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Экономическая Теория Об Адвокатировании Конкуренции (Economic Theory of the Competition Advocacy) ЭкономическаяТеорияОбАдвокатированииКонкуренции(竞争倡导的经济理论)
ERN: Market Structure (Topic) Pub Date : 2016-04-15 DOI: 10.2139/ssrn.2767485
Andrey Shastitko, A. Morosanova, Alexander Kurdin
{"title":"Экономическая Теория Об Адвокатировании Конкуренции (Economic Theory of the Competition Advocacy)","authors":"Andrey Shastitko, A. Morosanova, Alexander Kurdin","doi":"10.2139/ssrn.2767485","DOIUrl":"https://doi.org/10.2139/ssrn.2767485","url":null,"abstract":"Russian Abstract: В работе рассматриваются теоретические экономические подходы к понятию адвокатирования конкуренции. Деятельность по адвокатированию конкуренции, которая не может быть полностью противопоставлена деятельности антимонопольного органа по инфорсменту, анализируется через призму неформальных институтов, механизмов адаптации правил к изменяющимся обстоятельствам их применения, инструментов убеждения, механизмов для становления таких убеждений (разделяемых ценностей).English Abstract: The paper discusses the theoretical economic approaches to the concept of competition advocacy. Activities on competition advocacy, which can not be completely opposed to the activities of the competition authority for enforcement is analyzed through the prism of informal institutions, mechanisms of adaptation to the changing circumstances of the rules of their application, tools of persuasion, the mechanisms for the establishment of such beliefs (shared values).","PeriodicalId":172652,"journal":{"name":"ERN: Market Structure (Topic)","volume":"18 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-04-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126728835","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
Unravelling the Trading Invariance Hypothesis 揭开交易不变性假说
ERN: Market Structure (Topic) Pub Date : 2016-02-09 DOI: 10.2139/ssrn.2730817
M. Benzaquen, J. Donier, J. Bouchaud
{"title":"Unravelling the Trading Invariance Hypothesis","authors":"M. Benzaquen, J. Donier, J. Bouchaud","doi":"10.2139/ssrn.2730817","DOIUrl":"https://doi.org/10.2139/ssrn.2730817","url":null,"abstract":"We confirm and substantially extend the recent empirical result of Andersen et al. cite{Andersen2015}, where it is shown that the amount of risk $W$ exchanged in the E-mini S&P futures market (i.e. price times volume times volatility) scales like the 3/2 power of the number of trades $N$. We show that this 3/2-law holds very precisely across 12 futures contracts and 300 single US stocks, and across a wide range of time scales. However, we find that the \"trading invariant\" $I=W/N^{3/2}$ proposed by Kyle and Obizhaeva is in fact quite different for different contracts, in particular between futures and single stocks. Our analysis suggests $I/{cal C}$ as a more natural candidate, where $cal C$ is the average spread cost of a trade, defined as the average of the trade size times the bid-ask spread. We also establish two more complex scaling laws for the volatility $sigma$ and the traded volume $V$ as a function of $N$, that reveal the existence of a characteristic number of trades $N_0$ above which the expected behaviour $sigma sim sqrt{N}$ and $V sim N$ hold, but below which strong deviations appear, induced by the size of the~tick.","PeriodicalId":172652,"journal":{"name":"ERN: Market Structure (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-02-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128173955","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
Integraciones Verticales y Su Efecto En El Precio De La Energía Eléctrica (Vertical Integration and Its Effect on the Price of Electricity) 垂直整合及其对电价的影响(垂直整合及其对电价的影响)
ERN: Market Structure (Topic) Pub Date : 2016-01-13 DOI: 10.2139/SSRN.2931180
S. Orozco
{"title":"Integraciones Verticales y Su Efecto En El Precio De La Energía Eléctrica (Vertical Integration and Its Effect on the Price of Electricity)","authors":"S. Orozco","doi":"10.2139/SSRN.2931180","DOIUrl":"https://doi.org/10.2139/SSRN.2931180","url":null,"abstract":"Spanish Abstract: Este articulo analiza las integraciones verticales de generadores y comercializadores de electricidad en el mercado de energia electrica colombiano y su incidencia en los incentivos de las firmas. En Colombia, cerca del 58% de los generadores de electricidad estan integrados verticalmente, por lo cual es relevante estudiar como afecta esta estructura de mercado los precios mayoristas de la energia electrica. Se estiman para Colombia los resultados de un modelo de competencia imperfecta, teniendo en cuenta la estructura vertical del mercado. Los resultados muestran que las firmas integradas verticalmente producen en promedio un 8% mas de energia, aportandole eficiencia al mercado mayorista de electricidad. \u0000English Abstract: This article analyzes the vertical integration of generators and retailers of electricity in the Colombian electricity market and its impact on the incentives of firms. In Colombia, about 58% of the electricity generators are vertically integrated, making it relevant to study how this market structure affects wholesale prices for electricity. The results of an imperfect competition model are estimated for Colombia, given the vertical structure of the market. The results show that vertically integrated firms produce on average 8% more energy, bringing efficiency to the wholesale electricity market.","PeriodicalId":172652,"journal":{"name":"ERN: Market Structure (Topic)","volume":"19 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-01-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130157403","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
