From 1998 until 2008, all firms on the JASDAQ exchange could choose and switch between a market-maker method similar to NASDAQ and a continuous auction method similar to NYSE for trading their shares. We find that selecting a more suitable trading method increases firm value. When low-liquidity firms switched to market making, their liquidity improved, while high-liquidity firms switched to auction despite modest but significant decreases in liquidity. The results suggest that though market making is costly, it is valuable for firms as long as the liquidity benefits are sufficient to justify the implicit intermediation fee.

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哪些公司受益于做市商？

从 1998 年到 2008 年，JASDAQ 交易所的所有公司都可以在类似于 NASDAQ 的做市商方法和类似于 NYSE 的连续拍卖方法之间进行选择和转换以进行股票交易。我们发现选择更合适的交易方法会增加公司价值。当低流动性公司转向做市时，它们的流动性得到改善，而高流动性公司尽管流动性温和但显着下降，但转向拍卖。结果表明，尽管做市成本高昂，但只要流动性收益足以证明隐性中介费的合理性，它对公司来说就是有价值的。