type="main" <p>We examine the association between institutional ownership and defined benefit (DB) pension decisions. We find that institutional ownership is negatively associated with pension underfunding, opportunistic increases in the expected rate of return assumption in the presence of...</p>

This study shows that international firms listing their shares on the New York Stock Exchange (NYSE) or the London Stock Exchange (LSE) experience a significant increase in visibility, as proxied by analyst coverage and print media attention (<italic>The Wall Street Journal or Financial Times</italic>). The...

We examine nine changes in the New York State Security Transaction Taxes (STT) between 1932 and 1981. We find that imposing or increasing an STT results in wider bidask spreads, lower volume, and increased price impact of trades. In contrast to theories of STT imposition as a means to reduce...

One way to improve the liquidity of small stocks is to subsidize the providers of liquidity. These <p> subsidies take many forms such as informational advantages, priority in trading with incoming order flow, and fee rebates for limit order traders. In this study, we examine another type of subsidy...</p>

With augmented demands on power grids resulting in longer and larger blackouts <p> combined with heightened concerns of terrorist attacks, trading institutions and policy <p> makers have widened their search for systems that avoid market failure during these <p> disturbing events. We provide insight into...</p></p></p>

All of the US stock markets have reduced their respective minimum tick sizes. Since the three major US markets, the American Stock Exchange (AMEX), New York Stock Exchange (NYSE), and Nasdaq, all have different order-priority systems, the impact of the tick-size reduction on spread width, as...

Corporate managers often cite improved firm visibility as a motive for listing on the New York Stock Exchange (NYSE). We use three proxies to test this motive: the number of analysts following a firm, the number of institutional shareholders, and the number of shares held by institutions. We...