메뉴 건너뛰기




Volumn 25, Issue 2, 2011, Pages 149-172

Competition in securities markets: The impact on liquidity

Author keywords

Electronic market; Exchanges; Fragmentation; Liquidity; Trading

Indexed keywords


EID: 79955808706     PISSN: 15554961     EISSN: 1555497X     Source Type: Journal    
DOI: 10.1007/s11408-011-0155-0     Document Type: Article
Times cited : (26)

References (27)
  • 1
    • 33748869669 scopus 로고    scopus 로고
    • Stock and bond liquidity and its effect on prices and financial policies
    • Amihud, Y., Mendelson, H.: Stock and bond liquidity and its effect on prices and financial policies. Financ. Mark. Portf. Manag. 20(1), 19-32 (2006).
    • (2006) Financ. Mark. Portf. Manag. , vol.20 , Issue.1 , pp. 19-32
    • Amihud, Y.1    Mendelson, H.2
  • 2
    • 0344962455 scopus 로고    scopus 로고
    • Competition among trading venues: Information and trading on electronic communications networks
    • Barclay, M. J., Hendershott, T., McCormick, T. D.: Competition among trading venues: Information and trading on electronic communications networks. Eur. J. Finance 58, 2637-2666 (2003).
    • (2003) Eur. J. Finance , vol.58 , pp. 2637-2666
    • Barclay, M.J.1    Hendershott, T.2    McCormick, T.D.3
  • 3
    • 1842763577 scopus 로고    scopus 로고
    • Towards a national market system for U.S. exchange-listed equity options
    • Battalio, R., Hatch, B., Jennings, R. H.: Towards a national market system for U. S. exchange-listed equity options. Eur. J. Finance 54, 933-962 (2004).
    • (2004) Eur. J. Finance , vol.54 , pp. 933-962
    • Battalio, R.1    Hatch, B.2    Jennings, R.H.3
  • 5
    • 0002775456 scopus 로고
    • Liquidity, stock markets, and market makers
    • Bernstein, P. L.: Liquidity, stock markets, and market makers. Financ. Manag. 16(2), 54-62 (1987).
    • (1987) Financ. Manag. , vol.16 , Issue.2 , pp. 54-62
    • Bernstein, P.L.1
  • 6
    • 0242720182 scopus 로고    scopus 로고
    • Quote-based competition and trade execution costs in NYSE-listed stocks
    • Bessembinder, H.: Quote-based competition and trade execution costs in NYSE-listed stocks. J. Financ. Econ. 70, 385-422 (2003).
    • (2003) J. Financ. Econ. , vol.70 , pp. 385-422
    • Bessembinder, H.1
  • 7
    • 0031521419 scopus 로고    scopus 로고
    • A cross-exchange comparison of execution costs and information flow for NYSE-listed stocks
    • Bessembinder, H., Kaufman, H. M.: A cross-exchange comparison of execution costs and information flow for NYSE-listed stocks. J. Financ. Econ. 46(3), 293-319 (1997).
    • (1997) J. Financ. Econ. , vol.46 , Issue.3 , pp. 293-319
    • Bessembinder, H.1    Kaufman, H.M.2
  • 8
    • 0043032949 scopus 로고    scopus 로고
    • Trading your neighbor's ETFs: Competition or fragmentation?
    • Boehmer, B., Boehmer, E.: Trading your neighbor's ETFs: Competition or fragmentation? J. Bank. Finance 27(9), 1667-1703 (2003).
    • (2003) J. Bank. Finance , vol.27 , Issue.9 , pp. 1667-1703
    • Boehmer, B.1    Boehmer, E.2
  • 9
    • 79955794971 scopus 로고    scopus 로고
    • Accessed November 20, 2009
    • Chi-X: Chi-X exchange guide. http://www. chi-x. com/docs/Chi-X%20Exchange%20Guide%20v1. 2. pdf (2007). Accessed November 20, 2009.
    • (2007) Chi-X: Chi-X exchange guide
  • 10
    • 63449128559 scopus 로고    scopus 로고
    • Using matched samples to test for differences in trade execution costs
    • Davies, R. J., Kim, S. S.: Using matched samples to test for differences in trade execution costs. J. Financ. Mark. 12(2), 173-202 (2009).
    • (2009) J. Financ. Mark. , vol.12 , Issue.2 , pp. 173-202
    • Davies, R.J.1    Kim, S.S.2
  • 11
    • 0344153908 scopus 로고    scopus 로고
    • The behavior of bid-ask spreads and volume in options markets during the competition for listings in 1999
    • DeFontnouvelle, P., Fishe, R. P. H., Harris, J. H.: The behavior of bid-ask spreads and volume in options markets during the competition for listings in 1999. Eur. J. Finance 58(6), 2437-2464 (2003).
    • (2003) Eur. J. Finance , vol.58 , Issue.6 , pp. 2437-2464
    • Defontnouvelle, P.1    Fishe, R.P.H.2    Harris, J.H.3
  • 12
    • 59349095430 scopus 로고    scopus 로고
    • Competition between financial markets in Europe: What can be expected from MiFID
