ERN: Market Structure (Topic)最新文献

{"title":"What Market Characteristics Does My Startup Broom Have?","authors":"Shreyanshi Agrawal","doi":"10.2139/ssrn.3926664","DOIUrl":"https://doi.org/10.2139/ssrn.3926664","url":null,"abstract":"The paper examines the characteristics of Broom, a startup/community service that I co-founded. Broom was developed as a startup that provided a domestic help service, however, it never made it to the market. Hence I converted it to a community service where I help connect domestic helpers to potential employers (mostly household owners). In this paper, I have analyzed and evaluated various literature presented on market structures and efficiency. First I read about how market supply and demand affect efficiency, then I found out about the importance of human intelligence, and lastly some factors that affect efficiency. I connected and compared the findings to the characteristics of Broom to gauge how efficient Broom is. The findings show that Broom is a continuous double auction market with characteristics such as profit maximization, and price priority that make Broom efficient. However, there are also factors such as non-binding contracts and no or less knowledge of public transaction prices that make Broom in-efficient.","PeriodicalId":172652,"journal":{"name":"ERN: Market Structure (Topic)","volume":"7 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-09-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115633308","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}

{"title":"Waiting on a Friend: Strategic Learning and Corporate Investment","authors":"Paul H. Décaire, Michael D. Wittry","doi":"10.2139/ssrn.3923811","DOIUrl":"https://doi.org/10.2139/ssrn.3923811","url":null,"abstract":"Using detailed project-level data, we document a novel mechanism through which information externalities distort investment. Firms anticipate information spillover from peers’ investment decisions and delay project exercise to learn from their peers’ outcomes. To establish a causal interpretation of our results, we exploit local exogenous variation from the 1800s that shapes the number of peers that a firm can learn from today. The strategic learning incentive is most salient for projects with uncertain profitability, when peers’ underlying assets are similar, and in environments where peers are skilled. Finally, our results suggest that the anticipation of peer information dampens aggregate investment.","PeriodicalId":172652,"journal":{"name":"ERN: Market Structure (Topic)","volume":"134 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-09-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132293686","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}

{"title":"Foreign Direct Investment in the Context of Global Value Chains and Superstar Firms","authors":"K. Vrolijk","doi":"10.2139/ssrn.3853853","DOIUrl":"https://doi.org/10.2139/ssrn.3853853","url":null,"abstract":"The emergence of GVCs and recently superstar firms has been well documented, but less attention has been paid to what these joint developments mean for how we think about and need to examine FDI. Against this setting, I explore four dimensions of FDI: its conceptual aspects, measurement, determinants and implications. I show that including relevant aspects of GVCs and superstar firms emphasizes better both the highly productive and “monopolistic” nature of superstar firms as well as the equity and non-equity investments that such firms make to organize production at the global level. Following this definition, there are multiple measures and recently novel datasets that allow to examine new and decisive mechanisms that dictate determinants and implications of FDI. From the analysis emerges that relational costs of production, firm-level characteristics and changes in global economic environment are important FDI determinants (additional to country-level issues). I find that the new data (and advances in underlying firm-level theories) allow to study more clearly the various (coinciding) mechanisms affecting firm productivity after foreign entry, which shows positive effects, although evidence on competition effects is limited and distributional effects exist. It too highlights an important implication previous unobserved: that the most productive firms tend to self-select into FDI, which plausibly increases market concentration in global markets, which may change how the various mechanisms affect domestic firms and workers upon foreign entry.","PeriodicalId":172652,"journal":{"name":"ERN: Market Structure (Topic)","volume":"34 2 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-06-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123459846","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}

{"title":"Who Benefits from Securities Exchange Innovation?","authors":"Andriy Shkilko, Konstantin Sokolov, Eduard Yelagin","doi":"10.2139/ssrn.3836084","DOIUrl":"https://doi.org/10.2139/ssrn.3836084","url":null,"abstract":"Securities exchanges continuously innovate to keep pace with technology. It is often debated if such innovation is beneficial and which market participants capture the benefits. We contribute to this debate by examining liquidity effects of a wide range of proprietary products and services introduced by exchanges in the United States between 2003 and 2017. Exchange innovation is generally associated with liquidity improvements for those investors, who trade in small quantities. The effect is opposite for institutional investors; their trading costs increase, and their market participation declines.","PeriodicalId":172652,"journal":{"name":"ERN: Market Structure (Topic)","volume":"11 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-04-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131956634","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}

