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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
-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 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
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
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
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
, increases social welfare and has no effect on the environment. On the other hand, an increase of VAT rates on tourism …
Persistent link: https://www.econbiz.de/10005423056
As tourism is becoming one of the most important sectors of the world economy, the number of small islands trying to develop a competitive tourist activity is increasing and this strategy appears as growth enhancing. In most cases, it is built on the environmental quality of the destination but...
Persistent link: https://www.econbiz.de/10005423094