Marketplace Fragmentation, Competition, and the Efficiency of the Stock Exchange

The Cost of Transacting

1968 • 1,909 citations

The Only Game in Town

1971 • 899 citations

THE PRICING OF SECURITY DEALER SERVICES: AN EMPIRICAL STUDY OF NASDAQ STOCKS

1978 • 648 citations

Determinants of bid-asked spreads in the over-the-counter market

1974 • 590 citations

The Economics of Liquidity Services

1972 • 440 citations

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

1972 • 189 citations

BID‐ASKED SPREADS ON THE AMEX AND THE BIG BOARD

1977 • 172 citations

MARKETPLACE ORGANIZATION AND MARKETABILITY: NASDAQ, THE STOCK EXCHANGE, AND THE NATIONAL MARKET SYSTEM

1978 • 94 citations

THE RETURNS GENERATION PROCESS, RETURNS VARIANCE, AND THE EFFECT OF THINNESS IN SECURITIES MARKETS

1978 • 80 citations

Which Road to an Efficient Stock Market: Free Competition or Regulated Monopoly?

1971 • 73 citations

Competition, Scale Economies, and Transaction Cost in the Stock Market

1976 • 64 citations

MARKET‐MAKING AND THE ASSESSMENT OF MARKET EFFICIENCY

1975 • 35 citations

The impact of designated market makers on security prices

1977 • 19 citations

Market-Making and the Assessment of Market Efficiency

1975 • 11 citations