ERN: Market Structure (Topic)最新文献

{"title":"Credible Underwriting and Reputation: Non-Contradiction of Higher IPO Underpricing","authors":"Oghenovo A. Obrimah","doi":"10.2139/ssrn.2994768","DOIUrl":"https://doi.org/10.2139/ssrn.2994768","url":null,"abstract":"Suppose IPO underpricing increases with underwriters' reputation. This study demonstrates higher underpricing is compatible with higher credibility of underwriting by reputable underwriters. Consistent with stated inference, increase in valuation uncertainty risk, and severity of adverse selection problems induces greater dampening of IPO underpricing in populations of reputable underwriters. A formal model provides theoretical support for optimality of dampening of underpricing in response to increase in combination of adverse selection problems and valuation uncertainty risk. In presence of study findings, credibility of underwriting, equivalently reputation of underwriters cannot be unambiguously inferred from underpricing levels. Formal theory and empirical findings show a risk parameter derived from the Fama-French HML (high minus low book-to-market) factor is a good proxy for intertemporal variations in severity of adverse selection problems and valuation uncertainty risk.","PeriodicalId":172652,"journal":{"name":"ERN: Market Structure (Topic)","volume":"9 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-03-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129640835","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":"Cyclical Conflicts and Singleton Cores in Two-Sided Matching Markets","authors":"Bora Evci","doi":"10.2139/ssrn.3344803","DOIUrl":"https://doi.org/10.2139/ssrn.3344803","url":null,"abstract":"In this paper, we propose a new cycle criterion, Cyclical Conflicts (CCs), for preference profiles in two-sided matching markets through a dynamic mechanism. We first show that CCs provide a complete characterization of singleton cores in two-sided matching markets. Secondly, we prove the existence of a bijection between the CCs structures and the lattice structures of stable matchings.","PeriodicalId":172652,"journal":{"name":"ERN: Market Structure (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130904262","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":"Standing on the Shoulders of Web Giants: The Economic Effects of Personal Data Brokers","authors":"Bastian Haberer, J. Krämer, Daniel Schnurr","doi":"10.2139/ssrn.3141946","DOIUrl":"https://doi.org/10.2139/ssrn.3141946","url":null,"abstract":"Internet users create a wealth of (personal) data when using content and service providers (CSPs), who then sell this data on the data market. Personal data markets (PDMs) encourage users to port their data from CSPs and enable them to sell their data directly. In Europe, this is further facilitated by the right to data portability introduced by the General Data Protection Regulation. Based on a game-theoretic model, we investigate how a PDM affects the CSP's incentives to invest in the quality of its service, and its pricing strategy for consumers. We identify three, partially countervailing, economic effects that govern the relevant strategic trade-offs in an Internet market with PDM. On the one hand, the presence of a PDM will induce the CSP to reduce the quality of its service, (1) because it faces lower revenues in the data market (competition effect), and (2) because it can free-ride on the PDM-induced data creation incentive for users (displacement effect). On the other hand, a PDM will lead to an increase in the CSP's quality, (3) because the CSP can partially appropriate the additional consumer surplus that has been created by the PDM through an increase in its price for the service (appropriation effect). The strengths of these effects depend crucially on the PDM's efficiency on the data market, and consumers will only be able to benefit if the PDM can sell data more efficiently than the CSP.","PeriodicalId":172652,"journal":{"name":"ERN: Market Structure (Topic)","volume":"116 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-08-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128767757","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":"High Frequency Market Making to Large Institutional Trades","authors":"Robert A. Korajczyk, Dermot Murphy","doi":"10.2139/ssrn.2567016","DOIUrl":"https://doi.org/10.2139/ssrn.2567016","url":null,"abstract":"We study high-frequency trader (HFT) marker maker behavior in the presence of large trade packages. HFTs lose money on trading and make money from liquidity rebates. HFT liquidity provision is significantly reduced for large ``stressful'' trades with this reduction being more pronounced when an HFT assumes the designated market maker role. Over the life of a large trade, HFTs initially accommodate the order but switch to competing with the order. This is due to both inventory management and order anticipation. Average implementation shortfall for non-stressful (stressful) trades is 11 (35) basis points and is significantly affected by HFT liquidity provision.","PeriodicalId":172652,"journal":{"name":"ERN: Market Structure (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-07-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133747589","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":"Where in the World are Canadian Oil and Gas Companies? 