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Authored By
Hansch, Oliver, Naik, Narayan Y., Vtswanathan, S.
Authored On
Fri, 10/01/1999 - 05:30
Book Detail
Publication Date
Fri, 10/01/1999 - 12:00
Event Data
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Additional Info
["Hansch, Oliver, Naik, Narayan Y., Vtswanathan, S.","LONDON Stock Exchange, PROFITEERING, COLLUSION, PRICE fixing, STOCK exchanges, SPREAD (Finance), DEALERS (Retail trade), SECURITIES trading, FINANCIAL markets, MARKET makers, STOCKBROKERS","English","1999-10-01","Journal of Finance (Wiley-Blackwell)","54"]
Description
The practices of preferencing and internalization have been alleged to support collusion, cause worse execution, and lead to wider spreads in dealership style markets relative to auction style markets. For a sample of London Stock Exchange stocks, we find that preferenced trades pay higher spreads, however they do not generate higher dealer profits. Internalized trades pay lower, not higher, spreads. We do not find a relation between the extent of preferencing or internalization and spreads across stocks. These results do not lend support to the "collusion" hypothesis but are consistent with a "costly search and trading relationships" hypothesis. [ABSTRACT FROM AUTHOR]
Published Date
Mon, 02/12/2024 - 22:34
