In Search of Liquidity: Block Trades in the Upstairs and Downstairs Markets

Inferring Trade Direction from Intraday Data

1991 • 2,983 citations

Price, trade size, and information in securities markets

1987 • 2,249 citations

The Market for Securities: Substitution Versus Price Pressure and the Effects of Information on Share Prices

1972 • 944 citations

Transactions costs and investment style: an inter-exchange analysis of institutional equity trades

1997 • 658 citations

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

1996 • 645 citations

The effect of large block transactions on security prices: A cross-sectional analysis

1987 • 501 citations

Large-block transactions, the speed of response, and temporary and permanent stock-price effects

1990 • 468 citations

Stock price effects and costs of secondary distributions

1985 • 296 citations

The Informational Role of Upstairs and Downstairs Trading

1992 • 154 citations

An Analysis of Changes in Specialist Inventories and Quotations

1993 • 142 citations

Price Impacts of Block Trading on the New York Stock Exchange

1972 • 121 citations

Building blocks

1987 • 110 citations

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

1993 • 96 citations

Block Trading and Information Revelation around Quarterly Earnings Announcements

1992 • 85 citations

The effect of block transactions on share prices

1989 • 56 citations

Equilibrium Block Trading and Asymmetric Information

1990 • 49 citations

Equity Trading Cost in-the-Large

1993 • 20 citations