Memo 98-06: Allocation Policy and Procedures
    • New York Stock Exchange, Inc. January 30, 1998
    • New York Stock Exchange, Inc., 1998. NYSE Information Memo 98-06: Allocation Policy and Procedures. January 30, 1998.
    • (1998)
  • 21
    • 0000767134 scopus 로고
    • The New York Stock Exchange and its outmoded specialist system: Can the exchange innovate to survive?
    • Oesterle D. Winslow D. Anderson S. The New York Stock Exchange and its outmoded specialist system: can the exchange innovate to survive? Journal of Corporation Law 17 1992 223-310
    • (1992) Journal of Corporation Law , vol.17 , pp. 223-310
    • Oesterle, D.1    Winslow, D.2    Anderson, S.3
  • 23
    • 0033227929 scopus 로고    scopus 로고
    • The organization of financial exchange markets: Theory and evidence
    • Pirrong C. The organization of financial exchange markets: theory and evidence Journal of Financial Markets 2 1999 329-357
    • (1999) Journal of Financial Markets , vol.2 , pp. 329-357
    • Pirrong, C.1
  • 24
    • 0042295299 scopus 로고
    • Securities and Exchange Commission File No. SR-NYSE-95-05
    • Securities and Exchange Commission, 1995. File No. SR-NYSE-95-05.
    • (1995)
  • 25
    • 0042295298 scopus 로고    scopus 로고
    • Securities and Exchange Commission Release No. 34-39564, File No. SR-NYSE-97-30
    • Securities and Exchange Commission, 1998. Release No. 34-39564, File No. SR-NYSE-97-30.
    • (1998)
  • 26
    • 0041114687 scopus 로고
    • Which road to an efficient stock market: Free competition or regulated monopoly
    • 18-20
    • Smidt S. Which road to an efficient stock market: free competition or regulated monopoly Financial Analysts Journal 27 1971 18-20, 64-69
    • (1971) Financial Analysts Journal , vol.27 , pp. 64-69
    • Smidt, S.1
  • 27
    • 0011633637 scopus 로고
    • Specialist gross trading revenues at the New York Stock Exchange
    • NYSE Working Paper #95-01
    • Sofianos, G., 1995. Specialist gross trading revenues at the New York Stock Exchange. NYSE Working Paper #95-01.
    • (1995)
    • Sofianos, G.1
  • 28
    • 0042295297 scopus 로고    scopus 로고
    • On the optimal allocation of new security listings to specialists
    • Working paper, University of Pennsylvania
    • Strobl, G., 2001. On the optimal allocation of new security listings to specialists. Working paper, University of Pennsylvania.
    • (2001)
    • Strobl, G.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.