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The Economic Effects of NASDAQ: Some Preliminary Results

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  • Santomero, Anthony M.

Abstract

On February 1, 1971, the National Association of Security Dealers instituted an automatic quoting system for over-the-counter stocks. Heralded as a major advance in the elimination of market imperfections, the National Association of Security Dealers Automatic Quote System (NASDAQ) allowed bidand- ask prices of different firms in this geographically dispersed market to be centralized. Essentially its operation allowed individual “houses” to obtain the various bid-and-ask prices of market makers for a given unlisted security.

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  • Santomero, Anthony M., 1974. "The Economic Effects of NASDAQ: Some Preliminary Results," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 9(1), pages 13-24, January.
    • Handle: RePEc:cup:jfinqa:v:9:y:1974:i:01:p:13-24_01
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    Cited by:

    1. Brown, James R. & Petersen, Bruce C., 2009. "Why has the investment-cash flow sensitivity declined so sharply? Rising R&D and equity market developments," Journal of Banking & Finance, Elsevier, vol. 33(5), pages 971-984, May.
    2. R. Corwin Grube & O. Maurice Joy, 1988. "Some Evidence On The Efficacy Of Security Credit Regulation In The Otc Equity Market," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 11(2), pages 137-142, June.

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