fragmentation, as well as the resulting implications for investors' welfare. We start with the literature that views exchanges as …

fragmentation, as well as the resulting implications for investors' welfare. We start with the literature that views exchanges as …

of all investors. Fragmentation of the marketplace can be seen as a direct outcome of this heterogeneity. In this article … fragmentation, the resulting implications for liquidity and price efficiency, and the role for public policy. Beyond the concerns …

of all investors. Fragmentation of the marketplace can be seen as a direct outcome of this heterogeneity. In this article … fragmentation, the resulting implications for liquidity and price efficiency, and the role for public policy. Beyond the concerns …

We analyze how market fragmentation affects market quality of SME and other less actively traded stocks. Compared to … large stocks, they are less likely to be traded on multiple venues and show, if at all, low levels of fragmentation …. Concerning the impact of fragmentation on market quality, we find evidence for a hockey stick effect: Fragmentation has no effect …

We analyze how market fragmentation affects market quality of SME and other less actively traded stocks. Compared to … large stocks, they are less likely to be traded on multiple venues and show, if at all, low levels of fragmentation …. Concerning the impact of fragmentation on market quality, we find evidence for a hockey stick effect: Fragmentation has no effect …