The DOI matches its Crossref record.
The Trades of Market Makers: An Empirical Analysis of NYSE Specialists
Abstract
This paper presents a transaction‐level empirical analysis of the trading activities of New York Stock Exchange specialists. The main findings of the analysis are the following. Adjustment lags in inventories vary across stocks, and are in some cases as long as one or two months. Decomposition of specialist trading profits by trading horizon shows that the principal source of these profits is short term. An analysis of the dynamic relations among inventories, signed order flow, and quote changes suggests that trades in which the specialist participates have a higher immediate impact on the quotes than trades with no specialist participation.
Overview
The claims and statistics of this paper haven’t been checked yet.
Run the check — free, no account needed. It reads the open-access text and checks the sources it cites.
Integrity signals
Registry
Cites
Statistics
Verification
Claims the paper makes
The claims and statistics of this paper haven’t been checked yet.
Run the check — free, no account needed. It reads the open-access text and checks the sources it cites.
Self-check
Percentages, sums and reported differences re-computed from the paper’s own numbers.
The self-check needs the paper’s full text.
Citations
Cited by
Why Do Security Prices Change? A Transaction-Level Analysis of NYSE Stocks
Madhavan, A., Richardson, M., & Roomans, M. (1997) · Review of Financial Studies · doi:10.1093/rfs/10.4.1035 · Cited by 959
High frequency trading and the new market makers
Menkveld, A. J. (2013) · Journal of Financial Markets · doi:10.1016/j.finmar.2013.06.006 · Cited by 800
The Flash Crash: High‐Frequency Trading in an Electronic Market
KIRILENKO, A., KYLE, A. S., SAMADI, M., & TUZUN, T. (2017) · The Journal of Finance · doi:10.1111/jofi.12498 · Cited by 795
Price Dynamics in Limit Order Markets
Parlour, C. A. (1998) · Review of Financial Studies · doi:10.1093/rfs/11.4.789 · Cited by 594
Metadata
- Authors
- HASBROUCK, J., & SOFIANOS, G.
- Venue
- The Journal of Finance
- Publisher
- Wiley
- Published
- 1993-12
- Volume
- 48
- Issue
- 5
- Pages
- 1565-1593
- ISSN
- 0022-1082 (ISSN-L)
- 1540-6261
- OpenAlex
- W1971872235
- Cited by
- 374
- References
- 0
- FWCI
- 11.31
- Type
- journal article
- Language
- en
- Open access
- closed
About these checks
Registry, retraction, Cites and statistics results are computed, not judged, with one exception: a printed reference that no index lists is read once by a model before it counts as a citation error. Claims are extracted by a model and kept only when their quote appears verbatim in the text; each cited source is then checked, with a model’s help, for whether it says what the claim relies on. Those verdicts can be wrong — read the claim’s quote and the cited source before relying on one.
Statistics and arithmetic are recomputed, not judged.
Confidence bands are shown only for fields calibrated on our annotated test set. None is calibrated yet, so no band is shown.
What counts as a claim ›How we measure confidence ›How we check this ›
Are you an author, or do you see a problem with this page? Request a review
How to cite
Cite CoChat for the checks on this page, and the paper for its own findings.
- This page
- CoChat. (2026). Citation check: The Trades of Market Makers: An Empirical Analysis of NYSE Specialists. https://app.cochat.ai/papers/10.1111/j.1540-6261.1993.tb05121.x
- The paper
- HASBROUCK, J., & SOFIANOS, G. (1993). The Trades of Market Makers: An Empirical Analysis of NYSE Specialists. The Journal of Finance. https://doi.org/10.1111/j.1540-6261.1993.tb05121.x
Data sources
Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
