... trade, and otherwise, and |Y(Q)| is equal to |τ(Q)| for results reported on Panel A of Table 5, and |P(Q)| in Panel B of Table The Keim and Madhavan analysis predicts β1 > and β2 < This analysis ... cost of demanding liquidity in the market 20 Hypotheses II and V, which are due to Kiem and Madhavan (1996), concern relations between permanent and temporary price impacts, respectively, and trade ... Does an Electronic Stock Exchange Need an Upstairs Market? Abstract We examine block trades on the Paris Bourse to test several theoretical predictions regarding upstairs trading, and exploit...