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Vertical integration, competition, and financial exchanges: Is there grain in the silo?
Juranek, Steffen; Walz, Uwe - 2010
, consisting of trading, clearing and settlement. We thereby focus on firms' decisions but also look on the implications of these … decisions on competition and welfare. Our analysis shows that the incentives for vertical integration crucially depend on …
Persistent link: https://www.econbiz.de/10010303707
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Vertical integration, competition, and financial exchanges: Is there grain in the silo?
Juranek, Steffen; Walz, Uwe - Center for Financial Studies - 2010
, consisting of trading, clearing and settlement. We thereby focus on firms' decisions but also look on the implications of these … decisions on competition and welfare. Our analysis shows that the incentives for vertical integration crucially depend on …
Persistent link: https://www.econbiz.de/10010958700
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Vertical integration, competition, and financial exchanges: is there grain in the silo?
Juranek, Steffen; Walz, Uwe - 2010 - This version: December 2010
, consisting of trading, clearing and settlement. We thereby focus on firms’ decisions but also look on the implications of these … discuss major industry trends and policy initiatives. -- Vertical Integration ; Horizontal Integration ; Competition ; Trading … decisions on competition and welfare. Our analysis shows that the incentives for vertical integration crucially depend on …
Persistent link: https://www.econbiz.de/10008748103
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Organizational Design, Competition, and Financial Exchanges
Juranek, Steffen - 2014
regulatory and institutional developments, and argue that multilateral trading facilities and algorithmic trading lead to lower …
Persistent link: https://www.econbiz.de/10013068846
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Settling for Efficiency: A Framework for the European Securities Transactions Industry
Serifsoy, Baris; Weiss, Marco - 2005
Despite a lot of re-structuring and many innovations in recent years, the securities transaction industry in the European Union is still a highly inefficient and inconsistently configured system for cross-border transactions. This paper analyzes the functions performed, the institutions involved...
Persistent link: https://www.econbiz.de/10010316089
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Efficient Systems for the Securities Transaction Industry- A Framework for the European Union
Serifsoy, Baris; Weiß, Marco - 2003
This paper provides a framework for the securities transaction industry in the EU to understand the functions performed, the institutions involved and the parameters concerned that shape market and ownership structure. Of particular interest are microeconomic incentives of the industry players...
Persistent link: https://www.econbiz.de/10010316268
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Horizontal and vertical integration and securities trading and settlement
Tapking, Jens; Yang, Jing - 2004
This paper addresses a very European issue, the consolidation of securities trading and settlement infrastructures. In … integration of settlement systems is better than vertical integration of exchanges and settlement systems, but vertical …
Persistent link: https://www.econbiz.de/10011604433
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Competition for attention in the ETF space
Ben-David, Itzhak; Franzoni, Francesco; Kim, Byungwook; … - 2021
The interplay between investors' demand and providers' incentives has shaped the evolution of exchange-traded funds (ETFs). While early ETFs offered diversification at low cost, later ETFs track niche portfolios and charge high fees. Strikingly, over their first five years, specialized ETFs lose...
Persistent link: https://www.econbiz.de/10012421474
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The road not taken : competition and the R&D portfolio
Letina, Igor - 2015 - [Revised version, August 2015]
duplication of research. An increase in the intensity of competition among firms leads to an increase in the variety of developed …
Persistent link: https://www.econbiz.de/10011312249
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The road not taken : competition and the R&D portfolio
Letina, Igor - 2013
amount of duplication of research. An increase in the intensity of competition among firms leads to an increase in the …
Persistent link: https://www.econbiz.de/10009761734