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The Fragility of Discretionary Liquidity Provision : Lessons from the Collapse of the Auction Rate Securities Market
Han, Song - 2015
. The laboratory of our study is the recent collapse of the auction rate securities (ARS) market. Using a comprehensive … dataset constructed from auction reports and intraday transactions data on municipal ARS, we present quantitative evidence … that auction dealers acted at their own discretion as “market makers” before the market collapsed. We show that this …
Persistent link: https://www.econbiz.de/10013038246
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The Fragility of Discretionary Liquidity Provision - Lessons from the Collapse of the Auction Rate Securities Market
Han, Song; Dan, Li - 2011
. The laboratory of our study is the recent collapse of the auction rate securities (ARS) market. Using a comprehensive … dataset constructed from auction reports and intraday transactions data on municipal ARS, we present quantitative evidence … that auction dealers acted at their own discretion as "market makers" before the market collapsed. We show that this …
Persistent link: https://www.econbiz.de/10014179447
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Design of Public Procurement Auctions : Evidence from Cleaning Contracts
Hyytinen, Ari - 2015
cleaning services in Swedish municipalities. The lowest submitted and winning bids are similar in all auction designs despite a …
Persistent link: https://www.econbiz.de/10013028436
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The Effects of Mergers in Open Auction Markets
Waehrer, Keith; Perry, Martin K. - 2002
The buyer solicits bids from suppliers with different cost distributions defined by their capacities. The expected market share of each supplier is the ratio of its capacity to the industry capacity. The buyer's optimal reserve price declines with increases in the concentration of the industry....
Persistent link: https://www.econbiz.de/10014118024
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Market power and welfare in asymmetric divisible good auctions
Manzano Tovar, Carolina; Vives, Xavier - 2016
We analyze a divisible good uniform-price auction that features two groups each with a finite number of identical …
Persistent link: https://www.econbiz.de/10011580637
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Liquidity Risk in Sequential Trading Networks
Kariv, Shachar - 2017
This paper develops a model of intermediated exchange with budget-constrained traders who are embedded in a trading network. An experimental investigation confirms the theory's baseline predictions. Traders adopt monotone strategies with higher-budget intermediaries offering to pay more for...
Persistent link: https://www.econbiz.de/10012967921
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LIBOR’s Poker
Chen, Jiakai - 2017
Recent LIBOR manipulation scandal inspired discussions of the proper design of survey-based benchmarks. I solve a version of the survey as a game of incomplete information in which the benchmark administrator is unaware of the distribution of private signals. I characterize a standard survey in...
Persistent link: https://www.econbiz.de/10012975030
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The Evolution and Emergence of Integrated Social and Financial Networks with Electronic Transactions : A Dynamic Supernetwork Theory for the Modeling, Analysis, and Computation of...
Nagurney, Anna; Wakolbinger, Tina; Zhao, Li - 2004
In this paper, we propose a rigorous dynamic supernetwork theory for the integration of social networks with financial networks with intermediation in the presence of electronic transactions. We consider decision-makers with sources of funds, financial intermediaries, as well as demand markets...
Persistent link: https://www.econbiz.de/10014070743
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Supply function equilibria : step functions and continuous representations
Holmberg, Pär; Newbery, David M. G.; Ralph, Daniel - 2009
In most wholesale electricity markets generators must submit step-function offers of supply to a uniform price auction …
Persistent link: https://www.econbiz.de/10003809097
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Why do sellers (usually) prefer auctions?
Bulow, Jeremy; Klemperer, Paul - In: The American economic review 99 (2009) 4, pp. 1544-1575
Persistent link: https://www.econbiz.de/10003896781