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This thesis deals with different problems related to markets with transaction costs and is composed of four parts.In part I, we begin with the study of assymptotic hedging a European option in a local volatility model with bid-ask spread.In part II, we study the optimal consumption problem in a...
Persistent link: https://www.econbiz.de/10011099452
We study the effect of the fragmentation of intellectual property rights on optimal patent design. The major finding is … requirements should be stronger than in the case of stand-alone innovation. This reduces the fragmentation of intellectual property …
Persistent link: https://www.econbiz.de/10008674332
This paper presents a model to analyze the consequences of competition in order-flow between a profit maximizing stock exchange and an alternative trading platform on the decisions concerning trading fees and listing requirements. Listing requirements, set by the exchange, provide public...
Persistent link: https://www.econbiz.de/10010861379
market fragmentation and internalization. Market fragmentation is found to improve global and local liquidity, with spreads … other factors than market fragmentation. The only harmful effect is that fragmentation may reduce market depth for small …
Persistent link: https://www.econbiz.de/10010707360
This article compares the cost of trading large capitalisation equities on the hybrid order-driven segment of the London Stock Exchange and the centralised electronic order book of Euronext. Using samples of stocks matched according to economic sector, free float capitalisation, and trading...
Persistent link: https://www.econbiz.de/10010707560
-quote depth relate to market fragmentation and internalization after MiFID. Market fragmentation is found to improve global and … post-MiFID period is driven by other factors than market fragmentation. The only harmful effect is that fragmentation may …
Persistent link: https://www.econbiz.de/10011162105
This note is a reflection on the meaning and scope of segregation and socio-spatial fragmentation indicators and … of segregation or fragmentation, they must nevertheless themselves be put to the test of sociological reasoning. The …
Persistent link: https://www.econbiz.de/10011166445
This article compares the cost of trading large capitalisation equities on the hybrid order-driven segment of the London Stock Exchange and the centralised electronic order book of Euronext. Using samples of stocks matched according to economic sector, free float capitalisation, and trading...
Persistent link: https://www.econbiz.de/10010905293
efficiency of two main civil liability regimes usually enforced to protect the environment: the strict liability regime and the … independently of any liability regime. This independency has economic consequences. First, victims and polluters pit one against … another about the liability regime that the government should enforce. Hence, financially constrained polluters prefer the …
Persistent link: https://www.econbiz.de/10009002682
This article challenges the conventional result that a tighter environmental tax has no long-run effect on human capital accumulation in the presence of pollution arising from final output production. It demonstrates that the technology used in the abatement sector determines the existence and...
Persistent link: https://www.econbiz.de/10009002687