Search results for "Market structure"
showing 10 items of 44 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…
THE SURVIVAL OF DIFFERENTIATED PRODUCTS: AN APPLICATION TO THE UK AUTOMOBILE MARKET, 1971-2002*
2009
We investigate how competition affected the survival of products in the UK automobile market between 1971 and 2002. We find, after using a host of controls to account for product characteristics and changes in market structure, that (i) within and between firm spatial competition significantly reduces the life of a model, (ii) initial product differentiation and variant proliferation obviate competition, and (iii) product innovation significantly extends model survival.
Corporate governance and firm performance: A comparative analysis of auditing problems
2006
The recent financial crises have created a new debate about comparison and convergence of different systems of corporate governance. In particular, they have underlined poor efficiency of rule structures to achieve a good relationship between different stakeholder’s rights. In line with many studies of corporate governance that emphasize the manager-stakeholders relationship as explained by agency theory, in this paper, I analyse the role of auditing as an incentive device to reduce contractual or transaction costs related to asymmetric information.Considering as a benchmark the recent US Sarbanes Oxley Act of July 2002. I describe a set of auditing principles by comparing common and civil …
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…
SUPPLY, DEMAND, FORECAST OF LATVIAN LABOUR MARKET AND TOOLS FOR ITS DEVELOPMENT
2015
Many factors influence situation on Latvian labour market. Employment is one of the core subject to explorer observing changes of labour market supply, demand and forecasts. Focusing on organisational problems concerning labour issues the microenvironment of the organisations ought to be study. The authors would like to compare Latvian labour market forecasts and the real situation for the period starting from the economic crises year 2009 in Latvia to 2015. Reaching the objective of the study additionally, the data on labour market structure is observed focusing on young participants of the employment process (new enterprises and young employees, job seekers). Describing the forecasts fulf…
Western European Studies: Economics
2004
In this entry, we overview major developments of Western European studies in Economics in the last two decades. Given the richness of contributions in this field, we decided to restrict our discussion to three general topics: the theory of economic and financial integration; the economics of unemployment and the microeconomic foundations of market regulation. In the Section 1, we present the evolutions of thought on European monetary and economic integration, with particular emphasis on the discussion of exchange rate regimes, the role of policy authorities, and the cost–benefit analysis related to the establishment of a European monetary union. In Section 2, we examine some results produce…
Offshoring and Sequential Production Chains: A General-Equilibrium Analysis
2021
The Canadian journal of economics = Revue canadienne d'économique (2021). doi:10.1111/caje.12506
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…
Product-market integration with endogenous firm heterogeneity
2021
Abstract This paper proposes a general equilibrium oligopoly model in which firm heterogeneity is endogenously reproduced through technology adoption decisions. The model can explain persistent oligopolistic market structures and prices in spite of free entry and market enlargement. Moreover, strong selection might deteriorate average cost efficiency due to strategic interactions. Integrating identical countries can be welfare-improving. But distributional issues and tensions between welfare and scale economies may arise. The theory can be motivated by recent evidence on oligopolistic market structures resisting globalization forces.
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.