Audit Quality in Adverse Selection Markets 逆向选择市场中的审计质量
ERN: Market Structure (Topic) Pub Date : 2015-09-01 DOI: 10.2139/ssrn.2654089
B. Sarath
{"title":"Audit Quality in Adverse Selection Markets","authors":"B. Sarath","doi":"10.2139/ssrn.2654089","DOIUrl":"https://doi.org/10.2139/ssrn.2654089","url":null,"abstract":"Auditing may be viewed as an arrangement for reducing inefficiencies arising from the fundamental market conflict between a seller who wants as high a price as possible and a buyer who wants to pay as low a price as possible. In more general terms, sellers prefer policies that boost the stock price in the short run whereas buyers would prefer the price to peak when they are ready to sell some time in the future. By framing audited financial reports within this context, the paper provides some insights regarding both audit institutions and audit regulation.","PeriodicalId":172652,"journal":{"name":"ERN: Market Structure (Topic)","volume":"20 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":"123913528","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: 2
Verifiability and Group Formation in Markets 市场中的可验证性和集团形成
ERN: Market Structure (Topic) Pub Date : 2015-08-30 DOI: 10.2139/ssrn.2662578
Suzanne Scotchmer, Chris Shannon
{"title":"Verifiability and Group Formation in Markets","authors":"Suzanne Scotchmer, Chris Shannon","doi":"10.2139/ssrn.2662578","DOIUrl":"https://doi.org/10.2139/ssrn.2662578","url":null,"abstract":"We consider group formation in markets with asymmetric information. Our model nests standard matching problems, including one-to-one, many-to-one, and many-to-many matching, as well as matching with salaries or contracts and matching with incomplete information. Prices for group positions and private goods as well as the groups that form are determined endogenously in equilibrium, as a result of demand and supply forces. The setup includes problems as diverse as moral hazard in teams, screening on ability, and mechanism design. Our analysis, including the definition of equilibrium and existence, revolves around the randomness in matching. Our main results characterize the limits on efficiency in such a general equilibrium, and show that a sufficiently rich set of group types can ensure the existence of an efficient equilibrium.","PeriodicalId":172652,"journal":{"name":"ERN: Market Structure (Topic)","volume":"37 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-08-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134519546","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
Is Informed Trading Different Across Investor Types? 不同类型的投资者有不同的知情交易吗?
ERN: Market Structure (Topic) Pub Date : 2015-08-24 DOI: 10.2139/ssrn.2650101
Hyejin Park, Kee H. Chung, I. Kim
{"title":"Is Informed Trading Different Across Investor Types?","authors":"Hyejin Park, Kee H. Chung, I. Kim","doi":"10.2139/ssrn.2650101","DOIUrl":"https://doi.org/10.2139/ssrn.2650101","url":null,"abstract":"In this study we compare the extent of informed trading across investor types in the Korean stock market using intraday quote and trade data from January 2006 to September 2013. We estimate for each stock the probability of information-based trading (PIN) using trades that are initiated by foreign institutional investors, domestic institutional investors, and domestic individual investors separately. The results show that PIN values of foreign and domestic institutional investors are much higher than those of individual investors. Contrary to the belief of some market participants, however, we find that PIN values of foreign institutional investors are lower than those of domestic institutional investors, suggesting that domestic institutional investors engage in more informed trading than foreign institutional investors. We also find a strong cross-sectional relation between PIN and stock/firm attributes.","PeriodicalId":172652,"journal":{"name":"ERN: Market Structure (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-08-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130251898","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
Analyzing the Hong Kong Stock Market Structure: A Complex Network Approach 香港股票市场结构分析:一个复杂的网络方法
ERN: Market Structure (Topic) Pub Date : 2015-07-20 DOI: 10.2139/ssrn.2633433
Shuo Huang, S. Chow, Ronghua Xu, W. Wong
{"title":"Analyzing the Hong Kong Stock Market Structure: A Complex Network Approach","authors":"Shuo Huang, S. Chow, Ronghua Xu, W. Wong","doi":"10.2139/ssrn.2633433","DOIUrl":"https://doi.org/10.2139/ssrn.2633433","url":null,"abstract":"This article develops a stock network by investigating 1065 stocks’ return rate series under Hong Kong stock market from November 2011 to February 2015. Regarding individual stocks as nodes and the corresponding correlation of return rate series as edges, the stock network depicts the topologic structure of the large scale of stocks under main board of Hong Kong Equity Securities. Specially, various thresholds are chosen to compare the network features. A number of network methods were used to examine the topological structure of the stock market, which include degree distribution, clustering coefficient and component structure. The empirical result suggests that Hong Kong stock network subjects to power-law distribution, and that there are only a little amount of stocks that perform large impact on the whole market in a price fluctuation sense. More specially, the stocks with largest impact are identified via the calculation of average strength of node, most of which are listed companies in pillar industries. However, most of the stocks have modest impact on the whole market. It is so far the largest scale stock network in Hong Kong financial market. This study provides a topologic analysis for series correlation research of stock market.","PeriodicalId":172652,"journal":{"name":"ERN: Market Structure (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-07-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129280955","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: 2
