Similar Search Results

Credit Constraints, Quality, and Export Prices: Theory and Evidence from China

Fan, Haichao; Lai, Edwin L.-C.; Li, Yao Amber - 2013

exports. The paper modifies Arkolakis's (2010) model of trade with heterogeneous firms by introducing endogenous quality and … choice of lower-quality products dominates the price distortion effect resulting from credit constraints. However, a … competing theory based on the alternative assumption that quality is exogenous across firms would predict completely opposite …

Persistent link: https://www.econbiz.de/10010319388

Competition and efficiency in EU Banking

Tsiritakis, Emmanuel - In: SPOUDAI - Journal of Economics and Business 67 (2017) 2, pp. 3-25

On the road to the new landscape in EU banking brought on by the financial crisis we assess the relationship between the level of competitiveness and efficiency. We estimate X-inefficiency for a sample of banks operating in the European Union using the stochastic frontier approach. We relate...

Persistent link: https://www.econbiz.de/10011994266

Strategies in financial services, the shareholders and the system: Is bigger and broader better?

Walter, Ingo - 2002

The financial services industry is „special“ in a variety of ways, including the fiduciary nature of the business, its …

Persistent link: https://www.econbiz.de/10010295527

Public good issues in TARGET: natural monopoly, scale economies, network effects and cost allocation

Bolt, Wilko; Humphrey, David - 2005

This paper discusses various theoretic concepts which play a role in assessing the public benefits of Target, the large value RTGS payment network operated by the Eurosystem. These concepts touch upon natural monopoly, network externalities, competition and contestability, as well as economies...

Persistent link: https://www.econbiz.de/10011604551

Dominant Investors and Strategic Transparency

Perotti, Enrico C.; von Thadden, Ernst-Ludwig - 1999

This paper studies product market competition under a strategic transparency decision. Dominant investors can influence information collection in the financial market, and thereby corporate transparency, by affecting market liquidity or the cost of information collection. More transparency on a...

Persistent link: https://www.econbiz.de/10011608488

High-frequency trading and institutional trading costs

Chen, Marie; Garriott, Corey - 2018

Using bond futures data, we test whether high-frequency trading (HFT) is engaging in back running, a trading strategy that can create costs for financial institutions. We reject the hypothesis of back running and find instead that HFT mildly improves trading costs for institutions. After a rapid...

Persistent link: https://www.econbiz.de/10012014463

Testing the quiet life hypothesis in the African banking industry

Asongu, Simplice; Odhiambo, Nicholas M. - 2018

The Quiet Life Hypothesis (QLH) is the pursuit of less efficiency by firms. In this study, we assess if powerful banks in the African banking industry are increasing financial access. The QLH is therefore consistent with the pursuit of financial intermediation inefficiency by large banks. To...

Persistent link: https://www.econbiz.de/10011956963

Intermediary market power and capital constraints

Allen, Jason; Wittwer, Milena - 2023

We examine how intermediary capitalization affects asset prices in a framework that allows for intermediary market power. We introduce a model in which capital-constrained intermediaries buy or trade an asset in an imperfectly competitive market, and we show that weaker capital constraints lead...

Persistent link: https://www.econbiz.de/10014544657

Central bank liquidity facilities and market making

Cimon, David A.; Walton, Adrian - 2022

In the onset of the COVID-19 crisis, central banks purchased large volumes of assets in an effort to keep markets operational. We model one such central bank, which purchases assets from dealers to alleviate balance sheet constraints. Asset purchases can prevent market breakdown, improve price...

Persistent link: https://www.econbiz.de/10013272212

Centralizing over-the-counter markets?

Allen, Jason; Wittwer, Milena - 2021

We identify a sizable wealth redistribution channel which creates a monetary policy trade-off whereby short-term economic stimulus is followed by persistently lower output over the medium term. This trade-off is stronger in economies with more nominal household debt but weakened by a more...

Persistent link: https://www.econbiz.de/10012695569

1
2
3
4
5
6
7
8
9
10
Next
Last