| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP2208 |
| 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 |
| URL | https://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. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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