0.48 Jeffry L. Davis Lois E. Lightfoot, Fragmentation versus Consolidation of Securities Trading: Evidence from the Operation of Rule 19c‐3, Journal of Law and Economics, 1998.

{ exchange trading market stock }	0.48
{ percent data table effect }	0.15
{ variable coefficient model regression }	0.15
{ return stock event market }	0.07

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