HEC School of Management. Paper presented at the sixth world congress of the Econometric Society and the meeting of the American Finance Association, 1990. I gratefully acknowledge the helpful comments of the editor, René Stulz, the associate editor and the referee. Many thanks also to Peter Bossaerts, Patrick Bolton, Eric Briys, Michel Crouhy, Bernard Dumas, Xavier Freixas, Anne Frémault, Joel Hasbrouck, Pierre Hillion, Tom Ho, Hayne Leland, Patrice Poncet, Bob Schwartz, Raphael Shadur, Hans Stoll, and Jean-Luc Vila for stimulating discussions. Remaining errors are mine.
Price Formation and Equilibrium Liquidity in Fragmented and Centralized Markets
Version of Record online: 30 APR 2012
© 1993 the American Finance Association
The Journal of Finance
Volume 48, Issue 1, pages 157–185, March 1993
How to Cite
BIAIS, B. (1993), Price Formation and Equilibrium Liquidity in Fragmented and Centralized Markets. The Journal of Finance, 48: 157–185. doi: 10.1111/j.1540-6261.1993.tb04705.x
- Issue online: 30 APR 2012
- Version of Record online: 30 APR 2012
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