Does the Specialist Matter? Differential Execution Costs and Intersecurity Subsidization on the New York Stock Exchange
检验纽约证券交易所不同专家公司对上市证券的执行成本差异，发现有效价差和订单处理成本存在显著差异，且同一专家公司内活跃股票补贴不活跃股票。
ABSTRACT This article tests for differences in execution costs among specialist firms for New York Stock Exchange listed securities. Execution cost differences provide a measure of the relative performance of specialist firms. We find a substantial difference in effective spreads and order processing costs across specialist firms, controlling for stock characteristics. While economically significant, the differences in execution costs between specialist firms are much smaller than the cross‐market differences reported by Huang and Stoll (1996). Within a specialist firm, there is a positive relation between order processing costs and trading activity that is consistent with the hypothesis that active stocks subsidize inactive stocks.