Merging Markets

Tom Arnold, Philip Hersch, J. Harold Mulherin and Jeffry Netter

Journal of Finance, 1999, vol. 54, issue 3, 1083-1107

Abstract: We study the causes and effects of the competition for order flow by U.S. regional stock exchanges. We trace the origins of competition for order flow to a change in the role of regional exchanges from being venues for listing local securities to being more direct competitors for the order flow of NYSE listings. We study the way regionals competed for order flow, concentrating on a series of stock‐exchange mergers that occurred in the midst of this transition of the regional exchanges. The merging exchanges attracted market share and experienced narrower bid‐ask spreads.

Date: 1999
References: Add references at CitEc
Citations: View citations in EconPapers (47)

Downloads: (external link)
https://doi.org/10.1111/0022-1082.00137

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:bla:jfinan:v:54:y:1999:i:3:p:1083-1107

Ordering information: This journal article can be ordered from
http://www.afajof.org/membership/join.asp

Access Statistics for this article

More articles in Journal of Finance from American Finance Association Contact information at EDIRC.
Bibliographic data for series maintained by Wiley Content Delivery ().