Upstairs Market for Principal and Agency Trades: Analysis of Adverse Information and Price Effects

By Brian F. Smith, D. S. Turnbull, Robert W. White. 2001

115 citations recorded by the source corpus.

Subfields: Accounting, Economics and Econometrics, Finance

View Paper: https://www.semanticscholar.org/paper/280a102f119f0a094edabdf7e7c69f0bf6a0e9ed

How researchers see this paper

The researchers whose trusted networks rank it highest, strongest advocate first. Every researcher gets a different order.

In Accounting

1. Cheol S. Eun
2. Sanjiv Sabherwal
3. S. Schmukler
4. Ross Levine

In Economics and Econometrics

1. Cheol S. Eun
2. Sanjiv Sabherwal
3. S. Schmukler
4. Ross Levine

In Finance

1. Cheol S. Eun
2. Sanjiv Sabherwal
3. S. Schmukler
4. Ross Levine

Citations in the corpus

• Trading Rules, Competition for Order Flow and Market Fragmentation (2015, unknown): “We                                                              10 Bessembinder and Venkataraman (2004), Booth, Lin, Martikainen, and Tse (2002), Fong, Swan, and Madhavan (2001), Madhavan and Cheng (1997) and Smith, Turnbull, and White (2001) study broker-to-broker negotiated trades in upstairs…”
• Does an Electronic Stock Exchange Need an Upstairs Market (2002, unknown): “We follow Madhavan and Cheng (1997), Smith et al. (2001), and Booth et al. (2001) in using trades as the basic unit of observation.9 A large marketable order to buy (sell) sent downstairs can exhaust the depth on the inside quote and walk up (down) the limit order book.”
• Cross‐Border Listings and Price Discovery: Evidence from U.S.‐Listed Canadian Stocks (2003, background): “Smith, Turnbull, and White (2001) provide details of order execution on the TSE.”