Differences in Trading Behavior across NYSE Specialist Firms
利用1992年纽交所上市股票样本，发现不同专家公司在买卖价差、深度、临时波动性和订单不平衡交易暂停的频率与持续时间上存在显著差异，表明专家对执行成本、流动性和价格噪音有重要影响，且这些影响未被竞争或交易所监控完全消除。
Using a sample of NYSE‐listed equities from 1992, this study examines whether market maker performance differs across specialist firms. We find that spreads and depth differ across specialist firms, but the competitiveness of NYSE quotes relative to other exchanges does not appear to be affected by these differences. Differences are also evident in measures of transitory volatility and in the frequency and duration of order‐imbalance trading halts. The results suggest that specialists have a significant effect on execution costs, liquidity, and noise in security prices and that these effects are not completely eliminated by competition or the NYSE's monitoring mechanisms.