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柜台市场做市商制度交易成本分析 被引量：1

Analysis of the Counter Market Maker Discussing the System Transaction Cost
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摘要 柜台市场(Over-the-Counter Market)的建设离不开相应的制度安排,做市商制度是OTC市场的运行机制,如何构建做市商制度?本文通过投资者和做市商的成本分析,揭示做市商制度运行的核心要素,并在此基础上得出构建我国OTC市场做市商制度的启迪。 The construction of the OTC market can not be separated from the corresponding system arrangements, Market maker system is the operating mechanism of the OTC market, how to construct the market maker system？ This paper reveals the core elements of how to running the market maker system through a cost analysis of the investors and market makers, on this basis we obtain the inspiration of how to build the market maker system in the OTC market of China.
作者 崔志娟 田昆儒
机构地区 山东经济学院会计学院 天津财经大学会计系
出处 《现代财经（天津财经大学学报）》 CSSCI 北大核心 2009年第8期41-44,共4页 Modern Finance and Economics：Journal of Tianjin University of Finance and Economics
基金 天津财经大学科研发展基金预研性课题阶段性成果(项目编号0606)
关键词 柜台市场 做市商制度 交易成本 成本分析 OTC Market Market Maker System Transaction Costs Costs Analysis
分类号 F713.7 [经济管理—产业经济]
  • 相关文献

参考文献12

  • 1崔志娟.柜台市场会计信息披露研究——国外文献述评与启示[J].会计研究,2009(3):79-85. 被引量：4
  • 2Bagehot W. The Only Game in Town[J]. Financial Analysts Journal, 1971(27) :12-22.
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  • 9Demsetz H. The Cost of Transacting. Quarterly Journal of Economics, 1968 (82) :33-53.
  • 10Bagehot, W. The Only Game in Town. Financial Analysts Journal , 1971(27) :12-22.

二级参考文献17

  • 1Affleck- Graves, J. , C. M. Callahan, N. Chipalkatti. 2002. Earnings Predictability, Information Asymmetry and Market Liquidity. Journal of Accounting Research, 40 : 561 - 583
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  • 5Calcagno, R. , S. Lovo. 2006. Bid - Ask Price Competition with Asymmetric Information between Market Makers. Review of Economic Studies, 73 : 329 - 355
  • 6Cheon, Y. S. , Christensen, T. E. , L. S. Bamber. 2001. Factors Associated with Differences in the Magnitude of Abnormal Returns Around NYSE Versus Nasdaq Finns' Earnings Announcements. Journal of Business Finance & Accounting, 28:1073 - 1108
  • 7Coller, M. , T. L. Yohn. 1997. Management Forecasts and Information Asymmetry : An Examination of Bid - Ask Spreads.Journal of Accounting Research, Autumn: 181 - 191
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  • 9Diamond, D. , R. Verrecchia. 1991. Disclosure, Liquidity, and the Cost of Capital. The Journal of Finance, 46:1325 -1359
  • 10Grant, E. B. 1980. Market Implications of Differential Amounts of Interim Information. Journal of Accounting Research,Spring : 255 - 268

引证文献1

二级引证文献1

现代财经（天津财经大学学报）
2009年 第8期

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