Informational Differences Between Limit and Market Orders for a Market Maker

Robert M. Conroy and Robert L. Winkler

Journal of Financial and Quantitative Analysis, 1981, vol. 16, issue 5, 703-724

Abstract: Markets for exchange typically evolve over time, and the organized security exchanges in the United States have evolved in such a manner as to give specialists a major role as market makers. Specialists are responsible for maintaining a fair and orderly market in the securities listed on an exchange. They specify prices to reflect supply and demand and adjust these prices in response to shifts in supply and demand.

Date: 1981
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