The European equity trading landscape of 2022 is a complex mix of exchanges, dark pools, dealers, and auctions. The once dominant national stock exchanges are now part of global exchange groups that compete with investment banks and high-frequency trading (HFT) firms to match the orders of...

The difference between corporate bond yields at issuance and in secondary markets, the "issuance premium", spikes in bad times, increasing firms' costs of capital. Leveraging new bond-level data, I estimate a model of primary markets with imperfectly elastic investors and endogenous firms'...

Rail liberalisation in Europe is an on-going process, with a high degree of heterogeneity across countries. Its long-run effects on the rail market however are still debated. This paper focuses on the specific case of the Italian rail market and explores the link between presence of head-on...

Over the past years, a large market of service providers for powers of attorney has emerged in Germany. The number of officially registered general powers of attorney raised from almost 326,000 in 2005 to more than 5.3 million in 2021, according to the German Federal Chamber of Notaries. Service...

This paper outlines a model of demand segmentation in the federal funds market with two types of borrowers - the "interest on reserves (IOR) arbitrage'' type and the "regulatory'' type - which have different reservation prices and cannot always be separated. When fed funds trade above IOR, the...

Flamenco is a popular art, symbol of the culture of southern Spain, has a growing number of fans both from this country and from the rest of the world. This paper tried to find out if flamenco can be a determinant motivational element when choosing a destination and if there is a specific...

Firms operating in industrial or business markets have employed self-organizing maps and supplier segmentation or have attempted to customize their offerings to target key trade partners. The concepts of market segmentation and brand positioning and the role of creativity in the segmentation...