| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w25855 |
| 来源ID | Working Paper 25855 |
| A Theory of Stock Exchange Competition and Innovation: Will the Market Fix the Market? | |
| Eric Budish; Robin S. Lee; John J. Shim | |
| 发表日期 | 2019-05-20 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 摘要 | This paper builds a new model of financial exchange competition, tailored to the institutional details of the modern US stock market. In equilibrium, exchange trading fees are competitive but exchanges are able to earn economic profits from the sale of speed technology. We document stylized facts consistent with these results. We then use the model to analyze incentives for market design innovation. The novel tension between private and social innovation incentives is incumbents’ rents from speed technology in the status quo. This creates a disincentive to adopt new market designs that eliminate latency arbitrage and the high-frequency trading arms race. |
| 主题 | Microeconomics ; Market Structure and Distribution ; General Equilibrium ; Economics of Information ; Financial Economics ; Financial Markets ; Financial Institutions ; Industrial Organization ; Market Structure and Firm Performance ; Regulatory Economics ; Industry Studies |
| URL | https://www.nber.org/papers/w25855 |
| 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/583528 |
| 推荐引用方式 GB/T 7714 | Eric Budish,Robin S. Lee,John J. Shim. A Theory of Stock Exchange Competition and Innovation: Will the Market Fix the Market?. 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 | ||
| w25855.pdf（858KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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