Local market makers, liquidity and market quality

Kedia, Simi; Zhou, Xing

doi:10.1016/j.finmar.2011.02.002

Cited by 16 publications

(1 citation statement)

References 62 publications

(57 reference statements)

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“…The research results show that when market makers actively manage their inventory to maximize profits, they do not stabilize the market; and the behavior of market makers depends on the behavior of speculators (Zhu, et al, 2009). The information advantage of local market makers is a very valuable factor in reducing transaction costs (Kedia and Zhou, 2011).…”

Section: Introductionmentioning

confidence: 99%

Incentive Mechanism Design and Simulation of Emission Trading Based on Market Maker System

Li¹

2019

Appl. Ecol. Env. Res.

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Through model hypothesis and simulation experiment method, this paper demonstrates the behaviour choice of the market maker and emission discharge enterprise after a certain long-term operation with market maker mechanism in the emission trading market under certain pre-defined conditions. Each subject's and overall utility are explored. After analysing the impact of market demand and price difference on market maker trading, the relevant suggestions for introducing the market maker mechanism in the emissions trading market are given.

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Section: Introductionmentioning

confidence: 99%

Incentive Mechanism Design and Simulation of Emission Trading Based on Market Maker System

Li¹

2019

Appl. Ecol. Env. Res.

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The Impact of Geographic and Cultural Dispersion on Information Opacity

Cashman

Harrison

Seiler

et al. 2017

J Real Estate Finan Econ

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This paper investigates the influences of intrafirm geographic and cultural dispersion, the distance between the location of a firm's investments and its headquarters, on the firm's information environment. Specifically, using a sample of publicly traded real estate companies across the Asia-Pacific region, we examine how intrafirm geographic and cultural distance impacts a firm's capital acquisition costs. As a consequence of both the heavily regulated operating environment faced by these firms, as well as the capital intensive nature of this industry, funding costs should be of pronounced importance to firms within this sector. Consistent with this paradigm, we find that firms with geographically disperse investments exhibit enhanced informational opacity. Specifically, firms with more geographically disperse investments exhibit higher capital acquisition costs than their more geographically concentrated counterparts. Similarly, firms with more culturally disparate investments also exhibit enhanced informational opacity, as evidenced by increased capital costs. Additionally, we present evidence that the impact of both physical and cultural distance is increasing following the global financial crisis. Taken together, our results provide strong evidence that both intrafirm geographic and cultural dispersion materially impact both an organization's information environment and funding costs.

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2014

Mergers, Acquisitions, and Other Restructuring Activities

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Local market makers, liquidity and market quality

Cited by 16 publications

References 62 publications

Incentive Mechanism Design and Simulation of Emission Trading Based on Market Maker System

Incentive Mechanism Design and Simulation of Emission Trading Based on Market Maker System

The Impact of Geographic and Cultural Dispersion on Information Opacity

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