THE INFORMATIONAL ROLE OF UPSTAIRS AND DOWNSTAIRS TRADING

被引：58
|
作者：
GROSSMAN, SJ
机构：
来源：
JOURNAL OF BUSINESS | 1992年 / 65卷 / 04期
关键词：
D O I：
10.1086/296583
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
I assume that customers do not continuously participate in all markets and that intermediaries are repositories of information about the ("unexpressed") demands of currently non-participating customers. A model of downstairs (i.e., centralized) versus upstairs (i.e., fragmented) markets is developed based on the assumption that upstairs (and, not downstairs) dealers may possess information about unexpressed demand. The equilibrium liquidity of both markets is characterized by the trade-off between the benefits of information about unexpressed demand and the cost to the customer of trading in a fragmented market.
引用
收藏
页码：509 / 528
页数：20
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