Portal de Periódicos da CAPES

Prices Are Property: The Organization of Financial Exchanges from a Transaction Cost Perspective

1991; University of Chicago Press; Volume: 34; Issue: 2, Part 2 Linguagem: Inglês

10.1086/467237

1537-5285

J. Harold Mulherin, Jeffry M. Netter, James A. Overdahl,

Economic theories and models

Previous articleNext article No AccessPrices Are Property: The Organization of Financial Exchanges from a Transaction Cost PerspectiveJ. Harold Mulherin, Jeffry M. Netter, and James A. OverdahlJ. Harold Mulherin, Jeffry M. Netter, and James A. OverdahlPDFPDF PLUS Add to favoritesDownload CitationTrack CitationsPermissionsReprints Share onFacebookTwitterLinkedInRedditEmail SectionsMoreDetailsFiguresReferencesCited by The Journal of Law and Economics Volume 34, Number 2, Part 2Oct., 1991Contracts and the Activities of Firms Sponsored by The University of Chicago Booth School of Business and The University of Chicago Law School Article DOIhttps://doi.org/10.1086/467237 Views: 19Total views on this site Citations: 62Citations are reported from Crossref Copyright 1991 The University of ChicagoPDF download Crossref reports the following articles citing this article:Joost Jonker, Angelo Riva Stock exchange price currents, financial information and market transparency: an introduction, Financial History Review 88 (Jan 2023): 1–16.https://doi.org/10.1017/S0968565022000105Crocker Herbert Liu, Charles Trzcinka, Ziwei Zhao Trading Halts and Fundamentals, SSRN Electronic Journal 59 (Jan 2023).https://doi.org/10.2139/ssrn.4352503Alex Frino, Ognjen Kovačević, Vito Mollica, Robert I. Webb The sensitivity of trading to the cost of information, Journal of Futures Markets 70 (Aug 2020).https://doi.org/10.1002/fut.22152Kai Reimers, Xunhua Guo, Mingzhi Li Beyond markets, hierarchies, and hybrids: an institutional perspective on IT-enabled two-sided markets, Electronic Markets 29, no.22 (Nov 2018): 287–305.https://doi.org/10.1007/s12525-018-0319-0Asaf Bernstein, Eric Hughson, and Marc Weidenmier Counterparty Risk and the Establishment of the New York Stock Exchange Clearinghouse, Journal of Political Economy 127, no.22 (Feb 2019): 689–729.https://doi.org/10.1086/701033Marc Berninger, Markus Klug, Dirk Schiereck Börsenrückzüge infolge steigender Corporate-Governance-Anforderungen – Empirische Evidenz von 13 europäischen Kapitalmärkten, Schmalenbachs Zeitschrift für betriebswirtschaftliche Forschung 70, no.44 (Oct 2018): 351–391.https://doi.org/10.1007/s41471-018-0058-0James J. Angel, Douglas M. McCabe Insider Trading 2.0? The Ethics of Information Sales, Journal of Business Ethics 147, no.44 (Jan 2017): 747–760.https://doi.org/10.1007/s10551-016-3391-4Christopher L. Culp, Andria van der Merwe, Bettina J. Stärkle Implications of CDS Listings for Reference Entities and Creditors, (Jul 2018): 193–217.https://doi.org/10.1007/978-3-319-93076-3_10James J. Angel Retail Investors Get a Sweet Deal: The Cost of a SIP of Stock Market Data, SSRN Electronic Journal (Jan 2018).https://doi.org/10.2139/ssrn.3268916Carolyn Sissoko The Plight of Modern Markets: How Universal Banking Undermines Capital Markets, Economic Notes 46, no.11 (Oct 2016): 53–104.https://doi.org/10.1111/ecno.12071Cecilia Caglio, Stewart Mayhew Equity trading and the allocation of market data revenue, Journal of Banking & Finance 62 (Jan 2016): 97–111.https://doi.org/10.1016/j.jbankfin.2015.10.002Andrea Paltrinieri Stock exchange industry in UAE, International Journal of Emerging Markets 10, no.33 (Jul 2015): 362–382.https://doi.org/10.1108/IJoEM-12-2012-0181Caroline Fohlin, Thomas Gehrig, Marlene Haas Rumors and Runs in Opaque Markets: Evidence from the Panic of 1907, SSRN Electronic Journal (Jan 2015).https://doi.org/10.2139/ssrn.2591343Steen Thomsen, Frederik Vinten Delistings and the costs of governance: a study of European stock exchanges 1996–2004, Journal of Management & Governance 18, no.33 (Feb 2013): 793–833.https://doi.org/10.1007/s10997-013-9256-7Margarita S. Brose, Mark D. Flood RISK MANAGEMENT CONTEXT FOR FINANCIAL DATA, (Jan 2014): 3–7.https://doi.org/10.1017/CBO9780511997723.003Mark D. Flood A brief history of financial