Merging Markets
研究美国区域性证券交易所为争夺订单流而竞争的原因和影响，重点关注该过程中发生的交易所合并事件，发现合并后的交易所吸引了市场份额并缩小了买卖价差。
Abstract We study the causes and effects of the competition for order flow by U.S. regional stock exchanges. We trace the origins of competition for order flow to a change in the role of regional exchanges from being venues for listing local securities to being more direct competitors for the order flow of NYSE listings. We study the way regionals competed for order flow, concentrating on a series of stock‐exchange mergers that occurred in the midst of this transition of the regional exchanges. The merging exchanges attracted market share and experienced narrower bid‐ask spreads.