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Is the bond market competitive? : evidence from the ECB's asset purchase programme
Breckenfelder, Johannes; Collin-Dufresne, Pierre; … - 2023 - This draft: February 22, 2024
Persistent link: https://www.econbiz.de/10014483063
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Dealer intermediation between markets
Dunne, Peter G.; Hau, Harald; Moore, Michael J. - 2012
We develop a dynamic model of dealer intermediation between a monopolistic customerdealer (B2C) market and a competitive inter-dealer (B2B) market. Dealers face inventory constraints and adverse selection. We characterize the optimal quote setting and inventory management behavior for both...
Persistent link: https://www.econbiz.de/10009624581
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Integrated intermediation and fintech market power
Buchak, Greg; Chau, N. Vera; Jørring, Adam - 2023
Persistent link: https://www.econbiz.de/10014480290
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Toward a unified framework of credit creation
Becke, Susanne von der; Sornette, Didier - 2014
We identify the origin of the contradicting perspectives on credit creation offered by Austrian, Mainstream and Post Keynesian economists as the neglect of the primacy of such assets as goods, properties and securities, which always pre-exist any transaction and loan. We develop a unified...
Persistent link: https://www.econbiz.de/10010337985
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Rational belief bubbles
Sohn, Hyun-U; Sornette, Didier - 2020
We propose an extension of the class of rational expectations bubbles (REBs) to the more general rational beliefs setting of Kurz (1994a,b). In a potentially non-stationary but stationarizable environment, among an heterogenous population of agents, it is possible to hold more than one...
Persistent link: https://www.econbiz.de/10012181099
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Competitive pressure and ESG
Pursiainen, Vesa; Sun, Hanwen; Xiang, Yue - 2023
Persistent link: https://www.econbiz.de/10014480300
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Consumption paths under prospect utility in an optimal growth model
Foellmi, Reto; Rosenblatt-Wisch, Rina; Schenk-Hoppé, … - 2010
This paper studies the Cass-Koopmans-Ramsey model of optimal economic growth in the presence of loss aversion and habit formation. The representative agent's preferences for consumption can be gradually varied between the standard constant intertemporal elasticity of substitution (CIES) case and...
Persistent link: https://www.econbiz.de/10008797768
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Capital growth under transaction costs : an analysis based on the von Neumann-Gale model
Bahsoun, Wael; Evstigneev, Igor V.; Taksar, Michael I. - 2008
demonstrates how methods and concepts developed in the context of von Neumann-Gale dynamics can be used to develop a theory of …
Persistent link: https://www.econbiz.de/10003961438
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Competition, cash holdings, and financing decisions
Morellec, Erwan; Nikolov, Boris; Zucchi, Francesca - 2013
We use a dynamic model of cash management in which firms face competitive pressure to show that competition increases … competition has first order effects on the cash holdings and financing decisions of constrained firms, in ways consistent with our … theory …
Persistent link: https://www.econbiz.de/10010258537
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Product market competition and option prices
Morellec, Erwan; Zhdanov, Alexei - 2017
Most firms face some form of competition in product markets. The degree of competition a firm faces feeds back into its … competition affects the prices of options on equity and naturally leads to an inverse relationship between equity returns and … empirical support for this finding and demonstrate the importance of accounting for product market competition when explaining …
Persistent link: https://www.econbiz.de/10011626663