Uno, Jun; Shimatani, Takeshi; Shimizu, Tokiko; Mannen, … - Bank of Japan - 2002
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...