Dealership versus Continuous Auction: Evidence from the JASDAQ Market

The Japan Association of Securities Dealers Automated Quotation (JASDAQ) market for emerging firms employed two trading methods during the 1998 to 2008 period: a quote-driven dealership system and an order-driven continuous auction system. Using the unique setting in which listed firms were able to choose their preferred trading method, Kentaro Iwatsubo evaluates which of these trading methods is more desirable in improving liquidity and price efficiency. 

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