Table 6. Change in Bid-Ask Spreads at the initiation of Consolidated Trading and Company Characteristics

Table 6. Change in Bid-Ask Spreads at the initiation of Consolidated Trading and Company Characteristics

This table compares the average change in spreads across different company characteristics. Market capitalization, share price, volume and absolute spreads are measured by the average value of these variables for each security during the pre-Consolidated period for each of the 116 securities that have at least 30 bid-ask quotes in both the pre-Consolidated and the post-Consolidated period. The comparison groups are created based on median values of the sample so that there are 58 observations in each group. The railroads, which comprise 97 of the 116 securities, versus no-railroads are based on the industry of the security. *** significant at 10%; ** significant at 5%; * significant at 1%.