Essays On The Microeconomics Of Financial Market Structure And Performance
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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.
Financial Conditions And Macroeconomic Performance
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Author : Steven M. Fazzari
language : en
Publisher: Routledge
Release Date : 2015-06-05
Financial Conditions And Macroeconomic Performance written by Steven M. Fazzari and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-06-05 with Business & Economics categories.
This collection of papers on financial instability and its impact on macroeconomic performance honours Hyman P. Minsky and his lifelong work. It is based on a conference at Washington University, St. Louis, in 1990 and includes among the authors Benjamin M. Friedman, Charles P. Kindleberger, Jan Kregel and Steven Fazzari. These papers consider Minsky's definitive analysis that yields such a clear and disturbing sequence of financial events: booms, government intervention to prevent debt contraction and new booms that cause a progressive buildup of new debt, eventually leaving the economy much more fragile financially.
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.
Theory And Reality In Financial Economics
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Author : George M. Frankfurter
language : en
Publisher: World Scientific
Release Date : 2007
Theory And Reality In Financial Economics written by George M. Frankfurter and has been published by World Scientific this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007 with Business & Economics categories.
A collection of essays dealing with financial markets' imperfections, and the inability of neoclassical economics to deal with such imperfections. This book argues that financial economics, as based on the tenets of neoclassical economics, cannot answer or solve the real-life problems that people face.
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 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.
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.
Advances In Behavioral Finance Volume Ii
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Author : Richard H. Thaler
language : en
Publisher: Princeton University Press
Release Date : 2005-07-05
Advances In Behavioral Finance Volume Ii written by Richard H. Thaler and has been published by Princeton University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005-07-05 with Business & Economics categories.
This book offers a definitive and wide-ranging overview of developments in behavioral finance over the past ten years. In 1993, the first volume provided the standard reference to this new approach in finance--an approach that, as editor Richard Thaler put it, "entertains the possibility that some of the agents in the economy behave less than fully rationally some of the time." Much has changed since then. Not least, the bursting of the Internet bubble and the subsequent market decline further demonstrated that financial markets often fail to behave as they would if trading were truly dominated by the fully rational investors who populate financial theories. Behavioral finance has made an indelible mark on areas from asset pricing to individual investor behavior to corporate finance, and continues to see exciting empirical and theoretical advances. Advances in Behavioral Finance, Volume II constitutes the essential new resource in the field. It presents twenty recent papers by leading specialists that illustrate the abiding power of behavioral finance--of how specific departures from fully rational decision making by individual market agents can provide explanations of otherwise puzzling market phenomena. As with the first volume, it reaches beyond the world of finance to suggest, powerfully, the importance of pursuing behavioral approaches to other areas of economic life. The contributors are Brad M. Barber, Nicholas Barberis, Shlomo Benartzi, John Y. Campbell, Emil M. Dabora, Daniel Kent, François Degeorge, Kenneth A. Froot, J. B. Heaton, David Hirshleifer, Harrison Hong, Ming Huang, Narasimhan Jegadeesh, Josef Lakonishok, Owen A. Lamont, Roni Michaely, Terrance Odean, Jayendu Patel, Tano Santos, Andrei Shleifer, Robert J. Shiller, Jeremy C. Stein, Avanidhar Subrahmanyam, Richard H. Thaler, Sheridan Titman, Robert W. Vishny, Kent L. Womack, and Richard Zeckhauser.
The Theory And Practice Of Financial Stability
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Author : Andrew Crockett
language : en
Publisher:
Release Date : 1997
The Theory And Practice Of Financial Stability written by Andrew Crockett and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1997 with Capital market categories.
The Theory Of Financial Intermediation
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Author : Bert Scholtens
language : en
Publisher:
Release Date : 2003
The Theory Of Financial Intermediation written by Bert Scholtens and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003 with Finance categories.