G2TT
来源类型Discussion paper
规范类型论文
来源IDDP2208
DP2208 Comparison of Bootstrap Confidence Intervals for Impulse Responses of German Monetary Systems
Jürgen Wolters; Alexander Benkwitz
发表日期1999-08-31
出版年1999
语种英语
摘要We develop a model in which two profit maximizing exchanges compete for IPO listings. They choose the listing fees paid by firms wishing to go public and control the trading costs incurred by investors. All firms prefer lower costs, however firms differ in how they value a decrease in trading costs. Hence, in equilibrium, competing exchanges obtain positive expected profits by charging different trading fees and different listing fees. As a result, firms that list on different exchanges have different characteristics. The model has testable implications for the cross--sectional characteristics of IPOs' on different quality exchanges and the relationship between the level of trading costs and listing fees. We also find that competition does not guarantee that exchanges choose welfare maximizing trading rules. In some cases, welfare is larger with a monopolist exchange than with oligopolist exchanges.
主题Financial Economics
关键词Competition Exchanges rates Listings Regulation Trading technology
URLhttps://cepr.org/publications/dp2208
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/531314
推荐引用方式
GB/T 7714
Jürgen Wolters,Alexander Benkwitz. DP2208 Comparison of Bootstrap Confidence Intervals for Impulse Responses of German Monetary Systems. 1999.
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