risk and information, (Jan 2014): 8–32.https://doi.org/10.1017/CBO9780511997723.004Giovanni Cespa, Thierry Foucault Sale of Price Information by Exchanges: Does It Promote Price Discovery?, Management Science 60, no.11 (Jan 2014): 148–165.https://doi.org/10.1287/mnsc.2013.1735Faten Ben Slimane The Structural Evolution of Stock Exchanges, Recherches en Sciences de Gestion N° 93, no.66 (Dec 2012): 47–71.https://doi.org/10.3917/resg.093.0045Pierre-Cyrille Hautcoeur, Angelo Riva The Paris financial market in the nineteenth century: complementarities and competition in microstructures 1, The Economic History Review 65, no.44 (Nov 2011): 1326–1353.https://doi.org/10.1111/j.1468-0289.2011.00632.xAndy Lie Securities Market Competition Regulation – Issues in ASIC's Takeover of ASX's Market Integrity Rules, SSRN Electronic Journal (Jan 2012).https://doi.org/10.2139/ssrn.2017260Mark D. Flood A Brief History of Financial Risk and Information, SSRN Electronic Journal (Jan 2012).https://doi.org/10.2139/ssrn.2150987Andrea Paltrinieri Stock Exchange Mergers in the Emerging Markets: A Case Study of the United Arab Emirates, SSRN Electronic Journal (Jan 2012).https://doi.org/10.2139/ssrn.2156090Cecilia Caglio, Stewart Mayhew Equity Trading and the Allocation of Market Data Revenue, SSRN Electronic Journal (Jan 2012).https://doi.org/10.2139/ssrn.2195105, Cecilia Caglio, Stewart Mayhew Equity Trading and the Allocation of Market Data Revenue, Finance and Economics Discussion Series 2012, no.6565 (Jan 2012): 1–43.https://doi.org/10.17016/FEDS.2012.65Giovanni Cespa, Thierry Foucault Sale of Price Information by Exchanges: Does it Promote Price Discovery?, SSRN Electronic Journal (Jan 2011).https://doi.org/10.2139/ssrn.1875001Kathryn L. Dewenter, Chang-Soo Kim, Walter Novaes Anatomy of a regulatory race to the top: Changes in delisting rules at Korea's two stock exchanges, 1999–2002, Journal of Corporate Finance 16, no.44 (Sep 2010): 456–468.https://doi.org/10.1016/j.jcorpfin.2010.06.005Mark D. Flood, Albert S. Kyle, Louiqa Raschid Knowledge Representation and Information Management for Financial Risk Management: Report of a Workshop, SSRN Electronic Journal (Jan 2010).https://doi.org/10.2139/ssrn.1718808Christopher L. Culp The Social Functions of Financial Derivatives, (Nov 2011): 57–71.https://doi.org/10.1002/9781118266403.ch4Maurits Barendrecht Understanding the Market for Justice, SSRN Electronic Journal (Jan 2009).https://doi.org/10.2139/ssrn.1416841William O. Brown, J. Harold Mulherin, Marc D. Weidenmier Competing with the New York Stock Exchange *, Quarterly Journal of Economics 123, no.44 (Nov 2008): 1679–1719.https://doi.org/10.1162/qjec.2008.123.4.1679J. PETER FERDERER Advances in Communication Technology and Growth of the American Over-the-Counter Markets, 1876–1929, The Journal of Economic History 68, no.22 (Jun 2008): 501–534.https://doi.org/10.1017/S0022050708000387Giovanni Cespa, Thierry Foucault Insiders-Outsiders, Transparency, and the Value of the Ticker, SSRN Electronic Journal (Jan 2008).https://doi.org/10.2139/ssrn.1117581Kislaya Prasad Comment on "Markets come to bits: Evolution, computation and markomata in economic science", by Philip Mirowski, Journal of Economic Behavior & Organization 63, no.22 (Jun 2007): 313–315.https://doi.org/10.1016/j.jebo.2005.12.013Alex Boulatov, Martin Dierker Pricing Prices, SSRN Electronic Journal (Jan 2007).https://doi.org/10.2139/ssrn.967363D. Bruce Johnsen Mutual Funds, Conflicts of Interest, and Regulatory Error: A Property Rights Approach, SSRN Electronic Journal (Jan 2005).https://doi.org/10.2139/ssrn.847865Robert I. Webb Transitory real-time property rights and exchange intellectual property, Journal of Futures Markets 23, no.99 (Jul 2003): 891–913.https://doi.org/10.1002/fut.10097Guido A. Ferrarini Pan-European Securities Markets: Policy Issues and Regulatory Responses, European Business Organization Law Review 3, no.22 (Feb 2015): 249–292.https://doi.org/10.1017/S1566752900000926Thomas J. Chemmanur, William J. Wilhelm New Technologies, Financial Innovation, and Intermediation, Journal of Financial Intermediation 11, no.11 (Jan 2002): 