Schultz, Paul - In: Review of Financial Studies 13 (2000) 4, pp. 917-57
The Nasdaq market came under intense pressure from regulators and class-action lawsuits following allegations of tacit collusion by Christie and Schultz (1994). This article examines the changes in transaction costs on the Nasdaq from January 1993 through June 1996 using 16 million trades in 30...