The Effects of Make and Take Fees in Experimental Markets
Vince Bourke and
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Vince Bourke: Economic Science Institute, Chapman University
Working Papers from Chapman University, Economic Science Institute
We conduct a series of experiments to examine the effects of the make and take fee structure currently used by equity exchanges in the U.S. We examine the effects of these fees on measures of market quality (allocative efficiency, trading volume, book depth, and the bid-ask spread). With the exception of increased book depth, we document no significant effects of make and take fees relative to a baseline case in which trading fees are assessed on both sides of a transaction.
Keywords: make and take fees; double auction; experimental economics (search for similar items in EconPapers)
JEL-codes: G2 G12 G14 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-exp and nep-mst
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Journal Article: The effects of make and take fees in experimental markets (2019)
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Persistent link: https://EconPapers.repec.org/RePEc:chu:wpaper:15-19
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