Middlemen Versus Market Makers

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Middlemen Versus Market Makers

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Author : John Rust
language : en
Publisher:
Release Date : 2002

Middlemen Versus Market Makers written by John Rust and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002 with Brokers categories.

We present a model in which the microstructure of trade in a commodity or asset is endogenously determined. Producers and consumers of a commodity (or buyers and sellers of an asset) who wish to trade can choose between two competing types of intermediaries: 'middlemen' (dealer/brokers) and 'market makers' (specialists). Market makers post publicly observable bid and ask prices, whereas the prices quoted by different middlemen are private information that can only be obtained through a costly search process. We consider an initial equilibrium where there are no market makers but there is free entry of middlemen with heterogeneous transactions costs. We characterize conditions under which entry of a single market maker can be profitable even though it is common knowledge that all surviving middlemen will undercut the market maker's publicly posted bid and ask prices in the post-entry equilibrium. The market maker's entry induces the surviving middlemen to reduce their bid-ask spreads, and as a result, all producers and consumers who choose to participate in the market enjoy a strict increase in their expected gains from trade. We show that strict Pareto improvements occur even in cases where the market maker's entry drives all middlemen out of business, monopolizing the intermediation of trade in the market

Working Paper Series

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Author :
language : en
Publisher:
Release Date : 2002

Working Paper Series written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002 with Economics categories.

The Master Swing Trader Toolkit The Market Survival Guide

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Author : Alan S. Farley
language : en
Publisher: McGraw Hill Professional
Release Date : 2010-04-13

The Master Swing Trader Toolkit The Market Survival Guide written by Alan S. Farley and has been published by McGraw Hill Professional this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-04-13 with Business & Economics categories.

With more than 50,000 copies sold, Alan Farley’s The Master Swing Trader has become the definitive guide for maximizing profit from short-term price moves. Now in his highly anticipated companion volume, The Master Swing Trader Toolkit: The Market Survival Guide, Farley builds on his proven strategies and techniques and delivers new tips for consistently beating the markets—today and in the future. The Master Swing Trader Toolkit is a powerful application-oriented handbook that shows you how to identify and grow wealth from the opportunities resulting from the steep market crash. Additionally, this full-service volume offers prescriptions for prospering in the postcrash environment and provides guidance for finding new, reduced-risk market prospects during virtually any economic scenario to come. The author’s trading style has evolved since the publication of The Master Swing Trader. This follow-up companion helps you adapt and gain an edge as the author has, specifically in the vein of “defensive trading,” to achieve profitability in the modern electronic markets. Because The Master Swing Trader Toolkit is a survival guide for the real world, Farley presents an abundance of authentic case studies to show his defensive trading strategies in action, and he illustrates a broad variety of other patterns and observations acting in specific market scenarios. The Master Swing Trader Toolkit prepares you for success in the financial landscape of today and tomorrow with insightful, up-todate coverage on: Cross-market analysis Convergence-divergence relationships Relative strength Managing multiple positions Remote trading Risk management At its core, The Master Swing Trader Toolkit: The Market Survival Guide is a book about tape reading. The ticker tape is immune from manipulation, deconstruction, regulation, and fragmentation, which makes it the most powerful tool for attaining wealth. Get the most out of what you read by starting with The Master Swing Trader Toolkit.

Liquidity In Asset Markets With Search Frictions

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Author : Ricardo A. Lagos
language : en
Publisher:
Release Date : 2008

Liquidity In Asset Markets With Search Frictions written by Ricardo A. Lagos and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with Liquidity (Economics) categories.

Essays On Liquidity In Financial Markets

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Author : Pierre-Olivier Weill
language : en
Publisher:
Release Date : 2004

Essays On Liquidity In Financial Markets written by Pierre-Olivier Weill and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with categories.

Journal Of Financial Intermediation

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Author :
language : en
Publisher:
Release Date : 1992

Journal Of Financial Intermediation written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1992 with categories.

Comparative Advantage Learning And Sectoral Wage Determination

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Author : Robert Gibbons
language : en
Publisher: CIRANO
Release Date : 2002

Comparative Advantage Learning And Sectoral Wage Determination written by Robert Gibbons and has been published by CIRANO this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002 with Economics categories.

We develop a model in which a worker's skills determine the worker's current wage and sector. Both the market and the worker are initially uncertain about some of the worker's skills. Endogenous wage changes and sector mobility occur as labor-market participants learn about these unobserved skills. We show how the model can be estimated using non-linear instrumental-variables techniques. We then apply our methodology to study the wages and allocation of workers across occupations and across industries. For both occupations and industries, we find that high-wage sectors employ high-skill workers and offer high returns to workers' skills. Estimates of these sectoral wage differences that do not account for sector-specific returns are therefore misleading. We also suggest further applications of our theory and methodology.

Global Capital Flows And Financing Constraints

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Author : Ann E. Harrison
language : en
Publisher: World Bank Publications
Release Date : 2002

Global Capital Flows And Financing Constraints written by Ann E. Harrison and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002 with Capital movements categories.

Firms often cite financing constraints as one of their primary obstacles to investment. Global capital flows, by bringing in scarce capital, may ease host-country firms' financing constraints. However, if incoming foreign investors borrow heavily from domestic basnks, direct foreign investment (DFI) may exacerbate financing constraints by crowding host country firms out of domestic capital markets. Combininb a unique cross-country firm-level panel with time-series data on restrictions on international transactions and capital flows, we find that different measures of global flows are associated with a reduction in firm-level financing constraints. First, we show that one type of capital inflow--DFI--is associated with a reduction in financing constraints. Second, we test whether restrictions on international transactions affect firms' financing constraints. Our results suggest that only one type of restriction--those on capital account transactions--negatively affect firms' financing constraints. We also show that multinational firms are not financially constrained and do not appear to be sensitive to the level of DFI. This implies that DFI eases financing constraints for non-multinational firms. Finally, we show that DFI only eases financing constraints in the non-G7 countries.

Review

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Author :
language : en
Publisher:
Release Date : 2006-07

Review written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006-07 with Banks and banking categories.

Handbook Of Behavioral Economics

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Author : Society for the Advancement of Behavioral Economics (U.S.)
language : en
Publisher: Greenwich, Conn. : JAI Press
Release Date : 1991

Handbook Of Behavioral Economics written by Society for the Advancement of Behavioral Economics (U.S.) and has been published by Greenwich, Conn. : JAI Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1991 with Business & Economics categories.