This paper builds on and extends existing literature on execution cost and expected return in quote - driven stock markets where market makers play a leading role in determining bid - ask spreads.

证券交易的执行成本是信息不对称和市场供需不均衡时投资者买卖证券的风险补偿，是资产定价和市场微观结构的重要研究课题。

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This paper builds on and extends existing literature on execution cost and expected return in quote - driven stock markets where market makers play a leading role in determining bid - ask spreads.

证券交易的执行成本是信息不对称和市场供需不均衡时投资者买卖证券的风险补偿，是资产定价和市场微观结构的重要研究课题。

youdao