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The Cost of Transacting
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1968
Year
Ask-bid SpreadTransaction CostMarket MicrostructureAsset PricingSearch CostsManagementEconomic AnalysisCost ManagementTransaction RateQuantitative ManagementTechnology TransferEconomicsStock PricesAccountingCost EffectivenessFinanceMarket ManipulationFinancial EconomicsCost IssueBusiness
The paper defines and measures transaction costs on the NYSE, focusing on the ask‑bid spread and transaction rate. The authors present statistical analyses and interpretive commentary on transaction cost data. The study includes an introduction and appendices I and II.
Introduction, 33. — The definition and measurement of transaction cost on the New York stock exchange, 35. — The determination of the ask-bid spread, 40. — The determination of the transaction rate, 45. — Statistical results, 46. — Summary and comments, 50. — Appendix I, 52. — Appendix II, 53.