| 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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