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Regulatory arbitrage and the efficiency of banking regulation
Boyer, Pierre C.; Kempf, Hubert - 2016
We study the efficiency of banking regulation under financial integration. Banks freely choose the jurisdiction where to locate their activities and have private information about their efficiency level. Regulators non-cooperatively offer any regulatory contract that satisfies information and...
Persistent link: https://www.econbiz.de/10011458020
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Limit-Order Submission Strategies under Asymmetric Information
Menkhoff, Lukas; Osler, Carol; Schmeling, Maik - 2010
This paper provides evidence that informed traders dominate the response of limit-order submissions to shocks in a pure limit-order market. In the market we study, informed traders are highly sensitive to spreads, volatility, momentum and depth. By contrast, uninformed traders are relatively...
Persistent link: https://www.econbiz.de/10003969203
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Marketmaking middlemen
Gautier, Pieter; Hu, Bo; Watanabe, Makoto - 2016
This paper develops a model in which market structure is determined endogenously by the choice of intermediation mode …. We consider two representative business modes of intermediation that are widely used in real-life markets: one is a … other. In our model, buyers and sellers can simultaneously search in an outside market and use the intermediation service …
Persistent link: https://www.econbiz.de/10011517977
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Platform intermediation in a market for differentiated products
Galeotti, Andrea (contributor);  … - 2008
Persistent link: https://www.econbiz.de/10003674369
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Petty corruption and citizen feedback
Angelucci, Charles; Russo, Antonio - 2015
Numerous countries are introducing citizen feedback schemes to tame corruption. We study how best to incorporate feedback in public officials' incentives. The main novelty of our proposal is to allow citizens to directly influence officials' pay. We consider a situation in which entrepreneurs...
Persistent link: https://www.econbiz.de/10011343756
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Softening competition by enhancing entry : an example from the banking industry
Bouckaert, Jan; Degryse, Hans - 2002
We show that competing firms relax overall competition by lowering future barriers to entry. We illustrate our findings in a two-period model with adverse selection where banks strategically commit to disclose borrower information. By doing this, they invite rivals to enter their market....
Persistent link: https://www.econbiz.de/10011541031
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Optimal design of intergovernmental grants under asymmetric information
Huber, Bernd; Runkel, Marco - 2003
This paper develops a theoretical explanation why it may be optimal for higher-level governments to pay categorical block grants or closed-ended matching grants to local governments. We consider a federation with two types of local governments which differ in the cost of providing public goods....
Persistent link: https://www.econbiz.de/10011507744
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Privatization under asymmetric information
Bös, Dieter - 2000
This paper models privatization as a cooperative game between the government, a trade union and the private shareholders. These players kno w that privatization increases the efficiency of a firm, but only the management of the firm knows the exact value of the relevant productivity-increasing...
Persistent link: https://www.econbiz.de/10009781518
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Vertical product differentiation when quality is unobservable to buyers : presented at CESifo Area Conference on Industrial Organisation, March 2003
Orosel, Gerhard O.; Zauner, Klaus G. - 2004
We analyze vertical product differentiation in a model where a good's quality is unobservable to buyers before purchase, a continuum of quality levels is technologically feasible, and minimum quality is supplied under competitive conditions. After purchase the true quality of the good is...
Persistent link: https://www.econbiz.de/10011450700
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Overfunding and signaling effects of herding behavior in crowdfunding
Kapounek, Svatopluk; Kučerová, Zuzana - 2019
The paper employs a dynamic market-wide herding behavior measure of 117,166 lending-based campaigns in 119 online platforms in 37 countries that explores whether lenders follow each other in the whole crowdfunding market, within the groups of top platforms, within the specific category or...
Persistent link: https://www.econbiz.de/10012138907