2015","authors":"Braeden Larson","doi":"10.11575/SPPP.V11I0.52762","DOIUrl":"https://doi.org/10.11575/SPPP.V11I0.52762","url":null,"abstract":"Studying the year-over-year global presence of Canadian oil and gas companies in 218 countries provides a comprehensive picture of industry trends and patterns of exploration, production and service abroad. The Where in the World (WIW) project began tracking these trends in 2011. This paper examines the 2015 data, which reveal a variety of fluctuations in the level of Canadian companies’ activities overseas between 2013 and 2015. While 161 Canadian oil and gas companies were active in 96 countries in 2015, the number of exploration and production companies operating worldwide dropped that year. However, also in 2015, Canadian production of oil, natural gas liquids (NGL) and natural gas actually grew in six out of seven global regions analyzed in this report. As well, the number of Canadian oil and gas service companies operating abroad remained stable from 2013 to 2015, even though the number of active service companies dropped in four out of seven global regions. A total of 108 Canadian companies specializing in exploration and production (E&P) were busy in 77 countries in 2015, a decrease of more than seven in two years. They produced a cumulative 1,126,648 barrels of oil equivalent per day (boe/d), which accounted for 0.79 per cent of the world’s production of oil, NGL and natural gas – a substantial figure despite a 37 per cent drop in the number of such companies since 2013. The majority of both Canadian exploration and service took place in North America, reinforcing the fact that the United States remains Canada’s largest trading partner, despite a 33 per cent decrease in Canadian exploration and production activity there. However, Europe moved up from being fifth for Canadian E&P in 2013 to third just two years later. 2015 also marked another milestone in the WIW project – it recorded the fewest number of active Canadian companies abroad since the project began in 2011. Between 2013 and 2015, 64 Canadian E&P companies ceased operating overseas. The dramatic drop globally in oil and gas prices in 2014 doubtless played a major role in this decline. Acquisitions, such as Repsol S.A.’s purchase of Talisman Energy, which removed it from the analysis after the first quarter of 2015, accounted for some of the decline. So did cessation of operations in the oil and gas industry for some companies, including those that switched to new areas of operation altogether, and relocation out of Canada for others. Shutdowns due, for example, to bankruptcy also factored into the reasons for the decline abroad. Also in 2015, 53 Canadian oil and gas service companies spread their expertise and technology among 54 foreign countries. And while their activity increased in the Americas, particularly with 22 per cent growth in the United States, it declined in the Asia and Oceania region. Overall, 2015 was notable for a marked decrease in the international presence of Canadian companies compared with 2011, the first year of the WIW project, when 255 companies were ","PeriodicalId":172652,"journal":{"name":"ERN: Market Structure (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-06-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130207808","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":"Global Market Power","authors":"Jan De Loecker, J. Eeckhout","doi":"10.3386/W24768","DOIUrl":"https://doi.org/10.3386/W24768","url":null,"abstract":"To date, little is known about the evolution of market power for the economies around the world. We extract data from the financial statements of over 70,000 firms in 134 countries, and we analyze and document the evolution of markups over the last four decades. We show that the average global markup has gone up from close to 1.1 in 1980 to around 1.6 in 2016. Markups have risen most in North America and Europe, and least in emerging economies in Latin America and Asia. We discuss the distributional implications of the rise in global market power for the labor share and for the profit share.","PeriodicalId":172652,"journal":{"name":"ERN: Market Structure (Topic)","volume":"33 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133834273","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":"Why the ERCOT ORDC Splatters on the 2,000 MW Cliff: A Mathematical and Graphical Explanation","authors":"Richard Wakeland","doi":"10.2139/ssrn.3188518","DOIUrl":"https://doi.org/10.2139/ssrn.3188518","url":null,"abstract":"The Electric Reliability Council of Texas (ERCOT) operating reserve demand curve (ORDC) is a complex mathematical tool used as the ERCOT market’s scarcity pricing mechanism. For it to be improved, it must first be understood. This work explains why the curve does not produce a loss of load probability equal to 1.0 when reserve level equals zero or the administratively imposed zero at the minimum contingency level (MCL or X).","PeriodicalId":172652,"journal":{"name":"ERN: Market Structure (Topic)","volume":"21 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-05-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115797819","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":"Firm-Level Strategy and