We examine the impact of adopting decimal price quotes on the welfare of members of the Toronto Stock Exchange (TSX) based on a multivariate analysis of seat prices. Consistent with existing studies, we find that decimalization leads to lower bid-ask spreads as well as lower quoted depths. To...

In this paper, we study the relation among market structure, trading costs, and competition in National Association of Securities Dealers Automated Quotations (NASDAQ). In particular, we address the following questions: Do NASDAQ dealers exercise market power and extract economic rents in...

We empirically examine consumer showrooming phenomenon in the footwear industry. Using transaction-level data from a large online footwear retailer and offline store entry data from four major footwear retail chains in the U.S., we quantify the effect of offline store entry on the competing...