Sale of Price Information by Exchanges: Does It Promote Price Discovery?
Published Online:23 May 2013https://doi.org/10.1287/mnsc.2013.1735
References
- (1986) A monopolistic market for information. J. Econom. Theory 39:400–438.Crossref, Google Scholar
- (1987) Viable allocations of information in financial markets. J. Econom. Theory 43:76–115.Crossref, Google Scholar
- (1988) Selling and trading on information in financial markets. Amer. Econom. Rev. 78:96–103.Google Scholar
- (1990) Direct and indirect sale of information. Econometrica 58:901–928.Crossref, Google Scholar
- (2006) Demutualization and public offerings of financial exchanges. J. Appl. Corporate Finance 18:96–106.Crossref, Google Scholar
- (2011) To pay or be paid? The impact of taker fees and order flow inducements on trading costs in U.S. options markets. Working paper, University of Notre Dame, Notre Dame, IN.Crossref, Google Scholar
- (1965) The Stock Market and Economic Efficiency (Fordham University Press, New York).Google Scholar
- (1993) Price formation and equilibrium liquidity in fragmented and centralized markets. J. Finance 48:157–185.Crossref, Google Scholar
- (1999) Market transparency: Who wins and who loses? Rev. Financial Stud. 12:5–35.Crossref, Google Scholar
- (2005) Lifting the veil: An analysis of pre-trade transparency at the NYSE. J. Finance 60:783–815.Crossref, Google Scholar
- (2012) The real effects of financial markets. Annual Rev. Financial Econom. 4:339–360.Crossref, Google Scholar
- (2007) Pricing prices. Working paper, University of Houston, Houston.Crossref, Google Scholar
- (1996) Information, trade, and derivative securities. Rev. Financial Stud. 1:163–208.Crossref, Google Scholar
- (1992) The real output of the stock exchange. Griliches Z, ed. Output Measurement in the Service Sectors (University of Chicago Press, Chicago), 195–216.Google Scholar
- (2012) High frequency trading and price discovery. Working paper, University of Washington, Seattle.Google Scholar
- (1989) On technical analysis. Rev. Financial Stud. 2:527–551.Crossref, Google Scholar
- (2011) Competition between exchanges: A research agenda. Internat. J. Indust. Organ. 29:329–336.Crossref, Google Scholar
- (2008) Information sales and insider trading with long-lived information. J. Finance 63:639–672.Crossref, Google Scholar
- (2012) Dynamic trading and asset prices: Keynes vs. Hayek. Rev. Econom. Stud. 79:539–580.Crossref, Google Scholar
- (2009) The race to zero: Industry in drive to reduce latency of trading infrastructure. Traders Magazine (October), http://www.tradersmagazine.com/issues/20_299/latency-co-location-microseconds-104496-1.html.Google Scholar
- (2003) Informed trading, investment and welfare. J. Bus. 76:439–454.Crossref, Google Scholar
- (2013a) Leveling the trading field. J. Financial Markets, ePub ahead of print July 9, http://dx.doi.org/10.1016/j.finmar.2013.06.003.Google Scholar
- (2013b) Differential access to price information in financial markets. Working paper, Cornell University, Ithaca, NY.Google Scholar
- (1995) The incentive to sell financial market information. J. Financial Intermediation 4:95–115.Crossref, Google Scholar
- (2011) Information sales and strategic trading. Rev. Financial Stud. 24:3069–3104.Crossref, Google Scholar
- (1989) Trade and the revelation of information through prices and direct disclosure. Rev. Financial Stud. 2:495–526.Crossref, Google Scholar
- (1995) One security, many markets: Determining the contribution to price discovery. J. Finance 50:1175–1199.Crossref, Google Scholar
- (2011) Low-latency trading. Working paper, New York University, New York.Crossref, Google Scholar
- (1980) On the aggregation of information in competitive markets. J. Econom. Theory 22:477–498.Crossref, Google Scholar
- (2011) Middlemen in limit-order markets. Working paper, New York University, New York.Crossref, Google Scholar
- (1985) Continuous auctions and insider trading. Econometrica 53:1315–1335.Crossref, Google Scholar
- (2009) Active investment, liquidity externalities, and markets for information. Working paper, New York University, New York.Crossref, Google Scholar
- (1992) Insider trading: Should it be prohibited? J. Political Econom. 100:859–887.Crossref, Google Scholar
- (2012) Lack of anonymity and the inference from order flow. Rev. Financial Stud. 25:1414–1456.Crossref, Google Scholar
- (1995) Consolidation, fragmentation, and the disclosure of trading information. Rev. Financial Stud. 8:579–603.Crossref, Google Scholar
- (1991) Prices are property: The organization of financial exchanges from a transaction cost perspective. J. Law Econom. 34:591–644.Crossref, Google Scholar
- (1997) Market Microstructure Theory (Blackwell Publishers, Oxford, UK).Google Scholar
- (2003) Presidential address: Liquidity and price discovery. J. Finance 58:1335–1354.Crossref, Google Scholar
- (1996) Transparency and liquidity: A comparison of auction and dealer markets with informed trading. J. Finance 51:580–611.Crossref, Google Scholar
- (2008) Informed traders as liquidity providers: Anonymity, liquidity, and price formation. Rev. Finance 12:497–532.Crossref, Google Scholar
- Securities and Exchange Commission (SEC) (2010) Concept release on equity market structure. Accessed April 24, 2013, http://www.sec.gov/rules/concept/2010/34-61358.pdf.Google Scholar
- (1999) Competition in markets for information. Working paper, Michigan State University, East Lansing.Google Scholar
- (1999) The going-public decision and the development and financial markets. J. Finance 54:1045–1082.Crossref, Google Scholar
- (2006) Media frenzies in markets for financial information. Amer. Econom. Rev. 96:577–601.Crossref, Google Scholar
- (1982) Information acquisition in a noisy rational expectations economy. Econometrica 50:1415–1430.Crossref, Google Scholar
- (1995) Short-term investment and the informational efficiency of the market. Rev. Financial Stud. 8:125–160.Crossref, Google Scholar

