Two-Sided Markets and Inter-Temporal Trade Clustering: Insights into Trading Motives Asani Sarkar Senior Economist Federal Reserve Bank of New York Robert A. Schwartz Professor of Finance Zicklin School of Business Baruch College, CUNY Current Version: March, 2006 We thank Markus Brunnermeier, Michael Goldstein, Joel Hasbrouck, Milt Harris, Terry Hendershott, Murali Jagannathan, Charles Jones, Eugene Kandel, Kenneth Kavajecz, Bruce Lehmann, Albert Menkveld, Maureen O’Hara, Lasse Pederson, Ioanid Rosu, Krystin Ryqvist, Gideon Saar, George Sofianos, Shane Underwood, Jiang Wang, James Weston, Thomasz Wisniewski, and Avner Wolf. We also thank seminar participants at the AFA 2006 meetings, the NBER Market Microstructure conference of October 2005, the Microstructure conference in Norges Bank (Oslo), the 10thSymposium on Finance, Banking and Insurance at the Universität Karlsruhe, Baruch College, Rice University, Rutgers University, SUNY Binghamton, and the Federal Reserve Bank of New York for helpful comments. The views stated here are those of the authors and do not necessarily reflect the views of the Federal Reserve Bank of New York, or the Federal Reserve System.
has intentionally blurred sections.
Sign up to view the full version.