    • Degryse, H.: Competition between financial markets in Europe: What can be expected from MiFID. Financ. Mark. Portf. Manag. 23(1), 93-103 (2009).
    • (2009) Financ. Mark. Portf. Manag. , vol.23 , Issue.1 , pp. 93-103
    • Degryse, H.1
  • 13
    • 0039120737 scopus 로고    scopus 로고
    • Cream-skimming or profit-sharing? The curious role of purchased order flow
    • Easley, D., Kiefer, N. M., O'Hara, M.: Cream-skimming or profit-sharing? The curious role of purchased order flow. Eur. J. Finance 51(3), 811-833 (1996).
    • (1996) Eur. J. Finance , vol.51 , Issue.3 , pp. 811-833
    • Easley, D.1    Kiefer, N.M.2    O'Hara, M.3
  • 14
    • 33747056367 scopus 로고    scopus 로고
    • Competition on the Nasdaq and the growth of electronic communication networks
    • Fink, J. D., Fink, K., Weston, J. P.: Competition on the Nasdaq and the growth of electronic communication networks. J. Bank. Finance 30, 2537-2559 (2006).
    • (2006) J. Bank. Finance , vol.30 , pp. 2537-2559
    • Fink, J.D.1    Fink, K.2    Weston, J.P.3
  • 15
    • 38149038575 scopus 로고    scopus 로고
    • Competition for order flow and smart order routing systems
    • Foucault, T., Menkveld, A. J.: Competition for order flow and smart order routing systems. Eur. J. Finance 63, 119-158 (2008).
    • (2008) Eur. J. Finance , vol.63 , pp. 119-158
    • Foucault, T.1    Menkveld, A.J.2
  • 18
    • 84870661060 scopus 로고    scopus 로고
    • Algorithmic trading engines versus human traders-Do they behave different in securities markets
    • Verona, Italy
    • Gsell, M., Gomber, P.: Algorithmic trading engines versus human traders-Do they behave different in securities markets. In: Proceedings of the 17th European Conference on Information Systems (ECIS), Verona, Italy, pp. 00-00. (2009).
    • (2009) Proceedings of the 17th European Conference on Information Systems (ECIS) , pp. 00-00
    • Gsell, M.1    Gomber, P.2
  • 19
    • 84977409620 scopus 로고
    • Marketplace fragmentation, competition, and the efficiency of the stock exchange
    • Hamilton, J. L.: Marketplace fragmentation, competition, and the efficiency of the stock exchange. Eur. J. Finance 34, 171-187 (1979).
    • (1979) Eur. J. Finance , vol.34 , pp. 171-187
    • Hamilton, J.L.1
  • 20
    • 0040951892 scopus 로고
    • Liquidity, Trading Rules and Electronic Trading Systems
    • New York University, Salomon Center
    • Harris, L.: Liquidity, Trading Rules and Electronic Trading Systems. Measuring Series in Finance and Economics, vol. 4. New York University, Salomon Center (1990).
    • (1990) Measuring Series in Finance and Economics , vol.4
    • Harris, L.1
  • 21
    • 24044488269 scopus 로고    scopus 로고
    • Island goes dark: Transparency, fragmentation, and regulation
    • Hendershott, T., Jones, C. M.: Island goes dark: Transparency, fragmentation, and regulation. Rev. Financ. Stud. 18, 743-793 (2005).
    • (2005) Rev. Financ. Stud. , vol.18 , pp. 743-793
    • Hendershott, T.1    Jones, C.M.2
  • 23
    • 84993894904 scopus 로고
    • Market integration and price execution for NYSE-listed securities
    • Lee, C.: Market integration and price execution for NYSE-listed securities. Eur. J. Finance 48, 1009-1038 (1993).
    • (1993) Eur. J. Finance , vol.48 , pp. 1009-1038
    • Lee, C.1
  • 24
    • 79954602216 scopus 로고    scopus 로고
    • Is market fragmentation harming market quality?
    • doi:10.1016/j.jfineco.2011.02.006
    • O'Hara, M., Ye, M.: Is market fragmentation harming market quality? J. Financ. Econ. (2009). doi: 10. 1016/j. jfineco. 2011. 02. 006.
    • (2009) J. Financ. Econ.
    • O'Hara, M.1    Ye, M.2
  • 25
    • 84892702170 scopus 로고    scopus 로고
    • Estimating standard errors in finance panel data sets: Comparing approaches
    • Petersen, M.: Estimating standard errors in finance panel data sets: Comparing approaches. Rev. Financ. Stud. 22(1), 435-480 (2009).
    • (2009) Rev. Financ. Stud. , vol.22 , Issue.1 , pp. 435-480
    • Petersen, M.1
  • 26
    • 59349090004 scopus 로고    scopus 로고
    • Transaction costs on the Swiss stock exchange
    • Ranaldo, A.: Transaction costs on the Swiss stock exchange. Financ. Mark. Portf. Manag. 16(1), 53-68 (2002).
    • (2002) Financ. Mark. Portf. Manag. , vol.16 , Issue.1 , pp. 53-68
    • Ranaldo, A.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.