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Informational Differences Between Limit and Market Orders for a Market Maker

Author

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  • Conroy, Robert M.
  • Winkler, Robert L.

Abstract

Markets for exchange typically evolve over time, and the organized security exchanges in the United States have evolved in such a manner as to give specialists a major role as market makers. Specialists are responsible for maintaining a fair and orderly market in the securities listed on an exchange. They specify prices to reflect supply and demand and adjust these prices in response to shifts in supply and demand.

Suggested Citation

  • Conroy, Robert M. & Winkler, Robert L., 1981. "Informational Differences Between Limit and Market Orders for a Market Maker," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 16(5), pages 703-724, December.
    • Handle: RePEc:cup:jfinqa:v:16:y:1981:i:05:p:703-724_00
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    Citations

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    Cited by:

    1. Joseph J. Schultz Jr. & Sandra G. Gustavson & Frank K. Reilly, 1985. "Factors Influencing The New York Stock Exchange Specialists' Price-Setting Behavior: An Experiment," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 8(2), pages 137-144, June.
    2. Carlos A. Ulibarri & Peter C. Anselmo & Karen Hovespian & Jacob Tolk & Ionut Florescu, 2009. "'Noise-trader risk' and Bayesian market making in FX derivatives: rolling loaded dice?," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 14(3), pages 268-279.
    3. Theoharry Grammatikos & George Papaioannou, 1986. "Market Reaction To Nyse Listings: Tests Of The Marketability Gains Hypothesis," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 9(3), pages 215-227, September.
    4. Joseph Kadane & Javier Girón & Daniel Peña & Peter Fishburn & Simon French & D. Lindley & Giovanni Parmigiani & Robert Winkler, 1993. "Several Bayesians: A review," TEST: An Official Journal of the Spanish Society of Statistics and Operations Research, Springer;Sociedad de Estadística e Investigación Operativa, vol. 2(1), pages 1-32, December.
    5. Gerke, Wolfgang & Arneth, Stefan & Syha, Christine, 2000. "The impact of the order book privilege on traders' behavior and the market process: An experimental study," Journal of Economic Psychology, Elsevier, vol. 21(2), pages 167-189, April.
    6. Wolfgang Gerke & Horst Bienert & Christine Syha, 2001. "Auswirkungen des Orderbuchprivilegs an einer experimentellen Aktienbörse," Schmalenbach Journal of Business Research, Springer, vol. 53(3), pages 188-215, May.

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