{"created":"2021-03-01T07:02:25.716501+00:00","id":42527,"links":{},"metadata":{"_buckets":{"deposit":"cb482436-c730-48e0-9705-a98401eb23f4"},"_deposit":{"id":"42527","owners":[],"pid":{"revision_id":0,"type":"depid","value":"42527"},"status":"published"},"_oai":{"id":"oai:repository.dl.itc.u-tokyo.ac.jp:00042527","sets":["62:7433:7434","9:7435:7436"]},"item_8_biblio_info_7":{"attribute_name":"書誌情報","attribute_value_mlt":[{"bibliographicIssueDates":{"bibliographicIssueDate":"2005-08","bibliographicIssueDateType":"Issued"},"bibliographicVolumeNumber":"CIRJE-F-357","bibliographic_titles":[{"bibliographic_title":"Discussion paper series. CIRJE-F"}]}]},"item_8_description_13":{"attribute_name":"フォーマット","attribute_value_mlt":[{"subitem_description":"application/pdf","subitem_description_type":"Other"}]},"item_8_description_5":{"attribute_name":"抄録","attribute_value_mlt":[{"subitem_description":"The well-publicized Christie-Schultz collusion hypothesis provides an experiment for studying the determinants of market structure in Nasdaq markets. Some markets experienced substantial compression in the profit margins for market makers due to the change of quoting convention from odd-eighth avoidance to the use of the full spectrum of eighths. Contrary to what competitive theory predicts, the empirical results suggest that this change led to net entry of market makers, after controlling for a time fixed effect, trading activity, information aspects of trading, market size, volatility, and unobserved individual market effects. Moreover, the robustness and significance of this finding do not change as different estimation methods are employed to correct for possible self-selection bias of the estimated average treatment effect. Surprisingly, dealer firms entered these markets despite the compression of profit margins. An explanation is provided based on collusion and investment in entry deterrence related to the practice of ``preferencing\". (JEL L11 G20 C33)","subitem_description_type":"Abstract"}]},"item_8_description_6":{"attribute_name":"内容記述","attribute_value_mlt":[{"subitem_description":"本文フィルはリンク先を参照のこと","subitem_description_type":"Other"}]},"item_8_publisher_20":{"attribute_name":"出版者","attribute_value_mlt":[{"subitem_publisher":"日本経済国際共同センター"}]},"item_8_relation_25":{"attribute_name":"関係URI","attribute_value_mlt":[{"subitem_relation_type_id":{"subitem_relation_type_id_text":"http://www.cirje.e.u-tokyo.ac.jp/research/dp/2005/2005cf357ab.html","subitem_relation_type_select":"URI"}}]},"item_8_source_id_10":{"attribute_name":"書誌レコードID","attribute_value_mlt":[{"subitem_source_identifier":"AA11450569","subitem_source_identifier_type":"NCID"}]},"item_8_subject_15":{"attribute_name":"日本十進分類法","attribute_value_mlt":[{"subitem_subject":"330","subitem_subject_scheme":"NDC"}]},"item_8_text_21":{"attribute_name":"出版者別名","attribute_value_mlt":[{"subitem_text_value":"Center for International Research on the Japanese Economy"}]},"item_8_text_4":{"attribute_name":"著者所属","attribute_value_mlt":[{"subitem_text_value":"University of Tokyo"}]},"item_access_right":{"attribute_name":"アクセス権","attribute_value_mlt":[{"subitem_access_right":"metadata only access","subitem_access_right_uri":"http://purl.org/coar/access_right/c_14cb"}]},"item_creator":{"attribute_name":"著者","attribute_type":"creator","attribute_value_mlt":[{"creatorNames":[{"creatorName":"Chen, Joe"}],"nameIdentifiers":[{"nameIdentifier":"97837","nameIdentifierScheme":"WEKO"}]}]},"item_keyword":{"attribute_name":"キーワード","attribute_value_mlt":[{"subitem_subject":"JEL Classificaion Numbers: L11, G20, G33","subitem_subject_scheme":"Other"}]},"item_language":{"attribute_name":"言語","attribute_value_mlt":[{"subitem_language":"eng"}]},"item_resource_type":{"attribute_name":"資源タイプ","attribute_value_mlt":[{"resourcetype":"technical report","resourceuri":"http://purl.org/coar/resource_type/c_18gh"}]},"item_title":"The Market Structure of Nasdaq Dealer Markets and Quoting Conventions","item_titles":{"attribute_name":"タイトル","attribute_value_mlt":[{"subitem_title":"The Market Structure of Nasdaq Dealer Markets and Quoting Conventions"}]},"item_type_id":"8","owner":"1","path":["7436","7434"],"pubdate":{"attribute_name":"公開日","attribute_value":"2013-06-03"},"publish_date":"2013-06-03","publish_status":"0","recid":"42527","relation_version_is_last":true,"title":["The Market Structure of Nasdaq Dealer Markets and Quoting Conventions"],"weko_creator_id":"1","weko_shared_id":null},"updated":"2022-12-19T04:17:31.309542+00:00"}