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Competitive Risks in the Sharing Economy and the European Union Market Regulation 共享经济中的竞争风险与欧盟市场监管
ERN: Networks (Topic) Pub Date : 2016-10-15 DOI: 10.2139/ssrn.2863032
Andrés Boix-Palop
{"title":"Competitive Risks in the Sharing Economy and the European Union Market Regulation","authors":"Andrés Boix-Palop","doi":"10.2139/ssrn.2863032","DOIUrl":"https://doi.org/10.2139/ssrn.2863032","url":null,"abstract":"The massive reduction of costs due to efficient platform brokerage has allowed the “collaborative commons” to expand and evolve, and also to create new and very efficient markets: the so-called “sharing economy”. However, bigger and more efficient sharing platforms also have some drawbacks, such as the concern that these powerful digital brokers could harm fair competition. Nevertheless, economic models seem to support the idea that digital platforms have rarely inhibited the emergence of competitors, nor do they seem to be extracting predatory benefits by abusing their position to the detriment of consumers. This relative lack of risk has pushed competition authorities across Europe to promote the new collaborative business models, regardless of other potential risks: not only the competitive risks, but also the social ones. Both deserve greater and more careful analysis. In order to produce such an analysis, it would be necessary for the competition authorities to be institutionally reshaped and reinforced with different types of staff. Also, a more ambitious vision of the competitive issues, which combines both economic and social issues, would be required.","PeriodicalId":107258,"journal":{"name":"ERN: Networks (Topic)","volume":"35 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-10-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126518354","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
The Nature of Volatility Spillovers across the International Capital Markets 国际资本市场波动溢出效应的本质
ERN: Networks (Topic) Pub Date : 2016-08-24 DOI: 10.2139/ssrn.2759815
Gustavo Peralta
{"title":"The Nature of Volatility Spillovers across the International Capital Markets","authors":"Gustavo Peralta","doi":"10.2139/ssrn.2759815","DOIUrl":"https://doi.org/10.2139/ssrn.2759815","url":null,"abstract":"This paper studies the nature of volatility spillovers across countries from the perspective of network theory and by relying on data of US-listed ETFs. I use a Lasso-related technique to estimate the International Volatility Network (IVN) where the nodes correspond to large-cap international stock markets while the links account for significant volatility lead-lags. Also included in the analysis is the International Trade Network (ITN), whose links measure bilateral export-import flows thus, capturing fundamental interconnections between countries. I find that the IVN and the ITN resemble each other closely pointing out that volatility does not disseminate randomly but tends to spread across fundamentally related economies. I also note that the amount of lagged volatility reactions in the IVN is consistent with the notion of gradual diffusion of information across investors who are subject to limited attention and home bias. I formally test this hypothesis by using as a direct proxy of investors’ attention the aggregate search frequency in Google. The empirical results support this intuition indicating that higher volatility surprises in key foreign markets predict higher domestic attention upon those markets in subsequent days. Once domestic attention is captured by such external shocks, it is contemporaneously transformed into higher domestic volatility.","PeriodicalId":107258,"journal":{"name":"ERN: Networks (Topic)","volume":"40 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-08-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124109781","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Networks and the Dynamics of Firms' Export Portfolio: Evidence for Mexico 网络和企业出口组合的动态:以墨西哥为例
ERN: Networks (Topic) Pub Date : 2016-05-01 DOI: 10.1111/twec.12286
J. D. Lucio, Raúl Mínguez, Asier Minondo, Francisco Requena
{"title":"Networks and the Dynamics of Firms' Export Portfolio: Evidence for Mexico","authors":"J. D. Lucio, Raúl Mínguez, Asier Minondo, Francisco Requena","doi":"10.1111/twec.12286","DOIUrl":"https://doi.org/10.1111/twec.12286","url":null,"abstract":"In this paper we use network-analysis tools to identify communities in the web of exporters' destinations. Next we use our network-based community measure as predictor of additional countries chosen by firms expanding their export destination portfolio. We defend that our network-based community measure is superior to extended gravity measures. This superiority stems from the fact that community is a revealed measure, is country-specific and can be calculated at the industry level. Using data on Mexican new exporters over the period 2003-2009, we show that the probability of choosing a new export destination multiplies almost by three if it belongs to the same community of any of the firm's previous destinations. The introduction of the network-based community variable improves the accuracy of the model up to 20% relative to a model that only includes gravity and extended gravity variables. We also show that industry-specific communities and general communities play similar roles in determining the dynamics of Mexican exporters' country portfolio.","PeriodicalId":107258,"journal":{"name":"ERN: Networks (Topic)","volume":"4 2","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121000641","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 3
