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Electronic vs. Floor Based TradingThe Economic Value of a Trading Floor: Evidence from the American Stock Exchange

Electronic vs. Floor Based Trading: The Economic Value of a Trading Floor: Evidence from the... CHAPTER 8: THE ECONOMIC VALUE OF A TRADING FLOOR: EVIDENCE FROM THE AMERICAN STOCK EXCHANGE« « Puneet Handa, University of Iowa Associate Professor Robert Schwartz, Zicklin School of Business, Baruch College Marvin M. Speiser Professor of Finance Ashish Tiwari, University of Iowa Assistant Professor of Finance and Matthew Bucksbaum Research Fellow I. Introduction In recent years, the trend in equity market structure has been away from floor based trading to automated floor-less trading systems/^ But the "^^ Reprinted with permission from 'The Economic Value of a Trading Floor: Evidence form the American Stock Exchange,' Handa, P., Schwartz, R., and Tiwari, A., Journal of Business, 2004, voL77, no. 2. p t L pp 331-355, ©2004 by The University of Chicago. All rights reserved. ^^ We would like to thank the American Stock Exchange, especially Brett Redfeam and Russ Monahan, for making the necessary data available to us and for providing technical assistance and information. We are also most grateful to the referee for his or her helpful insights and suggestions. We further thank Bill Christie, Hank Bessembinder, Tom George, Bill Lupien, Deniz Ozenbas, Evan Schulman, George Sofianos, Dan Weaver and seminar participants at Dartmouth College, the OPIM Seminar at the http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png

Electronic vs. Floor Based TradingThe Economic Value of a Trading Floor: Evidence from the American Stock Exchange

Part of the Zicklin School of Business Financial Markets Conference Series Baruch College Book Series
Editors: Schwartz, Robert A.; Byrne, John Aidan; Colaninno, Antoinette
Handa, Puneet; Schwartz, Robert; Tiwari, Ashish
Electronic vs. Floor Based Trading — Jan 1, 2006
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Publisher
Springer US
Copyright
© Springer Science+Business Media, Inc. 2006
ISBN
978-0-387-29909-9
Pages
121 –151
DOI
10.1007/0-387-29910-6_8
Publisher site
See Chapter on Publisher Site

Abstract

CHAPTER 8: THE ECONOMIC VALUE OF A TRADING FLOOR: EVIDENCE FROM THE AMERICAN STOCK EXCHANGE« « Puneet Handa, University of Iowa Associate Professor Robert Schwartz, Zicklin School of Business, Baruch College Marvin M. Speiser Professor of Finance Ashish Tiwari, University of Iowa Assistant Professor of Finance and Matthew Bucksbaum Research Fellow I. Introduction In recent years, the trend in equity market structure has been away from floor based trading to automated floor-less trading systems/^ But the "^^ Reprinted with permission from 'The Economic Value of a Trading Floor: Evidence form the American Stock Exchange,' Handa, P., Schwartz, R., and Tiwari, A., Journal of Business, 2004, voL77, no. 2. p t L pp 331-355, ©2004 by The University of Chicago. All rights reserved. ^^ We would like to thank the American Stock Exchange, especially Brett Redfeam and Russ Monahan, for making the necessary data available to us and for providing technical assistance and information. We are also most grateful to the referee for his or her helpful insights and suggestions. We further thank Bill Christie, Hank Bessembinder, Tom George, Bill Lupien, Deniz Ozenbas, Evan Schulman, George Sofianos, Dan Weaver and seminar participants at Dartmouth College, the OPIM Seminar at the

Published: Jan 1, 2006

Keywords: Basis Point; Trading Volume; Price Impact; Execution Cost; York Stock Exchange

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