Search Results - "CHRISTIE, WILLIAM G."
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Why do NASDAQ Market Makers Avoid Odd-Eighth Quotes?
Published in The Journal of finance (New York) (01-12-1994)“…The NASDAQ multiple dealer market is designed to produce narrow bid-ask spreads through the competition for order flow among individual dealers. However, we…”
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Market microstructure of the Pink Sheets
Published in Journal of banking & finance (01-07-2009)“…We study the microstructure of the Pink Sheets and assess the ability of existing theory to capture salient features of this relatively unstructured and…”
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Are Dividend Omissions Truly the Cruelest Cut of All?
Published in Journal of financial and quantitative analysis (01-09-1994)“…Signaling and agency cost theories of dividend policy predict that omissions will produce a larger average decline in equity values than will reductions of…”
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Nasdaq Trading Halts: The Impact of Market Mechanisms on Prices, Trading Activity, and Execution Costs
Published in The Journal of finance (New York) (01-06-2002)“…We study the effects of alternative halt and reopening procedures on prices, transaction costs, and trading activity for a sample of news-related trading halts…”
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Why Did NASDAQ Market Makers Stop Avoiding Odd-Eighth Quotes?
Published in The Journal of finance (New York) (01-12-1994)“…On May 26 and 27, 1994 several national newspapers reported the findings of Christie and Schultz (1994) who cannot reject the hypothesis that market makers of…”
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Effects of Market Reform on the Trading Costs and Depths of Nasdaq Stocks
Published in The Journal of finance (New York) (01-02-1999)“…The relative merits of dealer versus auction markets have been a subject of significant and sometimes contentious debate. On January 20, 1997, the Securities…”
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Market Structure and the Intraday Pattern of Bid-Ask Spreads for NASDAQ Securities
Published in The Journal of business (Chicago, Ill.) (01-01-1995)“…This article examines the intraday pattern of bid-ask spreads among NASDAQ stocks. We find that spreads are relatively stable throughout the day but narrow…”
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Do Firms Time Equity Offerings? Evidence from the 1930s and 1940s
Published in Financial management (01-04-2004)“…We investigate whether the timing of equity sales to exploit market overvaluation may account for the reported poor post-offer stock performance of firms…”
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Following the Pied Piper: Do Individual Returns Herd around the Market?
Published in Financial analysts journal (01-07-1995)“…Do equity returns indicate the presence of herd behavior on the part of investors during periods of market stress? To test this proposition, the…”
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Free Cash Flow, Shareholder Value, and the Undistributed Profits Tax of 1936 and 1937
Published in The Journal of finance (New York) (01-12-1994)“…In 1936, the Federal Government unexpectedly imposed a tax on undistributed corporate profits. Despite the direct costs of the tax, its announcement produced a…”
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The initiation and withdrawal of odd-eighth quotes among Nasdaq stocks: an empirical analysis
Published in Journal of financial economics (01-06-1999)“…Christie and Schultz (1994), (Journal of Finance, 49, 1813–1840) find that market makers in many active Nasdaq stocks avoid odd-eighth quotes. This paper…”
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Policy Watch: Did Nasdaq Market Makers Implicitly Collude?
Published in The Journal of economic perspectives (01-07-1995)“…This paper chronicles the research that led to the conclusion that Nasdaq marketmakers implicitly colluded to maintain supracompetitive spreads (Christie and…”
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