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Integration of securities market infrastructures in the euro area
Schmiedel, Heiko; Schönenberger, Andreas - 2005
This paper investigates the state and process of integration of the European securities market infrastructure. The … finds that, despite the single currency, the euro area securities infrastructure remains highly fragmented and … groups of market infrastructure. Economies of scale and scope and positive network externalities inherent in the securities …
Persistent link: https://www.econbiz.de/10011606185
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Wer den Kodex nicht einhält, den bestraft der Kapitalmarkt?
Mahr, Till G.; Rott, Roland; Nowak, Eric - 2004
Seit der Einführung des Deutschen Corporate Governance Kodex (Kodex) im Jahr 2002 sind deutsche börsennotierte Unternehmen zur Abgabe der Entsprechenserklärung gemäß § 161 AktG verpflichtet (Comply-or-Explain-Prinzip). Auf der Basis dieser Information soll durch den Druck des Kapitalmarkts...
Persistent link: https://www.econbiz.de/10010263310
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Artificial Long Memory Effects in Two Agend-Based Asset Pricing Models
Franke, Reiner - 2008
This note is concerned with two recent agent-based models of speculative dynamics from the literature, one by Gaunersdorfer and Hommes and the other by He and Li. At short as well as long lags, both of them display an autocorrelation structure in absolute and squared returns that comes...
Persistent link: https://www.econbiz.de/10010296307
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Incomplete financial markets: Volatility and transaction costs
Markeprand, Tobias - 2009
Persistent link: https://www.econbiz.de/10012503129
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Voluntary agreements with industries: Participation incentives with industry-wide targets
Dawson, Na Li; Segerson, Kathleen - 2000
We develop a multiple-firm model of an industry's voluntary adoption of environmental protection measures to achieve a predetermined industry-wide emissions reduction target under an explicit threat of imposition of an emissions tax. We examine the free-riding incentive of individual firms and...
Persistent link: https://www.econbiz.de/10011608635
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Participation incentives and the design of voluntary agreements: Special issue on voluntary approaches, competition and competitiveness
Brau, Rinaldo; Carraro, Carlo; Golfetto, Giulio - 2001
This paper analyses the conditions under which a group of firms has the incentive to sign a Voluntary Agreement (VA) in order to control its emission flows even in the presence of free-riding by other firms in the industry. For the purpose of this paper it is assumed that free-riders cannot be...
Persistent link: https://www.econbiz.de/10011608781
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Algorithmic trading engines versus human traders: Do they behave different in securities markets?
Gomber, Peter; Gsell, Markus - 2009
the securities trading industry shifted to the use of fully electronic trading engines by banks, brokers and their …
Persistent link: https://www.econbiz.de/10010303683
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Bond markets in advanced transition: A synopsis of the Visegrád bond markets
Barysch, Katinka; Heinemann, Friedrich; Steiger, Max - 1997
Persistent link: https://www.econbiz.de/10010303812
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The other side of the trading story: Evidence from NYSE
Wong, Woon K.; Copeland, Laurence; Lu, Ralph - 2008
We analyse the well-known TORQ dataset of trades on the NYSE over a 3-month period, breaking down transactions depending on whether the active or passive side was institutional or private. This allows us to compare the returns on the different trade categories. We find that, however we analyse...
Persistent link: https://www.econbiz.de/10010288815
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Efficient Systems for the Securities Transaction Industry- A Framework for the European Union
Serifsoy, Baris; Weiß, Marco - 2003
This paper provides a framework for the securities transaction industry in the EU to understand the functions performed … paper describes and analyzes three consistent systems for the securities transaction industry. We point out that one of the …
Persistent link: https://www.econbiz.de/10010316268