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来源类型 | Discussion paper |
规范类型 | 论文 |
来源ID | DP11591 |
DP11591 Strategic Fragmented Markets | |
Ana Babus; Cecilia Parlatore Siritto | |
发表日期 | 2016-10-30 |
出版年 | 2016 |
语种 | 英语 |
摘要 | We study the determinants of asset market fragmentation. We develop a model of market formation in which investors with heterogeneous valuations for an asset trade strategically. When choosing a dealer with whom to trade, investors trade off the lower price impact and the steeper competition for the dealer's liquidity offered by a larger market. When the correlation among investor valuations is high, the increase in competition dominates the decrease in price impact and investors prefer to trade in a smaller market, which makes market fragmentation an equilibrium outcome. Fragmented market structures can Pareto dominate centralized ones and can exhibit higher trading volumes. |
主题 | Financial Economics |
关键词 | Market fragmentation Interdealer trading Demand schedule equilibrium |
URL | https://cepr.org/publications/dp11591 |
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/540405 |
推荐引用方式 GB/T 7714 | Ana Babus,Cecilia Parlatore Siritto. DP11591 Strategic Fragmented Markets. 2016. |
条目包含的文件 | 条目无相关文件。 |
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