IDEAS home Printed from https://ideas.repec.org/p/cpr/ceprfm/0023.html
   My bibliography  Save this paper

The Effect of Continuity and Order-Book Visibility on the Liquidity Distribution of a Market

Author

Listed:
  • Kaj Hedvall

Abstract

The change in the market mechanism on the Helsinki Stock Exchange was examined in order to study the impact of order book visibility and continuity on the liquidity distribution. The hypothesis was that the change in continuity and order book visibility resulted in a shift in liquidity from thinly to more frequently traded shares. Several alternative measures were used to proxy the shift in liquidity. The findings were that the measures indicate a shift of liquidity away from the more marginal stocks during the period when continuous and open order book was used.

Suggested Citation

  • Kaj Hedvall, 1992. "The Effect of Continuity and Order-Book Visibility on the Liquidity Distribution of a Market," CEPR Financial Markets Paper 0023, European Science Foundation Network in Financial Markets, c/o C.E.P.R, 33 Great Sutton Street, London EC1V 0DX..
    • Handle: RePEc:cpr:ceprfm:0023
    as

    Download full text from publisher

    To our knowledge, this item is not available for download. To find whether it is available, there are three options:
    1. Check below whether another version of this item is available online.
    2. Check on the provider's web page whether it is in fact available.
    3. Perform a search for a similarly titled item that would be available.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:cpr:ceprfm:0023. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: the person in charge (email available below). General contact details of provider: https://www.cepr.org .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.