Similar Search Results

Dorn, Daniel - 2010

During the last decade, markets for covered warrants (bank-issued options) have flourished in Europe and Asia. In these markets, investors often face a choice between many instruments that differ only slightly from each other. Based on retail trades in call options on the German DAX index, this...

Persistent link: https://www.econbiz.de/10011605243

Consumer search and oligopolistic pricing : an empirical investigation

Janssen, Maarten C. W.; Moraga-González, José Luis; … - 2004

This paper presents an empirical examination of oligopoly pricing and consumer search. The theoretical model allows for sequential and non-sequential search and, using the theoretical restrictions firm and consumer behavior impose on the data, we study the empirical validity of the models. Two...

Persistent link: https://www.econbiz.de/10010261272

On Mergers in Consumer Search Markets

Janssen, Maarten C.W.; Moraga-Gonzalez, Jose Luis - 2007

We study mergers in a market where N firms sell a homogeneous good and consumers search sequentially to discover prices. The main motivation for such an analysis is that mergers generally affect market prices and thereby, in a search environment, the search behavior of consumers. Endogenous...

Persistent link: https://www.econbiz.de/10010325231

Consumer Search and Oligopolistic Pricing: An Empirical Investigation

Janssen, Maarten C.W.; Moraga-Gonzalez, Jose Luis; … - 2004

This paper presents an empirical examination of oligopoly pricingand consumer search. The theoretical model allows for sequential andnon-sequential search and using the theoretical restrictions firm andconsumer behavior impose on the data we study the empirical validity of themodels. Two...

Persistent link: https://www.econbiz.de/10010325459

Systematic Mispricing in European Equity Prices?

Berneburg, Marian - 2007

Market Hypothesis sense. The paper tries to show that this so-called excess volatility is to a large extend the result of the …, constant dividend growth rates as well as non-variable discount rates. It is shown that indeed volatility declines considerably …

Persistent link: https://www.econbiz.de/10010269909

Endogenous Uncertainty and Market Volatility

Kurz, Mordecai; Motolese, Maurizio - 1999

Endogenous Uncertainty is that component of economic risk and market volatility which is propagated within the economy … by the beliefs and actions of agents. The theory of Rational Belief (see Kurz [1994]) permits rational agents to hold … Uncertainty. This paper shows that most of the observed volatility in financial markets is generated by the beliefs of the agents …

Persistent link: https://www.econbiz.de/10011608491

Pricing, Consumer Search and the Size of Internet Markets

Janssen, Maarten C.W.; Moraga, Jose Luis - 2000

Despite the mixed empirical evidence, many economists stillhold to the view that Internet will promote competition betweenfirms,thereby lowering prices and increasing economic welfare. This paperpresents a search model that provides a different view. We analyzethemarket for a homogeneous good...

Persistent link: https://www.econbiz.de/10010324437

Optimal sticky prices under rational inattention

Maćkowiak, Bartosz; Wiederholt, Mirko - 2009

This paper presents a model in which price setting firms decide what to pay attention to, subject to a constraint on information flow. When idiosyncratic conditions are more variable or more important than aggregate conditions, firms pay more attention to idiosyncratic conditions than to...

Persistent link: https://www.econbiz.de/10011605055

Non-market interaction in primary equity markets: evidence from France and Germany

Stolpe, Michael - 2004

This paper provides micro-econometric evidence on the relevance of non-market interaction for the timing of initial public offerings (IPOs) in the French and German primary equity markets. The surge of IPO volume in the late 1990s appears to be consistent with rational expectations, not with...

Persistent link: https://www.econbiz.de/10010265432

A note on costly sequential search and oligopoly pricing

Janssen, Maarten C. W.; Moraga-González, José Luis; … - 2004

We modify the paper of Stahl (1989) on sequential consumer search in an oligopoly context by relaxing the assumption that consumers obtain the first price quotation for free. When all price quotations are costly to obtain, a new equilibrium arises where consumers randomize between not searching...

Persistent link: https://www.econbiz.de/10010261082