Essays On Financial Market Structure

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Essays On Financial Market Structure And Economic Growth

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Author : Nicola Cetorelli
language : en
Publisher:
Release Date : 1996

Essays On Financial Market Structure And Economic Growth written by Nicola Cetorelli and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1996 with categories.

Three Essays In Financial Market Structure

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Author : James Peter Weston
language : en
Publisher:
Release Date : 2000

Three Essays In Financial Market Structure written by James Peter Weston and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2000 with categories.

Essays On Financial Market Structure And Design

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Author : Mr. Haoxiang Zhu
language : en
Publisher:
Release Date : 2012

Essays On Financial Market Structure And Design written by Mr. Haoxiang Zhu and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012 with categories.

In this doctoral dissertation, I study financial market structure and design, namely how institutional features of financial markets affect price discovery, liquidity, search behavior, efficiency, and welfare. This dissertation consists of three chapters. The first chapter studies dark pools and price discovery. Dark pools are equity trading systems that do not publicly display orders. Orders in dark pools are matched within the exchange bid-ask spread without a guarantee of execution. Because informed traders tend to have common information regarding the asset value, they are more likely to cluster on the heavy side of the market and therefore face a lower execution probability in the dark pool, relative to uninformed traders. Consequently, exchanges are more attractive to informed traders, whereas dark pools are more attractive to uninformed traders. Under natural conditions, adding a dark pool alongside an exchange concentrates price-relevant information into the exchange and improves price discovery. The second chapter offers a dynamic model of opaque over-the-counter markets. I build a theoretical model of OTC markets, in which a seller searches for an attractive price by visiting multiple buyers, one at a time. The buyers do not observe contacts, quotes, or trades elsewhere in the market. A repeat contact with a buyer reveals the seller's reduced outside options and worsens the price offered by the revisited buyer. When the asset value is uncertain and common to all buyers, a visit by the seller suggests that other buyers could have quoted unattractive prices and thus worsens the visited buyer's inference regarding the asset value. This chapter is now published at the Review of Financial Studies, Volume 25, Issue 4, April 2012. The third chapter studies settlement auctions for credit default swaps (CDS). This chapter is the joint work with Songzi Du, a fellow Doctoral Candidate at the Graduate School of Business, Stanford University. We find that the one-sided design of CDS auctions used in practice gives CDS buyers and sellers strong incentives to distort the final auction price, in order to maximize payoffs from existing CDS positions. Consequently, these auctions tend to overprice defaulted bonds conditional on an excess supply and underprice defaulted bonds conditional on an excess demand. We propose a double auction to mitigate this price bias. We find the predictions of our model on bidding behavior to be consistent with data on CDS auctions.

Essays On Financial Market Structure

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Author : David Cimon
language : en
Publisher:
Release Date : 2016

Essays On Financial Market Structure written by David Cimon and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016 with categories.

In this thesis, I model three innovations in modern financial markets. First, I study conflict of interest in the relation between brokers and investors. Second, I study Exchange Traded Funds, and their impact on their constituent assets. Finally, I study crowdfunding as a means for entrepreneurs to resolve uncertainty regarding demand for their projects. Many investors do not access equity markets directly; instead they rely on a broker who receives their order and submits it to a trading venue. Brokers face a conflict of interest when the commissions they receive from investors differ from the costs imposed by different trading venues. Investors want their orders to be filled with the highest probability, while brokers choose venues in order to maximize their own profits. I construct a model of limit order trading in which brokers serve as an agent for investors who wish to access equity markets. In just over 20 years, exchange traded funds (ETFs) have gone from a new financial innovation to an industry representing over $1.3 trillion CAD in assets under management. With this rapid rise in popularity, questions naturally arise as to whether ETFs affect the markets for the underlying assets from which they are formed. In this chapter I present a static model of informed limit order book trading in which market participants trade in either cash markets or basket securities ETFs. Since its advent less than 10 years ago, crowdfunding has grown to a multi-billion dollar industry. There has been debate over whether crowdfunding has competed with or complemented traditional financing methods such as banks and venture capital. One feature of crowdfunding, is a shifting of the risk from the project from the traditional venues, to these consumers themselves. This chapter examines the role of crowdfunding in the financing process for entrepreneurs, specifically in regards to the resolution of uncertainty regarding demand for their projects.

Essays On The Microeconomics Of Financial Market Structure And Performance

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Author : Prasad Krishnamurthy
language : en
Publisher:
Release Date : 2011

Essays On The Microeconomics Of Financial Market Structure And Performance written by Prasad Krishnamurthy and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011 with categories.

