کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
5091373 1375675 2007 19 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Competition without fungibility: Evidence from alternative market structures for derivatives
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
پیش نمایش صفحه اول مقاله
Competition without fungibility: Evidence from alternative market structures for derivatives
چکیده انگلیسی
In this paper, we compare option contracts from a traditional derivatives exchange to bank-issued options, also referred to as covered warrants. While bank-issued option markets and traditional derivatives exchanges exhibit significant structural differences such as the absence of a central counterparty for bank-issued options, they frequently exist side-by-side, and the empirical evidence shows that there is significant overlap in their product offerings although options are not fungible between the two markets. The empirical analysis indicates that bid-ask spreads in either market are lowered by 1-2% due to competition from the other market, providing evidence that the benefits of competing market structures are available in the absence of fungibility.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Banking & Finance - Volume 31, Issue 3, March 2007, Pages 659-677
نویسندگان
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