Battalio is from College of Business Administration, University of Notre Dame. This article is taken from the third essay of my dissertation completed at Indiana University. I thank the members of my dissertation committee: Mitchell Berlin, Craig Holden, Eric Rasmussen, and especially the chairman, Robert Jennings. This article has greatly benefited from comments made by Jeff Bacidore, Mark Bagnoli, Louis Chan, Brian Hatch, Michael Hemler, Mark Huson, James Peterson, Todd Milbourn, Richard Sheehan, Chester Spatt, Paula Tkac, and René Stulz, the editor. Additionally, this article benefited enormously from detailed comments and suggestions from an anonymous referee. I thank seminar participants at BI, the University of Florida, Indiana University, the Journal of Financial Intermediation's symposium on the design of trading systems, Michigan State University, the University of Notre Dame, the Securities and Exchange Commission, and the Southern Big Ten symposium. Finally, I give special thanks to George Moorin for providing priceless data, Jason Greene for his invaluable computer assistance, and Peter Madoff, Bernard Madoff, and Jim Shapiro for enlightening conversations. I am responsible for any errors that remain.
Third Market Broker-Dealers: Cost Competitors or Cream Skimmers?
Article first published online: 18 APR 2012
1997 The American Finance Association
The Journal of Finance
Volume 52, Issue 1, pages 341–352, March 1997
How to Cite
BATTALIO, R. H. (1997), Third Market Broker-Dealers: Cost Competitors or Cream Skimmers?. The Journal of Finance, 52: 341–352. doi: 10.1111/j.1540-6261.1997.tb03819.x
- Issue published online: 18 APR 2012
- Article first published online: 18 APR 2012
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