2–8.https://doi.org/10.1006/jfin.2002.0331Ruben Lee Ownership of Market Information, (Jan 2002): 1388–1393.https://doi.org/10.1007/978-1-349-74173-1_264Katalin Walter Einleitung, (Jan 2002): 1–13.https://doi.org/10.1007/978-3-663-07924-8_1Stephen Craig Pirrong Self-Regulation of Private Organized Markets, (Jan 2017): 1833–1838.https://doi.org/10.1007/978-1-349-74173-1_347Sergio G Lazzarini, Pedro Carvalho de Mello Governmental versus self-regulation of derivative markets: examining the U.S. and Brazilian experience, Journal of Economics and Business 53, no.2-32-3 (Mar 2001): 185–207.https://doi.org/10.1016/S0148-6195(00)00047-3Jeffrey C. Williams Chapter 13 Commodity futures and options, (Jan 2001): 745–816.https://doi.org/10.1016/S1574-0072(01)10021-6Beatrice Boehmer, Ekkehart Boehmer Trading Your Neighbor's ETFs: Competition or Fragmentation?, SSRN Electronic Journal (Jan 2001).https://doi.org/10.2139/ssrn.292128 By Craig Pirrong A Theory of Financial Exchange Organization Pirrong, The Journal of Law and Economics 43, no.22 (Jul 2015): 437–472.https://doi.org/10.1086/467462Carmine Di Noia The Stock-exchange Industry: Network Effects, Implicit Mergers, and Corporate Governance, SSRN Electronic Journal (Jan 2000).https://doi.org/10.2139/ssrn.200991Craig Pirrong Third Markets and the Second Best, SSRN Electronic Journal (Jan 2000).https://doi.org/10.2139/ssrn.240803Craig Pirrong The organization of financial exchange markets: Theory and evidence, Journal of Financial Markets 2, no.44 (Nov 1999): 329–357.https://doi.org/10.1016/S1386-4181(99)00005-1Helmut Dietl, Markus Pauli, Susanne Royer Literatur, (Jan 1999): 331–348.https://doi.org/10.1007/978-3-322-89199-0_6Sharon Brown-Hruska, Paul A. Laux Complementary Markets, SSRN Electronic Journal (Jan 1999).https://doi.org/10.2139/ssrn.160208Jerome D. Davis Russian commodity exchanges: A case study of organized markets in the transition process, 1990-96, The Economics of Transition 6, no.11 (May 1998): 183–196.https://doi.org/10.1111/j.1468-0351.1998.tb00044.xPeter Newman S, (Jan 1998): 395–559.https://doi.org/10.1007/978-1-349-14286-6_4Sven-Olof Collin Financial intermediation through markets and organizations: An information-boundary argument for financial organizations, Scandinavian Journal of Management 13, no.22 (Jun 1997): 175–189.https://doi.org/10.1016/S0956-5221(96)00045-0CHRISTOPHER G. LAMOUREUX, CHARLES R. SCHNITZLEIN When It's Not The Only Game in Town: The Effect of Bilateral Search on the Quality of a Dealer Market, The Journal of Finance 52, no.22 (Apr 2012): 683–712.https://doi.org/10.1111/j.1540-6261.1997.tb04818.xBenn Steil Regional Financial Market Integration: Learning from the European Experience, SSRN Electronic Journal (Jan 1997).https://doi.org/10.2139/ssrn.1815987Arnold Picot, Christine Bortenlaenger, Heiner Roehrl The Automation of Capital Markets, Journal of Computer-Mediated Communication 1, no.33 (Jun 2006): 0–0.https://doi.org/10.1111/j.1083-6101.1995.tb00170.xJOEL HASBROUCK One Security, Many Markets: Determining the Contributions to Price Discovery, The Journal of Finance 50, no.44 (Apr 2012): 1175–1199.https://doi.org/10.1111/j.1540-6261.1995.tb04054.xHans R. Stoll Principles of trading market structure, Journal of Financial Services Research 6, no.11 (May 1992): 75–106.https://doi.org/10.1007/BF01046119Bill Nichols, Margarita S. Brose, Mark D. Flood, Dilip Krishna, Bill Nichols REQUIREMENTS AND SOURCES FOR FINANCIAL RISK MANAGEMENT, (): 175–178.https://doi.org/10.1017/CBO9780511997723.009Margarita S. Brose, Mark D. Flood, David M. Rowe, Margarita S. Brose, Mark D. Flood, Dilip Krishna, Bill Nichols Risk management data and information for improved insight, (): 328–380.https://doi.org/10.1017/CBO9780511997723.013Margarita S. Brose, Mark D. Flood, Margarita S. Brose, Mark D. Flood, Dilip Krishna, Bill Nichols REGULATORY DATA, (): 381–384.https://doi.org/10.1017/CBO9780511997723.014Alejandro Komai, Gary Richardson, Margarita S. Brose, Mark D. Flood, Dilip Krishna, Bill Nichols A history of financial regulation in the USA from the beginning until today: 1789 to 2011, (): 385–425.https://doi.org/10.1017/CBO9780511997723.015