In addition to the wireless telephony boom, a similar exponentially increasing trend in wireless data service--for example, short message service (SMS)--is visible as technology advances. We develop a structural model to examine user demand for voice service and SMS. Specifically, we measure the...

This dissertation is intended to widen our understanding of three issues among IT-mediated phenomena observed after the revolution of social structure accompanied by the “paradigm shift”: (1) learning behavior of IT knowledge workers, (2) users’ consumption behavior of wireless...

We test the conjecture that the specialist system on the New York Stock Exchange (NYSE) provides better liquidity services than the NASDAQ dealer market in times of high return volatility when adverse selection and inventory risks are high. We motivate our conjecture from the observation that...

In this study we examine the temporal dynamics of dealer market share and their ramification for competition and trading costs using a large sample of NASDAQ securities. Our results show that although the total market share of the top five dealers is relatively stable over time, there is...

In this paper, we study the relation among market structure, trading costs, and competition in NASDAQ. In particular, we address the following questions: Do NASDAQ dealers exercise market power and extract economic rents in setting bid-ask spread? How persistent is the market power of dominant...

We attempt to better understand the varying correlations between stock and bond returns across countries and over sample periods using international data. The observation is that there are two forces that affect the correlation between stock and bond returns. The force that drives a positive...

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...