Cleaning house: Stock reassignments on the NYSE

Journal of Financial Markets

Volumn 12, Issue 4, 2009, Pages 727-753

  Anand, Amber ^a   Chakravarty, Sugato ^b   Chuwonganant, Chairat ^c  

^a SYRACUSE UNIVERSITY   (United States)

^b PURDUE UNIVERSITY   (United States)

^c KANSAS STATE UNIVERSITY   (United States)

Author keywords

[No Author keywords available]

Indexed keywords

EID: 70349751514     PISSN: 13864181     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.finmar.2009.07.001     Document Type: Article

References (37)

1. Amihud Y., and Mendelson H. Trading mechanisms and stock returns: an empirical investigation. Journal of Finance 42 (1986) 533-553
2. Amihud Y., Mendelson H., and Lauterbach B. Market microstructure and securities value: evidence from Tel Aviv stock exchange. Journal of Financial Economics 45 (1997) 365-390
3. Anand A., and Weaver D. The value of the specialist: empirical evidence from the CBOE. Journal of Financial Markets 9 (2006) 100-118
4. Anand, A., Tanggaard, C., Weaver, D., 2008. Paying for market quality. Journal of Financial and Quantitative Analysis, forthcoming.
5. Battalio R., Ellul A., and Jennings R. Reputation effects in trading on the New York stock exchange. Journal of Finance 62 (2007) 1243-1271
6. Benveniste L., Marcus A., and Wilhelm W. What's special about the specialist?. Journal of Financial Economics 32 (1992) 61-86
7. Bessembinder H. Trade execution costs on NASDAQ and the NYSE: a post-reform comparison. Journal of Financial and Quantitative Analysis 34 (1999) 387-407
8. Bessembinder H., and Kaufman H. A comparison of trade execution costs for NYSE and Nasdaq-listed stocks. Journal of Financial and Quantitative Analysis 32 (1997) 287-310
9. Bessembinder H. Issues in assessing trade execution costs. Journal of Financial Markets 6 (2003) 233-257
10. Bessembinder, H., Hao, J., Lemmon, M., 2006. Why designate market makers? affirmative obligations and market quality. Working Paper, University of Utah.
11. Caballe J., and Krishnan M. Imperfect competition in a multi-security market with risk neutrality. Econometrica 62 (1994) 695-704
12. Cao C., Choe H., and Hatheway F. Does the specialist matter? Differential execution costs and inter-security subsidization on the NYSE. Journal of Finance 52 (1997) 1615-1640
13. Chakrabarty, B., Moulton, P., 2008. Earning more attention: the impact of market structure on attention constraints. Working Paper, Fordham University.
14. Charitou, A., Panayides, M., 2007. The role of the market maker in international capital markets: challenges and benefits of implementation in emerging markets. Working Paper, University of Utah.
15. Corwin S. Difference in trading behavior across NYSE specialist firms. Journal of Finance 54 (1999) 721-745
16. Corwin S. Specialist performance and new listing allocations on the NYSE: an empirical analysis. Journal of Financial Markets 7 (2004) 27-51
17. Corwin S., and Coughenour J. Limited attention and the allocation of effort in securities trading. Journal of Finance 63 (2008) 3031-3067
18. Coughenour J., and Deli D. Liquidity provision and the organizational form of NYSE specialist firms. Journal of Finance 56 (2002) 841-869
19. Coughenour, J., Harris, L., 2003. Specialist profits and the minimum price increment. Working Paper, University of Delaware.
20. Ellis K., Michaely R., and O'Hara M. The making of a dealer market: from entry to equilibrium in the trading of Nasdaq stocks. Journal of Finance 57 (2002) 2289-2316
21. Glosten L. Insider trading, liquidity, and the role of the monopolist specialist. Journal of Business 62 (1989) 211-235
22. Goldstein, M., Irvine, P., Kandel, E., Weiner, Z., 2008. Brokerage commissions and institutional trading patterns. Review of Financial Studies, forthcoming.
23. Hasbrouck J., and Sofianos G. The trades of market makers: an empirical analysis of NYSE specialists. Journal of Finance 48 (1993) 1565-1593
24. Hatch B., and Johnson S. The impact of specialist firm acquisitions on market quality. Journal of Financial Economics 66 (2002) 139-167
25. Hatch, B., Johnson, S., Lei, A., 2005. Net dealer revenue, the speed of quote adjustments, and specialist trading location decisions. Working Paper, Texas A&M University.
26. Huang, R., Liu, J., 2004. Do individual NYSE specialist subsidize illiquid stocks? Working Paper, University of Notre Dame.
27. Huang R., and Stoll H. Dealer versus auction markets: a paired comparison of execution costs on Nasdaq and the NYSE. Journal of Financial Economics 41 (1996) 313-357
28. Kalay A., Wei L., and Wohl A. Continuous trading or call auctions: revealed preferences of investors at Tel Aviv stock exchange. Journal of Finance 57 (2002) 523-542
29. Lee C., and Ready M. Inferring trade direction from intraday data. Journal of Finance 46 (1991) 733-746
30. Madhavan A., and Sofianos G. An empirical analysis of NYSE specialist trading. Journal of Financial Economics 48 (1998) 189-210
31. Madhavan A., and Smidt S. An analysis of changes in specialist quotes and inventories. Journal of Finance 48 (1993) 1595-1628
32. Neal R. A comparison of transaction costs between competitive market maker and specialist market structures. Journal of Business 65 (1992) 317-334
33. Panayides M. Affirmative obligations and market making with inventory. Journal of Financial Economics 86 (2007) 513-542
34. Pastor L., and Stambaugh R. Liquidity risk and expected stock returns. Journal of Political Economy 111 (2003) 642-685
35. Strobl, G., 2001. On the optimal allocation of new security listings to specialists. Working Paper, University of Pennsylvania.
36. Venkataraman K. Automated versus floor trading: an analysis of execution costs on the Paris and New York stock exchanges. Journal of Finance 56 (2001) 1445-1485
37. Venkataraman K., and Waisburd A. The value of the designated market maker. Journal of Financial and Quantitative Analysis 42 (2007) 735-758