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The organization of securities markets has not benefited from the feigned attempts of reform presented by authorities since the outbreak of the current crisis. However, speculative opportunities like the risks incurred also depend on the markets on which one operates. The Markets in Financial...
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I propose a model in which firms can convey their quality by listing on a stock exchange. To list, firms must comply with costly listing requirements allowing investors to recognize imperfectly their quality. A profit maximizing exchange may set listing requirements leading to high information...
Persistent link: https://www.econbiz.de/10010861490
trading. A monopolist exchange always under-regulates if regulation is costly. Under- regulation is exacerbated if other … trading venues free ride on the regulation and if the trading fee is determined by the level of listing requirements. While …
Persistent link: https://www.econbiz.de/10010706435
discrepancies as regards the future of financial regulation. …
Persistent link: https://www.econbiz.de/10010706588
rule-setting. It argues that actors that seem to be the objects of regulation or intervene only at its fringe are in fact … regulate the real world, with joint regulation being dominated by a multiplicity of financial actors, and looks at a variety of …
Persistent link: https://www.econbiz.de/10010706987
I examine competition in the sector of mortgage life insurance, in particular the periodic switching right (PSR), by which the borrower can change his insurer once every period (say, every year). The PSR is likely to have pro competitive effects (lower premium), but by the same move, to lead to...
Persistent link: https://www.econbiz.de/10011072716
on existing literature, we argue that ex ante regulation could represent a danger for the long-term development of the … infrastructures. We also argue that ex ante regulation is distorting investment itself: incremental investment is privileged as … opposed to radical investment. In this context, we identify three possible options for regulation in the near future: 1 …
Persistent link: https://www.econbiz.de/10011166384
wake of the 1929 crisis, and played a structuring role in the regulation of commodities futures markets at that time … regarding the desirable level of regulation of financial commodities markets in the US and in Europe is the leeway, left to both … reports, congressional hearings (1934-1936) and history books, in order to analyze the debates about the 1936 regulation …
Persistent link: https://www.econbiz.de/10011082442
Open market share repurchases are strictly regulated to prevent companies from profiting from insider information. We examine compliance with these rules in France, where the mandatory disclosure of share repurchases provides detailed information on repurchases actually undertaken. Using a...
Persistent link: https://www.econbiz.de/10010861426