Electronic Theses and Dissertations

Date

2020

Document Type

Dissertation

Degree Name

Doctor of Philosophy

Department

Business Administration

Committee Chair

Thomas McInish

Committee Member

Pankaj Jain

Committee Member

Mark Sunderman

Committee Member

Sabatino Silveri

Abstract

This dissertation research comprises two essays in areas of finance of concern to an individual, retail trading and property redevelopment. Chapter 1 is focused on the NYSE's Retail Liquidity Program (RLP), which is a novel, restricted-access venue, in which orders cannot originate from a trading algorithm or any other computer methodology, designed to attract retail orders by offering price improvement. Essay 1 finds that the mean price improvement in the RLP is about $0.0038 per share. RLP trades occur on 50.2% of days, and on these days, the spread is one cent 42% of the time compared with a little less than 33% of the time for other days. Greater tick-size constraint leads to more RLP trades, and the quoted spread is lower on days with RLP trading. Thus, the RLP sorting mechanism appears to reduce lit market liquidity suppliers' adverse selection concerns and enables them to provide better sub-penny prices to retail traders on lit markets. Chapter 2 examines the effects to assessed property values of the 2001 to 2016 redevelopment project of the Uptown neighborhood in Memphis, Tennessee. Prior to the redevelopment, Uptown was heavily blighted and impoverished. We examine the economic impact of that redevelopment and its effect on assessed value and property taxes. We further consider the economic and social effects of blight during the pre and post development periods. Our results find that the redevelopment of Uptown was both socially and economically beneficial to the study area. We compare our findings to an adjacent neighborhood with similar

Comments

Data is provided by the student.

Library Comment

Dissertation or thesis originally submitted to ProQuest

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