Trades outside the quotes: Reporting delay,trading option,or trade size?

In the period 1993 through 2002 examined in this study, quoted and effective spreads declined substantially on Nasdaq and to a lesser degree on the NYSE. At the same time, however, trades outside the quotes increased dramatically on Nasdaq. Because investors would prefer to trade at the quotes rather than outside the quotes, we examine why trades outside the quotes are observed. We focus on how the continuous market mechanism itself influences the outcome of orders and the reporting of trades, and we conclude that slippage exists in the market mechanism. Outside-trades occur on Nasdaq, first, because of delays in reporting trades, second, because the ability of dealers to delay execution of trades creates a look-back option, which when exercised results in outside-trades, and third, because large trades can take place at prices outside the quotes. Outside-trades are rarely observed on the NYSE because the market is more centralized. While the pattern of trading on the NYSE is not inconsistent with the presence of a look-back option, our tests provide no direct evidence that specialists are exercising such an option.     

Vorwort der Schriftleitung

Ohne Zusammenfassung     

Contract equilibria in housing markets

The paper provides a contractual equilibrium model of differentiated housing markets. Within a competitive framework the existence of a contract equilibrium, respecting certain enforceability conditions, is shown. The allocation, induced by these contract equilibria in the housing markets, is possibly characterized by demand rationing, even under the assumption of free contract markets.     

Social tourism for all—the Swiss Travel Saving Fund

Out-dating by far the modern industry we know as tourism are the holiday organizations for the lower income groups that were set up in Europe around the beginning of the century. One offspring of this movement, the Swiss Travel Saving Fund (REKA), was founded in 1939 to give the working population with limited income a chance to go on holiday. Hans Teuscher, its Deputy Director, discusses its past, present and future.     

Ein Weg zu Wirtschaftsgestaltung?

Ohne ZusammenfassungH. Bayer:Wirtschaftsgestaltung. XI, 760 S. Berlin: Verlag Duncker & Humblot. 1958. Leinen DM 58,60.     

III. Weltwirtschaft und wirtschaft einzlner länderund und gebiete

Ohne Zusammenfassung