The Impact of Specialist Firm Acquisitions on Market Quality

Bid, ask and transaction prices in a specialist market with heterogeneously informed traders

1985 • 6,148 citations

Inferring Trade Direction from Intraday Data

1991 • 2,983 citations

A Simple Implicit Measure of the Effective Bid‐Ask Spread in an Efficient Market

1984 • 2,564 citations

Price, trade size, and information in securities markets

1987 • 2,249 citations

The Cost of Transacting

1968 • 1,909 citations

Information Effects on the Bid‐Ask Spread

1983 • 1,852 citations

Market Liquidity and Trading Activity

2001 • 1,446 citations

Optimal dealer pricing under transactions and return uncertainty

1981 • 1,424 citations

THE SUPPLY OF DEALER SERVICES IN SECURITIES MARKETS

1978 • 1,374 citations

The Components of the Bid-Ask Spread: A General Approach

1997 • 1,198 citations

Dealership market

1980 • 998 citations

Why Do Security Prices Change? A Transaction-Level Analysis of NYSE Stocks

1997 • 943 citations

Why do NASDAQ Market Makers Avoid Odd‐Eighth Quotes?

1994 • 792 citations

The Dynamics of Dealer Markets Under Competition

1983 • 790 citations

Presidential Address: Friction

2000 • 696 citations

Minimum Price Variations, Discrete Bid–Ask Spreads, and Quotation Sizes

1994 • 659 citations

Insider Trading, Liquidity, and the Role of the Monopolist Specialist

1989 • 550 citations

Cream‐Skimming or Profit‐Sharing? The Curious Role of Purchased Order Flow

1996 • 507 citations

Periodic market closure and trading volume

1992 • 455 citations

The Economics of Liquidity Services

1972 • 440 citations

An Analysis of Changes in Specialist Inventories and Quotations

1993 • 423 citations

The Trades of Market Makers: An Empirical Analysis of NYSE Specialists

1993 • 397 citations

Market Liquidity and Trading Activity

2000 • 376 citations

The Microeconomics of Market Making

1986 • 370 citations

A Bayesian model of intraday specialist pricing

1991 • 357 citations

A cross-exchange comparison of execution costs and information flow for NYSE-listed stocks

1997 • 306 citations

A Specialist's Quoted Depth and the Limit Order Book

1999 • 293 citations

Trade Execution Costs on NASDAQ and the NYSE: A Post-Reform Comparison

1999 • 278 citations

Why Do Security Prices Change? A Transaction-Level Analysis of Nyse Stocks

1996 • 275 citations

Do Inventories Matter in Dealership Markets? Evidence from the London Stock Exchange

1998 • 233 citations

Competition and the Pricing of Dealer Service in the Over-the-Counter Stock Market

1972 • 189 citations

Third Market Broker‐Dealers: Cost Competitors or Cream Skimmers?

1997 • 180 citations

Trading Mechanisms and the Components of the Bid‐Ask Spread

1994 • 179 citations

Do Competing Specialists and Preferencing Dealers Affect Market Quality?

1997 • 149 citations

Price Experimentation and Security Market Structure

1993 • 130 citations

New York Stock Exchange Systems and Trading Procedures

1996 • 129 citations

Does the Specialist Matter? Differential Execution Costs and Intersecurity Subsidization on the New York Stock Exchange

1997 • 82 citations

Differences in Trading Behavior across NYSE Specialist Firms

1999 • 77 citations

An Examination of Changes in Specialists’ Posted Price Schedules

2001 • 69 citations

Liquidity Provision and the Organizational Form of NYSE Specialist Firms

2002 • 49 citations

Trade Execution Costs on Nasdaq and the NYSE: A Post-Reform Comparison

1998 • 45 citations

Testing for asymmetric information and inventory control effects in market maker behaviour on the London Stock Exchange

1998 • 19 citations

Equilibrium Bid-Ask Spreads in Markets with Multiple Assets

1991 • 17 citations

The Industrial Organization and Regulation of the Securities Industry

1996 • 16 citations