| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w5374 |
| 来源ID | Working Paper 5374 |
| A Cross-Market Comparison of Institutional Equity Trading Costs | |
| Louis K. C. Chan; Josef Lakonishok | |
| 发表日期 | 1995-12-01 |
| 出版年 | 1995 |
| 语种 | 英语 |
| 摘要 | We compare execution costs (market impact plus commission) on the New York Stock Exchange (NYSE) and on Nasdaq for institutional investors. The differences in cost generally conform to each market's area of specialization. Controlling for firm size, trade size and the money management firm's identity, costs are lower on Nasdaq for trades in comparatively smaller firms. For the smallest firms, the cost advantage under a pre-execution benchmark is 0.68 percent. However, trading costs for the larger stocks are lower on NYSE. For the largest stocks, costs are lower by 0.48 percent on NYSE. Given the extreme difficulty of controlling for variables other than market structure, however, comparisons of costs should be interpreted with extreme caution. |
| 主题 | Financial Economics ; Financial Markets |
| URL | https://www.nber.org/papers/w5374 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/562829 |
| 推荐引用方式 GB/T 7714 | Louis K. C. Chan,Josef Lakonishok. A Cross-Market Comparison of Institutional Equity Trading Costs. 1995. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w5374.pdf（491KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
