Anatomy of a Market Failure: NYSE Trading Suspensions (1974-1988)
市场失灵剖析:纽约证券交易所停牌事件(1974—1988)
A cross-sectional analysis of all trading suspensions that occurred during the period 1974-88 in the New York Stock Exchange reveals that, though the desire to maintain price continuity remains an important motivation to suspend trade, inventory-imbalance fears are pronounced for large firms. Adverse-selection concerns afflict all news-related suspensions irrespective of firm size. Furthermore, the authors find substitutability among the various dimensions of liquidity:…