Università di Napoli and ECARE (Université Libre de Bruxelles), respectively. This article was presented at the 1991 CEPR/ESF Network in Financial Markets summer workshop in Gerzensee, the 1994 AFA Meetings and Tel-Aviv University, Nuffield College, Toulouse University, the Stockholm School of Economics, and the London Business School. We thank seminar participants and especially Patrick Bolton, Ananth Madhavan, Jean Charles Rochet, Isabelle Bajeux, and an anonymous referee for helpful comments. An earlier version of this paper was circulated under the title “Auction and dealership markets with informed trading.” The authors are grateful to Studienzentrum Gerzensee for providing a congenial research environment, and to the EC for funding travel expenses under the SPES plan. Marco Pagano acknowledges financial support from the Italian Ministry of Universities and Scientific Research (MURST) and the Italian National Research Council (CNR); Ailsa Röell's research was supported by the ESRC “Functioning of Markets Initiative,” award (no. W102251005) to the LSE Financial Markets Group.
Transparency and Liquidity: A Comparison of Auction and Dealer Markets with Informed Trading
Version of Record online: 30 APR 2012
© 1996 the American Finance Association
The Journal of Finance
Volume 51, Issue 2, pages 579–611, June 1996
How to Cite
PAGANO, M. and RÖELL, A. (1996), Transparency and Liquidity: A Comparison of Auction and Dealer Markets with Informed Trading. The Journal of Finance, 51: 579–611. doi: 10.1111/j.1540-6261.1996.tb02695.x
- Issue online: 30 APR 2012
- Version of Record online: 30 APR 2012
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