This paper explores the role of pre-opening price signals in price discovery and liquidity. NYSE Rule 48 suspends the responsibility of designated market makers for disseminating pre-opening price indications in the event of extreme market-wide volatility. Rule 48 speeds up the opening of stocks...

We test the conjecture that the specialist system on the New York Stock Exchange (NYSE) provides better liquidity services than the NASDAQ dealer market in times of high return volatility when adverse selection and inventory risks are high. We motivate our conjecture from the observation that...

In this study we examine the temporal dynamics of dealer market share and their ramification for competition and trading costs using a large sample of NASDAQ securities. Our results show that although the total market share of the top five dealers is relatively stable over time, there is...

This dissertation is intended to widen our understanding of three issues among IT-mediated phenomena observed after the revolution of social structure accompanied by the “paradigm shift”: (1) learning behavior of IT knowledge workers, (2) users’ consumption behavior of wireless...

Purpose: The purpose of this study is to explore the roles of tourists' perceived destination social responsibility (DSR) in predicting destination trust and relationship continuity by utilizing multidimensional versus unidimensional construct of DSR. Design/methodology/approach: This study...

In addition to the wireless telephony boom, a similar exponential increasing trend in wireless data service - short message service (SMS) - is visible as technology advances. We develop a structural model to understand how mobile users behave, especially how they consume voice, and services....

We empirically examine consumer showrooming phenomenon in the footwear industry. Using transaction-level data from a large online footwear retailer and offline store entry data from four major footwear retail chains in the U.S., we quantify the effect of offline store entry on the competing...

Recent studies highlight positive effect of political connections on firm performance and stock returns. This paper shows that the positive effect of political connections on the cross-sectional stock returns disappears in the lame duck presidency period, defined as the last two years before the...