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Tiered Market Structures: An Empirical Examination Of Nasdaq, Kevin D. Broom
Tiered Market Structures: An Empirical Examination Of Nasdaq, Kevin D. Broom
Electronic Theses and Dissertations
This dissertation consists of two essays examining tiered market structures. We focus on the June 2006 restructuring of the NASDAQ Stock Exchange where the listing environment changed from two to three tiers, creating a top tier with the highest listing standards for any exchange in the world. The first essay examines market quality. Theoretical motivation indicates that different listing and disclosure requirements could result in different levels of information production across tiers, and thus different market quality characteristics. While we do find cross-sectional evidence of market quality differences, we do not find evidence of market quality changes when firms change …