| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP6938 |
| DP6938 Competition and quality in regulated markets with sluggish demand | |
| Roberto Cellini; Kurt Richard Brekke; Luigi Siciliani | |
| 发表日期 | 2008-08-15 |
| 出版年 | 2008 |
| 语种 | 英语 |
| 摘要 | In a famous episode of financial history which lasted over eight years, the market for the future on the Bund moved entirely from LIFFE, the incumbent London-based derivatives exchange, to DTB, the entering Frankfurt-based exchange. This paper studies the determinants of traders' exchange choice, using a novel panel dataset that contains individual trading firms' membership status at each exchange together with other firms characteristics and pricing, marketing and product portfolio strategies by each exchange. Our data allows us to evaluate different sources of heterogeneity among trading firms and thus distinguish between different explanations for the observed phenomenon. The story the data tells is one of horizontal differentiation and vertical differentiation through liquidity. As a result, DTB attracted a different set of traders than LIFFE, and those traders contributed to the market share reversal. |
| 主题 | Industrial Organization |
| 关键词 | Tipping Platform competition Network effects Intermediation Multi-homing |
| URL | https://cepr.org/publications/dp6938 |
| 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/535773 |
| 推荐引用方式 GB/T 7714 | Roberto Cellini,Kurt Richard Brekke,Luigi Siciliani. DP6938 Competition and quality in regulated markets with sluggish demand. 2008. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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