| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP1208 |
| DP1208 Foreign Equity Investment Restrictions, Capital Flight, and Shareholder Wealth Maximization | |
| René Stulz | |
| 发表日期 | 1995-07-31 |
| 出版年 | 1995 |
| 语种 | 英语 |
| 摘要 | Trading in futures markets has grown substantially for many commodities. At the same time the power of many dominant producers has weakened and core prices have tended to fall towards those on the fringe. Existing cartel/fringe models fail to explain the difference between core and fringe prices and have no role for the development of futures trading. We present a cartel/fringe model that incorporates search and contracting. The model predicts that cartel prices exceed those on the fringe; that the cartel/fringe price differential narrows as futures trading increases; and that a move to contracting lowers market prices. |
| 主题 | Industrial Organization ; International Trade and Regional Economics |
| 关键词 | Cartel/fringe models Contracting Futures makets Search |
| URL | https://cepr.org/publications/dp1208 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/530346 |
| 推荐引用方式 GB/T 7714 | René Stulz. DP1208 Foreign Equity Investment Restrictions, Capital Flight, and Shareholder Wealth Maximization. 1995. |
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