Market Architecture: Limit Order Books Versus Dealership Markets

By S. Viswanathan, James J.D. Wang. 2002

134 citations recorded by the source corpus.

Subfields: Management Information Systems, Management Science and Operations Research, Marketing

View Paper: https://www.semanticscholar.org/paper/d44155c52f1fd664e5bd51f87a15f045fe4ed7ac

How researchers see this paper

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

In Management Information Systems

1. Kee‐Hong Bae
2. Christine A. Parlour
3. Duane J. Seppi

In Management Science and Operations Research

1. Thierry Foucault
2. Christine A. Parlour
3. Albert J. Menkveld
4. Duane J. Seppi
5. Hee-Joon Ahn

In Marketing

1. Kee‐Hong Bae
2. Christine A. Parlour
3. Duane J. Seppi

Citations in the corpus

• Traders’ choice between limit and market orders: evidence from NYSE stocks (2003, background): “…Glosten (1994), Harris (1994), Kumar and Seppi (1994), Chakravarty and Holden (1996), Seppi (1997), Parlour (1998), Parlour and Seppi (1998), Viswanathan and Wang (1998), and Foucault (1999) develop equilibrium models of the limit-order book and examine the various aspects of limit-order…”
• Liquidity-Based Competition for Order Flow (2003, background): “Viswanathan and Wang (2002) contrast pure and hybrid market equilibria with risk-averse market makers.”
• Dynamic Order Submission Strategies with Competition between a Dealer Market and a Crossing Network (2007, unknown): “We build on previous work that studies welfare and the optimal degree of transparency (see e.g. Pagano and Roëll (1996), Glosten (1998), Bloom eld and O Hara (2000), Viswanathan and Wang (2002), Parlour and Seppi (2003), Goettler, Parlour and Rajan (2005), and Rindi (2007)).”
• Limit Order Markets: A Survey 1 (2008, background): “Instead of modeling competition between markets, Viswanathan and Wang (2002) ask whether liquidity demanders would prefer trading in an oligopolistic dealer market or trading in an oligopolistic limit order market.”
• Competition for Order Flow and Smart Order Routing Systems (2008, background): “theory, the two markets have identical trading mechanisms (limit order markets) and there are no clientele e¤ects (as in Hendershott and Mendelson (2000) or Viswanathan and Wang (2002) ).”
• The components of the bid–ask spread in a limit-order market: evidence from the Tokyo Stock Exchange (2002, background): “In particular, Glosten (1994), Handa and Schwartz (1996), Rock (in press), Seppi (1997), Viswanathan and Wang (1998), and Foucault (1999) offer a variety of equilibrium models on limit-order trading.1 Biais et al. (1995) offer an empirical analysis of the supply and demand of liquidity and…”
• Does an Electronic Stock Exchange Need an Upstairs Market (2002, unknown): “Vishwanathan and Wang (2002) note that an important distinction arises in the nature of price quotations across dealer markets and limit order books.”