Effects of Market Reform on the Trading Costs and Depths of Nasdaq Stocks
研究1997年纳斯达克市场改革（允许公众提交限价订单、公开交易商报价）对交易成本和市场深度的影响，发现买卖价差大幅下降且市场质量未受损。
The relative merits of dealer versus auction markets have been a subject of significant and sometimes contentious debate. On January 20, 1997, the Securities and Exchange Commission began implementing reforms that would permit the public to compete directly with Nasdaq dealers by submitting binding limit orders. Additionally, superior quotes placed by Nasdaq dealers in private trading venues began to be displayed in the Nasdaq market. We measure the impact of these new rules on various measures of performance, including trading costs and depths. Our results indicate that quoted and effective spreads fell dramatically without adversely affecting market quality.