This paper questions the widely held view that B2C eCommerce markets are characterised by a high intensity of competition, using a mixture of theoretical arguments and empirical evidence. We discuss two hypothesis and survey empirical studies which test them. We argue that the goods sold in B2C eCommerce have to be interpreted as heterogeneous “composite goods”, that market transparency in B2C ...

This paper examines the information content of trades by different participants via different trading channels in the spot foreign exchange market. Using spot FX transactions of a major Australian bank, we find that central banks have the greatest price impact, followed by nonbank financial institutions such as hedge funds and mutual funds. Trades by non-financial corporations have the least im...

ABSTRACT. – This paper provides a survey of recent changes in the market microstructure of the five largest European Stock Exchanges. We first provide a brief statistical overview of European equity markets. Then, we discuss how the introduction of the Investment Services Directive and the development of institutional trading have prompted European Stock Exchanges to modify their trading system...

This paper investigates politically connected firms in Germany. With the introduction of a new transparency law in 2007, information on additional income sources for all members of the German parliament became publicly available. We find that members of the conservative party (CDU/CSU) and the liberal party (FDP) are more likely to work for firms than members of left-wing parties (SPD and The L...

The objective of this paper is to review the transmission mechanisms uniting equity market development and economic growth in developing countries. We find that the theoretical impact of equity markets is ambiguous. At the domestic level, the allocation function of equity markets appears conditioned by the extent of informational efficiency. Turning to international linkages, theoretical models...

This paper deals with the market structure at the opening of the trading day and its influence on subsequent trading. We compare a single continuous double auction and two complement markets with different call auction designs as opening mechanisms in a unified experimental framework. The call auctions differ with respect to their levels of transparency. We find that a call auction not only imp...

the spanish turbot aquaculture sector holds a top position in the international market. thisactivity is mainly developed along the galician coast (nw spain). this article evaluates the environmentalperformance of galician turbot aquaculture according to the life cycle assessment (lca) methodology.previously, on account of the expected relevance of feed for aquaculture, marine aquafeed productio...