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(1974—1988)
A cross-sectional analysis of all trading suspensions that occurred during the period 1974–1988 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, we find substitutability among the various dimensions of liquidity: Although…