A copy of Paul Schultz's paper, "Who Makes the Market," is now
available.  The paper to can be obtained (by Monday for sure) from Felicia
Jones (Economics), Latha Ramchand (University of Houston), and Vince
Kaminski (Enron) or Barbara Ostdiek (everyone else).

Paul's seminar is Friday, March 30, at 3:30 in Room 201 (note the room 
change).

The abstract of the paper is copied below:

Abstract

"I provide evidence that Nasdaq dealers make markets in the stocks in which
they receive order flow.  Several variables used to proxy for the stocks
that individual market maker's brokerage customers would trade, including
trading volume, location, underwriting participation and analyst coverage,
are significant determinants of market marking activity.  Informational
advantages may also be a factor in the market making decision as evidenced
by dealers specializing in stocks in specific industries.  Some potential
problems that arise when researchers ignore the integration of market
making with brokerage, securities analysis and underwriting businesses are
discussed."