Nguyen, Vanthuan; Phengpis, Chanwit - In: The Quarterly Review of Economics and Finance 49 (2009) 2, pp. 562-577
We examine the opening of Exchange Traded Fund (ETF) markets in a multimarket trading environment. We find that the opening trades on the American Stock Exchange (AMEX) are the most costly. This result is consistent with the market power hypothesis which suggests that the specialists use their...
