Market Structure Matters

Charles Polk, E. Schulman
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Abstract

Richard Roll observed that continuous markets are more volatile than other market structures. If it is true that continuous markets induce volatility, then unless we change that market structure, we will continue to be plagued with sporadic bursts of nonfunctional, uninformative volatility. This article looks to the underlying reasons and suggests a more serviceable market structure.
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市场结构事宜
理查德·罗尔观察到,连续市场比其他市场结构更不稳定。如果连续的市场确实会引发波动,那么除非我们改变这种市场结构,否则我们将继续受到零星爆发的无功能、无信息波动的困扰。本文着眼于潜在的原因,并提出了一个更适用的市场结构。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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