G2TT
来源类型Discussion paper
规范类型论文
来源IDDP11591
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
URLhttps://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.
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