The quality of ultra-high frequency quotes submitted to an entrant high-tech market (BATS Chi-X Europe – Chi-X) is compared to those of an established national exchange (London Stock Exchange – LSE). There are intraday variations regarding which platform impounds new information about the...

This paper explores an equilibrium model for industry entry dynamics and technological change. We focus on the share valuation of firms in the transition as technology changes, and whether or not share prices are always increasing when technology improves. We find that there can be a U-shaped...