Information Networks: Evidence from Illegal Insider Trading Tips 信息网络:来自非法内幕交易提示的证据
ERN: Networks (Topic) Pub Date : 2016-03-29 DOI: 10.2139/ssrn.2511068
K. Ahern
{"title":"Information Networks: Evidence from Illegal Insider Trading Tips","authors":"K. Ahern","doi":"10.2139/ssrn.2511068","DOIUrl":"https://doi.org/10.2139/ssrn.2511068","url":null,"abstract":"This paper exploits a novel hand-collected data set to provide a comprehensive analysis of the social relationships that underlie illegal insider trading networks. I find that inside information flows through strong social ties based on family, friends, and geographic proximity. On average, inside tips originate from corporate executives and reach buy-side investors after three links in the network. Inside traders earn prodigious returns of 35% over 21 days, with more central traders earning greater returns, as information conveyed through social networks improves price efficiency. More broadly, this paper provides some of the only direct evidence of person-to-person communication among investors.","PeriodicalId":107258,"journal":{"name":"ERN: Networks (Topic)","volume":"141 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-03-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132012386","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 190
Two-Sided Pricing and Endogenous Network Effects 双边定价与内生网络效应
ERN: Networks (Topic) Pub Date : 2016-03-15 DOI: 10.2139/ssrn.2426033
Mei Lin, R. Wu, Wen Zhou
{"title":"Two-Sided Pricing and Endogenous Network Effects","authors":"Mei Lin, R. Wu, Wen Zhou","doi":"10.2139/ssrn.2426033","DOIUrl":"https://doi.org/10.2139/ssrn.2426033","url":null,"abstract":"This paper examines a monopoly platform's two-sided pricing strategies in a setting with seller competition, which gives rise to not only positive cross-side network effects between buyers and sellers, but also a negative same-side network effect among sellers. We show that platform pricing depends crucially on the characteristics associated with the market as a whole (i.e., the two sides combined) rather than a comparison between the two sides' demand elasticities and/or network effects as suggested by existing studies. Regardless of originating from the buyer side, the seller side or both, changes in a parameter induce the platform to raise the buyer entry fee and lower the seller entry fee if and only if the parameter change directly increases the total surplus of the platform economy.","PeriodicalId":107258,"journal":{"name":"ERN: Networks (Topic)","volume":"30 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-03-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131453509","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 9
Knowledge Exchange in Networked Organizations: Does Place Matter? 网络组织中的知识交换:地点重要吗?
ERN: Networks (Topic) Pub Date : 2015-11-01 DOI: 10.1111/radm.12099
Christopher S. Mabey, A. Wong, Linda Hsieh
{"title":"Knowledge Exchange in Networked Organizations: Does Place Matter?","authors":"Christopher S. Mabey, A. Wong, Linda Hsieh","doi":"10.1111/radm.12099","DOIUrl":"https://doi.org/10.1111/radm.12099","url":null,"abstract":"While many studies of knowledge exchange have been undertaken in private and service organizations, government and R&D enterprises, few have studied scientific inter-organizational collaborations. Furthermore, in the literature on international networks there has been a tendency to assume that knowledge exchange will be inevitably enhanced by global dispersion. Two linked dynamics deserving further study are the role of geographic proximity and the role of information and communication technologies in facilitating knowledge flow across international networks. Studies of intra- and inter-firm knowledge transfer, managerial work values and cultural norms all point to China as being a fascinating counterpoint for the way knowledge exchange might occur in Europe. So in this study of the ATLAS collaboration, a ‘big science’ global network of 3,500 physicists, we explore the perceptions of two subgroups: UK physicists working in Europe and Chinese scientists based in Beijing and HeFei. Findings from 24 interviews and non-participant observation reveal that face-to-face working at European Organization for Nuclear Research (Geneva) is not without its difficulties, but for a variety of sociocultural reasons, it is primarily the Chinese scientists who perceive themselves to be inhibited from full participation in effective knowledge exchange.","PeriodicalId":107258,"journal":{"name":"ERN: Networks (Topic)","volume":"15 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127813650","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 13
Frictions in Internet Auctions with Many Traders: A Counterexample 与众多交易商的互联网拍卖摩擦:一个反例
ERN: Networks (Topic) Pub Date : 2015-09-01 DOI: 10.2139/ssrn.2667659
J. Donna, Pablo Schenone, G. Veramendi
