Lawrence Glosten

Introductory Comments: Bloomfield and O'Hara, and Flood, Huisman, Koedijk, and Mahieu

Abstract:
The following two articles, "Market Transparency: Who Wins and Who Loses?" by Robert Bloomfield and Maureen O'Hara and "Quote Disclosure and Price Discovery in Multipele Dealer FInancial Markets" by Mark D. Flood, Ronald Huisman, Kees G. Koedijk, and Ronald J. Mahieu are the first two experimental microstructure articles that the Review of Financial Studies (RFS) has published. We, the editors of the RFS, hope that they are not the last. Therefore I take the unconventional step of introducing the two articles. The articles speak for themselves, of course, and they need no additional motivation from me. Furthermore, it is not my goal to either praise or critique the articles; you, the reader will do that. It is hope that this introduction will reveal my perspective as a (to date) nonexperimentalist editor. This should help inform the decision to submit future experimental microstructure articles to the RFS.

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