The effects of make and take fees in experimental markets
通过实验研究美国股票交易所采用的做市与提取费用结构对市场质量（效率、深度、价差）的影响，发现该费用结构缩小了价差，但促使买方竞争返利，导致价格上升和利润下降。
Abstract We conduct a series of experiments to examine the effects of the make and take fee structure currently used by equity exchanges in the U.S. We examine the effects of these fees on measures of market quality (efficiency, book depth, and the bid-ask spread). We find spreads to be smaller in the presence of make and take fees, and we note that this fee structure seems to induce buyers (moreso than sellers) to compete for rebates from the exchange leading to higher prices and lower profits. To test whether our results are due to the make and take fee structure or are artefacts of trading fees in general, we performed a second set of experiments in which traders on both sides of a transaction were assessed an identical fee. These identical trading fees do not appear to significantly affect our market quality measures.