Skjeltorp, Johannes A.; Sojli, Elvira; Tham, Wing Wah - 2012
We study the relevance of the cross-sided externality of liquidity between market makers and takers from the two-sided market perspective and test the empirical implications of the Foucault, Kadan, and Kandel (2012) model. We use exogenous changes in the make/take fee structure and a...