Showing 1 - 10 of 18,677
We consider competition among n sellers when each of them sells a portfolio of distinct products to a buyer having … limited slots (or shelf space). We study how bundling affects competition for slots. When the buyer has k number of slots …, equilibrium often does not exist and hence the outcome is often inefficient. Bundling changes competition between individual …
Persistent link: https://www.econbiz.de/10013158396
We rationalize exclusive portfolio dealing in a novel three-period partial equilibrium framework populated by a representative, risk-neutral seller and a small number of ex ante identical broker-dealers. Endowed with independent, uncertain demand for a representative asset, the broker-dealers...
Persistent link: https://www.econbiz.de/10014496480
theory including assumption of loss aversion at monthly and yearly horizons, which indicates the market utility is S … preference. Therefore, it should probe into asset pricing model and financial puzzles by prospect theory preferences. It may thus …
Persistent link: https://www.econbiz.de/10013107334
We model how investors allocate between asset managers, managers choose their portfolios of multiple securities, fees are set, and security prices are determined. The optimal passive portfolio is linked to the “expected market portfolio,” while the optimal active portfolio has elements of...
Persistent link: https://www.econbiz.de/10012851298
Persistent link: https://www.econbiz.de/10011483037
Persistent link: https://www.econbiz.de/10012230559
A common practice of banks has been to pool assets of different qualities and then sell a fraction of the newly created portfolios to investors. We extend the signaling model for single sales of risky assets to portfolio sales. We identify conditions under which signaling at the portfolio level...
Persistent link: https://www.econbiz.de/10012960474
Persistent link: https://www.econbiz.de/10012694508
Interconnectedness is an inherent feature of the modern financial system. While it contributes to efficiency of financial services, it also creates structural vulnerabilities: pernicious shock transmission and amplification impacting banks' capitalization. This has recently been seen during the...
Persistent link: https://www.econbiz.de/10014278677
Persistent link: https://www.econbiz.de/10003721644