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Persistent link: https://www.econbiz.de/10013499536
This paper uses proprietary data to evaluate the efficacy of single-stock circuit breakers on the London Stock Exchange during July and August 2011. We exploit exogenous variation in the length of the uncrossing periods that follow a trading suspension to estimate the effect of auction length on...
Persistent link: https://www.econbiz.de/10010245302
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We use the 2016 U.S. SEC tick size pilot to examine the effects of an increase in the minimum price variation on limit order book liquidity in NASDAQ-listed stocks on the NASDAQ exchange. For treatment stocks with an average pre-pilot quoted spread less than $0.05, the tick size increase is...
Persistent link: https://www.econbiz.de/10012902516
We examine the impact of trading on markets partially exempt from National Market System requirements (‘dark venues') on equity market quality. We find evidence consistent with the notion that dark venues rely on their special features to segregate order flow based on asymmetric information...
Persistent link: https://www.econbiz.de/10013063784
Purpose: This study examines how, and to what extent the trading of the cross-listed China-backed ADRs on the New York Stock Exchange (NYSE) contributes to the information flow and price discovery for the corresponding cross-listed stocks on the Shanghai Stock exchange (SSE)....
Persistent link: https://www.econbiz.de/10011886980
The U.S. equity markets recently increased the tick size from one to five cents for smaller capitalization stocks. We show that the larger tick size raised the cost for retail-sized liquidity demanding orders by almost fifty percent, and raised profits to liquidity providers by forty percent....
Persistent link: https://www.econbiz.de/10011968847
The SEC has long taken a hands-off approach to private markets. Instead of direct regulation, the SEC has used investor access restrictions to create high-end contracting environments where investors (in theory) have the resources needed to fend for themselves. But in early 2022, this hands-off...
Persistent link: https://www.econbiz.de/10014077668
During the survey period, the Texas courts dealt with several cases concerning the scope of the Texas Securities Act and Texas Stock Fraud Act. For both the Texas Securities Act and the Texas Stock Fraud Act, they began to consider whether equity interests in limited liability companies are...
Persistent link: https://www.econbiz.de/10012966698
comprise over 50 per cent of the world's securities markets, namely the USA, Canada, Germany, the UK, and Australia …
Persistent link: https://www.econbiz.de/10012971252