Global Value Chains","authors":"M. Sako, Ezequiel Zylberberg","doi":"10.2139/ssrn.3163210","DOIUrl":"https://doi.org/10.2139/ssrn.3163210","url":null,"abstract":"This chapter draws on three branches of management studies – corporate strategy, technology strategy and institutional strategy - in order to develop a framework aimed at analysing and predicting the nature and structure of global value chains (GVCs). First, corporate strategy informs how firms shape GVC governance by making decisions about their boundaries (what to make and what to buy) and their portfolio of trading partners. Second, technology strategy, particularly the profiting from innovation framework, provides insights into how firms capture the value they create when upgrading, by owning or accessing specialized complementary assets. Third, institutional strategy is a useful tool for analysing how firms proactively influence the institutions that govern economic transactions in global value chains. These approaches help GVC research to account for firm-level agency, which contributes to the framework’s theoretical rigour and its relevance for policymakers and managers.","PeriodicalId":172652,"journal":{"name":"ERN: Market Structure (Topic)","volume":"83 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-04-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124945566","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":"No News is Good News: Moral Hazard in Oligopolistic Insurance Markets","authors":"Marco Cosconati","doi":"10.2139/ssrn.3155442","DOIUrl":"https://doi.org/10.2139/ssrn.3155442","url":null,"abstract":"I conduct inference on moral hazard in the Italian automobile in-surance market. I disentangle moral hazard from adverse selection and state dependence by exploiting the non-linearities in the penalties across driving records and companies, and a discontinuity in the cost of accidents in the last 60 days of the contractual year. I employ a unique matched insurer-insuree panel dataset, containing rich information on 4,316,647 auto insurance con-tracts underwritten by all Italian insurers. The results demonstrate that moral hazard is a pervasive feature of the market, although its magnitude varies across companies.","PeriodicalId":172652,"journal":{"name":"ERN: Market Structure (Topic)","volume":"30 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-04-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114180826","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 Paradox of Competition: Power, Markets, and Money - Who Gets What, When, How?","authors":"M. Shubik","doi":"10.2139/ssrn.3148155","DOIUrl":"https://doi.org/10.2139/ssrn.3148155","url":null,"abstract":"Money is a mystery and financial institutions are often regarded as guardians and promoters of the mystery. These sketches are designed to help any reader interested in, but not technically trained in economics, understand markets, money, credit and the evolution of a mass market system set in the rich context of its political environment and society. We all want a good society. What is a good society is given by our joint vision, mutual respect and social concern but the implementation of the vision calls for the use and understanding of money, markets and finance. The efficient functioning of a dynamic economy calls for the presence of money and financial institutions. The great variety of financial institutions in any advanced economy requires an understanding of what the whole looks like. Verbal description provides an overarching view of the mixture of history, law, philosophy, custom, habit, and political structure that supplies the background for the functioning of the economy. This has been vividly illustrated by Adam Smith, his teacher the Reverend Francis Hutcheson and his close friend David Hume. There are two different but highly allied themes covered here. The first explains the worth of economic theory and its importance while connecting it with the world of politics in which the economy dwells. The second is the application of economic thought to the operating problems of every society. The first theme is covered in the first nine chapters. Chapters 1, 2, and 3 supply the rich context of history, society, polity and law in which every economy is embedded. These chapters require no symbols or technical depth to be understood. In contrast Chapters 4 to 9 offer a reasonably nontechnical exposition of some of the considerable development in formal economic theory pertaining to money and financial institutions as economics becomes more scientific, balancing quantitative measures with qualifications that help to explain what the numbers mean. The second theme is developed in Chapters 10-13 where economic theory with all of its abstractions has to be connected with social and political reality before it can be of use. This calls for both and understanding of physical and social facts, and an appreciation of the role of moral sentiment. Chapters 13 and 14 consider some alternative scenarios that we face in the near future.","PeriodicalId":172652,"journal":{"name":"ERN: Market Structure (Topic)","volume":"18 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-03-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125411155","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}