Do Dealer Firms Manage Inventory on a Stock-by-Stock or a Portfolio Basis?

Internal Capital Markets and the Competition for Corporate Resources

1997 • 1,713 citations

Stealth trading and volatility

1993 • 1,007 citations

Why do NASDAQ Market Makers Avoid Odd‐Eighth Quotes?

1994 • 792 citations

The Dynamics of Dealer Markets Under Competition

1983 • 790 citations

The Upstairs Market for Large-Block Transactions: Analysis and Measurement of Price Effects

1996 • 645 citations

Tests of microstructural hypotheses in the foreign exchange market

1995 • 559 citations

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

1993 • 397 citations

The Capital Budgeting Process: Incentives and Information

1996 • 387 citations

Price Formation and Equilibrium Liquidity in Fragmented and Centralized Markets

1993 • 351 citations

Effects of Market Reform on the Trading Costs and Depths of Nasdaq Stocks

1999 • 351 citations

Why Did NASDAQ Market Makers Stop Avoiding Odd‐Eighth Quotes?

1994 • 336 citations

Life in the Pits: Competitive Market Making and Inventory Control

1996 • 242 citations

An empirical analysis of NYSE specialist trading1We thank Jim Cochrane, Joel Hasbrouck, Don Keim, Kim Shapiro, Jerry Warner, and an anonymous referee for their helpful comments. Seminar participants at the Ohio State Conference on `Dealer Markets', London School of Economics, University of Pennsylvania, and University of Wisconsion provided many helpful suggestions. Minder Cheng, Nicole Parent, and Ed Steffelin provided excellent research support. This research was completed while Madhavan was …

1998 • 233 citations

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

1998 • 233 citations

Does Risk Sharing Motivate Interdealer Trading?

1998 • 165 citations

Trade Disclosure Regulation in Markets with Negotiated Trades

1999 • 150 citations

An Analysis of Changes in Specialist Inventories and Quotations

1993 • 142 citations

The Making of a Dealer Market: From Entry to Equilibrium in the Trading of Nasdaq Stocks

2002 • 139 citations

Preferencing, Internalization, Best Execution, and Dealer Profits

1999 • 132 citations

Capital budgeting and delegation1We thank Bhagwan Chowdhry, Yaniv Grinstein, an anonymous referee, and seminar participants at Columbia, Duke, Hong Kong University of Science and Technology, Indiana, Tel Aviv, Vanderbilt, and the European Finance Association Meetings (Vienna, 1997).1

1998 • 128 citations

Do Inventories Matter In Dealership Markets? Evidence From the London Stock Exchange

1997 • 97 citations

Capital Budgeting and Delegation

1998 • 70 citations

Optimal Capital Allocation Using RAROC and EVA

1998 • 54 citations

Preferencing, Internalization, Best Execution and Dealer Profits

1997 • 48 citations

What's Wrong with Modern Capital Budgeting?

1999 • 48 citations

An Empirical Examination of Market Maker Profits on the London Stock Exchange

1992 • 25 citations

Determinants of Price Quote Revisions on the London Stock Exchange

1995 • 24 citations

Life in the Pits: Competitive Market Making and Inventory Control

1998 • 22 citations

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

1998 • 19 citations

An empirical examination of market maker profits on the London stock exchange

1993 • 18 citations

The Industrial Organization and Regulation of the Securities Industry

1996 • 16 citations

Risk Management with Derivatives by Dealers and Market Quality in Government Bond Markets

2001 • 14 citations

Bid-Ask Spreads and the Avoidance of Odd-Eighth Quotes on NASDAQ: An Examination of Exchange Listings

1996 • 13 citations

Differences in Trading Behavior Across NYSE Specialist Firms

1997 • 10 citations

The Impact of Specialist Firm Acquisitions on Market Quality

2001 • 5 citations