This article brings together the market for products, the market for talent, and firms’ organizational form. While the organizational design determines the allocation of blame and fame within the firm, the value of a good reputation depends on the market structure. Consequently, the market structure dictates the optimal organizational design. If competition becomes tougher and the market thicke...

This paper presents evidence that the bid-ask spreads in euro rates increased relative to the corresponding bid-ask spreads in the German mark (DM) prior to the creation of the currency union. This comes with a decrease in transaction volume in the euro rates relative to the previous DM rates. The starkest example is the DM(euro)/yen rate in which the spread has risen by almost two-thirds while...

This paper studies the market making behavior of FX dealers in the interbank market which is characterized by high trade volume and decentralized market structure. The dataset for my empirical estimation is based on the complete trade records of a FX dealer at a major commercial bank over 25 trading days. The dealer is among the five largest DM/$ dealers in the world, and the composition of his...

This paper examines capital market effects of changes in securities regulation. We focus on two key capital market directives in the European Union (EU) that tighten market abuse and transparency regulation and enforcement. All EU member states are required to adopt these two directives but their exact implementation into national law and the design of enforcement regimes differ across member s...

in order to improve the reliability of the power system, sufficient amount of new capacity should be installed in the network. usually generation units’ payoff in an energy market is not adequate to cover their expenses. therefore, energy only market cannot induce investors to invest in generation field. due to energy only market inefficiency, a supplementary algorithm is suggested to cover the...

CUSTOMER SATISFACTION WITH MYSAPTM CRM Manufacturing and marketing cars used to be relatively straightforward: in a manufacturer-driven market, consumers were content to buy what was being produced. But times have changed. Intense, global competition and increased market transparency have given buyers more choices and more leverage. In this consumer-driven market, manufacturers must make every ...

Market microstructure studies the process by which investors' latent demands are ultimately translated into prices and volumes. This paper reviews the theoretical, empirical and experimental literature on market microstructure relating to: (1) price formation, including the dynamic process by which prices come to impound information, (2) market structure and design, including the relation betwe...

The objective of this paper is to situate the MENA area within the emerging markets universe. We first discuss the various components of market emergence and generate four bootstrapped indexes reflecting market size, market activity, market pricing and transparency. We then draw inter-regional and country-level comparisons using a probit model and a hierarchical cluster analysis. Our results su...