Hansch, Oliver, Narayan Y. Naik, and S. Viswanathan, 1998, Do inventories matter in dealership markets? Evidence from the London Stock Exchange, Journal of Finance 53, 1623-1656. Home/Search Document Not in Database Summary Related Articles Check |
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The Determinants of Trading Volume: Information Flow and.. - Carrera, Pope, Taylor (1999) (Correct)
....Gould and Kleidon (1994) estimate that inter dealer volume represents 15 percent of turnover in NASDAQ. To address this issue, Ho and Stoll (1983) and Lyons (1996a, 1997) provide models in which inter dealer trading is driven by inventory differences and risk sharing among traders. However, as Hansch, Naik and Viswanathan (1998) note, there has been little empirical work on what motivates inter dealer trading and whether inter dealer trading is related in any systematic manner to inventories. The objective of this paper is to test for the determinants of trading volume in the foreign exchange market. We develop a simple ....
Hansch, O., Naik, N., and Viswanathan, S., 1998, Do inventories matter in dealership markets? Evidence from the London Stock Exchange, Journal of Finance 53: 1623-56.
Adverse Selection in Dealers' Choice of Interdealer Trading.. - Reiss, Werner (1999) (Correct)
....trading. Nasdaq dealers also have access to an electronic negotiation and trading system run by Nasdaq called SelectNet. This nonanonymous system competes with anonymous private Electronic Communication Networks (ECNs) and crossing networks. 4 In 1998, SelectNet traded 53.2 percent of inter 2 Hansch, Naik, and Viswanathan (1998, 1999) show that in London: quote improvements do not signicantly increase customer order ow; and roughly 70 percent of customer order ow is preferenced. 3 The four IDBs were Cedar (Cantor Fitzgerald) First Equity, Garban, and Tullett Tokyo. Beginning in 1995, London dealers also could use ....
Hansch, O., Naik, N., and S. Viswanathan, 1998, Do inventories matter in dealership markets? Some evidence from the London Stock Exchange, The Journal of Finance 52, .
Price formation and transparency on the London Stock Exchange - Saporta, al. Self-citation (Hansch) (Correct)
....that the overall trading revenues of market makers who take on loss making trades are higher than the trading revenues of those who do not. A third group of studies adds further insight into the behaviour of LSE market makers by exploring the time series properties of market maker inventories. Hansch ######(1998) find strong mean reversion effects for market makers with very large inventory holdings, but considerably weaker effects for market makers with less extreme positions. 5) Using the same data set, Reiss and Werner (1998) study the extent to which market makers trade with each other to unwind ....
.... price formation in the direction predicted by (3) For a detailed review of the theoretical market microstructure literature, see OHara (1995) and Easley and OHara (1995) 4) See, for example, the results of Hasbrouck (1988) and Madhavan and Smidt (1991) 5) Overall, however, the results of Hansch ######(1998) suggest that mean reversion in LSE market makers inventories is stronger than mean reversion in NYSE specialists inventories. They report an average mean half life of inventories of 2.5 days, which is much lower than the 7.3 days found by Madhavan and Smidt (1993) for NYSE specialists. 9 ....
Hansch, O, Naik, N and Viswanathan, S (1998), Do Inventories Matter in Dealership Markets? Evidence from the London Stock Exchange, ########## #######, 53, pages 1,623-56.
Securities Transaction Taxes And Financial Markets - Habermeier, Kirilenko (2000) (1 citation) (Correct)
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Hansch, Oliver, Narayan Y. Naik, and S. Viswanathan, 1998, Do inventories matter in dealership markets? Evidence from the London Stock Exchange, Journal of Finance 53, 1623-1656.
Search Costs: The Neglected Spread Component - Flood, Huisman, Koedijk, Lyons (1999) (Correct)
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Hansch, O., N. Naik, and S. Viswanathan, 1998, Do Inventories Matter in Dealership Markets? Evidence from the London Stock Exchange, Journal of Finance, 53, 1623-1656.
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