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...

This study explores the impacts a presale contract has on a developer's pricing and production decisions in a game theoretical framework. In an environment where developers have full capital market access, the findings reveal that both developers and buyers are indifferent between a presale and...