Dealer Inventory Behavior: An Empirical Investigation of NASDAQ Stocks
Important elements in almost every financial market are the dealers who stand ready to trade for their own accounts and thereby provide to the public the convenience of being able to trade immediately. Today the structure of securities markets is in the process of major change; and as part of this restructuring, a major issue is the way in which dealer services ought to be provided and what the appropriate balance between regulation and competition ought to be. In this paper the quality of dealer services in the over-the-counter (OTC) market as reflected in the nature and degree of dealer inventory changes is examined using NASDAQ (National Association of Securities Dealers Automated Quotation) system data on closing prices and dealer purchases and sales for each stock for each of six trading days between July 9, 1973 (Monday) and July 16, 1973. Appendix I contains a detailed discussion of the data.
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