股票市场发展与经济增长文献综述.docVIP

本份文档包含：关于该选题的外文文献 、文献综述 一、外文文献 标题: Impact of Stock Market Structure on Intertrade Time and Price Dynamics 作者: Ivanov, Plamen; Yuen, Ainslie; Perakakis, Pandelis 期刊: International Review of Financial Analysis (Volume 9 2014): 207-219 年份: 2015 Impact of Stock Market Structure on Intertrade Time and Price Dynamics Introduction The impact of market structure and associated rules of operation on market efficiency and stock price formation have attracted considerable public attention [1]. Developments on the New York Stock Exchange (NYSE) [1], [2], have raised the profile of the market operating mechanism, the market structure, employed by a stock market. This has also been of concern to those involved in stock market regulation, on behalf of investors [1], [3], since optimizing market structure results in more effectively functioning markets [4] and increases competitiveness for market share in listed stocks [5]. The two major stock markets in the U.S., the NYSE and the National Association of Securities Dealers Automated Quotation System (NASDAQ) National Market have very different structures [6], [7], and there is continuing controversy over whether reported differences in stock price behavior are due to differences in market structure or company characteristics [8]. Comparative studies of the NYSE and NASDAQ have primarily focused on stock prices to provide evidence that market organizational structure affects the price formation process [4], [9], [10]. It has been shown that stocks registered on the NASDAQ may be characterized by a larger bid-ask spread [11] and higher price volatility [4], [9], [10]. However, this is often attributed to the market capitalization, growth rate or the nature of the companies listed on the NASDAQ [8]. Empirical studies have also emphasized the dominant role and impact of trading volume on prices [12], [13]; since traded volume is determined by investors it is difficult to isolate the effects of market structure on price formation. As th