Booth, G. Geoffrey; Lin, Ji-Chai; Martikainen, Teppo; … - In: Review of Financial Studies 15 (2002) 4, pp. 1111-1135
We provide empirical evidence on the economic benefits of negotiating trades in the upstairs trading room of brokerage firms relative to the downstairs market. Using Helsinki Stock Exchange data, we find that upstairs trades tend to have lower information content and lower price impacts than...