Does market structure matter?Trading costs and return volatility around exchange listings

Does market structure matter?Trading costs and return volatility around exchange listings

We document that bid-ask spreads decrease substantially for stocks that moved from Nasdaq to the NYSE between 1996 and 2000, and that spread reductions continued to be observed after the 1997 market reforms. Somewhat surprising in light of these reforms, the largest spread reductions are for stocks...

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Bibliographic Details
Main Authors: Bessembinder, H., Rath, Subhrendu
Format: Working Paper
Published: School of Economics and Finance, Curtin Business School 2008
Subjects:
return volatility
market structure
exchange listings
Online Access:http://hdl.handle.net/20.500.11937/6543

Internet

http://hdl.handle.net/20.500.11937/6543

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