Defining and Dating Bull and Bear Markets: Two Centuries of Evidence 牛市和熊市的定义和年代:两个世纪的证据
ERN: Market Structure (Topic) Pub Date : 2015-06-30 DOI: 10.17578/10-1/2-3
L. González, P. Hoang, J. Powell, Shi Jing
{"title":"Defining and Dating Bull and Bear Markets: Two Centuries of Evidence","authors":"L. González, P. Hoang, J. Powell, Shi Jing","doi":"10.17578/10-1/2-3","DOIUrl":"https://doi.org/10.17578/10-1/2-3","url":null,"abstract":"A compelling reason for engaging in on-market buy-backs is that it provides a signal about the undervaluation of the company. In this paper an alternative, accounting based, method of determining fundamental value and undervaluation is used, namely the Ohlson residual income valuation framework. It is found that prior to the announcement buy-back companies are significantly undervalued relative to comparable non-buy-back companies. This undervaluation is largely but not totally removed in the period immediately following the on-market buy-back implying on-market buy-backs are predominantly an effective signaling mechanism. Where the firm cites undervaluation as a specific motive for the buy-back then, in fact, a higher degree of undervaluation prior to the buy-back is evident. The results provide evidence that management can, and does, identify undervaluation and reduces this through the signaling mechanism of on-market buy-backs.","PeriodicalId":172652,"journal":{"name":"ERN: Market Structure (Topic)","volume":"33 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124939396","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: 20
Disruptive Technologies: Explaining Entry in Next Generation Information Technology Markets 颠覆性技术:解释下一代信息技术市场的进入
ERN: Market Structure (Topic) Pub Date : 2015-05-20 DOI: 10.11575/PRISM/34160
B. Nault, Mark B. Vandenbosch
{"title":"Disruptive Technologies: Explaining Entry in Next Generation Information Technology Markets","authors":"B. Nault, Mark B. Vandenbosch","doi":"10.11575/PRISM/34160","DOIUrl":"https://doi.org/10.11575/PRISM/34160","url":null,"abstract":"The most difficult challenge facing a market leader is maintaining its leading position. This is especially true in information technology and telecommunications industries, where multiple product generations and rapid technological evolution continually test the ability of the incumbent to stay ahead of potential entrants. In these industries, an incumbent often protects its position by launching prematurely to retain its leadership. Entry, however, hap- pens relatively frequently. We identify conditions under which an entrant will launch a next generation product thereby preventing the incumbent from employing a protection strategy. We define a capabilities advantage as the ability to develop and launch a next generation product at a lower cost than a competitor, and a product with a greater market response is one with greater profit flows. Using these definitions, we find that an incumbent with a ca- pabilities advantage in one next generation product can be overtaken by an entrant with a capabilities advantage in another next generation product only if the entrant’s capabilities advantage is in a disruptive technology that yields a product with a greater market response. This can occur even though both next generation products are available to both firms. We also show that the competition may require the launching firm to lose money at the margin on the next generation product.","PeriodicalId":172652,"journal":{"name":"ERN: Market Structure (Topic)","volume":"50 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-05-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115832930","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: 31
Some Economics of Audit Market Reform 审计市场改革的一些经济学问题
ERN: Market Structure (Topic) Pub Date : 2015-05-04 DOI: 10.2139/ssrn.2602605
B. Tan, Yew Kee Ho
{"title":"Some Economics of Audit Market Reform","authors":"B. Tan, Yew Kee Ho","doi":"10.2139/ssrn.2602605","DOIUrl":"https://doi.org/10.2139/ssrn.2602605","url":null,"abstract":"type=\"main\"> The purpose of audit market reforms since 2001 is to restore public confidence in the institution of auditing based on two considerations: (1) ensuring audit quality; and (2) controlling the ‘adverse effect of competition’ in audit supply. Market reforms for audit quality are delivered through a package of prescribed actions motivated by an analytical relationship between audit quality and its possible determinants: (1) limiting audit tenure through a combination of mandatory firm rotation, partner rotation and re-tendering; (2) limiting provision of non-audit services (NAS) by the incumbent auditor; and (3) joint auditing and empowering the audit committee to enhance audit quality. This paper examines the competing independence hypothesis and expertise hypothesis that produce ambiguous theoretical relationships for audit quality–audit tenure and the independence-provision of NAS. We then review whether the empirical literature resolves these conundrums. We also review the usefulness of joint auditing and empowering the audit committee to improve audit quality in the context of audit market reform.","PeriodicalId":172652,"journal":{"name":"ERN: Market Structure (Topic)","volume":"13 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-05-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128343212","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
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