Showing 51 - 60 of 38,545
This paper investigates competitiveness in the Ukrainian stock market during local crisis of 2013–2015. The following hypothesis is tested: crisis decreases competitiveness in the stock market. The analysis is carried out for the most liquid stocks in the Ukrainian Exchange (UX) over the...
Persistent link: https://www.econbiz.de/10012920837
In this paper we survey the theoretical and empirical literatures on market liquidity. We organize both literatures around three basic questions: (a) how to measure illiquidity, (b) how illiquidity relates to underlying market imperfections and other asset characteristics, and (c) how...
Persistent link: https://www.econbiz.de/10014025359
We examine a new government-sponsored investment vehicle available only to individual investors, 529 college savings plans, to analyze consumers' investment behavior after a significant change in disclosures of historical investment returns and tax benefits. We find evidence that disclosures...
Persistent link: https://www.econbiz.de/10013158185
The study offers a summary on major postal payment services in the domestic payment market. In addition to their share based on volume, the importance of these services lies in that more than one-fourth to one-third of Hungarians does not have a bank account (bank relationship), meaning that for...
Persistent link: https://www.econbiz.de/10009535460
We use a model with agency frictions to analyze the structure of a dealer market that faces competition from a crossing network. Traders are privately informed about their types (e.g. their portfolios), which is something the dealer must take into account when engaging his counterparties....
Persistent link: https://www.econbiz.de/10012907980
In this paper Coase's Conjecture is analyzed in a finite-horizon formulation. In addition to utility discounting models decreasing-willingness-to-pay models are analyzed. We find that in contrast to Coase's Conjecture a monopolist may extract full monopoly profit in the finite-horizon problem...
Persistent link: https://www.econbiz.de/10014061375
This paper studies the incentives of an information seller to provide precise information when precision is not observable and investors with rational expectations can extract information from the equilibrium asset price. I show that the seller can verify her precision by employing a non-linear...
Persistent link: https://www.econbiz.de/10014072226
This essay discusses first two competing hypotheses of market efficiency: the classical Efficient Market Hypothesis (EMH) of Samuelson and Fama, and the Fractal Market Hypothesis (FMH) of Mandelbrot and Peters and their weaknesses. The EMH depends on the empirically uncorroborated i.i.d. (=...
Persistent link: https://www.econbiz.de/10012727656
This paper compares, first, two competing hypotheses of market efficiency: the classical Efficient Market Hypothesis (EMH) of Samuelson (1965) and Fama (1970), and the Fractal Market Hypothesis (FMH) of Mandelbrot (1968) and Peters (1994). The market-neutral EMH risk depends on the empirically...
Persistent link: https://www.econbiz.de/10012771774
Many financial transactions are of a fixed-sum nature, meaning that any improvement in the terms of trade for one party comes at the expense of another party. We model how the sales of trading advantages (e.g., data or collocation services) affect traders' endogenous participation in a market...
Persistent link: https://www.econbiz.de/10013405135