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    政大機構典藏 > 商學院 > 財務管理學系 > 期刊論文 >  Item 140.119/72705


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    题名: The Impact of Limit Order Handling on the NYSE and NASDAQ Transaction Costs
    作者: 周冠男
    Chou, Robin K.
    贡献者: 財管系
    日期: 2005-03
    上传时间: 2015-01-08 17:57:56 (UTC+8)
    摘要: The NYSE and Nasdaq stock markets treat limit orders differently before Nasdaq adopted the order handling rule (OHR) in 1997. Most of the studies before OHR, which compare the trading costs between these two markets, do not explicitly take this fact into consideration. As a consequence, the case for possible collusion among the Nasdaq dealers, as suggested by Christie and Schultz (1994), is likely to be overstated. We compare average trading costs on Nasdaq to those on the NYSE only when the specialists trade on their own account. We do not find strong evidence that trading costs on these two markets are significantly different for smaller firms or lower price stocks. In addition, after controlling for economic variables that are likely to affect spread sizes, the differences in spreads between these two markets are no longer significant.
    關聯: Quarterly Journal of Business and Economics, 44(1), 67-88.
    数据类型: article
    显示于类别:[財務管理學系] 期刊論文

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