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We study empirically how competition among high-frequency traders (HFTs) affects their trading behavior and market …-frequency competition, and contains an exogenous event - a tick size reform - which we use to disentangle the effects of the rising share of … high-frequency trading in the market from the effects of high-frequency competition. We find that when HFTs compete, their …
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This paper extends Boone (2008) by introducing a competition measure at the individual firm level rather than for an … and measures competition vis-à-vis other market participants. We apply this extended Boone indicator to individual bank …-level competition in the loan market in the four largest euro area countries and Austria. The MRP distribution is skewed to the left and …
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We assess the impact of the Eurosystem's Targeted Long-Term Refinancing Operations (TLTROs) on the lending policies of euro area banks. We first build a theoretical model in which banks compete in the credit and deposit markets. We distinguish between direct and indirect effects. Direct effects...
Persistent link: https://www.econbiz.de/10012150125
We test if unconventional monetary policy instruments influence the competitive conduct of banks. Between q2:2010 and q1:2012, the ECB absorbed e218 billion worth of government securities from five EMU countries under the Securities Markets Programme (SMP). Using detailed security holdings data...
Persistent link: https://www.econbiz.de/10011637495
novel ones developed within the CompNet Competitiveness Research Network. We find that export market share growth is linked … competitiveness does not seem to play a very important role in either set of countries: relative export prices do show correlation …
Persistent link: https://www.econbiz.de/10011697375