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Titolo:
Preferencing, internalization, best execution, and dealer profits
Autore:
Hansch, O; Naik, NY; Viswanathan, S;
Indirizzi:
Penn State Univ, University Pk, PA 16802 USA Penn State Univ University Pk PA USA 16802 v, University Pk, PA 16802 USA London Business Sch, London, England London Business Sch London EnglandLondon Business Sch, London, England Duke Univ, Fuqua Sch Business, Durham, NC 27706 USA Duke Univ Durham NC USA 27706 v, Fuqua Sch Business, Durham, NC 27706 USA Univ London Birkbeck Coll, London WC1E 7HX, England Univ London Birkbeck Coll London England WC1E 7HX ndon WC1E 7HX, England Wharton Sch, Philadelphia, PA USA Wharton Sch Philadelphia PA USAWharton Sch, Philadelphia, PA USA
Titolo Testata:
JOURNAL OF FINANCE
fascicolo: 5, volume: 54, anno: 1999,
pagine: 1799 - 1828
SICI:
0022-1082(199910)54:5<1799:PIBEAD>2.0.ZU;2-Q
Fonte:
ISI
Lingua:
ENG
Soggetto:
AVOID ODD-8TH QUOTES; BID-ASK SPREADS; MARKET MAKERS; NASDAQ; NYSE; COMPETITION; EXCHANGE; TRADES; COSTS; SPECIALISTS;
Tipo documento:
Article
Natura:
Periodico
Settore Disciplinare:
Social & Behavioral Sciences
--discip_BC--
Citazioni:
45
Recensione:
Indirizzi per estratti:
Indirizzo: Hansch, O Penn State Univ, University Pk, PA 16802 USA Penn State Univ University Pk PA USA 16802 ity Pk, PA 16802 USA
Citazione:
O. Hansch et al., "Preferencing, internalization, best execution, and dealer profits", J FINANCE, 54(5), 1999, pp. 1799-1828

Abstract

The practices of preferencing and internalization have been alleged to support collusion, cause worse execution, and lead to wider spreads in dealership style markets relative to auction style markets. For a sample of LondonStock Exchange stocks, we find that preferenced trades pay higher spreads,however they do not generate higher dealer profits. Internalized trades pay lower, not higher, spreads. We do not find a relation between the extent of preferencing or internalization and spreads across stocks. These resultsdo not lend support to the "collusion" hypothesis but are consistent with a "costly search and trading relationships" hypothesis.

ASDD Area Sistemi Dipartimentali e Documentali, Università di Bologna, Catalogo delle riviste ed altri periodici
Documento generato il 02/04/20 alle ore 02:43:22