, Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations, The Review of Economic Studies, vol.58, issue.2, pp.277-297, 1991.
DOI : 10.2307/2297968
, Third Market Broker-Dealers: Cost Competitors or Cream Skimmers?, The Journal of Finance, vol.7, issue.1, pp.341-352, 1997.
DOI : 10.2307/2329797
, Market structure, fragmentation, and market quality, Journal of Financial Markets, vol.9, issue.1, pp.49-78, 2006.
DOI : 10.1016/j.finmar.2005.12.001
, Selection Biases and Cross-Market Trading Cost Comparison " , working paper, 2003.
, A cross-exchange comparison of execution costs and information flow for NYSE-listed stocks, Journal of Financial Economics, vol.46, issue.3, pp.296-319, 1997.
DOI : 10.1016/S0304-405X(97)00032-9
, Price Formation and Equilibrium Liquidity in Fragmented and Centralized Markets, The Journal of Finance, vol.58, issue.1, pp.157-185, 1993.
DOI : 10.2307/2938332
, Trading your neighbor???s ETFs: Competition or fragmentation?, Journal of Banking & Finance, vol.27, issue.9, pp.1667-1703, 2003.
DOI : 10.1016/S0378-4266(03)00095-5
, Multimarket Trading and Market Liquidity, Review of Financial Studies, vol.4, issue.3, pp.483-511, 1991.
DOI : 10.1093/rfs/4.3.483
, MiFID and a Changing Competitive Landscape " , working paper, Babson College, available at SSRN: http://ssrn, 2008.
DOI : 10.2139/ssrn.1117232
, The Impact of MiFID on the Market Quality of Euronext, 2010.
, The Impact of Dark and Visible Fragmentation on Market Quality, European Banking Center Discussion Paper, pp.2011-2024, 2011.
, Cream-Skimming or Profit-Sharing? The Curious Role of Purchased Order Flow, The Journal of Finance, vol.82, issue.3, pp.811-833, 1996.
DOI : 10.1111/j.1540-6261.1996.tb02708.x
, The Behavior of Bid-Ask Spreads and Volume in Options Markets during the Competition for Listings in, Journal of Finance, issue.6, pp.58-2437, 1999.
, Competition for Order Flow and Smart Order Routing Systems, The Journal of Finance, vol.5, issue.1, pp.119-158, 2008.
DOI : 10.1016/S1386-4181(01)00025-8
URL : https://hal.archives-ouvertes.fr/hal-00554030
, Centralised order books versus hybrid order books: A paired comparison of trading costs on NSC (Euronext Paris) and SETS (London Stock Exchange), Journal of Banking & Finance, vol.31, issue.9, pp.31-2906, 2007.
DOI : 10.1016/j.jbankfin.2007.04.015
URL : https://hal.archives-ouvertes.fr/halshs-00340104
, The Effect of Crossing-Network Trading on Dealer Market's Bid-Ask Spreads, European Financial Management, vol.22, issue.2, pp.143-160, 2006.
DOI : 10.1111/0022-1082.00375
, Marketplace Fragmentation, Competition, and the Efficiency of the Stock Exchange, The Journal of Finance, vol.7, issue.1, pp.171-187, 1979.
DOI : 10.2307/2329797
, Consolidation, Fragmentation, Segmentation, and Regulation, Financial Markets, Institutions and Instruments, vol.2, issue.5, pp.1-28, 1993.
, Liquidity and execution costs in equity markets, The Journal of Portfolio Management, vol.14, issue.3, pp.10-17, 1998.
DOI : 10.3905/jpm.1988.409160
, Does Algorithmic Trading Improve Liquidity?, The Journal of Finance, vol.22, issue.1, pp.1-33, 2010.
DOI : 10.1093/rfs/hhp011
, Crossing Networks and Dealer Markets: Competition and Performance, The Journal of Finance, vol.33, issue.5, pp.2071-2115, 2000.
DOI : 10.1111/j.1540-6261.1978.tb02053.x
URL : http://faculty.haas.berkeley.edu/hender/CN.pdf
, Automation, speed, and stock market quality: The NYSE's Hybrid, Journal of Financial Markets, vol.14, issue.4, pp.568-604, 2008.
DOI : 10.1016/j.finmar.2011.02.003
, The Quality of ECN and Nasdaq Market Maker Quotes, The Journal of Finance, vol.10, issue.3, pp.1285-1319, 2002.
DOI : 10.1093/rfs/10.3.871
, The Diversion of Order Flow on French Stocks from CAC to SEAQ International: a Field Study, European Financial Management, vol.4, issue.2, pp.121-142, 1998.
DOI : 10.1111/1468-036X.00060
, Continuous Auctions and Insider Trading, Econometrica, vol.53, issue.6, pp.1315-1336, 1985.
DOI : 10.2307/1913210
, Capital Markets that Benefit Investors. A Survey of the Evidence on Fragmentation, Internalisation, and Market Transparency, 2002.
, Consolidation, Fragmentation, and the Disclosure of Trading Information, Review of Financial Studies, vol.8, issue.3, pp.579-603, 1995.
DOI : 10.1093/rfs/8.3.579
, In Search of Liquidity: Block Trades in the Upstairs and Downstairs Markets, Review of Financial Studies, vol.10, issue.1, pp.175-204, 1997.
DOI : 10.1093/rfs/10.1.175
, Competition, Market Structure, and Bid-Ask Spreads in Stock Option Markets, The Journal of Finance, vol.65, issue.2, pp.931-958, 2002.
DOI : 10.1086/296573
URL : http://faculty.baruch.cuny.edu/lwu/890/mayhew_jf2002.pdf
, Consolidation, Fragmentation, and Market Performance, The Journal of Financial and Quantitative Analysis, vol.22, issue.2, pp.189-207, 1987.
DOI : 10.2307/2330712
, High Frequency Trading and The New-Market Makers, 2011.
DOI : 10.2139/ssrn.1722924
, Short- and Long-Term Effects of Multimarket Trading, The Financial Review, vol.39, issue.3, pp.349-372, 2007.
DOI : 10.1111/0022-1082.00300
, Is market fragmentation harming market quality?, Journal of Financial Economics, vol.100, issue.3, pp.459-474, 2011.
DOI : 10.1016/j.jfineco.2011.02.006
, Trading Volume and Asset Liquidity, The Quarterly Journal of Economics, vol.104, issue.2, pp.255-274, 1989.
DOI : 10.2307/2937847
, MiFID, Reg NMS and Competition Across Trading Venues in Europe and United States, SSRN Electronic Journal, 2009.
DOI : 10.2139/ssrn.1442874
, Fragmentation, Competition and Market Quality: A Post-Mifid Analysis, SSRN Electronic Journal, 2010.
DOI : 10.2139/ssrn.1626711
URL : http://www.efmaefm.org/0EFMAMEETINGS/EFMA%20ANNUAL%20MEETINGS/2010-Aarhus/EFMA2010_0244_fullpaper.pdf
, Market Microstructure Handbook of the Economics of Finance, 2003.
, 120 stocks Global quoted spread ( it GQS ) 0.00011*** -0
, non-internalized-trade size -0.1369*** 0