Search results for " Market structure"
showing 10 items of 16 documents
Estructura de la bolsa española e introducción del mercado de activos derivados sobre el IBEX-35
2001
-Jose.E.Farinos@uv.es -Matilde.Fernandez@uv.es La controversia acerca de si la implantación y negociación de activos derivados afecta a la estabilidad de los respectivos mercados de contado perdura desde hace más de dos décadas. En este trabajo abordamos la problemática anterior desde una nueva perspectiva. Concretamente, analizamos el impacto que sobre la estructura del mercado bursátil ha podido tener la introducción de los mercados de activos derivados sobre el IBEX-35. Para ello, definimos e identificamos la estructura del mercado bursátil para el periodo de estudio, y, a continuación, analizamos el efecto que sobre la misma ha tenido la aparición de los nuevos mercados de derivados. Nu…
Joint Audit, Audit Market Structure, and Consumer Surplus
2017
We use a structural application of the discrete choice model to investigate how the introduction of a joint audit policy would affect audit market structure and consumer surplus. We perform this policy evaluation by identifying demand fundamentals in a joint audit regime and applying them to a single audit regime. We find that a joint audit requirement has the potential to change the audit market structure substantially but that the effects are sensitive to the specific policy design. For example, small audit firms gain market share in a joint audit regime but only if an equal sharing of the workload between the two joint auditors is not required. Our counterfactual analysis reveals that th…
More firms, more competition? The case of the fourth operator in France's mobile phone market
2010
Accepted, Forthcoming; International audience; To foster competition the French government authorized a fourth operator, ‘Free', to enter the country's mobile phone market at the end of 2009 alongside Orange, SFR and Bouygues Telecom (BT), who held respectively one-half, one-third and one-sixth of the market. By using a stylized model of France's phone market, we have examined what we call the regulator's nightmares and dreams. If Cournot competition is in place before Free's entry, minimizing the total profit fails to maximize the consumer surplus and the total surplus; the maximum most realistic price fall is 6.7% compared to three-way competition and could be 1.7% only; if Orange, SFR an…
Unawareness and bankruptcy: A general equilibrium model
1998
International audience; We present a consistent pure-exchange general equilibrium model where agents may not be able to foresee all possible future contingencies. In this context, even with nominal assets and complete asset markets, an equilibrium may not exist without appropriate assumptions. Specific examples are provided. An existence result is proved under the main assumption that there are sufficiently many states that all the agents foresee. An intrinsic feature of the model is bankruptcy, which agents may involuntarily experience in the unforeseen states.
Un análisis empírico del impacto de la regulación contable en el mercado de auditoría
2017
El objetivo de la presente tesis se centra en el estudio de la estructura del mercado de la auditoría así como en analizar el impacto económico que la regulación contable ejerce sobre determinados elementos del mercado de auditoría (honorarios y rentabilidad de las firmas de auditoría). A partir de la publicación del Reglamento europeo 1606/2002 se requirió a los grupos cotizados que formulasen sus estados financieros consolidados desde el 1 de enero de 2005, conforme a las Normas Internacionales de Información Financiera o NIIF. En España, la adaptación de las NIIF al resto de empresas, no se llevó a cabo hasta la aprobación del Nuevo Plan General Contable (NPGC) y del plan para pequeñas y…
Dynamique de la structure industrielle française
1990
Is the French mobile phone cartel really a cartel?
2009
International audience; France Telecom (FT), SFR and Bouygues Telecom (BT) have been fined by France's Conseil de la Concurrence (CC) for organizing a mobile phone cartel with stable market shares (one-half, one-third and one-sixth, respectively) and for directly exchanging commercial information. While not contesting the legal decision, it is argued here that the economic reasoning is flawed. (1) As the CC made much of the firms' stable market shares, we have first followed this line of reasoning by considering that the market shares are quotas under uniform costs. Even if there is a general incentive to form a monopolistic cartel, BT was too small for it to be worth its while to join it; it i…
Evaluation de la concurrence généralisée : un outil matriciel
1993
Input-output matrices and structural analysis are applied to the analysis and forecast of consequences of offensive actions in the case of multiproduct multimarket large firms.
Wine - investment: a profitable alternative investment or a simple long term pleasure?
2014
International audience; The purpose of this work is twofold: - to make a first historic analysis of performance through an investment in wine by comparing its performance with those that would have been possible to obtain at the same time by providing financial term investments; - to introduce the regional diversity of performance by considering the situation in the three selected geographic areas.
Les followers ont-ils vraiment de l'importance dans le modèle de Stackelberg?
2011
In this paper, we consider a T-stage linear model of Stackelberg oligopoly. First, we show geometrically and analytically that under the two conditions of linear market demand and identical constant marginal costs, the T-stage Stackelberg model reduces to a model where T oligopolies exploit residual demand sequentially. At any stage, leaders behave as if followers did not matter. Second, we study social welfare and convergence toward competitive equilibrium. Especially, we consider the velocity of convergence as the number of firms increases. The convergence is faster when reallocating firms from the most to the less populated cohort until equalizing the size of all cohorts.