| Nasdaq and The Chicago Stock Exchange: An Analysis of Multiple Market Trading | |
|---|---|
| 學年 | 88 |
| 學期 | 1 |
| 出版（發表）日期 | 1999-11-01 |
| 作品名稱 | Nasdaq and The Chicago Stock Exchange: An Analysis of Multiple Market Trading |
| 作品名稱（其他語言） | |
| 著者 | Van Ness, Bonnie F.; Van Ness, Robert A.; 謝文良; Hsieh, Wen-liang |
| 單位 | 淡江大學財務金融學系 |
| 出版者 | Eastern Finance Association |
| 著錄名稱、卷期、頁數 | financial review 34(4), pp.145-157 |
| 摘要 | We analyze a set of 97 NASD-listed securities that trade on both the Nasdaq and Chicago Stock Exchange (CHX) to determine if trading costs and price improvement differ between the two markets. We find that order execution costs, which we define by the traded spread and the signed effective half-spread, are significantly lower on the CHX. This difference is consistent over trade types and for trades of at least 1,000 shares. Also, we find that trades occurring on the CHX receive more price improvement than do those occurring on Nasdaq. |
| 關鍵字 | spreads;Nasdaq;Chicago Stock Exchange |
| 語言 | en |
| ISSN | 0732-8516 |
| 期刊性質 | 國外 |
| 收錄於 | |
| 產學合作 | |
| 通訊作者 | |
| 審稿制度 | 否 |
| 國別 | USA |
| 公開徵稿 | |
| 出版型式 | ,紙本 |
| 相關連結 |
機構典藏連結 ( http://tkuir.lib.tku.edu.tw:8080/dspace/handle/987654321/23685 ) |
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