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A large-market rational expectations equilibrium model
Vives, Xavier - 2011
This paper presents a market with asymmetric information where a privately revealing equilibrium obtains in a competitive framework and where incentives to acquire information are preserved. The equilibrium is efficient, and the paradoxes associated with fully revealing rational expectations...
Persistent link: https://www.econbiz.de/10010274759
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Horizontal Mergers Without Synergies May Increase Consumer Welfare
Stennek, Johan - 2001
Markets with imperfect competition do not induce a cost-minimizing allocation of production between firms. The market …
Persistent link: https://www.econbiz.de/10010335172
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Efficiency and equilibria in games of optimal derivative design
Horst, Ulrich; Moreno-Bromberg, Santiago - 2010
In this paper the problem of optimal derivative design, profit maximization and risk minimization under adverse selection when multiple agencies compete for the business of a continuum of heterogenous agents is studied. In contrast with the principal-agent models that are extended within, here...
Persistent link: https://www.econbiz.de/10010281584
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Naked short selling: The emperor`s new clothes?
Yadav, Pradeep K.; Fotak, Veljko; Raman, Vikas - 2009
Regulatory and media concern has focused heavily on the potentially manipulative distortion of market prices associated with naked short selling. However, naked shorting can also have beneficial effects for liquidity and pricing efficiency. We empirically investigate the impact of naked...
Persistent link: https://www.econbiz.de/10010302542
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Short-Selling Bans around the World: Evidence from the 2007-09 Crisis
Beber, Alessandro; Pagano, Marco - 2010
Most stock exchange regulators around the world reacted to the 2007-2009 crisis byimposing bans or regulatory constraints on short-selling. Short-selling restrictions wereimposed and lifted at different dates in different countries, often applied to different sets ofstocks and featured different...
Persistent link: https://www.econbiz.de/10010325910
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Information and market power in DeFi intermediation
Azar, Pablo; Casillas, Adrian; Farboodi, Maryam - 2024
The decentralized nature of blockchain markets has given rise to a complex and highly heterogeneous market structure, gaining increasing importance as traditional and decentralized (DeFi) finance become more interconnected. This paper introduces the DeFi intermediation chain and provides...
Persistent link: https://www.econbiz.de/10014581738
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Competition of e-commerce intermediaries
Matros, Alexander; Zapechelnyuk, Andriy - 2010
little, fierce competition between providers of similar services is expected. We consider a model where two e …
Persistent link: https://www.econbiz.de/10010280782
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Bank mergers, competition and liquidity
Carletti, Elena; Hartmann, Philipp; Spagnolo, Giancarlo - 2003
Persistent link: https://www.econbiz.de/10011604338
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A simple model of health insurance competition
Kemnitz, Alexander - 2010
This paper investigates competition between health insurance companies under different financing regulations. We … consider two alternatives advanced in recent German health care reform discussions: competition by contribution rates (health … contributions) and by fees (health premia). We find that contribution rate competition yields lower company profits and higher …
Persistent link: https://www.econbiz.de/10010274910
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Stakeholder capitalism, corporate governance and firm value
Allen, Franklin; Carletti, Elena; Marquez, Robert - 2007
We consider the advantages and disadvantages of stakeholder-oriented firms that are concerned with employees and suppliers as well as shareholders compared to shareholderoriented firms. Societies with stakeholder-oriented firms have higher prices, lower output, and can have greater firm value...
Persistent link: https://www.econbiz.de/10010298375