search query: @author Jackson, M. / total: 17
reference: 5 / 17
| Author: | Gehrig, T. Jackson, M. |
| Title: | Bid-ask spreads with indirect competition among specialists |
| Journal: | Journal of Financial Markets
1998 : APR, VOL. 1:1, p. 89-49 |
| Index terms: | COMPETITION STOCK MARKETS STOCK EXCHANGES |
| Language: | eng |
| Abstract: | The authors examine the prices quoted by specialists or dealers who have monopoly power to set prices (bids and asks) for a given asset, but who face indirect competition from other specialists who trade in related assets. In the context of a simple model where investors have mean-variance preferences, the authors characterize the equilibrium bids and asks quoted by K specialists in N assets, where some specialists may control more than one asset. They compare the equilibrium spreads as the number and factor structure of the assets each specialist controls is varied. |
SCIMA