Symposium on Market Microstructure: Focus on Nasdaq
G. William Schwert
University of Rochester, Rochester, NY 14627
and National Bureau of Economic Research
Journal of Financial Economics, 45 (July 1997) 3-8
This special issue of the Journal of Financial Economics includes six articles
that analyze the market microstructure of Nasdaq in various ways. The question
of the costs of trading on Nasdaq has become contentious in both the academic
and legal/regulatory arenas since the Christie and Schultz (1994) article first
noted that many actively traded Nasdaq stocks were almost never quoted on odd
eighths. The articles in this symposium bring new and interesting insights to
Key words: Market microstructure, NYSE, Nasdaq, Bid-ask
JEL Classifications: G14, G20, D23
Cited 7 times in the SSCI and SCOPUS through 2014
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