The conventional slacks-based measure (SBM) model is widely applied to measure the relative efficiency of a set of decision making units (DMUs) because the measured efficiency is not affected by weakly efficient frontiers. This model seeks the target point on the production frontier that is...

Do stock prices of publicly listed companies respond to changes in transaction costs? Using the SEC's pilot program that increased the tick size for approximately 1,200 randomly chosen stocks, we find a stock price decrease between 1.75% and 3.2% for small spread stocks affected by the larger...

We show that queueing rationing under price controls drives high-frequency trading. A one-cent uniform tick size (minimal price variation) creates rents and generates queues for liquidity provision, particularly for securities with lower prices (larger relative tick sizes). Speed rations the...

Security trading now fragments into more than 10 almost identical stock exchanges in the United States. We show that discrete pricing is one economic force that prevents the consolidation of trading volume. The uniform one-cent tick size (minimum price variation), imposed by the SEC's Rule 612,...

Stock exchange operators compete for order flow by setting "make" fees for limit orders and "take" fees for market orders. When traders quote continuous prices, they can choose prices that perfectly neutralize any fee division, and traders stream to the exchange with the lowest total fee. The...

This paper addresses the question of whether transaction costs affect stock prices. This question, in the intersection of market microstructure and asset pricing, has no supportive causal evidence to this date, which may explain the omission of transaction costs in mainstream asset pricing...

Uncertainties are becoming more and more diverse around the world, and risks and impacts affecting the healthy development of cities are increasing. Fostering urban social resilience is not only a proactive countermeasure to growing external pressures and potential impacts, but also an important...

Conventional data envelopment analysis (DEA) for measuring the relative efficiency of a set of decision-making units (DMUs) requires the observations to have precise values. When observations are imprecise and represented by interval values, the efficiencies are also expected to reflect interval...