Trading and Pricing in Upstairs and Downstairs Stock Markets

By G. Booth, Ji‐Chai Lin, Teppo Martikainen, Y. Tse. 2002

222 citations recorded by the source corpus.

Subfields: Accounting, Finance, Strategy and Management

View Paper: https://www.semanticscholar.org/paper/71871174e84512e96d9e0e65f262c44c2ba28313

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. Tālis J. Putniņš
2. Sugato Chakravarty
3. Terrence Hendershott
4. Sanjiv Sabherwal
5. Cheol S. Eun
6. Michael J. Barclay
7. Huseyin Gulen
8. Y. Tse

In Finance

1. Tālis J. Putniņš
2. Terrence Hendershott
3. Sugato Chakravarty
4. Stewart Mayhew
5. Huseyin Gulen
6. Cheol S. Eun
7. Sanjiv Sabherwal
8. Michael J. Barclay

In Strategy and Management

1. Tālis J. Putniņš
2. Cheol S. Eun
3. Sanjiv Sabherwal
4. Huseyin Gulen
5. Y. Tse

Citations in the corpus

• What Do Price Discovery Metrics Really Measure (2013, methodology): “To give another example, p2 could be prices of trades that are comparatively more often liquidity motivated than information motivated, e.g., upstairs negotiated block trades compared to normal order book trades (Booth et al., 2002).”
• Cross‐Border Listings and Price Discovery: Evidence from U.S.‐Listed Canadian Stocks (2003, methodology): “14 Booth et al. (2002) study price discovery in the Finnish upstairs and downstairs markets.”
• Automation versus Intermediation: Evidence from Treasuries Going Off the Run (2006, methodology): “These markets have been modeled by Grossman (1992) and Seppi (1990) and studied empirically by Keim and Madhavan (1996), Madhavan and Cheng (1997), Smith, Turnbull, and White (2001), Booth et al. (2002), and Bessembinder and Venkataraman (2004). Bessembinder and Venkataraman show how upstairs broker”
• The information content of an open limit‐order book (2009, unknown): “Finally, given that the distributions and test statistics of these bounds are difficult to obtain, we follow Hasbrouck (1995), Booth et al. (2002) and Huang (2002) to assess the statistical significance of the bounds by using the cross-sectional standard errors.”
• Informed Trading in Stock and Option Markets (2004, methodology): “In the subsequent two sections, we examine the time-series and cross-sectional determinants of variation in estimates of information shares.”
• Does an Electronic Stock Exchange Need an Upstairs Market (2002, unknown): “Madhavan and Cheng (1997) study upstairs trading in the floor-based NYSE, while two recent papers, Smith et al. (2001) and Booth et al. (2001), study upstairs trading in the Toronto Stock Exchange (TSE) and the Helsinki Stock Exchange (HSE), respectively, where the downstairs market is electronic.”
• Price discovery and common factor models (2002, background): “In their study of Finnish upstairs and downstairs stock markets, Booth et al. (2002) use trading intervals averaging approximately 30min.”
• Cross-Listing, Price Discovery and the Informativeness of the Trading Process (2006, unknown): “In that case, Huang (2002) and Booth et al. (2002) show wide gaps between the upper and lower bounds on the information shares.”