{"title":"Strategic Uncertainty in Financial Markets: Evidence from a Consensus Pricing Service","authors":"L. Ergun, A. Uthemann","doi":"10.2139/ssrn.3533518","DOIUrl":"https://doi.org/10.2139/ssrn.3533518","url":null,"abstract":"This paper develops a framework to measure strategic uncertainty based on the structural estimation a model of learning from prices. We apply this framework to measure intermediaries' uncertainty about competitors' valuations in an over-the-counter (OTC) market. The analysis employs a novel dataset of price estimates that dealer banks, highly sophisticated market participants, provide to the main consensus pricing service in the OTC derivatives market. Consensus pricing services are a popular information aggregation mechanism in OTC markets to anonymously share and aggregate price information among market participants. We show how this price information impacts dealer banks' strategic uncertainty. We also measure how efficiently these prices aggregate dispersed information. We find that the consensus prices mainly help dealer banks to reduce strategic uncertainty rather than inform them about asset values. The results stress the importance of publicly available price data for creating a shared understanding of market conditions in opaque market structures.","PeriodicalId":172652,"journal":{"name":"ERN: Market Structure (Topic)","volume":"6 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131895688","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}

{"title":"The Choice of Certifier in Endogenous Markets","authors":"Jacopo Bizzotto, Bård Harstad","doi":"10.2139/ssrn.3730508","DOIUrl":"https://doi.org/10.2139/ssrn.3730508","url":null,"abstract":"For markets to work, buyers must know when products are of high quality. This paper provides a theoretical framework for studying the consequences of the certifier's identity, the characteristics of the best certifier, and the identity of the equilibrium certifier. A certifier that cares about quality and externalities (such as an NGO) motivates firms to invest in their capacities to provide quality; a certifier concerned with the firms' profits (such as an industry association) motivates more firms to enter the market in the first place. The relative importance of externalities, investments, and entry determines the socially optimal certification authority but also the type of certifier that is most likely to enter in equilibrium. The theory's predictions are empirically testable and shed light on the variety of certifiers across markets and over time.","PeriodicalId":172652,"journal":{"name":"ERN: Market Structure (Topic)","volume":"128 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124251534","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}

{"title":"Empirical Models of Industry Dynamics with Endogenous Market Structure","authors":"Steven T. Berry, Giovanni Compiani","doi":"10.2139/ssrn.3681743","DOIUrl":"https://doi.org/10.2139/ssrn.3681743","url":null,"abstract":"This article reviews recent developments in the study of firm and industry dynamics, with a special emphasis on the econometric endogeneity of market structure. The endogeneity of market structure follows from the presence of serially correlated unobservable shocks to the profitability of firms’ dynamic decisions, a feature common to many empirical settings. Methods that ignore endogeneity can lead to misleading parameter estimates and misleading counterfactual results. We pay particular attention to extensions of standard two-step methods that leverage instrumental variables to address endogeneity in both single-agent and oligopoly models. A first step set-identifies dynamic policy functions together with serial correlation parameters, and a second step quickly solves for profit function parameters using an extension of existing forward-simulation methods. We discuss how these new methods provide a general solution to initial-conditions problems and how they can yield practical estimation strategies.","PeriodicalId":172652,"journal":{"name":"ERN: Market Structure (Topic)","volume":"7 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-08-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125523456","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}

{"title":"The Effect of COVID-19 Spread on the E-Commerce Market: The Case of the 5 Largest E-Commerce Companies in the World","authors":"Mansour Abdelrhim, Abdullah M. Elsayed","doi":"10.2139/ssrn.3621166","DOIUrl":"https://doi.org/10.2139/ssrn.3621166","url":null,"abstract":"This paper attempts to investigate the effects of the spread of COVID-19 on global e-commerce companies, where the five largest e-commerce companies in the world were chosen in terms of revenues and market value, and they were as follows: American Amazon, Chinese Alibaba, Japanese Rakuten, German Zalando, United kingdom ASOS, has been Measuring the prevalence of corona virus by \"cumulative infections\" and \"cumulative deaths\" on a daily basis. Besides, it is measured through the values of both the \"new corona virus cases\" and the \"new corona virus deaths\" daily, the dependent variable reflects the response of the global e-commerce market to the impact of the spread of the corona virus and is measured by the daily returns of the shares of e-commerce companies to the global financial markets. This was applied on a daily basis from 15 March 2020 to 25 May 2020. \u0000 \u0000The results of the descriptive analysis of the returns of the e-commerce companies showed that the companies achieve positive daily returns by calculating the average daily returns. The results of the aggregate model, according to the Beta Standardized Coefficients test, indicate the most important independent variables and an impact on the returns of shares of global electronic trading companies, a variable (total deaths) was the degree of its impact in the first rank, in the second rank a variable (total cases) and in the third variable (new cases). \u0000 \u0000The percentage of the effect of coronavirus spread varied from one company to another, depending on the country to which it belonged, where the American company Amazon and the United kingdom company ASOS were \"the cumulative cases of infection are the most influential and this is consistent with that they are the most affected countries of the coronavirus during the period of research, and the Chinese company Alibaba and Rakuten company Japanese “Corona virus cases” were the most influential in their share price returns, and the German company Zalando was the most influential variable “cumulative deaths”.","PeriodicalId":172652,"journal":{"name":"ERN: Market Structure (Topic)","volume":"26 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-06-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134434492","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}

