| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP2249 |
| DP2249 Does More Intense Competition Lead to Higher Growth? | |
| Aydin Hayri; Mark Dutz | |
| 发表日期 | 1999-10-29 |
| 出版年 | 1999 |
| 语种 | 英语 |
| 摘要 | We develop a model of price formation in a dealership market where monitoring of the information flow requires costly effort. The result is imperfect monitoring, which creates profit opportunities for speculators, who do not act as dealers but simply monitor the information flow and quote updates in order to pick off 'stale quotes'. Externalities associated with monitoring can help to sustain non-competitive spreads. We show that protecting dealers against the execution of stale quotes can result in larger spreads and be detrimental to price discovery due to externalities in monitoring. A reduction in the minimum quoted depth will reduce the spread and speculators' trading frequency. Our analysis is relevant for the SOES debate given that the behaviour of speculators in our model is very similar to the alleged behaviour of the real world SOES 'bandits'. |
| 主题 | Financial Economics |
| 关键词 | Automatic execution Bid-ask spread Monitoring Soes |
| URL | https://cepr.org/publications/dp2249 |
| 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/531347 |
| 推荐引用方式 GB/T 7714 | Aydin Hayri,Mark Dutz. DP2249 Does More Intense Competition Lead to Higher Growth?. 1999. |
| 条目包含的文件 | 条目无相关文件。 | |||||
| 个性服务 |
| 推荐该条目 |
| 保存到收藏夹 |
| 导出为Endnote文件 |
| 谷歌学术 |
| 谷歌学术中相似的文章 |
| [Aydin Hayri]的文章 |
| [Mark Dutz]的文章 |
| 百度学术 |
| 百度学术中相似的文章 |
| [Aydin Hayri]的文章 |
| [Mark Dutz]的文章 |
| 必应学术 |
| 必应学术中相似的文章 |
| [Aydin Hayri]的文章 |
| [Mark Dutz]的文章 |
| 相关权益政策 |
| 暂无数据 |
| 收藏/分享 |
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
