Skjeltorp, Johannes A.; Sojli, Elvira; Tham, Wing Wah - Tinbergen Instituut - 2013
We study the relevance of the cross-sided externality between liquidity makers and takers from the two-sided market perspective. We use exogenous changes in the make/take fee structure, minimum tick-size and technological shocks for liquidity takers and makers, as experiments to identify...