Market microstructure: A survey of microfoundations, empirical results, and policy implications
نویسندگان
چکیده
Mark Garman (1976) quite aptly coined the phrase “market microstructure” as the title of an article about market making and inventory costs. The phrase became a descriptive title for the investigation of the economic forces affecting trades, quotes and prices. Our review covers not only what research has had to say about the nature of transaction prices, but also the broader literature on the interrelation between institutional structure, strategic behavior, prices and welfare.
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تاریخ انتشار 2004