Firm size and turn-of-the-year effects in the OTC/NASDAQ market

Article Abstract:

This paper examines the turn-of-the-year effect, the firm size effect, and the relation between these two effects for a sample of OTC stocks traded via the NASDAQ reporting system over the period 1973-1985. We find results similar to those based solely on listed stocks. The importance of these findings stems from the existence of nontrivial differences between the characteristics of the OTC/NASDAQ sample and the samples of listed firms examined previously in the literature. We also find that NASDAQ quoted bid-ask spreads are highly negatively correlated with firm size, are not highly seasonal, and are large enough to preclude trading profits based upon a knowledge of the seasonality of small firms' returns. (Reprinted by permission of the publisher.)

Analysis, Over-the-counter markets, Over the counter markets

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Payments for order flow on Nasdaq

Article Abstract:

There are a number of problems associated with the traditional model of dealer markets. This model does not account for significant institutional features of actual dealer markets, and overlooks the variety of alternatives available to brokers to undertake execution of their order flow. A new model of Nasdaq that offers two ways in which marketmakers compete for order flow - direct payments and quotes - indicates that a fall in marketmakers' profit margin prompts the equilibrium payment for order flow to fall, but can lead to a rise in the overall number of marketmakers.

Models

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Chainsaw size for delimbing

Article Abstract:

The cardiovascular strain imposed on chainsaw operators when delimbing with small, medium and large capacity chainsaws under controlled conditions was investigated. It is suggested that chainsaw weight has an important effect on cardiovascular strain, thus the influence of chainsaw size and power should be investigated under normal operational conditions in New Zealand plantation forest harvesting operations.

Health aspects, Observations, Cardiovascular system, Circulatory system, Saws, Loggers, Loggers (Persons)

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