Explaining the NYSE Listing Choices of NASDAQ Firms
利用市场微观结构理论，分析纳斯达克公司为何选择在纽约证券交易所上市，认为降低投资者交易成本（尤其是买卖价差）是关键因素。
Traditionally, financial theory has offered little guidance to managers who must choose whether to list their stock on an exchange or allow it to continue trading over-the-counter. Recent developments in market microstructure theory allow a more careful analysis of the exchange listing decision. Market microstructure theory implies that firms list their stocks on exchanges to reduce transaction costs to their investors. A major component of the cost of trading common stocks is the bid-ask spread. Several differences exist between the trading arrangements, or microstructure, of the New York Stock Exchange and NASDAQ that may contribute to differences in bid-ask spreads for a given stock depending on where it is traded.