94 ГЛАВА 3

Hans R. Stoll, «Inferring the Components of the Bid-Ask Spread: Theory and Empirical
Tests», Journal of Finance, 44, no. 1 (March 1989), pp. 115—134.

Robert W. Holthausen, Richard W. Leftwich, and David Mayers, «Large-Block Transactions,
the Speed of Response, and Temporary and Permanent Stock-Price Effects», Journal of
Economics, 26, no. 1 (July 1990), pp. 71-95.

E Douglas Foster and S. Viswanathan, «Variations in Trading Volume, Return Volatility,
and Trading Costs: Evidence on Recent Price Formation Models», Journal of Finance, 48,
no. 1 (March 1993), pp. 187-211.

Hans R. Stoll, «Equity Trading Costs In-The-Large», Journal of Portfolio Management, 19,
no. 4 (Summer 1993), pp. 41-50.

Joel Hasbrouck and George Sofianos, «The Trades of Market Makers: An Empirical Analysis
ofNYSE Specialists», Journal of Finance, 48, no. 5 (December 1993), pp. 1565-1593.

Ananth Madhavan and Seymour Smidt, «An Analysis of Changes in Specialist Inventories
and Quotations», Journal of Finance, 48, no. 5 (December 1993), pp. 1595—1628.

8. С целью получения более подробной информации по инвестиционным банкам см.
работы:

Richard A. Brealey and Stewart С. Myers, Principles of Corporate Finance (New York:

McGraw-Hill, 1991), Chapter 15.

Stephen A. Ross, Randolph W. Westerfield, and Jeffrey F. Jaffee, Corporate Finance
(Homewood, IL: Richard D. Irwin, 1993), Chapters 19-20.

9. Краткий исторический экскурс в развитие американского рынка капиталов, вклю-
чающий дискуссию по регулированию рынка, содержится в статье:

George David Smith and Richard Sylla, «The Transformation of Financial Capitalism:

An Essay on the History of American Capital Markets», Financial Markets, Institutions &
Instruments, 2, no. 2 (1993).