Utilize este identificador para referenciar este registo:
http://hdl.handle.net/10071/14661
Autoria: | Ramos, S. B. von Thadden, E.-L. |
Data: | 2008 |
Título próprio: | Stock exchanges competition in a simple model of capital market equilibrium |
Volume: | 11 |
Número: | 3 |
Paginação: | 284 - 307 |
ISSN: | 1386-4181 |
DOI (Digital Object Identifier): | 10.1016/j.finmar.2008.01.001 |
Palavras-chave: | Stock exchange competition Capital markets equilibrium Transactions costs Home bias Cross-border equity flows |
Resumo: | This paper uses a simple model of mean-variance capital markets equilibrium with proportional transactions costs to analyze the competition of stock markets for investors. We assume that equity trading is costly and endogenize transactions costs as variables strategically influenced by stock exchanges. Among other things, the model predicts that increasing financial market correlation leads to a decrease of transaction costs, an increase in cross-border trading activity, and to a decrease in the home bias of international equity flows. These predictions are consistent with the recent evolution of international stock markets. |
Arbitragem científica: | yes |
Acesso: | Acesso Aberto |
Aparece nas coleções: | BRU-RI - Artigos em revistas científicas internacionais com arbitragem científica |
Ficheiros deste registo:
Ficheiro | Descrição | Tamanho | Formato | |
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Stock Exchange Competition in a Simple Model of Capital Market Equilibrium.pdf | Pós-print | 364,52 kB | Adobe PDF | Ver/Abrir |
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