کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
5106722 | 1481630 | 2017 | 7 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
Fragmentation vs. consolidation in Spanish Stock Exchange. A note
ترجمه فارسی عنوان
تقسیم بندی در مقابل تثبیت در بورس اوراق بهادار اسپانیا. یک یادداشت
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موضوعات مرتبط
علوم انسانی و اجتماعی
مدیریت، کسب و کار و حسابداری
حسابداری
چکیده انگلیسی
After the implementation of MiFID (I and II), competition is a reality in all the European Cash Markets. A natural consequence of competition is that order flow is fragmented in different type of venues. This paper focuses on the consequences of fragmentation on the local market liquidity of the Spanish Stock Exchange (hereafter SSE). Our main result shows that, for our sample, fragmentation is relevant determining the cost of liquidity. Following the analysis of Degryse et al. (2014), the linear component of fragmentation has a positive and significant effect on liquidity (reduces spreads and increases Kyle's Lambda) and the quadratic term has a negative and significant effect on liquidity (increases spreads and reduces Kyle's Lambda). So, fragmentation is good for liquidity but beyond a given level of fragmentation, increasing it is worse for the liquidity of the regulated market.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: The Spanish Review of Financial Economics - Volume 15, Issue 1, JanuaryâJune 2017, Pages 33-39
Journal: The Spanish Review of Financial Economics - Volume 15, Issue 1, JanuaryâJune 2017, Pages 33-39
نویسندگان
Mikel Tapia,