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来源类型 | Working Paper |
规范类型 | 报告 |
DOI | 10.3386/w25477 |
来源ID | Working 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 |
URL | https://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. |
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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 |
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