Market Microstructure and Spread Pattern in the JASDAQ Market
Firms listed on JASDAQ can select either the order-driven (hereafter OD) system, where formal market makers are not involved, or the market-maker (hereafter MM) system for the trading of stocks. How differences in trading systems affect pricing and liquidity is a key issue in the study of market microstructure. This paper examines empirical analyses of spread patterns for stocks listed on JASDAQ in order to ascertain the implications of differences in trading systems on price formation.
Year of publication: |
2002-06-18
|
---|---|
Authors: | Uno, Jun ; Shimatani, Takeshi ; Shimizu, Tokiko ; Mannen, Sachiko |
Institutions: | Bank of Japan |
Saved in:
freely available
Saved in favorites
Similar items by person
-
Listing Change and Stock Price: Impact of Shareholder Diversification and Changes in Liquidity
Uno, Jun, (2004)
-
Reduction of Interest-bearing Liabilities and Payout Policy by Japanese Companies
Shimatani, Takeshi, (2006)
-
The Role of Money and Growth Expectations in Price Determination Mechanism
Kimura, Takeshi, (2010)
- More ...