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Liquidity, Transaction Costs, and Reintermediation in Electronic Markets

โœ Scribed by Ian Domowitz


Book ID
110345186
Publisher
Springer
Year
2002
Tongue
English
Weight
187 KB
Volume
22
Category
Article
ISSN
0920-8550

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## Abstract Using detailed data on the currency transactions of institutional fund managers, this paper shows that funds that experience high returns on their currency holdings also incur lower transaction costs on their currency trades. This finding holds both in the cross section, i.e. funds that