Exit, Survival, and Competitive Equilibrium in Dealer Markets
利用纳斯达克市场在监管和竞争环境重大变化时期的数据，分析做市商退出与生存的影响因素，发现市场因素和做市商自身竞争优势共同决定生存概率，市场呈现适者生存的特征。
Abstract In this study we analyze dealer exit, survival, and competitive equilibrium in the NASDAQ Stock Market using data from a unique period that entails major changes in regulatory and competitive environments. We decompose the forces that affect dealer survival into market factors and dealer attributes. Market factors encompass those variables that affect the demand for and profitability of dealer services as a whole. Variation in survival probability across dealers results mainly from their competitive advantages in business strategies, information, quote aggressiveness, access to order flow, and economies of scale. On the whole, our results suggest that dealer markets exhibit a Darwinian survival of the fittest.