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The Liquidity of a Hybrid Stock Exchange: The Italian Case of STAR

Author

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  • Fabrizio Palmucci

    (University of Bologna, Faculty of Economics, Bologna, Italy)

Abstract

This paper analyses the possible beneficial effects on liquidity of introducing a hybrid trading structure in place of a classic order or ‘quote driven’ markets. The empirical investigation conducted in this study shows that the STAR stocks experienced an improvement in liquidity (measured by trading volumes and spreads) and in the price discovery. To some extent it is possible to argue that the improvements are mainly due to the Specialist’s activity.

Suggested Citation

  • Fabrizio Palmucci, 2005. "The Liquidity of a Hybrid Stock Exchange: The Italian Case of STAR," Zagreb International Review of Economics and Business, Faculty of Economics and Business, University of Zagreb, vol. 8(1), pages 11-34, May.
    • Handle: RePEc:zag:zirebs:v:8:y:2005:i:1:p:11-34
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    More about this item

    Keywords

    ask spreads; liquidity; specialist; STAR; hybrid market;
    All these keywords.

    JEL classification:

    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets

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