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1、外文文献信息标题：ImpactofStockMarketStructureonIntertradeTimeandPriceDynamics(股市结构对交易吋间和价格动态的影响)作者：Ivanov,Plamen;Yuen,Ainslie;Perakakis,Pandelis期刊：InternationalReviewofFinancialAnalysis(Volume92014):207-219年份:2015ImpactofStockMarketStructureonIntertradeTimeandPriceDyn
2、amicsIvanov,Plamen;Yuen,Ainslie;Perakakis,PandelisIntroductionTheimpactofmarketstructureandassociatedrulesofoperationonmarketefficiencyandstockpriceformationhaveattractedconsiderablepublicattention[1].DevelopmentsontheNewYorkStockExchange(NYSE)[1],[2],haverais
3、edtheprofileofthemarketoperatingmechanism,theHmarketstructure11,employedbyastockmarket.Thishasalsobeenofconcerntothoseinvolvedinstockmarketregulation,onbehalfofinvestors[1],[3],sinceoptimizingmarketstructureresultsinmoreeffectivelyfunctioningmarkets[4]andincre
4、asescompetitivenessformarketshareinlistedstocks[5].ThetwomajorstockmarketsintheU.S.,theNYSEandtheNationalAssociationofSecuritiesDealersAutomatedQuotationSystem(NASDAQ)NationalMarkethaveverydifferentstructures[6],[7],andthereiscontinuingcontroversyoverwhetherre
5、porteddifferencesinstockpricebehaviorareduetodifferencesinmarketstructureorcompanycharacteristics[8].ComparativestudiesoftheNYSEandNASDAQhaveprimarilyfocusedonstockpricestoprovideevidencethatmarketorganizationalstructureaffectsthepriceformationprocess[4],[9],[
6、10].IthasbeenshownthatstocksregisteredontheNASDAQmaybecharacterizedbyalargerbid-askspread[11]andhigherpricevolatility[4],[9],[10].However,thisisoftenattributedtothemarketcapitalization,growthrateorthenatureofthecompanieslistedontheNASDAQ[8].Empiricalstudieshav
7、ealsoemphasizedthedominantroleandimpactoftradingvolumeonprices[12],[13];sincetradedvolumeisdeterminedbyinvestorsitisdifficulttoisolatetheeffectsofmarketstructureonpriceformation.Astheinfluenceofmarketstructureonstockpricesmaybeobscuredbyexogenousfactorssuchasd
8、emandandsupply[12],[13],wehypothesizethatmodulationoftheflowoftransactionsduetomarketoperationsmaycarryastrongerimprintoftheinternalmarketmechanism・Hereweanalysetimesbetweenconsecu