{"title":"Accesso diretto e indiretto delle PMI alle garanzie pubbliche: un esercizio di valutazione delle normative regionali (SMEs’ Direct and Indirect Access to Public Guarantees: An Evaluation of Regional Regulations)","authors":"L. Lavecchia, David Loschiavo, L. Leva","doi":"10.2139/ssrn.3612763","DOIUrl":"https://doi.org/10.2139/ssrn.3612763","url":null,"abstract":"<b>Italian Abstract:</b> Il Fondo di garanzia per le PMI (FDG) rappresenta il principale strumento pubblico a sostegno dell’accesso al credito. In questo lavoro si valuta l’impatto delle norme regionali che ne limitano l’operatività ai finanziamenti garantiti dai confidi, sfruttando le discontinuità regolamentari osservate lo scorso decennio in alcune regioni che hanno abolito (Lazio) o introdotto (Abruzzo e Marche) la limitazione. Attraverso un’analisi differenza-nelle-differenze, vengono stimati gli effetti di questi mutamenti normativi utilizzando come controlli imprese operanti in regioni contigue (Toscana ed Emilia Romagna), dove il quadro normativo è rimasto inalterato. I risultati indicano che limitare l’operatività del FDG alle operazioni di controgaranzia ha prodotto effetti sostanzialmente negativi sull’accesso al credito delle imprese. Nel Lazio, dopo la rimozione della limitazione, è cresciuto sia il numero di imprese che hanno avuto accesso sia il volume dei finanziamenti garantiti, per tutte le classi dimensionali. È inoltre migliorato il differenziale di tasso praticato. In Abruzzo e nelle Marche l’introduzione della limitazione ha prodotto effetti prevalentemente negativi su numero, volume e costo dei finanziamenti alle imprese regionali.<br><br><b>English Abstract:</b>The Italian public guarantee scheme (Fondo di garanzia - FDG) is the main tool supporting SMEs’ access to credit. This work evaluates the impact of the regional laws limiting the FDG’s operations to loans guaranteed by mutual guarantee institutions. To this end, we exploit the regulations’ discontinuities that occurred in some Italian regions that have either abolished or introduced such a restriction. We study the effects of the regulation changes in a difference-in-differences setting where treated firms are located in regime switching regions and control firms are in neighbouring regions. We find that constraining access to the FDG’s publicly funded collateral to counter-guarantee schemes hampered SMEs’ access to finance overall. Removing the restriction increased both the number of firms with access to the FDG’s guarantees and the total size of the loans granted to treated SMEs of any size. Moreover, the relative cost of credit improved for treated firms. Conversely, the introduction of the restriction to counter-guarantees had mostly negative effects on the number, size and cost of loans granted to treated firms.","PeriodicalId":172652,"journal":{"name":"ERN: Market Structure (Topic)","volume":"80 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-04-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124764035","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}

{"title":"IDENTIFYING DYNAMIC BRAND COMPETITION ON ONLINE MARKETPLACES THROUGH CONSUMERS’ CONSIDERATION SETS","authors":"Meihua Zuo, S. Angelopoulos, C. Ou, Hongwei Liu, Zhouyang Liang","doi":"10.2139/ssrn.3598889","DOIUrl":"https://doi.org/10.2139/ssrn.3598889","url":null,"abstract":"Brands in online marketplaces are constantly faced with the challenge of identifying market structure and analyzing competitiveness. To address that lacuna, we model brands’ competition through consumers’ consideration sets. We draw on a dataset of 6,549,484 records over a period of 10 weeks from one of the biggest online marketplaces in China and employ network analysis to predict sales. We explore the relationship between products’ network position and brands’ sales volume through the local and global centrality and closure, and we depict the redistribution of market-share of related products after brands adjust production line length. Our analysis suggest that the span of structural holes of a brand negatively influences sales volume, while betweenness and degree centrality have a positive impact. Our findings show that the relationship among products of a brand has a significantly greater impact on sales volume compared to the relationships among brands, and the intra-brand product relationship is the main reason for sales volume fluctuations. We contribute to understandings of brand dynamic competition in online marketplaces and discuss the significance of our findings for brand competition in online marketplaces, while we draw an agenda for future research on the topic.","PeriodicalId":172652,"journal":{"name":"ERN: Market Structure (Topic)","volume":"81 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-04-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122895179","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}