{"title":"Frictions in Internet Auctions with Many Traders: A Counterexample","authors":"J. Donna, Pablo Schenone, G. Veramendi","doi":"10.2139/ssrn.2667659","DOIUrl":"https://doi.org/10.2139/ssrn.2667659","url":null,"abstract":"Peters and Severinov (2006) (PS henceforth) characterize a perfect Bayesian equilibrium (PBE) in a competing auctions environment, where all buyers are linked to all the sellers. PS characterize a PBE using a simple bidding rule, whereby buyers select in which auction to bid. In this note we show that when buyers are linked with a subset of the sellers (i.e. when there are search frictions), the PS bidding rule is no longer guaranteed to be efficient nor a PBE of the competing auctions game of PS. Our results indicate that researchers should be cautious when using the PS bidding rule to make inference about the behavior of buyers and sellers in a market where frictions are present such as eBay.","PeriodicalId":107258,"journal":{"name":"ERN: Networks (Topic)","volume":"33 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127636663","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
Longitudinal Exploratory Citation Network Analysis: An Atlas-Based Methodology 纵向探索性引文网络分析:一种基于地图集的方法
ERN: Networks (Topic) Pub Date : 2015-08-17 DOI: 10.2139/ssrn.2755389
I. Georgiou, Joaquim Heck
{"title":"Longitudinal Exploratory Citation Network Analysis: An Atlas-Based Methodology","authors":"I. Georgiou, Joaquim Heck","doi":"10.2139/ssrn.2755389","DOIUrl":"https://doi.org/10.2139/ssrn.2755389","url":null,"abstract":"An exploratory methodology is presented whose outputs coherently combine to facilitate initial systemic orientation through any one citation network, inform the choice and interpretation of subsequent analyses, and facilitate comparative studies between multiple citation networks. The methodology is geared toward the construction of network atlases and is presented in a manner that is comprehensible and practicable to those who are not experts in the field of citation networks but who have an interest in developing such networks within their own disciplines the better to understand them. The methodology contributes innovative analytical dimensions to exploratory citation analysis.","PeriodicalId":107258,"journal":{"name":"ERN: Networks (Topic)","volume":"38 21","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-08-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"120856920","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 4
Supply Function Equilibria in Networks with Transport Constraints 具有运输约束的网络中的供给函数均衡
ERN: Networks (Topic) Pub Date : 2015-08-10 DOI: 10.2139/ssrn.2190826
P. Holmberg, A. Philpott
{"title":"Supply Function Equilibria in Networks with Transport Constraints","authors":"P. Holmberg, A. Philpott","doi":"10.2139/ssrn.2190826","DOIUrl":"https://doi.org/10.2139/ssrn.2190826","url":null,"abstract":"Transport constraints limit competition and arbitrageurs possibilities of exploiting price differences between commodities in neighbouring markets. We analyze a transport-constrained network with local demand shocks, where spatially distributed oligopoly producers compete with supply functions, as in wholesale electricity markets. Uniqueness and existence results are proven, and we are able to explicitly solve for symmetric supply-function equilibria in some special cases.","PeriodicalId":107258,"journal":{"name":"ERN: Networks (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-08-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132451632","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 13
Network Centrality, Failure Prediction and Systemic Risk 网络中心性、故障预测与系统风险
ERN: Networks (Topic) Pub Date : 2015-08-02 DOI: 10.2139/ssrn.2613282
A. Zareei
{"title":"Network Centrality, Failure Prediction and Systemic Risk","authors":"A. Zareei","doi":"10.2139/ssrn.2613282","DOIUrl":"https://doi.org/10.2139/ssrn.2613282","url":null,"abstract":"A financial market can be expressed in a network structure where the stocks resides as nodes and the links account for returns correlation. Centrality measure in the financial network structure captures firms’ embeddedness and connectivity in the capital market structure. This paper investigates firms’ centrality in the financial network as an explanatory variable in corporate failure prediction and also as a systemic risk measure. First, when analyzing the CDS spreads, I find peripheral firms in the network to have higher average CDS spreads and higher propensity to CDS jump events. Second, centrality is found to increase the explanatory power of default prediction models and moreover, it is negatively related to failure and bankruptcy probability. This implies that peripheral firms in the network are more likely to fail. Finally, examining the out-of-sample performance of centrality as a systemic risk measure, I find that centrality distinguish correctly the firms that suffered a higher loss during the 2007/2008 crisis period.","PeriodicalId":107258,"journal":{"name":"ERN: Networks (Topic)","volume":"75 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-08-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126182436","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 7
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