When It's Not The Only Game in Town: The Effect of Bilateral Search on the Quality of a Dealer Market

Continuous Auctions and Insider Trading

1985 • 9,651 citations

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

1985 • 6,148 citations

A Theory of Intraday Patterns: Volume and Price Variability

1988 • 3,251 citations

Estimating the components of the bid/ask spread

1988 • 1,681 citations

One Security, Many Markets: Determining the Contributions to Price Discovery

1995 • 1,526 citations

Dealer versus auction markets: A paired comparison of execution costs on NASDAQ and the NYSE

1996 • 1,096 citations

The Only Game in Town

1971 • 899 citations

Why do NASDAQ Market Makers Avoid Odd‐Eighth Quotes?

1994 • 792 citations

The Dynamics of Dealer Markets Under Competition

1983 • 790 citations

How Auctions Work for Wine and Art

1989 • 700 citations

Trading Volume and Asset Liquidity

1989 • 663 citations

Transparency and Liquidity: A Comparison of Auction and Dealer Markets with Informed Trading

1996 • 557 citations

Theory and individual behavior of first-price auctions

1988 • 390 citations

Middlemen

1987 • 359 citations

Market Structure and the Intraday Pattern of Bid-Ask Spreads for NASDAQ Securities

1995 • 342 citations

Endogenous Timing and the Clustering of Agents' Decisions

1995 • 250 citations

Information Revelation in a Market with Pairwise Meetings

1990 • 146 citations

Prices Are Property: The Organization of Financial Exchanges from a Transaction Cost Perspective

1991 • 141 citations

Information Revelation in a Market with Pairwise Meetings

1990 • 128 citations

Price Competition between Market Makers

1993 • 124 citations

Rational Frenzies and Crashes

1994 • 117 citations

Off-Floor Trading, Disintegration, and the Bid-Ask Spread in Experimental Markets

1991 • 33 citations