Litzenberger, Robert; Castura, Jeff; Gorelick, Richard - In: Annual Review of Financial Economics 4 (2012) 1, pp. 59-98
In recent decades, US equity markets have changed from predominantly manual markets with limited competition to highly automated and competitive markets. These changes occurred earlier for NASDAQ stocks (primarily between 1994 and 2004) and later for NYSE-listed stocks (mostly following Reg NMS...
