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Enron Mail |
http://jonesgsm.rice.edu/
---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 03/23/2001 04:59 PM --------------------------- Barbara Ostdiek <ostdiek@rice.edu< on 03/22/2001 04:46:53 PM To: ostdiek@rice.edu cc: Subject: RICE/ENRON FINANCE SEMINAR SERIES A copy of Paul Schultz's paper, "Who Makes the Market," is now available. The paper to can be obtained (by Monday for sure) from Felicia Jones (Economics), Latha Ramchand (University of Houston), and Vince Kaminski (Enron) or Barbara Ostdiek (everyone else). Paul's seminar is Friday, March 30, at 3:30 in Room 201 (note the room change). The abstract of the paper is copied below: Abstract "I provide evidence that Nasdaq dealers make markets in the stocks in which they receive order flow. Several variables used to proxy for the stocks that individual market maker's brokerage customers would trade, including trading volume, location, underwriting participation and analyst coverage, are significant determinants of market marking activity. Informational advantages may also be a factor in the market making decision as evidenced by dealers specializing in stocks in specific industries. Some potential problems that arise when researchers ignore the integration of market making with brokerage, securities analysis and underwriting businesses are discussed."
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