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This paper shows that the observed output of any market, placed within the confine of a quadratic map, can characterize the state of that market. Such an approach explains the process of market share’s growth and its pitfalls, the consequences of broken symmetry of scaling, as well as the...
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Competition among trading platforms has considerably reduced trading fees in stock markets. We show that this evolution is not necessarily beneficial to investors. Obviously it increases gains from trade when a trade happens. Less obviously, it can induce investors to post limit orders with a...
Persistent link: https://www.econbiz.de/10013093491
Sequential investment opportunities or the presence of a rival typically hasten investment under risk neutrality. By contrast, greater price uncertainty or risk aversion increase the incentive to postpone investment in the absence of competition. We analyse how price and technological...
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I provide evidence that investor size matters in the market for short-term securities. Between January 2011 and November 2020, the largest asset management families obtained significantly higher promised returns from their money market securities than smaller families. Furthermore, I show that...
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loans for home buyers and small businesses, and restrictions on bank branching posed a high barrier to competition. Today … — leading to a 77 percent increase in the number of bank offices since the CRA's passage. Furthermore, a growing share of … their CRA evaluations — contravening the CRA's requirement that lending be consistent with bank safety and soundness. In …
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identify the causal effects of banking competition, we exploit a discontinuity in bank capital requirements during the 19th …
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