How does financial market structure affect business growth and consumer welfare? Microeconomic theory presumes that market outcomes are a result of the equilibrium interaction of agents with differing objectives. This dissertation develops and tests microeconomic models of the credit and deposit markets . Parts 1 and 2 emphasize the importance of asymmetric information and strategic interaction, respectively, in determining financial market structure and performance. Part 1 provides new evidence on the relationship between financial market structure and firm growth. I develop an equilibrium model of firms who can access debt capital and capital from banks that monitor their borrowers. In this model, (1) shifts in the supply of bank credit have the largest effect on firms who have just enough capital to acquire finance, and (2) financial integration dampens the quantity effects of shocks to credit supply, but exacerbates the quantity effects of shocks to credit demand. I test these hypotheses by exploiting the history of bank-branching deregulation in the United States. I use the differential timing of state deregulation to trace the causal channel that runs from financial integration to firm growth. I find that for mid-sized establishments, financial integration lowered the association between local credit supply and business growth. My findings suggest that the excess volatility in business growth in unintegrated markets may entail significant allocative inefficiencies. Part 2 investigates the contribution of deposit market competition and consumer preferences to banking market structure and pricing. I develop a general model of spatial competition where consumers' higher willingness to pay for firms with more locations generates an externality in firms' location decisions. I characterize the equilibrium of this model and provide novel analytical results for prices, markups and limiting market shares. I then consider the application of this model to the market for bank deposits. The model generates predictions on (1) the density of branches, (2) the pattern of within-market and across-market concentration, (3) the relationship between concentration and market size, (4) the relationship between branching networks and deposit prices, and (5) the dispersion of deposit prices. I utilize the history of bank branch deregulation to test the predictions of this model by comparing free branching to unit branching--one bank/one branch--states. The empirical tests are broadly consistent with the hypothesis that strategic competition in branch networks plays a role in determining market structure.

Essays On The Structure And Regulation Of Financial Markets

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Author : Byoung-Jo Chun
language : en
Publisher:
Release Date : 1995

Essays On The Structure And Regulation Of Financial Markets written by Byoung-Jo Chun and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1995 with Capital market categories.

Essays On The European Financial Market Structure And The Monetary Union

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Author : Hannah Winterberg
language : en
Publisher:
Release Date : 2022

Essays On The European Financial Market Structure And The Monetary Union written by Hannah Winterberg and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022 with categories.

Essays On The Structure Of Financial Markets

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Author : Oved Yosha
language : en
Publisher:
Release Date : 1992

Essays On The Structure Of Financial Markets written by Oved Yosha and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1992 with Financial institutions categories.

Public Policy Financial Economics Essays In Honor Of Professor George G Kaufman For His Lifelong Contributions To The Profession

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Author : Evanoff Douglas D
language : en
Publisher: World Scientific
Release Date : 2018-03-08

Public Policy Financial Economics Essays In Honor Of Professor George G Kaufman For His Lifelong Contributions To The Profession written by Evanoff Douglas D and has been published by World Scientific this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-03-08 with Business & Economics categories.

The central goal of this volume was to assemble outstanding scholars and policymakers in the field of financial markets and institutions and have them articulate significant market developments in their particular areas of expertise during the past few decades. Not just a celebratory volume, Public Policy and Financial Economics selected internationally recognized financial economists who have worked with Professor Kaufman during his years of scholarly research, and have a combined mastery of specialized financial markets themes and, very importantly, knowledge of public policies in the areas. All 15 chapters offer unique, innovative, and exciting expositions of several critical topics in financial economics. Contents: Background on George Kaufman's Contributions to the Finance Profession: Public Policy and Financial Economics: Comments to Honor George G Kaufman (Charles L Evans) 57 Years of Banking Changes and Ideas (Alex J Pollock) Theory vs Practice — and Promise — in Banking and Financial Regulation (Harvey Rosenblum) Central Banking and Regulation: Changes Through the Years: The Changing Fortunes of Central Banking (CAE Goodhart) Financial Safety Nets: The Good, the Bad, and the Ugly (Edward J Kane) Systemic Risk: Taming the Two 800-Pound Gorillas in the Room (Charles W Calomiris) Shadowing Capital Regulation: 1986–2015 (Richard J Herring) Public Policy Issues in Financial Markets: The Fed and Structural Reforms to Reduce Interconnectedness and Promote Financial Stability (Robert A Eisenbeis) The New Failure Resolution Regulation: The Good, the Bad, and the Unknowable (Robert Bliss and Franklin Edwards ) Monetary and Other Policy Problems (Allan H Meltzer) Defining, Measuring, and Mitigating Systemic Risk at Large Insurance Companies (Richard Rosen and Thanases Plestis) Asset Bubbles and Public Policy (Douglas D Evanoff and AG Malliaris) The New Realities of Market Structure and Liquidity: Where Have We Been? Where Are We Going?(Chester Spatt) Affordable Housing Goals, the Financial Crisis, and the Efficient Market Hypothesis (Peter J Wallison) Good and Bad Lessons in Finance From New Information (Robert Litan) Readership: Financial economists, economists with a concentration on monetary activities, policymakers in the financial markets sector, and students interested in the dynamics of economics, finance, and policymaking as a research and/or career reference. Keywords: Financial Markets;Financial Policy;Resolution;Financial Economics;Regulation;Asset Bubbles;Market Structure and Liquidity;Central Banking;Financial RegulationReview:0

Essays On Financial Intermediation Product Differentation And Market Structure

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Author : Hans Degryse
language : en
Publisher:
Release Date : 1995

Essays On Financial Intermediation Product Differentation And Market Structure written by Hans Degryse and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1995 with categories.