Showing 1 - 10 of 51
This paper focuses on the impact of financial market infrastructures (FMIs) and of their regulation on the post … FMIs regulation. By reviewing the current move from ‘private’ markets to ‘public’ markets internationally, and with respect … supervision. - This paper is a draft chapter for a forthcoming volume, "The Oxford Handbook on Financial Regulation," edited by …
Persistent link: https://www.econbiz.de/10011125895
The financial crisis has generated a deep revision of the regulation of securities and derivatives markets. In this … paper, we critically examine the extent to which current reforms, such as the European Market Infrastructure Regulation and … the proposed new Markets in Financial Instruments Directive and Regulation, will expand "public" securities and …
Persistent link: https://www.econbiz.de/10011126127
We study rights offerings using a sample of 8,238 rights offers announced during 1995-2008 in 69 countries. Although shareholders prefer having the option to trade rights, issuers deliberately restrict tradability in 38% of the offerings. We argue that firms restrict rights trading to avoid the...
Persistent link: https://www.econbiz.de/10010884755
Generic competition in the pharmaceutical market is an effective cost-containment mechanism that improves static efficiency and stimulates pharmaceutical innovation. There is no prior study that has empirically analysed the relative delays in adoption of generic competition. This paper aims to...
Persistent link: https://www.econbiz.de/10010745148
nature of local political control in the UK from 1993 to 2003. Since local politicians directly control planning regulation … independent retailers between 1998 and 2004 can be attributed to the perverse effect of planning regulation. …
Persistent link: https://www.econbiz.de/10010746338
This paper examines the impact of regulatory intervention to cut termination rates of calls from fixed lines to mobile phones. Under quite general conditions of competition, theory suggests that lower termination charges will result in higher prices for mobile subscribers, a phenomenon known as...
Persistent link: https://www.econbiz.de/10011071382
interactions with complex capital adequacy regulation, does generate market distortions of its own. Second, while mark …
Persistent link: https://www.econbiz.de/10011171756
regulation, while volatility is higher. Risk regulation may have the perverse effect of exacerbating price fluctuations. …
Persistent link: https://www.econbiz.de/10011126542
This paper shows that in a non-representative agent model in which households face short selling constraints and labor income risk, in the form of both uninsurable shocks and a common aggregate component, small differences in the correlation between aggregate labor income shocks and domestic and...
Persistent link: https://www.econbiz.de/10010928808
We analyze a dual currency search model in which agents are allowed to hold multiple units of both currencies. Hence, agents hold portfolios of currency. We study equilibria in which the two currencies are identical and equilibria in which the two currencies differ according to the magnitude of...
Persistent link: https://www.econbiz.de/10005776281