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The Importance of Trading
Dealer Markets versus Agency Markets
40 other sections not shown
aggregate Amex analysis arbitrage average beta coefficient bid-ask spread brokerage brokers buy and sell buy order buyers call market Chapter commissions competitive consolidation consumer surplus continuous market corporation correlation curve labeled dealer firm decision maker demand curve Economics effect efficiency electronic equation equilibrium price equity markets execution costs expected return Figure floor frictionless futures contract hold shares increase indifference curve individual informational change insider trading interval inventory investment banking investor issues Journal of Finance limit order limit order book liquidity market centers market clearing market makers market order market portfolio market price NASD NASDAQ number of shares NYSE opportunity cost optimal option order flow order function percent period price changes price discovery profits quotes relation risky asset Schwartz secondary markets securities markets sell order sellers share price Stock Exchange trading system transaction price uncertainty utility volatility York Stock Exchange