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

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

Price, trade size, and information in securities markets

1987 • 2,249 citations

Market microstructure theory

1995 • 1,457 citations

Market Microstructure Theory.

1996 • 1,263 citations

Informed Speculation with Imperfect Competition

1989 • 956 citations

Inferring the Components of the Bid‐Ask Spread: Theory and Empirical Tests

1989 • 951 citations

Trades, quotes, inventories, and information

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Trading Mechanisms in Securities Markets

1992 • 385 citations

Consolidation, Fragmentation, and the Disclosure of Trading Information

1995 • 369 citations

A Bayesian model of intraday specialist pricing

1991 • 357 citations

Price Formation and Equilibrium Liquidity in Fragmented and Centralized Markets

1993 • 351 citations

Sunshine Trading and Financial Market Equilibrium

1991 • 259 citations

Security Prices and Market Transparency

1996 • 168 citations

Dual-capacity trading and the quality of the market

1990 • 159 citations

Dual Trading in Futures Markets

1992 • 144 citations

A comparison of the cost of trading French shares on the Paris Bourse and on SEAQ International

1995 • 120 citations

Insider Trading without Normality

1994 • 92 citations

Auction and dealership markets

1992 • 67 citations

Shifting gears: an economic evaluation of the reform of the Paris Bourse

1993 • 42 citations

The total cost of trading Belgian shares: Brussels versus London

1999 • 41 citations

Automating German Equity Trading: Bid-Ask Spreads on Competing Systems

1992 • 31 citations

Automating german equity trading: Bid-ask spreads on competing systems

1993 • 24 citations

Financial Markets Liberalisation and the Role of Banks

1993 • 16 citations

Auction Markets, Dealership Markets and Execution Risk

1990 • 16 citations

Competition Among European Financial Markets : The Case of Cross-Listed Belgian Equities

1993 • 15 citations

Innovazioni strutturali nel mercato azionario : gli effetti della contrattazione continua

1995 • 5 citations

Introduction to the Market Microstructure Symposium

1991 • 2 citations