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Product market regulation on average is Slovenia does not appear particularly stringent, but heavy state involvement and high market concentration in several industries call for the gauging of competitive pressures in Slovenian industries. Owing to such characteristics, more sophisticated...
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1. Introduction / Jacob A. Bikker and Michiel van Leuvensteijn -- 2. Potential obstacles for competition in the … financial sector / Jacob A. Bikker and Michiel van Leuvensteijn -- 3. The efficiency of firms : what difference does competition … make? / Donald A. Hay and Guy S. Liu -- 4. A new way to measure competition / Jan Boone -- 5. Measuring performance of …
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We extend Kyle's (1985) model of insider trading to the case where liquidity provided by noise traders follows a general stochastic process. Even though the level of noise trading volatility is observable, in equilibrium, measured price impact is stochastic. If noise trading volatility is...
Persistent link: https://www.econbiz.de/10010581038
We use changes in Brazil's tax on capital inflows from 2006 to 2011 to test for direct portfolio effects and externalities from capital controls on investor portfolios. The analysis is structured based on information from investor interviews. We find that an increase in Brazil's tax on foreign...
Persistent link: https://www.econbiz.de/10009579243
We assess the pattern of Euro Area financial integration adjusting for the role of "onshore offshore financial centers" (OOFCs) within the Euro Area. The OOFCs of Luxembourg, Ireland, and the Netherlands serve dual roles as both hubs of investment fund intermediation and centers of securities...
Persistent link: https://www.econbiz.de/10014512129
Estimation of benchmark yield curve in developing markets is often influenced by liquidity concentration. Based on an affine term structure model, we develop a long run liquidity weighted fitting method to address the trading concentration phenomenon arising from horizon-induced clientele...
Persistent link: https://www.econbiz.de/10005080749