G2TT
来源类型Working Paper
规范类型报告
DOI10.3386/w25477
来源IDWorking Paper 25477
Markets for Financial Innovation
Ana Babus; Kinda Cheryl Hachem
发表日期2019-01-21
出版年2019
语种英语
摘要Financial securities trade in a wide variety of market structures. This paper develops a theory in which both the market structure of trade and the payoffs of the claims being traded form endogenously. Financial intermediaries use the cash flows of an underlying asset to design securities for investors. The demand for securities arises as investors choose markets then trade using strategies represented by quantity-price schedules. We find that intermediaries create increasingly riskier securities when facing deeper markets in which investors trade more competitively. In turn, investors elicit safer securities when they choose to trade in thinner, more fragmented markets. These findings reveal a novel role for market fragmentation in the creation of safer securities. The model is also informative about which investor classes trade which securities and how the distributional properties of the underlying asset affect the relationship between security design and market structure.
主题Microeconomics ; Market Structure and Distribution ; Economics of Information ; Financial Economics ; Financial Institutions
URLhttps://www.nber.org/papers/w25477
来源智库National Bureau of Economic Research (United States)
引用统计
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/583151
推荐引用方式
GB/T 7714
Ana Babus,Kinda Cheryl Hachem. Markets for Financial Innovation. 2019.
条目包含的文件
文件名称/大小 资源类型 版本类型 开放类型 使用许可
w25477.pdf(382KB)智库出版物 限制开放CC BY-NC-SA浏览
个性服务
推荐该条目
保存到收藏夹
导出为Endnote文件
谷歌学术
谷歌学术中相似的文章
[Ana Babus]的文章
[Kinda Cheryl Hachem]的文章
百度学术
百度学术中相似的文章
[Ana Babus]的文章
[Kinda Cheryl Hachem]的文章
必应学术
必应学术中相似的文章
[Ana Babus]的文章
[Kinda Cheryl Hachem]的文章
相关权益政策
暂无数据
收藏/分享
文件名: w25477.pdf
格式: Adobe PDF
此文件暂不支持浏览

除非特别说明,本系统中所有内容都受版权保护,并保留所有权利。