Auflistung LIF-SAFE Working Papers nach Schlagwort "competition"

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    • A Tale of One Exchange and Two Order Books: Effects of Fragmentation in the Absence of Competition 

      Bernales, Alejandro; Garrido, Nicolás; Sagade, Satchit; Valenzuela, Marcela; Westheide, Christian (2018-10-01)
      Exchanges nowadays routinely operate multiple, almost identically structured limit order markets for the same security. We study the effects of such fragmentation on market performance using a dynamic model where agents ...

    • Competition Between Equity Markets: A Review of the Consolidation Versus Fragmentation Debate 

      Gomber, Peter; Sagade, Satchit; Theissen, Erik; Weber, Moritz Christian; Westheide, Christian (2016-06-21)
      Technological advances and regulatory initiatives have led to the emergence of a competitive, but fragmented, equity trading landscape in several markets around the world. While these changes have coincided with benefits ...

    • Competition in Treasury Auctions 

      Elsinger, Helmut; Schmidt-Dengler, Philipp; Zulehner, Christine (2016-02-01)
      We investigate the role of competition on the outcome of Austrian Treasury auctions. Austria's EU accession led to an increase in the number of banks participating in treasury auctions. We use structural estimates of ...

    • Hidden Gems and Borrowers with Dirty Little Secrets: Investment in Soft Information, Borrower Self-selection and Competition 

      Gropp, Reint E.; Gruendl, Christian; Guettler, Andre (2013-05-01)
      This paper empirically examines the role of soft information in the competitive interaction between relationship and transaction banks. Soft information can be interpreted as a valuable signal about the quality of a firm ...

    • P2P Lending versus Banks: Cream Skimming or Bottom Fishing? 

      de Roure, Calebe; Pelizzon, Loriana; Thakor, Anjan V. (2018-04-18)
      We derive three testable predictions from a bank-P2P lender model of competition: (i) P2P lending grows when some banks are faced with exogenously higher regulatory costs, (ii) P2P loans are riskier than bank loans; and ...

    • P2P Lending versus Banks: Cream Skimming or Bottom Fishing? 

      Pelizzon, Loriana; Thakor, Anjan; de Roure, Calebe (2021-10-08)
      We derive three testable predictions from a bank-P2P lender model of competition: (a) P2P lending grows when some banks are faced with exogenously higher regulatory costs, (b) P2P loans are riskier than bank loans, and (c) ...

    • Resiliency: Cross-Venue Dynamics with Hawkes Processes 

      Pelizzon, Loriana; Sagade, Satchit; Vozian, Katia (2020-10-16)
      Market fragmentation and technological advances increasing the speed of trading altered the functioning and stability of global equity limit order markets. Taking market resiliency as an indicator of market quality, we ...

    • Spillovers of Funding Dry-ups 

      Aldasoro, Inaki; Balke, Florian; Barth, Andreas; Eren, Egemen (2020-08-29)
      We uncover a new channel for spillovers of funding dry-ups. The 2016 US money market fund (MMF) reform exogenously reduced unsecured MMF funding for some banks. We use novel data to trace those banks to a platform for ...