We model the impact of bank mergers on loan competition, banks' reserve holdings and aggregate liquidity. Banks compete in a differentiated loan market, hold reserves against liquidity shocks, and refinance in the interbank market. A merger creates an internal money market that induces financial...

Exchanges and other trading platforms are often vertically integrated to carry out trading, clearing and settlement as one operation. We show that such vertical silos can prevent efficiency gains from horizontal consolidation of trading and settlement platforms to be realized. Independent of the...

In recent years, demutualized stock exchanges have been increasingly engaging in M&A and alliance activities. To examine the effect of these growth strategies on exchange shareholders’ value creation, we focus on 14 public stock exchanges and investigate their short-run share price responses...

This paper addresses a very European issue, the consolidation of securities trading and settlement infrastructures. In a two-country model, we analyze welfare implications of different types of consolidation. We find that horizontal integration of settlement systems is better than vertical...

The present study was conducted as part of a wider evidence gathering by the Commission on geo-blocking as a barrier to online cross-border trade in the European Digital Single Market. The primary objective of this study was to investigate the prevalence and characteristics of geo-blocking...

Autorenabstract: Description of the action Definitions Local shops: shops selling everyday goods and services intended for individual consumers in an area serving a limited number of customers. Disadvantaged rural areas: rural areas where public authorities provide financial support to encourage...

Das vorliegende Bulletin gibt einen Überblick über die aktuellen Entwicklungen in Bezug auf die Arbeitszeit im Einzelhandelssektor in Europa. Zudem werden anstehende Probleme näher betrachtet und praktische Informationen hinsichtlich der Organisation der Zeit angeboten. Zwei zusätzliche...

This report gives an overview of working conditions, job quality, workers’ health and job sustainability in the retail sector (NACE 47). It is based mostly on the fifth European Working Conditions Survey (EWCS), which gathers data on working conditions and the quality of work across 34...

This is a survey on the recent game theoretic literature on committee decision making. We consider theoretical work on the role of (i) strategic voting, (ii) costly information acquisition, (iii) conflicting interests, and (iv) communication in committees. Moreover, we review recent experimental...