| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w28515 |
| 来源ID | Working Paper 28515 |
| Financial Regulation, Clientele Segmentation, and Stock Exchange Order Types | |
| Sida Li; Mao Ye; Miles Zheng | |
| 发表日期 | 2021-03-01 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | Financial regulations and clientele segmentation explain the proliferation of order types on stock exchanges. Plain market and limit orders lose money, indicating that informed traders use complex orders. Fifty-seven percent of trading volume comes from non-routable orders, which are designed to bypass Reg NMS. Because Reg NMS routes orders based on the best gross prices, it often routes orders to worse net prices after adjusting for fees. Non-routable orders win speed races to capture short-term profits, but all order types containing long-term information are routable. An order type that complies with share repurchase regulations earns a 30-day return of 7%. |
| 主题 | Financial Economics ; Financial Markets |
| URL | https://www.nber.org/papers/w28515 |
| 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/586187 |
| 推荐引用方式 GB/T 7714 | Sida Li,Mao Ye,Miles Zheng. Financial Regulation, Clientele Segmentation, and Stock Exchange Order Types. 2021. |
| 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 | ||
| w28515.pdf（570KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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