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more rent-dissipative than innate/uncontestable advantage. Therefore, Pyrrhic victories should be more common for contests …
Persistent link: https://www.econbiz.de/10013171901
Persistent link: https://www.econbiz.de/10013135702
We consider multistage bidding models where two types of risky assets (shares) are traded between two agents that have different information on the liquidation prices of traded assets. These prices are random integer variables that are determined by the initial chance move according to a...
Persistent link: https://www.econbiz.de/10013104210
A seller who owns two common-value assets can choose to either sell them as a bundle or separately. In this paper, we present a theoretical model to select the optimal selling option when there is asymmetric information between the seller and the buyers. Our main finding is that separate selling...
Persistent link: https://www.econbiz.de/10013147689
auctions. With portfolio trading becoming an increasingly important part of investment strategies, our mechanism contributes to …
Persistent link: https://www.econbiz.de/10013231816
Popular press and some practitioners have warned against threats that buying risky assets pose on agents saving for retirement, children education and other uses. This paper shows that in a standard two-period general equilibrium model where some savers have no risk-sharing motives, there exists...
Persistent link: https://www.econbiz.de/10009783701
viable investment strategy once selection bias is accounted for. Our results have important implications for other illiquid …
Persistent link: https://www.econbiz.de/10010201316
In this article, the author presents a model of distributional properties of returns on financial instruments tied to ETFs via high-frequency statistical arbitrage. As the author's model shows, the securities subject to an ETF arbitrage exhibit a well-defined behavior, largely dependent on the...
Persistent link: https://www.econbiz.de/10012986620
Auctions that generate public good benefits for bidders through revenue, such as those run by a charity, do not adhere to the revenue equivalence theorem. Instead, theory predicts that all-pay auctions will generate greater expected revenues than winner-pay mechanisms. However, this paper...
Persistent link: https://www.econbiz.de/10012845701
This paper proposes a two-stage sealed-bid model for the execution of blind portfolios. An asset manager auctions a package of securities to a set of brokers who are unaware of the specific details about individual securities. We prove that our mechanism reduces the costs of execution for the...
Persistent link: https://www.econbiz.de/10012827080