Showing 1 - 10 of 192
Intermediaries in decentralized markets can affect buyer welfare both directly, by reducing expenses for buyers with high search cost and indirectly, through a search-externality that affects the prices paid by buyers that do not use intermediaries. I investigate the magnitude of these effects...
Persistent link: https://www.econbiz.de/10012481248
We study the impact of investor heterogeneity on mutual fund market segmentation. To motivate our empirical analysis, we make two assumptions. First, some investors inherently value broker services. Second, because brokers are only compensated when they sell mutual funds, they have little...
Persistent link: https://www.econbiz.de/10012462345
We develop a quantitative theory of prices in firm-to-firm trade with bilateral negotiations and two-sided market power. Markups reflect oligopoly and oligopsony forces, with relative bargaining power as weight. Cost pass-through elasticities into import prices can be incomplete or complete,...
Persistent link: https://www.econbiz.de/10014287354
We study the provision of financial services to small firms, consumers, and workers in developing countries as part of value chain relationships: value chain microfinance (VCMF). We first explore how VCMF can both overcome barriers to financial access - including asymmetric information,...
Persistent link: https://www.econbiz.de/10014468284
Middlemen are ubiquitous in supply chains. In developing countries they help bring products from remote communities to end markets but may exert strong market power. We study a cooperative intervention which organizes together poor fishing communities in the Amazon -- one of the poorest and most...
Persistent link: https://www.econbiz.de/10012629441
Fiduciary duty may combat principal-agent problems in the provision of financial advice, but it may also impose costs through legal liability. We study the effects of fiduciary duty on the deferred annuity market using transaction-level data. Leveraging state-level variation in common law...
Persistent link: https://www.econbiz.de/10012479810
While observers agree that courts function poorly in developing countries, a lack of data has limited our understanding of the causes of malfunction. We combine data from administrative records on severance cases filed in the Mexico City Labor Court with interventions that provide information to...
Persistent link: https://www.econbiz.de/10012480789
Housing market transactions are a matter of public record and thus provide a rare opportunity to analyze the behavior, performance, and strategies of individual investors. Using data for all housing transactions in the Los Angeles area from 1988-2009, this paper provides empirical evidence on...
Persistent link: https://www.econbiz.de/10012461873
Prior to the subprime crisis, mortgage brokers originated about 65% of all subprime mortgages. Yet little is known about their behavior during the runup to the crisis. Using data from New Century Financial Corporation, we find that brokers earned an average revenue of $5,300 per funded loan. We...
Persistent link: https://www.econbiz.de/10012462482
have developed a stylized but explicit model of intermediation in trade. In this short paper, we present a variant of this …
Persistent link: https://www.econbiz.de/10012462904