全球智库信息集成服务系统(G2TT): Strategic Fragmented Markets

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w28729
来源ID	Working Paper 28729
	Strategic Fragmented Markets
	Ana Babus; Cecilia Parlatore
发表日期	2021-05-03
出版年	2021
语种	英语
摘要	We study the determinants of asset market fragmentation in a model with strategic investors that disagree about the value of an asset. Investors' choices determine the market structure. Fragmented markets are supported in equilibrium when disagreement between investors is low. In this case, investors take the same side of the market and are willing to trade in smaller markets with a higher price impact to face less competition when trading against a dealer. The maximum degree of market fragmentation increases as investors' priors are more correlated. Dealers can benefit from fragmentation, but investors are always better off in centralized markets.
主题	Microeconomics ; Market Structure and Distribution ; Financial Economics ; Portfolio Selection and Asset Pricing
URL	https://www.nber.org/papers/w28729
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/586403
推荐引用方式 GB/T 7714	Ana Babus,Cecilia Parlatore. Strategic Fragmented Markets. 2021.