Ikenberry, David L.; Weston, James P. - In: European Financial Management 14 (2008) 1, pp. 30-54
"Early in 2001, US equity markets transitioned from trading in discrete price fractions to a smoother decimal format with a tick size of one penny. Theory suggests in an unconstrained world, stock prices should be distributed uniformly, particularly if the cost of defeating time priority is low....