
Dividendenpolitik Und Long-Run-Performance in Deutschland
Hans-Heinrich Ellermann
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The Impact of Alternative Trading Systems on Securities Markets
by Jutta Dönges
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The proliferation of alternative trading systems has increased competition for order flow in financial markets significantly and renewed the debate on fragmentation versus consolidation. Market microstructure models that analyze liquidity-based intermarket competition typically exhibit multiple equilibria, making it difficult to determine whether fragmentation or consolidation of order flow will occur. Jutta A.
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