Computer network technology promises to revolutionnize the secondary securities market and particularly to reduce dramatically the marginal costs associated with trading corporate equities. Lowering transactions costs usually is presumed to increase trader welfare. certain unique characteristics of the secondary securities market suggest, however, that reducing the marginal costs associated with trading stocks may have the parverse and counterintuitive effect of decreasing investor welfare. Policymakers should consider theis possibility as they respond to the market's rapid evolution.
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Publisher Info
Paper provided by Georgetown University Law Center in its series Papers with number
97-5.
Length: 43 pages Date of creation: 1997 Date of revision: Handle: RePEc:fth:geolaw:97-5
Contact details of provider: Postal: Georgetown University Law Center, 600 New Jersey Avenue NW, Washington, DC. 20001. Maintainer-Name: Thomas Krichel
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