Do Inventories Matter in Dealership Markets? Evidence from the London Stock Exchange
利用伦敦证券交易所数据，检验Ho和Stoll（1983）经典模型的核心含义，发现相对库存差异决定交易商行为，库存均值回归高度非线性且随库存水平递增，库存是交易商间交易变化的关键决定因素。
Using London Stock Exchange data, we test the central implication of the canonical model of Ho and Stoll (1983) that relative inventory differences determine dealer behavior. We find that relative inventories explain which dealers obtain large trades and show that movements between best ask, best bid, and straddle are highly correlated with both standardized and relative inventory changes. We show that the mean reversion in inventories is highly nonlinear and increasing in inventory levels. We show that a key determinant of variations in interdealer trading is inventories and that interdealer trading plays an important role in managing large inventory positions.