| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP13457 |
| DP13457 Markets for Financial Innovation | |
| Ana Babus; Kinda Hachem | |
| 发表日期 | 2019-01-15 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 摘要 | We propose a model where both security design and market structure are endogenously determined to explain why standardized securities are frequently traded in decentralized markets. We find that issuers offer debt contracts in thinner markets where investors have a higher price impact, and equity in deeper markets. In turn, investors accept to trade in thinner markets to elicit less variable securities from issuers if gains from trade are small. Otherwise, investors choose to trade in deeper markets where their price impact is minimized. We also show that there exist equilibrium market structures in which both debt and equity are traded. |
| 主题 | Financial Economics |
| 关键词 | Security design Market structure Price impact |
| URL | https://cepr.org/publications/dp13457 |
| 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/542272 |
| 推荐引用方式 GB/T 7714 | Ana Babus,Kinda Hachem. DP13457 Markets for Financial Innovation. 2019. |
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