| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP1620 |
| DP1620 Economic Developments in the Balkan Countries and the Role of Greece: From Bilateral Relations to the Challenge of Integration | |
| Nikos Christodoulakis; George Petrakos | |
| 发表日期 | 1997-05-30 |
| 出版年 | 1997 |
| 语种 | 英语 |
| 摘要 | We examine the bid-ask quotes offered by specialists (or dealers) who face indirect competition from other specialists who trade in related assets. In the context of a simple model where investors have mean variance preferences, we characterize the equilibrium bids and asks quoted by K specialists in N assets, where some specialists may control more than one asset. We compare the equilibrium spreads as the number (and factor structure) of the assets each specialist controls is varied. It is shown that for some constellations of initial portfolio holdings and asset covariance it is socially preferable to have competing specialists, while for others it is socially preferable to have their actions coordinated (or to have one specialist control several assets). In a simple factor model, we show how the optimal specialist control structure depends on whether the assets trade as substitutes or complements. In some situations it is beneficial to have specialist power concentrated within industries, in other situations, across industries, and in yet other situations, not to be concentrated at all. |
| 主题 | Financial Economics |
| 关键词 | Bid-ask spread Indirect competition Market structure |
| URL | https://cepr.org/publications/dp1620 |
| 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/530775 |
| 推荐引用方式 GB/T 7714 | Nikos Christodoulakis,George Petrakos. DP1620 Economic Developments in the Balkan Countries and the Role of Greece: From Bilateral Relations to the Challenge of Integration. 1997. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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