haku: @author Jackson, M. / yhteensä: 17
viite: 5 / 17
Tekijä: | Gehrig, T. Jackson, M. |
Otsikko: | Bid-ask spreads with indirect competition among specialists |
Lehti: | Journal of Financial Markets
1998 : APR, VOL. 1:1, p. 89-49 |
Asiasana: | COMPETITION STOCK MARKETS STOCK EXCHANGES |
Kieli: | eng |
Tiivistelmä: | 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